Hello PFA Family!
As Ive mentioned in class, Id be getting on the forum to post some of my ongoing issues and trading experiences and why im not where i know WE ALL will get to eventually. This is my journey along the path to becoming a day trader. Kinda embarrassed to admit how long Ive been at this on and off and still struggle with some of the simple things....most of which is self related, its surly not the method that is the problem seeing that it works time and time again. Will and everything you've done to put together step by step trade plans and creating the most amazing software in the universe, archived years of teachings/lessons and if anyone takes the time to learn the methodology then what else is there to it than just follow the rules of your entry method on the STF and do not digress??
Well unfortunately, as we have discussed many times when dealing with psychology, we all get in our own way... but ill snip that thought right there (thinking of the Stop It video lol) as we do not want to water the wrong (mental) seeds in our garden (mind). We want nothing but a flourishing family of PFA successes and masters of supply and demand trading!!
Let me take a few minutes to explain my trading background and a little about myself.
Its taken me many years of systems and programs and charts full of confusing indicators to finally moving onto naked charts and first learning about supply and demand about 5 years ago now but just didnt have a method that I've trusted in until now. I got good at spotting supply and demand zones all over the place but not methodically taking them in the correct locations. I have wanted to give up so many times but keep pushing on, unlocking little by little, but with PFA, its like Will came thru with a sledge hammer and broke the whole door down like here is how it works and why, heres the entire rule set to follow, here are trade plans for any time frame trader you want to be. I know how much he cares about PFA and all of our success because he is constantly repeating himself and most people would quite frankly be sick and tired of saying the same thing over and over but thats not the case here and I've witnessed many acts of kindness from Will and all of you.
Had injuries, set backs, changes of jobs and periods of unemployment all these last 10 years Ive been trying to figure this trading stuff out. Its not until this last year that things really started coming together for me after finding PFA, watching tons of recordings and following what Will has been saying, i can honestly say that I get it by now. As far as doing a top down analysis of any market and how the PFA method works, the RTF awareness, the LTF zones, LTF trend, direction, altitude, consolidation or exhaustion, qualifying levels, buy into LTF demand, sell into LTF supply, VTC logic, fib confluence, etc. etc. It has taken me a while just to figure out what two time frames I like to use and figure out the PFA way but I get it now.
Where I struggle is with my own consistency issues, and over trading due to looking at the STF too often and i know darn well to wait for LTF areas to take action on the STF but after the first move away from a LTF zone and price prints a zone or two on the STF, if I didnt get on board of those shorts right away, or even worse, if I did and got out at 1:1 or sooner, then what ive found myself doing is getting stuck on the STF and taking trades both ways playing the noise on the STF resulting in taking long trades at horrible STF altitude in anticipation of that LTF candle or two moving up into the unfilled orders of the LTF and finding the new STF sell side again which is what I just should of waited for to begin with. Often times this analysis turns out to be correct but I take a shot or two long at 50% altitude on a previous STF swing and price reacts briefly then drops down to the lower level that was the better zone to begin with and its the one that actually produced the move higher on the LTF then ill always catch myself saying that was silly buying up there, that isnt what the methodology dictates. I may be doing amazing with 100% wins for 2 weeks and then this happens to me still and there are plenty of times I do nail trades but just not consistently methodical. I also battle the urge to just want to take profits quick at 1:1 like I used to do before I found PFA. So letting winners run like Will talks about almost every session it seems is what im working on still. Because currently, most winners are scaled down so much that its backwards from how it should be...winners running with 1 contract that goes 5 or even 10:1 is taken out by a few mistake trades of 3 or4 contracts and for those that have experience with Topstep trader combine rules, this will make us hit that daily stop limit and disqualification from funding real quick. I need to trade according to their scaling plan where I start with 1 or 2 contracts and add as the account goes up which makes total sense anyways but im up there thinking im Babe Ruth and gonna knock this mofo out the park and what seems to those that dont understand what im trying to do is just a gambling addiction. Like i need T.A. meetings or something (traders anonymous). haha
All joking aside, there are a lot of positives that have came out of this last year and being here in PFA. Finally having a method that I trust and know works, I will forever and ever be grateful for what Will has made so and how much he cares about our success. I hope to see all of us here forever and many many more join in the fun. Ive also finally been able to face the facts and seeing what my trading issues are and now I can work to fully comprehend these defects so as to eliminate them in their entirety.
Excited for 2019, new software soon! cant wait for that as ive seen some things that will really help my trading out. Aside from what are now cleaner looking zones, the ability to overlay the two time frames will help to eliminate the STF, the Alarms to set at the LTF zones and then look at that market will help me to miss less turns from these LTF areas, and the money management tool will help keep me in check from placing a trade with to many contracts and busting another combine up. Being able to see the dollar amount of risk to reward and the math done instantly as you adjust the stop/ target is a great added feature. Cheers to a happy new year!
Enough rambling, wow, I didn't set out to type an essay, shoot. If you cant tell, I've been out of school for quite a few years now lol.
I literally spent all day typing on these thoughts and this was about 3 times as long before I edited it down this last couple hours. Sorry for taking so long to get this post out here to the forum but I hope it helps hold me accountable for my future success in making solid trading habits become a working, living, reality in all of our lives, not just mine.
I'm going to end on this for now and continue to track order flow as it moves to those higher probability areas into the weekend. Cheers for now traders! 1 love to all of you! God Bless!
-Travis
As Ive mentioned in class, Id be getting on the forum to post some of my ongoing issues and trading experiences and why im not where i know WE ALL will get to eventually. This is my journey along the path to becoming a day trader. Kinda embarrassed to admit how long Ive been at this on and off and still struggle with some of the simple things....most of which is self related, its surly not the method that is the problem seeing that it works time and time again. Will and everything you've done to put together step by step trade plans and creating the most amazing software in the universe, archived years of teachings/lessons and if anyone takes the time to learn the methodology then what else is there to it than just follow the rules of your entry method on the STF and do not digress??
Well unfortunately, as we have discussed many times when dealing with psychology, we all get in our own way... but ill snip that thought right there (thinking of the Stop It video lol) as we do not want to water the wrong (mental) seeds in our garden (mind). We want nothing but a flourishing family of PFA successes and masters of supply and demand trading!!
Let me take a few minutes to explain my trading background and a little about myself.
Its taken me many years of systems and programs and charts full of confusing indicators to finally moving onto naked charts and first learning about supply and demand about 5 years ago now but just didnt have a method that I've trusted in until now. I got good at spotting supply and demand zones all over the place but not methodically taking them in the correct locations. I have wanted to give up so many times but keep pushing on, unlocking little by little, but with PFA, its like Will came thru with a sledge hammer and broke the whole door down like here is how it works and why, heres the entire rule set to follow, here are trade plans for any time frame trader you want to be. I know how much he cares about PFA and all of our success because he is constantly repeating himself and most people would quite frankly be sick and tired of saying the same thing over and over but thats not the case here and I've witnessed many acts of kindness from Will and all of you.
Had injuries, set backs, changes of jobs and periods of unemployment all these last 10 years Ive been trying to figure this trading stuff out. Its not until this last year that things really started coming together for me after finding PFA, watching tons of recordings and following what Will has been saying, i can honestly say that I get it by now. As far as doing a top down analysis of any market and how the PFA method works, the RTF awareness, the LTF zones, LTF trend, direction, altitude, consolidation or exhaustion, qualifying levels, buy into LTF demand, sell into LTF supply, VTC logic, fib confluence, etc. etc. It has taken me a while just to figure out what two time frames I like to use and figure out the PFA way but I get it now.
Where I struggle is with my own consistency issues, and over trading due to looking at the STF too often and i know darn well to wait for LTF areas to take action on the STF but after the first move away from a LTF zone and price prints a zone or two on the STF, if I didnt get on board of those shorts right away, or even worse, if I did and got out at 1:1 or sooner, then what ive found myself doing is getting stuck on the STF and taking trades both ways playing the noise on the STF resulting in taking long trades at horrible STF altitude in anticipation of that LTF candle or two moving up into the unfilled orders of the LTF and finding the new STF sell side again which is what I just should of waited for to begin with. Often times this analysis turns out to be correct but I take a shot or two long at 50% altitude on a previous STF swing and price reacts briefly then drops down to the lower level that was the better zone to begin with and its the one that actually produced the move higher on the LTF then ill always catch myself saying that was silly buying up there, that isnt what the methodology dictates. I may be doing amazing with 100% wins for 2 weeks and then this happens to me still and there are plenty of times I do nail trades but just not consistently methodical. I also battle the urge to just want to take profits quick at 1:1 like I used to do before I found PFA. So letting winners run like Will talks about almost every session it seems is what im working on still. Because currently, most winners are scaled down so much that its backwards from how it should be...winners running with 1 contract that goes 5 or even 10:1 is taken out by a few mistake trades of 3 or4 contracts and for those that have experience with Topstep trader combine rules, this will make us hit that daily stop limit and disqualification from funding real quick. I need to trade according to their scaling plan where I start with 1 or 2 contracts and add as the account goes up which makes total sense anyways but im up there thinking im Babe Ruth and gonna knock this mofo out the park and what seems to those that dont understand what im trying to do is just a gambling addiction. Like i need T.A. meetings or something (traders anonymous). haha
All joking aside, there are a lot of positives that have came out of this last year and being here in PFA. Finally having a method that I trust and know works, I will forever and ever be grateful for what Will has made so and how much he cares about our success. I hope to see all of us here forever and many many more join in the fun. Ive also finally been able to face the facts and seeing what my trading issues are and now I can work to fully comprehend these defects so as to eliminate them in their entirety.
Excited for 2019, new software soon! cant wait for that as ive seen some things that will really help my trading out. Aside from what are now cleaner looking zones, the ability to overlay the two time frames will help to eliminate the STF, the Alarms to set at the LTF zones and then look at that market will help me to miss less turns from these LTF areas, and the money management tool will help keep me in check from placing a trade with to many contracts and busting another combine up. Being able to see the dollar amount of risk to reward and the math done instantly as you adjust the stop/ target is a great added feature. Cheers to a happy new year!
Enough rambling, wow, I didn't set out to type an essay, shoot. If you cant tell, I've been out of school for quite a few years now lol.
I literally spent all day typing on these thoughts and this was about 3 times as long before I edited it down this last couple hours. Sorry for taking so long to get this post out here to the forum but I hope it helps hold me accountable for my future success in making solid trading habits become a working, living, reality in all of our lives, not just mine.
I'm going to end on this for now and continue to track order flow as it moves to those higher probability areas into the weekend. Cheers for now traders! 1 love to all of you! God Bless!
-Travis
THANK YOU TRAVIS! Always great to join in the JOURNEY of our virtual PFA family and friends.
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Great post Travis. Thanks so much for sharing your journey along the PFA yellow brick road. I have to tell you, I've struggled with almost all of the same trading hurdles that you have mentioned above so you're not alone. I feel your pain. I've lost track of the number of great trades that I've made that I ended giving it all back on the next 2 or 3 crappy trades.
I think one of the other things that has held me back is looking at and trying to track way too many instruments. A couple days ago I decided to close most of the charts on my workspace and just focus on the ES and CL. I think in the long run there is more money to be made by doing this, building up the account and increasing the number of contracts being traded. Think about it, if you can build your account up to where you can trade 10 contracts you only need to make 2 points/day on the ES to make $1000/day. (That's roughly $1300 CAD once I add my currency exchange bonus since I'm in Canada.) I think most people can live relatively comfortably on a pay cheque like that.
Here's a chart exercise for everyone to do. Open a chart and draw a box that's 2 points deep. Now zoom out and look at a few day's worth of price action. Ask yourself, with everything you have learned about the PFA methodology is there any reason why you should not be able to pull 2 measly points out of the market on a daily basis. We should be able to do that with our eyes closed.
Cheers to everyone's successful trading future. Have a great weekend everyone. Got to go shovel the driveway.
Paul
I think one of the other things that has held me back is looking at and trying to track way too many instruments. A couple days ago I decided to close most of the charts on my workspace and just focus on the ES and CL. I think in the long run there is more money to be made by doing this, building up the account and increasing the number of contracts being traded. Think about it, if you can build your account up to where you can trade 10 contracts you only need to make 2 points/day on the ES to make $1000/day. (That's roughly $1300 CAD once I add my currency exchange bonus since I'm in Canada.) I think most people can live relatively comfortably on a pay cheque like that.
Here's a chart exercise for everyone to do. Open a chart and draw a box that's 2 points deep. Now zoom out and look at a few day's worth of price action. Ask yourself, with everything you have learned about the PFA methodology is there any reason why you should not be able to pull 2 measly points out of the market on a daily basis. We should be able to do that with our eyes closed.
Cheers to everyone's successful trading future. Have a great weekend everyone. Got to go shovel the driveway.
Paul
Paul, I agree with you about everything except for one thing. If you try to get only two points with several contracts, let’s say to make $1000, you probably are going to need to put more than one point in risk. It’s going to be hard to keep a good risk/reward ratio. Specially with the volatility we have these days. If you have a tight stop, you have big chances of being stopped out. That means that a very small move can make loose $500 or more. Maybe a fortune if you don’t accept you are in the wrong side.
I think it’s better to have a decent cushion to improve the probabilities. That means that less contracts and can be better sometimes. It’s better when a small move doesn’t make you emotional.
If you think about it, you can have the same results if you can get 10 points in a week with a single trade. And that’s totally easy, right?
I think it’s better to have a decent cushion to improve the probabilities. That means that less contracts and can be better sometimes. It’s better when a small move doesn’t make you emotional.
If you think about it, you can have the same results if you can get 10 points in a week with a single trade. And that’s totally easy, right?
I agree Sebastian. It's just as easy to lose those 2 points as it is to make it and you're probably going to have a hard time finding trades you can take with a 1 or 2 point stop. My comment was probably a bit unrealistic and maybe not that practical when trying to take trades with a decent Risk/Reward. My intention was more to make the illustration of just how small a piece of the market we potentially need to capture to make a comfortable income.
If you look at a weeks worth of price action and draw a 10 point box on the chart you get the same picture and it's a lot more realistic since finding trades with a 3 to 5 point stop to make 10 points so you can get a 2:1 or 3:1 Risk/Reward is not difficult. Thanks for pointing that out S.
I think your math is off Sebastian.
10 contracts X 2 points/day x 5 days = 100 points/week x $50/point = $5000
10 contracts X 10 points/week = 100 points/week x $50/point = $5000
If you look at a weeks worth of price action and draw a 10 point box on the chart you get the same picture and it's a lot more realistic since finding trades with a 3 to 5 point stop to make 10 points so you can get a 2:1 or 3:1 Risk/Reward is not difficult. Thanks for pointing that out S.
I think your math is off Sebastian.
10 contracts X 2 points/day x 5 days = 100 points/week x $50/point = $5000
10 contracts X 10 points/week = 100 points/week x $50/point = $5000
Hahaha I did the math wrong!
That’s what happens when you reply late at night!
It was 5k but the point was that the reward is the same, the risk is more logic and you trade less with your emotions contained.
Anyway, as I said, I agree with you, you don’t need huge moves to make a good profit. The only reason why I wanted to mention the risk ratio was because when I tried to take consistently small profits like that, I ended up risking the same or more. And in the long run that doesn’t work. Three trades that doesn’t work can make you feel very emotional. It’s easy to loose the little profit you just made.
At least it’s my experience.
If you read my post below you’ll see my goal is to remove my emotions from my trading. I recommend others what I think it’s best for me too. Even though not always I do what I say, I try.
Of course, I’m saying this only with the best intentions, just trying to exchange ideas and help each other. So thank you Paul for sharing good ideas. It’s important to listen other ideas and question our owns.
That’s what happens when you reply late at night!
It was 5k but the point was that the reward is the same, the risk is more logic and you trade less with your emotions contained.
Anyway, as I said, I agree with you, you don’t need huge moves to make a good profit. The only reason why I wanted to mention the risk ratio was because when I tried to take consistently small profits like that, I ended up risking the same or more. And in the long run that doesn’t work. Three trades that doesn’t work can make you feel very emotional. It’s easy to loose the little profit you just made.
At least it’s my experience.
If you read my post below you’ll see my goal is to remove my emotions from my trading. I recommend others what I think it’s best for me too. Even though not always I do what I say, I try.
Of course, I’m saying this only with the best intentions, just trying to exchange ideas and help each other. So thank you Paul for sharing good ideas. It’s important to listen other ideas and question our owns.
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Wow, Trafis. Very inspiring! It means a lot for every trader that struggles or struggled with their emotions. I’m referring to every trader probably.
One thing I like are Will’s motivational talks. He has to repeat some things over and over. And the crazy part is that we are the ones that need to hear it over and over. He’s doing us a great favor.
One day, after making poor decisions driven by my emotions, after trying my “own methodology”, I listened Will saying something I heard before many times. But this time was different for me, I was ready to listen.
Some times, you need to touch bottom to really change your perspective.
I’m not a robot and emotions are always there. But when I wait, when I’m patient, when I trade less, I feel much better.
If I get lost, I open a class recording and listen something I need to hear over and over. Something I need to remember.
Sebastian
One thing I like are Will’s motivational talks. He has to repeat some things over and over. And the crazy part is that we are the ones that need to hear it over and over. He’s doing us a great favor.
One day, after making poor decisions driven by my emotions, after trying my “own methodology”, I listened Will saying something I heard before many times. But this time was different for me, I was ready to listen.
Some times, you need to touch bottom to really change your perspective.
I’m not a robot and emotions are always there. But when I wait, when I’m patient, when I trade less, I feel much better.
If I get lost, I open a class recording and listen something I need to hear over and over. Something I need to remember.
Sebastian
Hi All,
You're welcome for sharing the joruney with the family and also thanks for chiming in on the post and I much appreciate the support and real comments.
I agree about trading less instruments and generally only have the ES open but then I will flip through Oil, Gold, and the Euro futures but often don't trade them, just to watch how we've reacted to the current zones and where price is trading.
I love all of your comments about the 10K, 5K, or whatever_K it ends up being at the end of the week would be the better way to look at it but I know what you mean about just showing how much less can become more in the end with way less emotion... even the end of the month for that matter, I have been living and have found happiness with much less in life and dont need a lot anymore like I once thought I wanted. Striving so hard to get something and realizing along the way its become more of a self discovery and journey to much more than just trading emotions, its helped me to see some other major defects in my life that need to be removed to achieve full potential and that is worth more than any dollar amount made on a day trade. At that point the money wont even be an issue.
Sebastian, I love when you said "I think it’s better to have a decent cushion to improve the probabilities. That means that less contracts and can be better sometimes. It’s better when a small move doesn’t make you emotional." and couldn't agree more.
This right here is the reason I have busted accounts and trading combines or Id have no issues getting and building trading capital.
With that said, I know we will all be able to achieve these figures or more on a consistent basis. Awesome for those that are already there, lets all inspire one another to rise up. Like you stated clearly above: Will is so patient with all of us its incredible. For the new folks, you will see what we mean in time if you havent already. You are all very lucky to be in the position you are, no need to look any further for trading education and support.
Gotta run for now,
Hope you are all having a great weekend.
Cheers- T
You're welcome for sharing the joruney with the family and also thanks for chiming in on the post and I much appreciate the support and real comments.
I agree about trading less instruments and generally only have the ES open but then I will flip through Oil, Gold, and the Euro futures but often don't trade them, just to watch how we've reacted to the current zones and where price is trading.
I love all of your comments about the 10K, 5K, or whatever_K it ends up being at the end of the week would be the better way to look at it but I know what you mean about just showing how much less can become more in the end with way less emotion... even the end of the month for that matter, I have been living and have found happiness with much less in life and dont need a lot anymore like I once thought I wanted. Striving so hard to get something and realizing along the way its become more of a self discovery and journey to much more than just trading emotions, its helped me to see some other major defects in my life that need to be removed to achieve full potential and that is worth more than any dollar amount made on a day trade. At that point the money wont even be an issue.
Sebastian, I love when you said "I think it’s better to have a decent cushion to improve the probabilities. That means that less contracts and can be better sometimes. It’s better when a small move doesn’t make you emotional." and couldn't agree more.
This right here is the reason I have busted accounts and trading combines or Id have no issues getting and building trading capital.
With that said, I know we will all be able to achieve these figures or more on a consistent basis. Awesome for those that are already there, lets all inspire one another to rise up. Like you stated clearly above: Will is so patient with all of us its incredible. For the new folks, you will see what we mean in time if you havent already. You are all very lucky to be in the position you are, no need to look any further for trading education and support.
Gotta run for now,
Hope you are all having a great weekend.
Cheers- T
Travis,
Wow what a journey. I can relate.... Stocks and Commodities magazine and every new indicator under the sun. Watching Ford drop to a price under a dollar per share , but see GM bankrupt and so fearful that It would do the same( It was on sale big time) that's almost the current dividend. Looking back, how could I not see that buying that company for a price of a future dividend was not the way to go? Not only that but a price today that is 8 times higher then where it could be loaded up on.
Here's a fun one. I have belonged to two separate investment/social clubs. Essentially, we got together on a monthly basis and put in say 50$ per person. When enough capital was available. we would buy 100 shares or so of a strong fundamental researched stock. But here's the catch... most were well educated: PHD's; doctors; engineers; blue color workers; self made millionaires, and CEOs; but could any one of them say when they should sell a position? Not hardly. It really was an eye opener. Now looking at the situation with this software, there is no question that they could double if not triple their returns. They were happy to match the S&P returns. Not me - I wanted thirty six percent per year. Double an account every two years for thirty years or so. That's a lot of zeros behind two or three digits.
I'm really looking forward to produce income and investments in 2019. Keep up the great work I'll see you in the room!
Brad
Wow what a journey. I can relate.... Stocks and Commodities magazine and every new indicator under the sun. Watching Ford drop to a price under a dollar per share , but see GM bankrupt and so fearful that It would do the same( It was on sale big time) that's almost the current dividend. Looking back, how could I not see that buying that company for a price of a future dividend was not the way to go? Not only that but a price today that is 8 times higher then where it could be loaded up on.
Here's a fun one. I have belonged to two separate investment/social clubs. Essentially, we got together on a monthly basis and put in say 50$ per person. When enough capital was available. we would buy 100 shares or so of a strong fundamental researched stock. But here's the catch... most were well educated: PHD's; doctors; engineers; blue color workers; self made millionaires, and CEOs; but could any one of them say when they should sell a position? Not hardly. It really was an eye opener. Now looking at the situation with this software, there is no question that they could double if not triple their returns. They were happy to match the S&P returns. Not me - I wanted thirty six percent per year. Double an account every two years for thirty years or so. That's a lot of zeros behind two or three digits.
I'm really looking forward to produce income and investments in 2019. Keep up the great work I'll see you in the room!
Brad
Brad, im looking forward to tomorrow as well, hope everyone had a great weekend and off to a great start this week.
We are lucky to be able to put alot of that old noise behind us and learn from IMHO the best there is: Mr Busby ; )
about the dip man, i was like in elementary school with markets and understanding but man ill tell you, once i get some great income and investments rolling this quarter, ill be ready for the next opportunities as I hope us all to be able to take advantage of the zone suite and cumulative knowledge of this community to capitalize in 2019
that is really interseting about what you said: "but could any one of them say when they should sell a position?"
The knowledge we are learning here puts us into a much higher plane than most others, the mastery of self puts us in an entirely different universe.
Cheers..
We are lucky to be able to put alot of that old noise behind us and learn from IMHO the best there is: Mr Busby ; )
about the dip man, i was like in elementary school with markets and understanding but man ill tell you, once i get some great income and investments rolling this quarter, ill be ready for the next opportunities as I hope us all to be able to take advantage of the zone suite and cumulative knowledge of this community to capitalize in 2019
that is really interseting about what you said: "but could any one of them say when they should sell a position?"
The knowledge we are learning here puts us into a much higher plane than most others, the mastery of self puts us in an entirely different universe.
Cheers..
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