Thread: Out Of The Ether - Welcome to Scotty B Land

What a wick! When the market is bound to go up, and everyone and there mom is brief, it causes absolute price whiplash. It is also a very good time to eat up a lot of stops. Price is at an extreme red zone at this time in my view on things. Price should get up to the 215 mark and it keeps being pushed down. While this happens, it is like putting a tight lid pot of boiling water. Pressure is gathered to the point of a violent explosion. It's wierd, I have seen the exact same pattern for about a month and a half now. The exact same thing happened two fib cycles ago. (see chart for example)

Originally Posted by ;

I finally decided it was time to get a diary. The good thing about a journal is I can say whatever I need - wrong or right and it doesn't really matter to much either way. I would like to maintain a diary as a way of keeping track of good ole trades, and discussing the feeling facet of trading that gets a lot of us in trouble in this business. That is mainly what prodded me to start this.

Right now lots of you're riding the gravy train south , that train is GBPJPY; I am long. I got in @ 212.06 and'm currently 122 pips at the negative. Being human, I really don't like looking at the negative numbers and at the past hour I have gone through a few distinct emotions. It started with passiveness. I think that the passiveness turned into pity and fruion into anger. I was expecting price to go right to 213.38; it sure did not. I sort of have the feeling that I experienced as a child when my parents informed me I needed to wait to get that shiny new toy I just had to have. I was one of the horribly disappointed crying kids you have all seen being hauled out of your local Wal Mart. I am human and I did not get exactly what I wanted when I needed it. Now, despite the feelings I am feeling, I am going to stick this trade out because it is based on what I know to be true- and that is all I could stand on. I had the option all along the way to manually close the trade out but I am choosing to stand business. The hour chart told me that a few days ago that price was going to 215.52, we then saw a major collapse. That is still true and price will get there and that I feel the 210.50 area will stop down this move and send price back in the ideal direction. I might be incorrect, but I cannot in good conscience take this loss because it is illogical to me. This brings us to the topic of prevent losses. I do not trade with stops. Stops are a horrible excuse for emotional security in gambling. I believe stops only let people to be lazy when it comes to furthering their trading eduion. As Skunny once stated, people are willing to settle for sub par results so long as they have good money management. I think money management is essential to success in gambling, but I do not think success is hinged onto it. I feel that long-term success begins with comprehension, acceptance of the knowledge, expertise with this knowledge, all leading to intellect - a mixture of these things. To sum this up, you could have no better stop loss than wisdom. And I am sitting here today 90 pips negative. She'll go up and the storm will be over soon. If what I know to be authentic fails me then the broker can have my money and I'll just take my money to Vegas.

Scotty,
God bless your soul for it sounds you genuinely believe what you're saying. Trading without a stop loss, at least a mental stop loss just doesn't make sense. You are stating that you have to be right or you will give your whole account to your broker. One trade isn't worth it man. I have been through it I did not condone it . You seem like an addict to drawdowns man.
Really, you should read what it is you're composing and see how addicted to being right you are. The market is the only one always perfect. We're small pests on the back of the large boys, trying to get in on the excellent moves and there's absolutely no way the market is going to subject itself to our principles. Of course we can select patterns and be right on the money the majority of the moment, but to let one trade take away it, it is bad. I have completed it bro, and it is simply account suicide. Simply take out the emotions. You do not need to be right all the time.

It is always a funny encounter when you're able to return and laugh at yourself and also your lack of knowledge and experience. I was a big Fibonacci proponent around here, and well, as you can see. . Fibs rarely get the job done.

Thankfully, six months or so ago, I discovered a member here called Gaston who is just posted 101 times, but he turned my trading about. People who he's vouched for have become a priceless resource to me. There's nothing explicitly atforexsoutheast.asiathat will set you free as it had been, but all the sources are here. So thank you to all of you traders who actually understand what you are doing here inforexsoutheast.asiawho are kind enough to leave the proverbial breadcrumbs so that us little guys can find our way.

It was a lot of work and I am surprised how easy the answer is (as I understand it now). Trading is very simply a zero sum game. If you are able to learn who has a greater potential of transferring the market if they lose, you are golden. I'm finding new avenues and opportunities regular and my personal objective is to never stop learning.

I don't understand how much I'll post in here, but I just wanted to say that I've completed a 180 degree change in my trading. I would like to encourage those of you who are struggling not to make another trade until you know the market such as the back of your hands. Darkstar said after that he was surprised how few traders understand even the basics of how the FX market works. I have been surprised as well to see just how many 10 vouch traders do not even understand how price goes. I'm not bashing anybody, I was guilty of this also, but it is just plain absurd that people who call themselves traders do not understand how fundamental trading works.

Please do not take some of my early article overly seriously, look at them as a story of a moron who is nevertheless a moron that just grew up a little in his trading.

For fun. . .This morning I'm watching EU unite and I'm interested in a potential brief. As of the moment there is far more stored potential energy into the down side. This means that a market will move in the direction you are watching, but it does mean to ignore the poorer direction even if price goes there. In all honesty, there is always just 1 way you should be willing to trade in any market at a specified time. This sounds dumb and just like ordinary sense, but as I have discovered, even some breakouts must be avoided. They might look really good on the chart, but you really must understand the reason why they are happening and who is making them occur. Losers move the market much greater than winners do, and in a manner that virtually guarantees you some pips. The idea is to earn those high probability pips rely for all their worth (to make High-C joyful ).

Thank you for listening to my blabbing...

Same here Scotty.

Gaston, Darkstar, DayTrading FTI posts turned my trading beliefs upside down and gave me a lot of work to do and I'm quite grateful for that. The skfx ribbon gave me many tips on where to look on this path. I also follow your progress and I'm quite happy with your success cause it gives me more motivation to continue.

I still have much to learn but what I already know gives me a new outlook about the forex market. Like Gaston said it's all about cause and effect.

ps. Sorry for my english.

Originally Posted by ;

Same here Scotty.

Gaston, Darkstar, DayTrading FTI articles turned my trading beliefs upside down and gave me a lot of work to do and I'm quite grateful for it. The skfx thread also gave me many tips on where to search on this route. I also follow your progress and I'm quite content with your success cause it gives me more motivation to keep going.

I have much to understand but what I already know gives me a new perspective about the forex market. Like Gaston said it's all about cause and effect.

ps. Sorry for my english.

Your English is fine man..Yes, cause and effect works for me.

Hey Scotty B, thx for the answer in my thread sharing you progress. You've given me a lot of ideas on your discovery thread and all the inspirational articles on Behind Price Order Flow.

Now, I am on mission discovery just like the way you did and you progress actually encourage me to go for it.

I'm quite pleased to hear that you have discovered a good way out after all of the hardcore guesses and study you've done previously.

I Wish you all the very best and happy pip hunting.

Damn, I like FF, lol

Originally Posted by ;

I finally decided it was time to get a diary. The fantastic thing about a journal is I can say anything I want- right or wrong and it does not actually matter to much either way. I want to maintain a journal as a way of keeping tabs on good ole transactions, and sharing the feeling facet of trading that gets a lot of us in trouble in this enterprise. This is mainly what motivates me to begin this.

Right now lots of you're riding the gravy train south west, that train is GBPJPY; I'm long. I got in @ 212.06 and am currently 122 pips at the negative. Being human, I really don't enjoy looking at that negative amounts and at the past hour I've gone through a few distinct emotions. It started with passiveness. I believe the passiveness turned into pity and fruion in anger. I was anticipating price to move right to 213.38; it sure did not. I sort of have the feeling I experienced as a kid when my parents told me I had to wait to get that shiny new toy I just had to have. I was among those horribly frued crying children you have seen being hauled out of your regional Wal Mart. I'm human and I did not get exactly what I wanted when I wanted it. Now, regardless of the feelings I'm feeling, I will stick this trade out since it's based on what I know to be true- and that is all I can stand on. I had the choice along the way to manually shut out the trade but I'm choosing to stand firm. The hour chart told me that a few days ago that price was going to 215.52, we then saw a major collapse. This is still true and price will get there and I feel the 210.50 place will stop down this movement and send price back in the ideal direction. I might be incorrect, but I cannot in good conscience take this loss since it's illogical to me. This brings us. I don't trade using stops. Stops are a horrible excuse for security in gambling. I believe stops simply let people to be idle when it comes to bettering their trading instruction. As Skunny once said, people are willing to pay for sub level results so long as they have good cash management. I believe money management is crucial to success in gambling, but I do not believe success is hinged onto it. I feel that long-term success starts with knowledge, endorsement of that knowledge, expertise with that knowledge, all leading to intellect - a mix of those things. To sum this up, you can have no greater stop loss than wisdom. And I am sitting here now 90 pips negative. She will go up and the storm will be over shortly. If what I know to be authentic fails me then the broker can have my money and I will just take my cash to Vegas.

hey scotty. . .hope all was well with you