Stonecold69 said
Hi Theo,

 

Thanks for the reply - I get what you are saying so I won't worry about the non time-based charting for the time being.

What you said makes me remember another quote "Wisdom comes from experience and Experience comes from making bad decisions" - I read that as (sometimes) we just have to make the mistake ourselves to truly 'get' what we have done wrong as no matter how many times you read something, until you are in that situation, you will likely not believe it unless you have been through it and faced that fear/mistake.

 

Thanks again and I look forward to learning from you. 

 

Stonecold69

I think that with your positive attitude, you will make it. It's the same for me. I fail over and over again, but I keep coming back for more. I believe that it's a journey where one day you will find that you are successful. At least, that's what I believe.

Thanks for the reply - I get what you are saying so I won't worry about the non time-based charting for the time being.

What you said makes me remember another quote "Wisdom comes from experience and Experience comes from making bad decisions" - I read that as (sometimes) we just have to make the mistake ourselves to truly 'get' what we have done wrong as no matter how many times you read something, until you are in that situation, you will likely not believe it unless you have been through it and faced that fear/mistake.

Thanks again and I look forward to learning from you. 

Stonecold69

Yes, the Forum remains quiet even though I see over 500 members have joined now. I have not really spent too much time promoting this website as that is not my forte. I also don't charge a fortune for the paid member levels so perhaps I don't look as serious as these $10,000 courses.

I like to spend my computer seat time on Trading, working with my VIP group, and developing my Trading concepts even further.

Trading psychology will be the hardest part of this journey for anyone. It can't be taught and no amount of books will allow you to avoid many of the common psychological mistakes that everyone makes at some point. The question really is will you learn from them or keep making them? I think the majority of your time should be spent making sure you have a Trading Plan that has accounted for every scenario the market can present. Your plan of action should be second nature to you when you are done and when you break it down there actually aren't that many scenarios to account for. The Market is very repetitive in its actions. I consider my approach an evidence based approach, everything you do is about joining in with what you see and not guessing. If you constantly do X because of Y then there is no guesswork. If there is no Y then you don't do X.

What I have done with the VIP tools is to automate as much of this as possible but still allow you full control, this has ended up being the best way to combat psychology, remove yourself from the equation as much as you can. 

Talk more soon,

Theo

Well, it's my first 'session' going through the forum and I have found quite a few interesting and helpful posts, often the questions that get answered by Theo 

I'm a little surprised that noone has posted for quite a while but then I guess that's the way these things go...

I heard an interesting quote from one of the trading trainers on youtube which whilst I don't want to study under them, makes a lot of sense... He says "When you give as much time to your Forex education and trading as you do to your forex fears, then you'll get there" - I really like that and it's hit a nerve as I am really serious about making it as a trader and yet when I think about it, I do have a background thought as to 'Will I be able to make it' - even though I am positive and determined to make it, there is still that little voice in the background saying 'will you?' - I have several books on trading psychology and I have yet to finish a couple of them so I think I have my reading matter set for the next week or two lol 

Right, bed time for me!

Cheers,

Stonecold69

Touchdowntampa said
Hello Theo, I first want to thank you for the help up until these early stages. Most of my questions are not being answered because it would involve revealing some of your paid for course. I feel at this point you can not do much more to help me. As you know I can't afford to pay you at this time. I am surely serious about trading for a living and will continue my journey. I wish you well and hope God richly Blesses you and your family with great health and prosperity. If however there is anything more you can do I will appreciate it. God Bless you Sir TDTB

You are welcome TDTB, I will continue to respond to whatever I can but with regards to not revealing much of my paid course; I am not so much bothered about the revealing anything part, it's more about the fact that I spent alot of time creating the course and videos are better than text. If I were to explain WavEFX here then I would be typing for weeks and defeating the purpose of how I have structured everything in a step by step process. 

This Free part of the Forum was intended to discuss the Free eBook mainly, the v1 Forums are there to discuss trading the v1 style and it's tools, show examples and ask questions that arose from watching the videos. The VIP Forums are then in turn for the VIP members.

This all has everything to do with me spending my computer seat time wisely.. and of course directing most of that time to my VIP members. I'm sure you can appreciate this....

and regardless after scanning back through this thread I see that ALL of your questions have been answered anyway 

Touchdowntampa said
This one has me confused.Can you help put it in focus. I'm just not real sure how to trade this one. Thanks Theo

** ** Register Here for Free Membership to see this image/link ** **

At the time of this screenshot the only option is a counter trend buy off of an area of Support created back at the 26-29 nov week. You would need proof that you were not alone via an entry trigger (candlestick patterns). There is an IB right there to trade the break of north but a safer play would be either an immediate double tap to reconfirm this area, or waiting to see if a pullback sell will set up.

I would prefer this to be something discussed in the v1 Forums though.

Touchdowntampa said
Hey Theo is this the 3 trades for today?. Thanks for your help sir God Bless TDTB

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The trades I mentioned were not H4 trades so on that chart I can't point them out properly. If you look to the left of that cluster of price you will see an area of support to justify buying as well as selling at the arrow areas on your chart. Locations are good but the trades were on a much smaller scale.

I can show you the trades here in a WavEFX picture but it is beyond the scope of this section and explained in full in the VIP video course. The area in blue on the M8 chart (top left chart) is the area I was talking about to justify buying.

 ** ** Register Here for Free Membership to see this image/link ** **

All of these trades follow the simple concept of reaching a good location and followed by an entry trigger to show that we are not alone, and then of course solid trade management and risk:reward decisions.

** ** Register Here for Free Membership to see this image/link ** **

** ** Register Here for Free Membership to see this image/link ** **

people think they are paying for an easy solution, that's the whole idea and you see it in the marketing lingo.

It's much easier to pay thousands of dollars than sit down and learn something like this properly!

I don't think you quite understand the concept of evidence based trading. It only matters what the next EUR/USD trade is going to be based on the evidence provided... Location, Entry Trigger, Management... There have already been 3 profitable trades on the EUR/USD today that followed these guidelines. I fail to see the point to look any further past the next trade because then you really are guessing/gambling. And until a Location is established, retested and an entry trigger starts to present itself there is nothing to worry yourself with anyway.

The truth of the matter is; if you don't learn as much as you can about price action based technical analysis and trade management you have little chance, but that is only the foundation. It is a solid foundation but the journey doesn't end there. That is why 95% of those who attempt trading may succeed on a demo account and fail when they go live. In fact; even after all these years I still make stupid psychological mistakes every now and then. I am even willing to bet that every single trader on the planet has had trouble with their emotions and trading, it is those who blame the markets or their method who fail, it is those who recognize the personal problem and take action that succeed, combined with that solid method / plan of course

All this lingo is simply marketing... "I know the secret that the big boys don't want you to know, I have the secret code, Forex is simple, Forex is easy,I have a magic indicator and etc." ..  if the only interest is to sell as many of a product as possible then this would be the standard way to go about it right? I think it's very normal in this World of distractions that we live in. You certainly won't find any of that lingo here even though we do have some seriously powerful tools that we have developed. All I could ever say is that Forex CAN be simple but I have no secret code for the human condition other than daily repetition and support. This will throw most people off because they want the effortless way out ... but that's definitely not my problem!

Theo

I couldn't agree with you more! Fundamentals are pretty useless for the average trader and for me news events have always been something to simply be aware of only... to read them properly would require a few PhD's anyway.

The thing is; without technical signals any news would not be actionable anyway, but technical signals without news would be... and so by default you don't really need to understand how Fundamentals work, just that they do impact and move the markets, even if it's not in the way your logic might tell you (That's why you need the PhD's).

In my opinion; technical analysis using pure price action techniques is a way to read how everyone is reacting to the news and allow you to simply join in. An evidence based trading approach basically where you do not guess but will still get faked out every now and then anyway, that's just part of the job. If you read the signs correctly then you can achieve a high win rate, but it's also important not to forget that you can still be successful with a 40% win rate if your trades employ a 1:2 risk:reward strategy. So when you get into only the technical side of trading there are a few components and you don't even have to master all of them... but it is wise to do so since there are no PhD's required for any of them.

Happy Trading,

Theo