Trading What I see !?
If you look at the data, in the long run BSP is pretty efficient meaning that regardless of how irrational and crazy the market looks, the price more or less ends up where it should be. I think the key is to never give up. Also the point that Peter makes about trying to anticipate what other traders are anticipating is quiet crucial I think.
Yes what Peter says about anticipating other traders is key, but how can you actually do that?kamil2402 wrote: ↑Fri Nov 06, 2020 5:21 pmIf you look at the data, in the long run BSP is pretty efficient meaning that regardless of how irrational and crazy the market looks, the price more or less ends up where it should be. I think the key is to never give up. Also the point that Peter makes about trying to anticipate what other traders are anticipating is quiet crucial I think.
Everyone has experienced these feelings many times but with enough practice predictability is not an issue and profitability is possible. I've said it many times before but you are much better using practice mode or a £100 bank when you are going through this otherwise you will have many £38 and £50 losing days and dig yourself a deeper and deeper hole for not much extra benefit than using practice mode or smaller stakes for the first 2 years
The 6th sense comes from experience
https://www.youtube.com/watch?v=EsKmIuK0SGM
I don't believe there is any secret to manual trading which can make you profitable. Lots of practice is the key and I'm talking about 20k markets not 2k. Much the same way a professional golfer or racing driver could tell you the whole story on how to drive until they are blue in the face, you still wouldn't be as good as them until you have had years of practice
I think it is a common misconception in lots of areas of life that being born with a high IQ is a limiting factor. There is an EQ (emotional quotient) and AQ (adversity quotient) which are much more important in trading. The AQ, perhaps that most important of all is the reason why some people are so successful in all areas of life because they have the resilience and drive to keep trying and never give up.
Also you mentioned you are trading reversals but with a high strike rate, I thought that reversals were a low probability, high risk:reward type of trade? Looking for the end of a trend is not something which is easy to get right often. There is a reason there is a trend and the chances are that it will continue
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Trader Pat
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- Joined: Tue Oct 25, 2016 12:50 pm
If you're doing something in the market that isn't working then try something else. The next thing you try may not work either but you should learn something from it. Then after that you try something different again and eventually through a process of elimination and learning from each set up that doesn't work you'll find something that does.
I've said it already there are no magic beans or secret to cracking this other than trial and error and learning from your mistakes.
I've said it already there are no magic beans or secret to cracking this other than trial and error and learning from your mistakes.
Nice advice, I do have one more idea, I'm going to investigate thatTrader Pat wrote: ↑Fri Nov 06, 2020 6:05 pmIf you're doing something in the market that isn't working then try something else. The next thing you try may not work either but you should learn something from it. Then after that you try something different again and eventually through a process of elimination and learning from each set up that doesn't work you'll find something that does.
I've said it already there are no magic beans or secret to cracking this other than trial and error and learning from your mistakes.
Thanks
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Trader Pat
- Posts: 4327
- Joined: Tue Oct 25, 2016 12:50 pm
In one of his videos Peter explains in detail how to make money, it is a relatively small edge and consequently it has quite a big drawdown sometimes if you don't have any skill and you do it generically, but even so in half a year I managed to make 20% of my balance per month on average with a maximum drawdown of 20%. My opinion is that it is the simplest possible strategy and every beginner in horse racing trading should approach it instinctively, as I did.
Do you mean his profitable scalping video? I don't find he's gives enough away there, for example he states, 'i scrubbed that one as I didn't think it was going to work', and......? WHY??!Trader724 wrote: ↑Fri Nov 06, 2020 6:43 pmIn one of his videos Peter explains in detail how to make money, it is a relatively small edge and consequently it has quite a big drawdown sometimes if you don't have any skill and you do it generically, but even so in half a year I managed to make 20% of my balance per month on average with a maximum drawdown of 20%. My opinion is that it is the simplest possible strategy and every beginner in horse racing trading should approach it instinctively, as I did.
It is often a stronger position than 6.8, but it's difficult to say so definitively because it really depends on the market and the strength of the field. Backing so close to a crossover is not something I'd want to do without very good reason though.goat68 wrote: Would you say the same at 5.8 ?
Blimey you lot know an awful lot.Tetras wrote: ↑Fri Nov 06, 2020 7:53 pmIt is often a stronger position than 6.8, but it's difficult to say so definitively because it really depends on the market and the strength of the field. Backing so close to a crossover is not something I'd want to do without very good reason though.goat68 wrote: Would you say the same at 5.8 ?
Thanks have watched that Crossover video... many times.
You know an interesting thing, the Crossover sign photo, i recognise very well due to the row of tall Poplar trees, I used to drive very fast up that hill past them in my younger youth!!
I do try to exploit crossovers as well, but not very well... I do wonder though if too many people are aware of it and so market behaves not as you would think around it now