Live markets, real money. Can you imagine a better way to learn how to trade.
Live trading the market makers method. Here in the video below I took three trading positions, the first was a small loss. The following two for large gains.
This is the thing with PAT and the market makers method, once you understand how the market makers method works and then how to interact with that model the whole activity of trading becomes an understandable and pleasant working environment.
Here is today’s training video.
7 Responses to Market Makers method Live Trading +94 pips
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Thanks Martin, great vid. Youll be pleased to know i DID understand everyting on there
Never would have thought of the 5770 bit though… I did have a line in at 5748 from looking at the 60 too
Unfortunately before all this happened i got done on EUR thinking it was time to go long but was taken out for -30 on the extended manipulation down before the upmove so was a bit spooked. Saw the above forming before bed and felt pretty sure we’d have long PR on GBP and EUR for that matter, with the stophunts and waning to the downside but stayed out playing it safe and not feeling like 2 losses in one night (again!).
I just cant quite commit yet to these small SLs as youre doing as it seemed better to risk being able to stay in and not take a loss, though of course i would rather -9 than -30! might have to give it a go!
Hello Jarred
It is very important to be honest with ourselves when trading. When I am teaching students live in front of me in a seminar situation I may enter a trading position after explaining why I am entering this position and then 20 seconds later I dump that position and head in the opposite direction. Can you imagine the reaction in the room? It is like suddenly I have ripped out their hearts as they were following along with my analysis step-by-step and then I threw them mentally off a cliff edge as I changed everything. Worse still imagine if I have to do this again say after another 40 seconds.
The end result is often a very successful and profitable trade but typically the class will focus on why I got things wrong before I got things right.
Of course we have to develop a belief before we can take a trade, but that is where that belief should end. What happens in most cases is that a trader develops a belief, takes a resulting trade and then spends every further second defending that belief and ignoring anything that does not support that belief.
What we actually need to do, is first develop a belief, take action on that belief and then remain completely dispassionate about that belief. (This is very difficult to do because this is not the way we are wired)
One places a bet on a horse at the racetrack and suddenly your horse becomes the best horse on the track. Nothing has changed, the horse is no different than it was 10 seconds ago, but now you have committed and now you believe your horse is going to win.
As your horses walking out to the starting line, you notice what looks like a limp but you ignore it and still focus on your horse winning the race. The professional race goer would probably immediately go and lay off the bet.
Martin
PS. I don’t gamble on anything, let alone horses
I love how you always say youre not a gambler
You must get into quite spirited discussions with people who dont know any better who think thats exactly what were doing. I get that from time to time. I guess you could say that after a little while you know which horse is about to sprint to the finish line, so gambling it aint!
I will get onto that smaller SL, im sick of taking 2 steps forward and 1 back in my results. Its easier to take when you know they are likely to do a tease move then wind it back once or twice and you can be on the lookout for it. Thats one of the reasons i had a 30 pip SL, so that i would be clear of it… I guess youre better off risking say 10 and losing it and jumping out of the water for a bit than staying swimming with the sharks and losing 30 when you can get back in and get the rest either way.
Martin,
Great Video and really helpful. As a beginner I had been placing my stps at 30p and going mostly by the 90 pip tool…..with a limit order 8-10 pips below….so I am glad its a lot more organic…BUT a lot more nerve racking (to the less skilled)
Could you one day, go over the Pvolume indicators and how you read them and integrate them in your analysis. You did a quick mention in this Vid, but a special on this would be good…..
My paper trading has me on a long loosing streak, so I do appreciate others speaking about their occasional losses…..makes me feel like I am part of a community which is learning and not perfect…….I am impressed with Gillian’s abilties to keep cool and double the account …one day, one day I’ll generate the moolah.
Thanks
Hi there,
I am not always kool, I did the exact same move twice as Jared and then went to bed only to get up to see my direction was right but entry wrong.
I have just been emailing Martin re his latest vid I took the first green out and next rise as stop taking and had a sell on with exit way down as I was aware of the 180 move too but I was fast asleep when the turn took place.
I hope those at your screen in the northen hemisphere got down on that one. I am seriously thinking about quitting my day job and sleeping with my iphone next to the bed, I could have set the alert if it got up to my entry level I would have know it was about turn and worth the interrupted sleep, I envy you …….mmm if we are down under are you up over!
Hi Martin
More of a general question really. The accumulation is marked by the box at around the 1.5770 area, the
market is then driven down to around 1.5735 because this is where liquidity and stops are
located at a significant level. My question is why would MM’s accumulate at the upper level when they know
the market will be driven to an area which presents plenty of opposing orders at a lower price, this
would then create greater profits in the release?
Daren.
Hi Darren
It will all come down to profit potential, we cant say for certain that a market is or is not doing any particular thing at any particular time other than providing the market makers profit. If there is a way to squeeze out a profit then they will do this.