Comment by Romano on August 17, 2012 at 9:24am

Hello Steve. I remember doing this mistake in my early days. Reason for that was that when A-B trade ended, in traders mind B was a point where he expected a rally to go. As he close and believe he was right, he also start to believe thats the end of the line/trend and reverse should happen(after all, if he believed for rally to continue he would keep position open for more pips). If some silly indicator confirm that its for that worse. Of course, this make trader blind to look for real setup so its a bad habit. 

Now, I would like to ask if you be willing to continue more on that MMM webinar u made for us. That principle is indeed great but I bet many traders including me need to learn more about it. Best would be some real examples and reasoning there like: "here you see this level and this happening, and I bet there will be a move to this level because of that reason I explained before." Also, how to distinguish between that kind of move and others, where to expect that on highest probability etc. These moves seem like prime definition of pullbacks and reason why they happen, yet in general pullback against trend are not recommended to take etc.., I want to master this it seem as natural as VSA.

Btw why did you decided to get rid of volume, as u said u dont use it anymore? Is it because its tick based? I read some materials on it once proving its still close to 90% accurate to real volume.

Best regards.

Comment by Steve Patterson on August 17, 2012 at 1:45pm

Hi Romano

Yes I am doing another webinar next Thurs at the same time.

The reason I don't use volume anymore is because it only complicates things and is not necessary.

Do a Google search for  Occam's Razor I find that most traders do not understand it's importance to trading and its is another reason why so many fail ;)

All the information you need is in a simple bar chart once you know what to look for :)

Comment by Keith Shaw on August 17, 2012 at 5:32pm

Hi Steve, an interesting observation from your mentoring clients regarding the Reversal Mindset.

A little trick I was taught some time back to over come the Reversal Mindset as you refer to it is to take it one good trade at a time. Once you have framed and executed your trade and your trade is complete (win or loose), just step away from your trading screens go grab a glass a water or something and take a fresh look at your screen on your return to hunt for the next set up.

Health Warning : Trading and Golf Can Be Bad For YOUR Marriage :) . It never ceases to amaze me how simple things can be taken so out of context by the brightest of people.

It's Friday so I hope to find my self a Kraken tonight ;0) . How many times have you woken up after a night out to find yourself sleeping next to a Kraken who's been faking orgasms (like you care anyway)  ROFLMA !!

Comment by Romano on August 17, 2012 at 8:16pm

Thanks, I wont be able to be there at webinar in person but I will sure dig it later in video archives. Today I saw what happened to eur/usd - exactly like what u were telling us. 

Comment by Steve Patterson on August 17, 2012 at 9:21pm

Hey Keith thats too frigging funny good luck with the kracken hunt this weekend and I hope you land yourself a keeper instead ;)

Comment by Peter jcp on August 18, 2012 at 9:46am

LOL Lisa - yes Keith seems to have been in a "happy chappy mode" - he must have had a great week and deemed it suitable to have a few "sherries" before he goes on his search for more "totty"

Poor Steve's great blog as been "interrupted" by our "after work" comments ;-)

I had to laugh at your comment though Lisa - because you set yourself up rotten for a great "Sir Winston Churchill" quote - but being a true English Gentleman will refrain from repeating it and will stay the tone Chris was so correct to point out

Have a great weekend 

Regards 

Peter

Comment by Keith Shaw on August 18, 2012 at 12:23pm

Thanks Steve :)), if you’re going to ‘decorate’  someone’s blog I think a little bit of educational material mixed with a little bit of humour goes down well. Good call on Occam’s Razor haven’t heard that mentioned by anyone in a long while.

As you can see from the above two posts from my trading colleagues (whom I love dearly), trading can be a lonely business :)

Away a bit more on the educational side:

I think  good trade set ups are like rainbows, you have to wait for the right conditions to be met before they show up, now they key is, each time  they show up (opportunity), you need to act consistently and flawlessly to grab your share from that pot of gold.

“Fly like a butterfly sting like a bee” .

Then wait for the next  rainbow or go play golf or get marriage or orgasm counceling :0))

NB: A common mistake made by some, do not be greedy, the pot is big enough for everybody, else you may find you don’t have a pot to pi$$ in, sober or intoxicated.

Another little interesting educational story to ponder upon over the weekend:

A Professor stood before his philosophy class and had some items in front of him. When the class began, wordlessly, he picked up a very large and empty mayonnaise jar and proceeded to fill it with golf balls. He then asked the students if the jar was full. They agreed that it was.

So the Professor then picked up a box of pebbles and poured them into the jar. He shook the jar lightly. The pebbles rolled into the open areas between the golf balls. He then asked the students again if the jar was full. They agreed it was.

The Professor next picked up a box of sand and poured it into the jar. Of course, the sand filled up everything else. He asked once more if the jar was full. The students responded with an unanimous YES.

The Professor then produced two bottles of beer from under the table and poured the entire contents into the jar, effectively filling the space between the grains of sand.

 

Our Life is just like this Jar

 

“Now,” said the professor, as the students smiled, “I want you to recognize that this jar represents your life. The golf balls are the important things–your family, your children, your health, your friends, and your favorite orgasms passions – things that if everything else was lost and only they remained, your life would still be full.

The pebbles are the other things that matter like your job, your house, and your car.

The sand is everything else -the small stuff.

“If you put the sand into the jar first,” he continued, “there is no room for the pebbles or the golf balls.

The same goes for life. If you spend all your time and energy on the small stuff, you will never have room for the things that are important to you. Pay attention to the things that are critical to your happiness. Play with your children. Spend time with your parents.Take time to get medical checkups. Take your partner out to dinner, talk to her about 'fakeys' ;) Hire the best divorce lawyer if you must ;)  Play another 18 :o) :o)

There will always be time to clean the house and fix the disposal. “Take care of the golf balls first, the things that really matter. Set your priorities. The rest is just sand.”

 

One SMART student raised her hand and inquired what the Beer represented.  The professor smiled and said, ‘I’m glad you asked.It just goes to show you that no matter how full your life may seem, there’s always room for a couple of Beers

 

 

 

 

 

 

Comment by Steve Patterson on August 18, 2012 at 12:46pm

Keith that was brilliant thank you very much for sharing that !

If you lived in Toronto or I was in London I know we would be the best of friends and have a lot of fun together chasing the ladies ;)

Comment by Peter jcp on August 18, 2012 at 3:03pm

Fancy wasting a couple of bottles of good beer into that "mix of life"

Remember though if he added the beers first - he would not have got so much into his jar ? Professor Keith lol ;-) 

Comment by Keith Shaw on August 19, 2012 at 1:59pm

CHEERS Steve we like to earn our keep with no strings attached ;).

Sir  Peter, that is why the beer was saved till last and two bottles of beer is a small price to pay for a bit of education. This business costs people a TON more, the majority of scapers get scalped apart from the ones that have the monopoly on the truth . . .  ;o)    

 

Click on the following link for a bit more education, I know you are a fan Link Here

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