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You are a genius. Such a competition cannot be compared with lets say the brilliant poker competitions which end in Vegas !!!! Then again with a poker competition everybody draws their data from the same source. In trading financial commodities everybody gets their data from different sources and at different speeds. Not a level playing field like in a game of poker.

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121

 

Such a competition cannot be compared with lets say the brilliant poker competitions which end in Vegas !!!!

 

When you understand the human mind, behavioral science, neuroscience and psychology/physiology,  you will begin to see a new  poker game in vegas .You don't have to go to Vegas , Vegas comes to you in your own home.

 

So eventually trading becomes a Vegas poker game , if you don't learn trading psychology first.

 

The orignal members of forex factory had names like Vegas.

 

 

https://www.forexfactory.com/showthread.php?t=4113

 

Vegas Wealth Builder - Part I

https://forexfactory2017.wordpress.com/

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To achieve your dream would mean every trader on the planet having to follow one Guru. Once that happens you'll all be going over a cliff together and they'll be nobody to catch you !!!!

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https://community.ig.com/t5/General-Trading-Strategy/Profitable-Buffet-trading-strategy-BUY-THE-DIP/m-p/16794#M797

 

121

 

The only strategy that has worked consistently for last 40 years or more is "buy the dip"There are millions of investors in it, it still keeps working.I fink you missed the point!It will keep on working forever.

 

Another reason why forex factory does not have a psychology section, it does not fit in with the interests of the vendors  and brokers on it.They need to keep the blind  sheep on it .These blind sheep  keep clicking the ads on forex factory.

 

https://www.forexfactory.com/mediakit

 

https://forexfactory2017.wordpress.com/forexfactory-hiding-trading-psychology-why-is-there-no-psychology-section/

 

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I trade very little price action and charts.

 

Price action reveals patterns that are often repeated. Thomas Bulkowski has published a mass of statistics to prove this point, the positive probabilities of a tested strategy (strike rate against risk reward ratio) is all there is.

 

The real evidence I get is on my charts , Some of these chart patterns are no good.

 

The only thing that works is supports , trend lines and channels.Clipboard01.jpg

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Thanks but I will stick with the stats from someone who has methodically researched dozens of patterns each on many hundreds of examples over many years and has published his results for open scrutiny if it's all the same to you. 

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I recommend people not waste their money and time, until they have read the one star reviews on amazon.All these chart patterns are freely available on google , but rarely work on their own.

 

https://www.amazon.com/Encyclopedia-Chart-Patterns-Thomas-Bulkowski/product-reviews/0471668265/ref=cm_cr_dp_d_hist_1?ie=UTF8&filterByStar=one_star&reviewerType=all_reviews#reviews-filter-bar

 

free google images of chart patterns click here

 

teacher through books click

 

He is a successful investor and trader with over thirty years of experience trading stocks.Forex trading has a lot of noise from banking transactions , these patterns become random.

 

 

Old adage applies here 

 

 

 

Phyllis (1977) "Those who can do. And those who can't...teach!"

 

 

 

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I recommend people not waste their money and time, on ill conceived strategies that will break down at the very next change in market conditions.

 

long1.PNG 

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I am busty listening to Psychology by I G for  lulz  if anything.:smileylol:

 

more i g videos here 

 

Trading Boot Camp with IG (session #10 - Psychology of trading)

 

 

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I am still waiting for evidence, that these gurus make money from trading, the only evidence we see is they make about $ 80,000 a month from selling education.

 

https://www.forexfactory.com/showthread.php?t=254552

 

I also see more gurus have appeared at trade city to make money from "teaching the blind".So we have more blind traders who can't make money, because they were following the blind.

 

https://www.tradeciety.com/pricing/

 

If these people at trade city had a formula, they would be on their yachts, employing people to trade for them.They would be billionaires.

 

All I see is these gurus makes money from selling education and other services.

 

Where are the certified audited accounts to prove they don't lose money from this price action trading?

 

how to trade stocks.gif

 

This price action trading education is no different from the stock trading gurus.

 

 

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Hi. 

I'm new here but I found this post interesting because I am a price action trader. I am curious as to  why the negative comments about price action trading not working? my understanding is that all indicators, follow a mathematical formula based on price movements which is  essentially  price action. my personal view is also that these indicators can be misleading  due to the fact of different candle opening and closing times based on you brokers time zone, eg; if IG is gmt and FXPRO are gmt -2 I get different candles on both platforms and who is to say which is the better feed and that this discrepancy is not happening all around the world across a lot of providers. another point I am curious about is  to the fundamental vs technical analysis argument personally I see technical analysis as a receipt for actual previous transactions  = real data across all providers and not some data provided by a source with the possibility of little bit of rule bending to make company or  economy look a little better than they really are. Just to note I don't think price action trading is the same as pattern trading as in support and resistance, triangles and whatever else. There is a lot more to it than that, and I do agree that the trading education business is probably making more money for a lot of company's than trading itself is. I think a lot of the issues come down to the individuals psychology, which can't really be packaged and thought in a course. I am reading Rande howell's book I see recommended here at the moment which is good and I also recommend Mark Douglas trading in the zone. I personally think the trick is to find what ever works for you and this will be different from the next guy. 

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Judge 

 

Psychologists like Rande Howell , Mark Douglas , Dr Van tharp and Dr Andre Menaker  are the true gurus of the trading industry.These Doctors of psychology are kosher, I don't have one bad word to say about any of them.

 

They are all very helpful.I bought Rande Howell's book but never really read it.I followed his articles on Trader's laboratory forum and his youtube videos.

 

Here is a link to trading psychology site with gems of information.Once you master your own psyche ,all  trading becomes easy.

 

http://tradingpsychology1.blogspot.co.uk/2017/10/best-psychology-threads-youtube-videos.html

 

https://profitabletraders.wordpress.com/trading-psychology-is-more-important/

 

As regards price action gurus, I am still waiting for certified audited accounts to see their credibility.I can show you a dozen videos on youtube why it fails as a money maker.Price action is map of the market behavior, it is highly subjective ,there is no evidence it can be applied by everybody in the same basis.

 

All the gurus are showing price action charts in hindsight, after the event,  hindsight is everything and it everything works in hindsight.I can show you a past historical chart and thousands of historical charts, showing price action works.

 

Here James 16 is teaching after the event in this chart, very similar to all the hindsight gurus.Both these charts below  are after the event .Who is a clever boy after the event?

 

https://www.forexfactory.com/attachment.php?attachmentid=272&d=1119049199

 

https://www.forexfactory.com/attachment.php?attachmentid=275&d=1119055214

 

https://priceactionvolmanjames16.wordpress.com/free-education-images/

 

hindsight  captain.gifhindsight  missing captain.gif

 

 

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Here is a live example of why price action does not work .Read the thread

 

Traders want to short the ftse based on indicators relying on price action.The short term price action reading  has cognitive biases.

 

https://community.ig.com/t5/General-Trading-Strategy/Technical-Analysis-101/m-p/18114#M935

 

Price action is subject to arouse psychological demons .

 

https://forexfactory2017.wordpress.com/

 

 

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No one is suggesting that price action or trend following works 100% of the time. It does not. End of. 

 

What price action and trend following does is increase your chances of making a profit by going with the trend and price action rather than against it. It is about increasing the probability of a successful trade or investment. Yes, absolutely it does not work 100% of the time. Using the method does not guarantee a successful outcome. Nor does value investing or any other method. There is no trading strategy that works 100% of the time. 

 

Even the trend following hedge funds using algorithmic trading black boxes lost money a few years back and a lot of these hedge funds had to shut down as the drawdowns were getting too frequent and too large.

 

However, it is about your personal viewpoint which strategy you adopt. My mindset and personality allows me to be comfortable placing a trade or making an investment going in the same direction as the trend. I am comfortable having 7 out of 10 losing trades as long as the 3 that are my winners make enough profits that they cover all the losses on my 7 losing trades. Now there will be many that are not comfortable having say 70% losing trades. That is fine. They will find a strategy based on their knowledge, experience and personal mindset that they feel comfortable with. 

 

What you tend to be doing is keep on going on and on about how price action does not work yet the sources that you are providing links for do not seem 100% credible to me. What makes your links "100% truthful and fact?". They will have an element of bias in how it shows the message it is trying to convey.

 

If you do not want to use price action and it does not work for you then fine. What you should do with your wisdom and experience is share real time trading idea to the IG Community. Maybe certain trades that others have not considered, or are not aware of, etc. This would be more useful. I do not always agree with value investing as Warren Buffet had an edge that no ordinary investor could ever get. That does not mean that I keep posting about how value investing does not work. I am sure there are websites that provide such a message. There may be many investors for whom value investing does work. That is trading and investing life. Each to their own strategy and style.

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 People have a choice to visit to do internet searches and verify these sites, they are no less credible than forexfactory or any other trading site/forum.People are intelligent and they can learn everything for free on the internet. Forexfactory has volume, but very little credibility in my books, it does not have a psychology section.

 

Simply type on google :youtube price action courses education

 

youtube price action courses education

 

price action pdf

 

 my 7 losing trades

 

Many traders should question themselves, after a sequence of 7 losing trades .

 

a)Will I carry on trading after 7 losses ?

 

b)Am I mentally prepared for losses?

 

c)Will I have confidence in my price action after 7 losses?

 

d)Will I behave rationally after 7 losses?Will I do revenge trades?Will I get stressed?

 

e)Will i get affected by any other psychological/mindset traps? 

 

If they can do this, there is no reason why they can not find a suitable profitable price action system and method.

My only reservation is that  our brains are not compatible with this price action information processing.

 

 

 

How You Handle Discomfort by Dr Andrew Menaker

 

 

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 Hi, again 

I have read a few posts around this forum today and I am curious, 

OILFXPRO are you a fundamental trader ? as I know nothing about fundamental trading, is it possible to intra-day trade using fundamentals?

and how do you decide where to place stops and targets and the trade type if you don't read charts?? 

I wouldn't even know where to start to do a fundamental analysis on say a 60 minute or 15 minute trade ??

as I said I am curiously interested. cheers 

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 "my 7 losing trades

 

Many traders should question themselves, after a sequence of 7 losing trades .

 

a)Will I carry on trading after 7 losses ?

 

b)Am I mentally prepared for losses?

 

c)Will I have confidence in my price action after 7 losses?

 

d)Will I behave rationally after 7 losses?Will I do revenge trades?Will I get stressed?

 

e)Will i get affected by any other psychological/mindset traps? 

 

If they can do this, there is no reason why they can not find a suitable profitable price action system and method.

My only reservation is that  our brains are not compatible with this price action information processing."

 

what do you recommend then, if not price action trading ?? thanks 

 

 

 

 

 

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I don't know where to ask so I'll ask here, 

 

where are the live trades posted?     or are there any?        I only see one   GBP/JPY trade posted 

 

Thanks    :smileyhappy:

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  oilfxpro is a trollboy who pretends to trade until he can't keep up the pretence any longer and so moves on to derail some other thread, he has been doing this for nearly 2 years now, the same length of time I have been happy to continue exposing it. 

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Judge125

 

I only trade indices , I mainly a long biased trader.I trade supports  and sometimes trade short option spreads .

 

I rarely trade price action, if a price comes to a support I will buy a call option, knowing that the price will do anything and break below the supports.I sometimes trade trends but most of my trades are support trades.

 

You can track my posting history and see how I trade.I trade the Dow and Dax cash and options.I don't need to use stops, the options cap my risk.I don't sell options, I buy options.My risk is very well managed  with options.

 

I don't trade anything else, but in past the have traded forex, oil and stocks.

 

Everybody should trade within their comfort zone, risk appetite and skills,  every individual is unique.

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Casey 

 

I have a simple question for you.

 

Trade city is offering education for $497, this is too good to be true.Real education can take 3 years, as per this course from Dr Van Tharp  costs $60,000.Do you think it is possible to educate anyone for $497?

 

https://www.tradeciety.com/pricing/

 

http://www.vantharp.com/products/super-trader-program.asp

 

I hope we can have a good down to earth chat about price action courses.

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Been proving you wrong for nearly two years, more importantly dissuading the unknowing and the hopeful/gullible from enrolling onto your 'one size fits all' 'set in stone' systems that you venomously promote but fail time and again to show actually work. The reasons they can't work I have already drawn attention to repeatedly. 

 

Just for your info I have never paid for education but have happily promoted free education material that I know is good even though it might come from a site offering pay for extras. 

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It is not the system that don't work, it is the  12 inches between the ears where most systems fail.That is why forex factory is giving 2700 free systems, so the suckers keep buying the price action courses on the forum and clicking the advertisements, fail and remain on it by using the free systems.An endless source of suckers generating revenues.

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oilfxpro what is the fundamental aspect of your trading ?? buying off supports to me is technical trading.

again I know nothing about fundamentals and I am Interested that's all

 

just to note I have spent thousands of  euro on education courses over the last 4 years, all sorts of everything and a lot of free courses as well, ( about 15 courses I think) all indicator based and I'm sure they all work, they just didn't suit me. 

 

Van tharp's super trader program is not fair to compare against basic level courses /strategy's , (I say this because a lot of  people sell strategy's) and a strategy without the matching psychology and beliefs is never really going to work.  

 

Van tharp's program is for experienced traders and is based on psychology and designing your own system to suit your objectives and  your beliefs, he states that the course is basically in his book "trading beyond the matrix"  to be honest I have read it twice and I would still need help to implement the exercises in it.  The super trader program last about 2 years and you only pass the course  if you have a 95% success rate. ( success rate is defined as not breaking a system rule not on wins vs losses) 

 

I have personally taken a price action course for a special offer of $100 and it opened the door for me to proper trading. I have went on to purchase the rest of this providers courses all in total of less than $1000 and its transformed me as a trader. although it did take about a year to complete and understand the information provided. however I am now happy with my strategy and I am working on my psychology at present because its my execution that does me damage not the education or strategy. the knowledge is gold dust, and if you become a member which I am not, as its expensive you can day trade live with the group and get daily support to help you. but I do believe most people will fail because of their psychology. 

 

but I have to say price action works and I love it. 

 

ps; I can't even see the price action on the charts posted to make a comment, the price is covered in indicators, my understanding of price action is "no indicators " 

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Thanks   for sharing your story which is well put and very interesting to read and you are quite right about covering the chart in indicators that obscures price action which is the simplest, the most real, and the only non lagging indicator there is.

 

I would personally avoid systems, courses and mentors, they constrict outlook and restrict oversight, to learn trading is a self fulfilling journey that takes time being as it is a very bumpy road.

 

The best advice I could recommend is to read 'Attacking Currency Trends' by Greg Michalowski. I would also add this to   for his thread ''best books for trend followers' though it is not about stocks the same principles apply. A large number of stock traders I follow on twitter use the same basic principles contain within the book.

 

Within the book there is nothing revolutionary or even new, just 100, 200 MA's, trendlines, support and resistance and Fibonacci on the daily, hourly and 5 min chart. But the way it is set out takes you on a journey and constructs a 'method' for applying logic to a chart where you firstly define risk then define opportunity. And it expressly negates the use of indicators such as oscillators that will keep you behind the curve.

 

It is expensive and the charts are small and in black and white but the description boxes within the charts are clear. I am a great reader and have read many but this is the best and most practical book on trading I have ever read.

 

No matter the market the same basic (simple) principles apply. Define risk (kept small) and have a trigger for opportunity (kept large).

 

 

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