Hlm

Yes, excellent read and spot on…thanks for sharing. However, I had to laugh at the following statement: Now my experience might not be the "norm", but the two valedictorians I know DID just have to read everything once. A photographic memory is a wonderful thing when dealing with your standard educational system. :o

Yes, very nice trades taken today in the room Ronin.

Exactly...start by focusing on understanding the story being told via basic candlestick (price action) reading and keep in mind that the immediate time frame above and below may or may not be helping your trade. In my opinion, everything else should be somewhat common sense and will be 'discovered' with screen time. For example, if you want to know if entering before the bar close is ideal in the current situation, dropping down to a lower timeframe may give you more helpful information to make an informative decission. Also sentiment or the "bigger picture" can be discovered by reading the story on a higher timeframe. In my opinion, the key is to understand not only the time frame you are trading, but to also be comfortable at reading the higher and lower for more precise entries and exits. However, some traders may get this information via other indicators instead of candles to reduce the amount of charts they are looking at.

I might be playing with fire here, and I really would like to stay out of a “he said she said†battle but… Through a friend I have seen their material and I have also spent some time in their room on Paltalk in the past. In my honest opinion, they are not the scam artists you find most other places. Their “methodology†seems solid and I can see how their three setups could help newer traders focus on simplicity. They keep their actual trading room open for anyone to come and watch. They also have after market training during the week. Now I am ABSOLUTLY NOT pumping their service. The prospect of it being advantageous to you depends on where you stand as a trader at this moment in time. A disciplined individual can study the market on their own and be very successful while another can pay for a good educational service and still fail due to motivation and psychology. The core point of my post is to refute the grouping of this service with other obvious ‘scams’ out there. There aren’t many other services out there that have an open to the public trading room with trades being called all session and weekly after market training. This is just an opinion. I truly believe that a trader who has the discipline to make it in the first place can do so without expensive services. However, I will admit that I do agree with their money management style. Or maybe that’s because it’s very close to mine. As always do your own due diligence.

"1 hour and 40 minutes of BLOOD!" ...haha, I love it. :o It was an interesting move to trade/watch. The market seemed to forget about its second "wave". Shows another example as to why you should keep your assumptions and bias minimal and listen to what the market is saying.

Wow, I did not see your response and the flash file you uploaded. I only saw Tasuki and Walters response. Sorry for cluttering up this thread. On with the discussion...

Oops, sorry about that. I just extracted the avi file from the camtasia file and didn't realize it's probably using a codec that camtasia uses (the tscc Codec by TechSmith Screen Capture?). I didn't even think about having to convert it over to another format. No wonder it was such a small filesize for 12 minutes of video. Wow, this is getting confusing. Here it is converted quickly to an swf file. It's 22.6mb and hopefully good enough quality. I don't have time at the moment to try anything else. Not sure if it will stream or not since it has its own player (can skip ahead, etc). If you don't see the video right away, you might have to wait for it to fully download which could take several minutes depending on your connection speed.

AVI Version - http://www.megaupload.com/?d=H3CRFVDB

I have used many Forex Brokers over the years. I no longer daytrade Forex in a "scalping" manner, but still occasionally enter intraday swings or even longer positions. The only broker I still use for Forex is EFXGroup. They are the Forex only side of MBTrading. The people that work there are very helpful and I have never had an issue with them. If you trade the big pairs during peak hours the spread is practically non-existent and in my opinion cancels the fact that you pay a commission. Their speed is top notch and the spreads are very fair around news events. I would like to point out, however, that I do not think scalping and news trading is a good idea with Forex. Currency futures is a better choice in my opinion. If you do have a valid and robust strategy for trading Forex, you should take a look at EFXGroup or MBTrading. Forex Brokers I have had experience with: EFXGroup Forex.com FXCM FXDD InteractiveBrokers Oanda Velocity4X Note: EFXGroup is the only one I have dealt with lately (within the last five months). Like with every broker…uptime, speed, customer support, etc, can change from time to time.

I noticed that the chat room is no longer working (vbulletin error). I'm not sure if this is on purpose and has to do with the implementation of the new chat application or just a mishap. If it still doesn't work in the morning I will be sure to check back here in case of a new temporary chat location.

Warning: It’s been awhile since I have posted on ANY forum and may have a tendency to ramble and get a little off topic. Perfectionism…that was, and still is, one of my trading ‘demons’. When I added day trading to my arsenal I soon found myself in the exact position you’re in. I started out as a pure scalper trading all in and out at fixed profits. Of course it didn’t take long to find myself constantly watching the market run while sitting dumbfounded on the sidelines. I then developed trend setups that caught the runs only to give much of it back on choppy (consolidation) days. Being a so called “perfectionist” I was always tweaking my entries and trying to figure out what methods to use when. This, of course, was my analysis paralysis stage brought on by an abundance of indicators. What dragged me out of this stage was the realization of Money Management as a setup. I truly believe that this is the answer to figuring out the whole market conditions mystery for momentum day traders. The facts are simple…on trending days scalpers don’t make as much as position holders and on consolidation days the opposite is true. With money management you can take advantage of both. At the scalpers target take off a large position of the trade. Depending on how much you have left you can move your stops up close to your entry (net breakeven) or to your entry (profit is locked in). Now the big question that MC is having trouble with…what to do with those trailers. At this point in time the trade cannot turn in loser (very important). Either you have locked in profit or you are going to get stopped out with just buying the broker lunch. How aggressive you want to get with you trailers depends on many factors. How many trailers do you have left? How strong is the momentum? What S/R areas are coming up next? For example, if I have more than one car left I would most likely dump one off at the next S/R. If I only have one left I would be looking past that S/R to see if there is anything bigger on the other side (MP Value Area, HOD, LOD, etc). Personally, I do not like the idea of random upside targets or indicator trailing stops. There are two reasons that stand out the most when I see traders cut their trailers short. First, they have yet to lock in some profit. If you want to be a winning trader you have to take profit. Sounds simple but there are surprisingly a large percentage of traders that let winning trades turn into losers on a daily basis. Second, they are watching the market but not truly reading and understand what the market is saying. For the men out there, it is the same as hearing your wife talk but not actually listening to what she is saying…can only end badly.:security: So how do we read the market? I am sure most of you have higher risk “counter-trend” trades or can at least see them. Sometimes it’s just the same setup but on a smaller timeframe. Where will this higher risk trade possibly break? Where do you think it will go? Where is the next support down? At what point does the trend change? This is how I trail my stops. Just like when playing chess, you want to constantly be evaluating the possible moves of your opponent and reevaluate your risk accordingly. This will be different for each individual depending on many variables such as setup, position size, standing for day, etc. For me, I will take profit at the point where I would consider the possibility to take the opposite side. More times than not, at this point price will pullback to a place where I can reevaluate and look at taking another entry into my original direction while limiting my market risk. Depending on the S/R nearby and the momentum/bias of the trade, I will not hesitate to take breakeven after breakeven on the trailers. Many times these trades occur right before the runner. Back to your problem MC. You state that you “fear being wrong so much that I'll take the quick win of the battle”. You are right; this comes directly from your perfectionist personality. I had the same exactly problem at first. But it sounds like you already know what needs to be done. Get yourself in the mindset that taking a breakeven on the trailers is NOT a bad thing IF by your evaluation the trade still said up at the time. A BAD thing would be to exit a once winning trade with a loss. Stop focusing on what could have been and focus on what is. Once you have profit locked into the trade lean back on your chair, take a deep breath, and then start listening to the market. Why did you enter the trade? Is the setup still strong? Can you see signs of wiggling and pausing but still with upward momentum? Keep asking yourself is there a reason to get out? If not then don’t and move stop on trailers up accordingly. Of course there will be times when the market comes back, stops you out, and runs in the right direction. But then again, there will be plenty more times when the market comes back, stops you out, and then tanks. Again, sorry for the rambling and getting a little off topic. CliffsNotes version… *Don’t just watch the market, read it. Just like you hopefully did when you entered. *Trailers are there to take advantage of long runs and taking a b/e on them is NOT necessarily a bad thing. Move stops on trailers up according to the first point. *You know it, just do it. :thumbs up: