Trading What I see !?

[Kai]

In fact if I was to make a cheeky video request to PW, I'd like him to record a complete afternoon of trading, and then compile all the losers with some over commentary please?

I think it's counter-productive to obsess so much about another person's trading, you should only obsess about your own trading and aim to develop the skills that are within your reach first, it looks deceptively simple but I don't think you're aware of the whole skillset that is at play during those video trading examples.

You are welcome to try but you cannot copy a skillset based off 20 years of prerace experience by watching a few videos repeatedly, you can only try and borrow a few bits and pieces but ultimately you have to find your own way. If you could easily copy everything then nobody in their right mind would be producing any such videos

Let me try and put it this way...

Skills such as reading the current market behavior (order flow), anticipating likely price movements based off past experience and knowledge of general patterns, open position management including scaling in and out of positions to mitigate risk, emotional control and basic discipline to at least somewhat frame your trades and try to execute according to plan, having a clear trading plan and strategy in the first place etc.

The sum total of those skills and many more that I'm probably forgetting here make up "the edge", most (if not all) of these skills have to be above a certain threshold to push you in the profitable zone, so you can break down your own skills and have a proper look at each of them individually to see how they compare to what you're seeing in the videos, to see which ones are lagging behind and need to be actively worked on. Asking for more videos and better videos is not really actively working on those skills Hopefully that makes sense.

Some skills are obviously more valuable than others and much more difficult to obtain and develop, you said it yourself that you can spot a bit of backing activity but by the time you get involved the market has already snapped back so you're always practically one step behind the market, and it sounds like you often mismanage your position by letting the losers run amok and cutting winners too short, which is a classic starting point for nearly everyone. But it could be a lot worse, after all this you're basically breaking even so you're maybe closer to profit than you think

[goat68]

In fact if I was to make a cheeky video request to PW, I'd like him to record a complete afternoon of trading, and then compile all the losers with some over commentary please?

I think it's counter-productive to obsess so much about another person's trading, you should only obsess about your own trading and aim to develop the skills that are within your reach first, it looks deceptively simple but I don't think you're aware of the whole skillset that is at play during those video trading examples.

You are welcome to try but you cannot copy a skillset based off 20 years of prerace experience by watching a few videos repeatedly, you can only try and borrow a few bits and pieces but ultimately you have to find your own way. If you could easily copy everything then nobody in their right mind would be producing any such videos

Let me try and put it this way...

Skills such as reading the current market behavior (order flow), anticipating likely price movements based off past experience and knowledge of general patterns, open position management including scaling in and out of positions to mitigate risk, emotional control and basic discipline to at least somewhat frame your trades and try to execute according to plan, having a clear trading plan and strategy in the first place etc.

The sum total of those skills and many more that I'm probably forgetting here make up "the edge", most (if not all) of these skills have to be above a certain threshold to push you in the profitable zone, so you can break down your own skills and have a proper look at each of them individually to see how they compare to what you're seeing in the videos, to see which ones are lagging behind and need to be actively worked on. Asking for more videos and better videos is not really actively working on those skills Hopefully that makes sense.

Some skills are obviously more valuable than others and much more difficult to obtain and develop, you said it yourself that you can spot a bit of backing activity but by the time you get involved the market has already snapped back so you're always practically one step behind the market, and it sounds like you often mismanage your position by letting the losers run amok and cutting winners too short, which is a classic starting point for nearly everyone. But it could be a lot worse, after all this you're basically breaking even so you're maybe closer to profit than you think

See your point Kai, I guess I'm just throwing my toys out of the pram that I can't predict the price action. Just failed miserably on first trade today, went totally wrong way...buy hey I thought stay calm just need to get out of this in a calm managed way like the videos suggest, it's now at 3.0 resistance should cause a bounce for me to get out on.... Straight through 3.0 it went... Doh!!

[goat68]

Darn it 3 losers in a row, I don't know what these markets are doing...
I think at the moment only one comment rings true for me from Peters videos, and that is:
Some people just don't get it !!

[jimibt]

Darn it 3 losers in a row, I don't know what these markets are doing...
I think at the moment only one comment rings true for me from Peters videos, and that is:
Some people just don't get it !!

ok, i have a feeling that you're distracted by being distracted!!. posting while in the midst of a manual trading session kinda hints at this. divorce yourself from the forum when you are actively involved in a trading session and by all means take notes of where things didn't go well.

Later, you can post up a list by all means of where you got it right or wrong along with your own mental notes of why you think such and such happened.

Ok, off you trot - close that browser

[Kai]

I'd echo what Jimbo says, and be careful not to tilt now, things can always get exponentially worse.

Your confidence has taken a big hit so confidence levels might be at an all time low, if you feel that's the case it might be a good idea to step back from the live market for the moment and reassess, before trying again.

[goat68]

I'd echo what Jimbo says, and be careful not to tilt now, things can always get exponentially worse.

Your confidence has taken a big hit so confidence levels might be at an all time low, if you feel that's the case it might be a good idea to step back from the live market for the moment and reassess, before trying again.

Yeah I have stepped back...
I've gone to the casino section instead £600 red or black, mmm?!

[jimibt]

I'd echo what Jimbo says, and be careful not to tilt now, things can always get exponentially worse.

Your confidence has taken a big hit so confidence levels might be at an all time low, if you feel that's the case it might be a good idea to step back from the live market for the moment and reassess, before trying again.

Yeah I have stepped back...
I've gone to the casino section instead £600 red or black, mmm?!

take the blue pill!!

[Kai]

I'd echo what Jimbo says, and be careful not to tilt now, things can always get exponentially worse.

Your confidence has taken a big hit so confidence levels might be at an all time low, if you feel that's the case it might be a good idea to step back from the live market for the moment and reassess, before trying again.

Yeah I have stepped back...
I've gone to the casino section instead £600 red or black, mmm?!

take the blue pill!!

Red or blue pill, the ultimate life and Matrix question innit

One of them will make him dodge losses like Neo dodges bullets, but which flippin' one?!?!?

[darchas]

In fact if I was to make a cheeky video request to PW, I'd like him to record a complete afternoon of trading, and then compile all the losers with some over commentary please?. I'm guessing it might need a few afternoons to get enough for a video I guess...!!

I agree with some of the other comments about focusing on your own trades and learning from being in the market, Peter has vast experience and it's just not feasible to be able to replicate what he does as a relative beginner and from watching a few videos.

Having said that, not sure if you've seen this, but here is an example of a trade that doesn't initially go Peter's way and I think there's a lot to be learned from not only how he manages the position but his thought process as well. It's also illuminating how he acknowledges initial frustration but puts that aside to let his experience and ability come to the fore.

https://youtu.be/rQ_arE1VUlA

[goat68]

In fact if I was to make a cheeky video request to PW, I'd like him to record a complete afternoon of trading, and then compile all the losers with some over commentary please?. I'm guessing it might need a few afternoons to get enough for a video I guess...!!

I agree with some of the other comments about focusing on your own trades and learning from being in the market, Peter has vast experience and it's just not feasible to be able to replicate what he does as a relative beginner and from watching a few videos.

Having said that, not sure if you've seen this, but here is an example of a trade that doesn't initially go Peter's way and I think there's a lot to be learned from not only how he manages the position but his thought process as well. It's also illuminating how he acknowledges initial frustration but puts that aside to let his experience and ability come to the fore.

https://youtu.be/rQ_arE1VUlA

Thanks, I think you've made a light bulb come on for me here. It's clear from this video Peter knows even though it's going against him, it will very likely come back in again... My trading psychology for my losing trades is similar, as i've tried not to let the market panic me out of a trade, which is what i've learned from the videos. However, the major difference is my losers that shoot off to a huge loss, Peter very likely would never have been in in the first place! it's those 300,000 markets experience vs my 1000. I'm sure Peter very occasionally lands a big loss like that but it's probably 1 in 100+ trades for him vs 1 in 5-10 trades for me!! Peter can afford a big loss once in a blue moon, I can't several times a day!!
I guess it's obvious really what i'm saying here!

[darchas]

I think it's also knowing when you're out of your depth and being willing to accept that. In that same video there's also a point when the trade moves against him where he says at this point someone without experience should get out, he stays in because obviously he has a level of experience that allows him to be comfortable staying in for longer.

In my experience, by keep doing this, over time those moments of not knowing where you are in a trade become less and your knowledge and experience of markets expands which gives you greater options when it comes to managing your position.

[ShaunWhite]

My trading psychology for my losing trades is similar, as i've tried not to let the market panic me out of a trade, which is what i've learned from the videos.

You don't have to ride a position deep into the red even if you 'know' it's coming back, get out, let the market do it's thing and if it turns the way you thought again then just re-establish your position. That way if it doesn't go the way you hoped and just gets worse than you're not still sat holding a crap position.

This thing about being shaken off really just relates to small moves, ie the usual market noise, that's way different to clinging on in the vain hope you will be proved to be right. 4, 5 or 6 ticks against you might be fine but you're not going to get a medal for watching it go beyond that even if it does come back. In fact if you get out quick and re-enter again when it finally does turn your way you could gain even more ticks out of it.

[goat68]

My trading psychology for my losing trades is similar, as i've tried not to let the market panic me out of a trade, which is what i've learned from the videos.

You don't have to ride a position deep into the red even if you 'know' it's coming back, get out, let the market do it's thing and if it turns the way you thought again then just re-establish your position. That way if it doesn't go the way you hoped and just gets worse than you're not still sat holding a crap position.

This thing about being shaken off really just relates to small moves, ie the usual market noise, that's way different to clinging on in the vain hope you will be proved to be right. 4, 5 or 6 ticks against you might be fine but you're not going to get a medal for watching it go beyond that even if it does come back. In fact if you get out quick and re-enter again when it finally does turn your way you could gain even more ticks out of it.

The dynamics of my loss moves are not so much a ride, it's more of say 2ticks in red to start with, so that's fine, but when it really goes most of the time it jumps in seconds from 2tick loss to 7-8, then I cash out! Not sure I want to bail at just 2ticks in red?
It seems when you predict the price action wrong the move against you is instantaneous...!
I need to be on the other side... Obviously!!

[goat68]

Frustrated! Another day of trading totally random price movements! There is no logic to this!!
It's a sort of catch22, as if there was an obvious pattern we'd all trade it, and that can't happen, so by it's nature it has to be random!
Thus I need to learn how to trade random?!

[goat68]

Just put a huge lay bet on the fav at Wolv 20:35, random choice for a random price movement!