Came across your blog whilst searching about the Martin Cole “How the Market Makers Extract Millions of Dollars a Day” book.
I guess you are the same fxoutlier that is mentioned on Rob Booker’s Traders Podcast.
I’m from the UK too (Wigan) and have had a terrible time trading FX – lost an absolute fortune and have realised it’snot the system it’s my psychology that is impacting my trading. I have been trading since 2009 and would have thought I had cracked it by now!
I’ve been part of a few courses (Nial Fuller, Jonathon Fox and now Chris Capre) and have researched a few of those you mention – nearly signed up for the Sid Wyeman course.
I’m still searching but coming to realise that I know enough about trading (support/resistance, indicators, candle patterns etc etc) that I don’t need another trading method – I need to sort my head out 🙂
I have a load of books like yourself – I learn something from each one but have realised that none is the the ‘holy grail’.
Anyway, off to the gym now but Il will have a good read of your blog – seems like we have a lot in common re trading.
Not sure if you follow football but god luck to Derby today and hoe to see you in the Premier League.
Cheers for your comment Paul,
I’m fortunate I’ve not lost too much trading, around £160 all told, but spent several thousand learning. I’m still not there yet, but feel that some things are coming together a bit more. Can’t afford to do courses these days, so I look for more of the free stuff, which often is better than the paid up stuff, like on nobrainertrades, authenticfx, Michael Huddlestons ICT, various blogs and podcasts etc. I did look at Chris Capre after I heard an interview with him by Hugh Kimura on tradingheroes, but got distracted when I got to Hugh’s, Steve W interview (nobrainertrades).
I often make comments on other sites as I’m not in any sort of trading community and have no mentors etc, so it’s nice to vent my ideas somewhere, and it’s good to get feedback, like your own. Keeps the motivation going as I’m a lone wolf trader.
I liked the youtube video of a recent Vic Noble interview, I put up in my last post about Brian Killeen. Then after downloaded forexmentors recurring forex patterns course for free on forexwinners.ru. It’s a little out of date like most bootleg downloads, but you get to learn the 6 patterns and the trading plans etc. Like most courses it’s about support and resistance with a confluence of fibs, pivots, round numbers at the same point. Only one indicator and that’s the macd for divergence trades in pattern 5 and used for the signal line crossover in the momentum trades on pattern 6, what’s called the Vic trade. The entries are usually taken on whats called a noble entry which is basically a 79% fib pullback after the target S/R has been hit and shown a greater than 15% of the 5 day ADR reaction/bounce. They also like to use the risk environment to confirm trades which is more discretionary than the entries, by looking at money moving into equities and out of the safe haven currencies like the USD, and reaction levels on the dollar index and other correlated currencies etc. At the moment I’m trying to get my head around this risk environmet thing to put into my plan for real.
To get mentorship with Vic Noble’s coaches corner is $99 usd/month, so I’d rather try and work it out myself, at least until I see things working out. I have been trading with support and resistance and other confluence with a fair amount of success recently anyway, but I need a proper plan and to add the risk environment stuff and get some consistency.
Anyway I might put this letter to you up as this weeks post, without your email address of course.
Thanks again for your comment on my About page.
P.S. I’ve always thought Martin Cole was a bit of a con artist, however Robin Hood and Little John have his book up on their, ”stuff we like” page, so I could be wrong, or maybe they’re scammers too. I have linked to a market makers article on their ”stuff we like, articles” page in my April 18 post. Personally I’d never go for Martin Cole’s sort of thing, as you’ve got to pay for his expensive software to use his methods. Also don’t buy any of Steve Mauro’s stuff on Market Makers it really is awful, just him ranting on and scribbling on a white board. Better to look at Michael Huddleston’s market maker’s model, in his scout sniper series at fxgears.com. Just some thoughts.