New member looking for Guidance & Trading Buddy

[Martin D 29]

6 hours ago, Angela Kuzeva said:

Happy to share my experience. I tried to learn everything at once. It didn't work well. Overwhelmed myself and felt disappointed because couldn't see progress. 

I'm not sure if you meant it this way but it was the way I read it so just wanted to expand for the newer traders here in case they read it the same way I did (or disagree if you did mean it that way). 

I think initially you should learn different things at a basic level and try them out. I don't mean go and become an expert in every mods strategy and every strategy you can find on youtube but from what I've heard all the mods say, try things out initially and see which strategy vibes with you, I can say from my own experience I'd agree with this (Andrew made trading look ridiculously easy in 2020 when I started, he was green almost every day because it was his market conditions and I wanted to make 20k everyday and be done in 5 minutes like him and that's all I focused on initially) and also when I started working with a newer trader recently they were trying to force a different mods strategy to work and were frustrated it just wasn't working for them, they just couldn't see when it was a bad idea to take the trade, they (and I) wasted a lot of time going down the wrong path for us as new traders.

The other thing that is very important to learn is context of where the market is, are we trending, range bound etc. If you're trading an ABCD or double top for example then it's very important to understand the context of where the market is, I can draw double tops all over the place on a chart but we're really in a consolidation range, I can find you ABCD's all over the place as well but if we're not trending then it won't work. You need to understand when, where and how stocks typically move and go between the different market phases. I would also then learn the inverse of whatever strategy you decide to learn in detail, for example if you're trading reversals then what does a high of day breakout look like because their failed trade (breakout buyers are trapped) can be your success and their success (reversal traders trapped) can be your failed trade, you want to understand when they're happy or in pain because if the market participants are in agreement then that's when we can get a clean move rather than getting caught up in a battle between the two sides.

Ultimately there's a thousand different ways to be a successful trader but there isn't a thousand ways you can be a successful trader, you have your own personality, strengths/weaknesses etc and it's about finding what is the right way for you to do it. Not everyone can scalp like Andrew, not everyone can catch a knife type reversal like Aiman, not everyone has patience like Peter to sit all day and wait for his perfect setup.
 

2 hours ago, shirinsaeedi said:

Thanks for sharing your experience here. Did you do a lot of readings before you jump on the simulator when you started?

I think you can read a decent amount about the market in general, read about market structure (books on Wyckoff or books by Jim Dalton) and read about volume price analysis (Anna Coulling) for example. My experience has been that I read and took a certain amount out of it but then once I understood more and read it again later in my journey I understood a lot more of it. If you just trade without understanding what is happening in the market then you won't understand what you need to fix but if you read without having seen the market then half of what read won't make sense or it won't stick, it's like ahaha I saw that yesterday on TSLA now it makes sense. It's therefore a bit of a combined process of doing a bit of both throughout your journey.

It's SIM so you can experiment at the start till you find which strategy you want to make part of your trade book, once you've decided this though you need to take SIM seriously, capture your data as if it was live and work to fix your trade book. A lot of new traders struggle with this and end up doing it in live when the money psychology issues also come at you. Then you can end up in a spiral of not following your tradebook because of psychology issues and not being able to fix your trade book because you haven't followed your rules so don't have any accurate data to analyse.

[Angela Kuzeva 23]

@shirinsaeedi

Yes, I read a lot of books and listened to podcasts, and I still do. Honestly, I didn't understand most of the books. I remember, reading Anna Cooling book as one of my first book because everyone was talking about it in the chatroom. I couldn't understand it that time. 

My favorite books are "One good trade" and The daily trading coach" 

Edited April 24, 2023 by Angela Kuzeva

[Angela Kuzeva 23]

2 hours ago, Martin D said:

I'm not sure if you meant it this way but it was the way I read it so just wanted to expand for the newer traders here in case they read it the same way I did (or disagree if you did mean it that way). 

I think initially you should learn different things at a basic level and try them out. I don't mean go and become an expert in every mods strategy and every strategy you can find on youtube but from what I've heard all the mods say, try things out initially and see which strategy vibes with you, I can say from my own experience I'd agree with this (Andrew made trading look ridiculously easy in 2020 when I started, he was green almost every day because it was his market conditions and I wanted to make 20k everyday and be done in 5 minutes like him and that's all I focused on initially) and also when I started working with a newer trader recently they were trying to force a different mods strategy to work and were frustrated it just wasn't working for them, they just couldn't see when it was a bad idea to take the trade, they (and I) wasted a lot of time going down the wrong path for us as new traders.

The other thing that is very important to learn is context of where the market is, are we trending, range bound etc. If you're trading an ABCD or double top for example then it's very important to understand the context of where the market is, I can draw double tops all over the place on a chart but we're really in a consolidation range, I can find you ABCD's all over the place as well but if we're not trending then it won't work. You need to understand when, where and how stocks typically move and go between the different market phases. I would also then learn the inverse of whatever strategy you decide to learn in detail, for example if you're trading reversals then what does a high of day breakout look like because their failed trade (breakout buyers are trapped) can be your success and their success (reversal traders trapped) can be your failed trade, you want to understand when they're happy or in pain because if the market participants are in agreement then that's when we can get a clean move rather than getting caught up in a battle between the two sides.

Ultimately there's a thousand different ways to be a successful trader but there isn't a thousand ways you can be a successful trader, you have your own personality, strengths/weaknesses etc and it's about finding what is the right way for you to do it. Not everyone can scalp like Andrew, not everyone can catch a knife type reversal like Aiman, not everyone has patience like Peter to sit all day and wait for his perfect setup.
 

I think you can read a decent amount about the market in general, read about market structure (books on Wyckoff or books by Jim Dalton) and read about volume price analysis (Anna Coulling) for example. My experience has been that I read and took a certain amount out of it but then once I understood more and read it again later in my journey I understood a lot more of it. If you just trade without understanding what is happening in the market then you won't understand what you need to fix but if you read without having seen the market then half of what read won't make sense or it won't stick, it's like ahaha I saw that yesterday on TSLA now it makes sense. It's therefore a bit of a combined process of doing a bit of both throughout your journey.

It's SIM so you can experiment at the start till you find which strategy you want to make part of your trade book, once you've decided this though you need to take SIM seriously, capture your data as if it was live and work to fix your trade book. A lot of new traders struggle with this and end up doing it in live when the money psychology issues also come at you. Then you can end up in a spiral of not following your tradebook because of psychology issues and not being able to fix your trade book because you haven't followed your rules so don't have any accurate data to analyse.

I agree with all said. My point is that it is difficult to know from where to start when you don't know anything and can get lost in learning strategies which are more advanced. You'll not be able to execute it if you can't read the price action when you just start with simulator. So, for me the price action is the first thing to learn., candles, chart patterns. I also think that focusing on one thing and then moving to another is how our brains learn and the progress happens. Market structure and HTF charts comes later, we all start with 1- and 5-min charts. Most of the strategies like Aiman's ABCD, Peter's Mountain Pass, John's High of the day have strict rules and are traded from 1 min and 5 min chart. ABCD, double bottoms and HOD happen in all market phases and time frames every day., unless market is super choppy on the day. Aiman and Peter are good because they read the price action candle by candle and this skill is essential not only to become a profitable trader but also to get good entries and better R: R. Patience is a skill and in trading strict rules keep you patient. 

Edited April 24, 2023 by Angela Kuzeva

[Martin D 29]

I couldn't disagree more in relation to market structure, in hindsight this is what caused the majority of my issues when I started trading outside the first 5 minutes, I was trying to trade patterns and we weren't in the correct place for them to work. This was also the case with the new trader I worked with also, they viewed the strategy as black and white, I see this and I take it. He couldn't understand why it wasn't working (but did for the mod) and was writing off the strategy as well as the previous couple he tried, I won't say ready to give up because he was determined to be in for the long haul but he was depressed and lost, in reality it was because he didn't understand where the market was (chopped up in ranges- taking them in the wrong place, over reliance on indicators and using them in the wrong place etc), it wasn't the strategies that was the problem but the execution of them in the wrong place/time. He "wasted" a year trying a couple of different strategies and this was the problem all along. You need to understand the structure or the strategies you execute won't work or have a lower success rate and then you'll think they don't work and move onto something else or give up like both of us did as newer traders. Price action means absolutely nothing if you take it in the wrong place/time/context, if it was as simple as seeing a pullback to a moving average with some kind of candle pattern then you could teach a 5 year old to do it and we'd all be multi millionaires, you said yourself it takes years but if it was just following a set of listed rules exactly of a strategy that works for someone else without some kind of understanding then I could code it and go live on a beach, I could get my fiance to come and follow the rules while I take the dog for a walk. It's just not that simple and if people don't understand that at the beginning then they'll waste time or give up imo.

Candles are a snapshot of price action, it's not how algos or professionals trade price action (8 figure prop firm traders). Better R:R comes from reading price action within candles, you used Aiman as an example but he trades within candles for higher R:R, just need to follow his TWTR account to see that. However, candles are sufficient at the start and it's not a beginner topic so I won't pollute this. 

[Angela Kuzeva 23]

I have been through the process, and I am talking from my experience and my suggestions are based on what worked for me. I was totally new to trading and the ABCD was the only thing which I can recognize on the chart. That time BBT had no more than 10 webinars and the very basic introductory course. I remember, they asked in the forum about topics for the webinars and I suggested candles and candle patterns. Aiman presented this webinar and that was what helped me to continue further. 3 months into trading, Dalton and Wyckoff books were foreign language to me.

Aiman's strategies are all built around ABCD pattern. He started his journey with ABCDs. Pinpoints are ABCD on 60 min and are breakout strategy but with a better entry on the pullback to the MA instead on the break of the high. Parabolic reversal is again based on the market behavior a pullback to a moving average, you trade not the continuation but the pullback to the moving average. My trading buddy trades ABCD patterns all day long when nothing else to trade and he is in his 5th year. I trade Parabolic Reversals if no Breakouts and Pinpoints.   

 

[Martin D 29]

Yes and I simply said I disagreed based on mine, we are entitled to our own views.

I'm confused why you're you keep using Aiman's ABCD's to highlight your point though given he is extremely selective about what goes on his watchlist based on the structure in different timeframes, timeframes being aligned etc. I can draw ABCD's patterns through ranges all the time, if you take it in a range you'll get yourself in trouble, in other words you need to take ABCD's in a trend which is structure and not in a range which is structure.

Wyckoff theory is very simple, the book that gets recommended wasn't written by a native English speaker and it hasn't been well translated so I can certainly see why that would cause confusion if that was your source of learning but the theory itself isn't complicated imo.

We're hijacking this thread so I'll leave it here by saying I don't understand how a new trader is supposed to successfully evaluate strategies when you're saying structure is too complicated, volume is too complicated (Anna Coulling). They're not complicated imo but even if they were I don't know any experienced successful trader who doesn't use something other than a candle pattern in their trading. I also trade reversals and very much doubt it would be successful if I didn't use structure or volume in my strategy.

For the new traders here I guess you'll need to decide for yourselves or seek alternative views, unfortunately the forum isn't very active in BBT and we clearly aren't going to agree so I'll leave this thread to avoid it getting too complicated. Happy to answer on PM if needed.

[caioborges 0]

Hi Guys, 

 

My name is Caio, I've been studying trading for over 2 years, been trying a couple of times, I believe my knowledge and chart analysis are pretty good but unfortunately I lack the psychological side of being a trade. 

 

It has been 3 months since I actually start focusing on trading, with a whole routine and constant studying and tradebook, 

 

I live in Vancouver and would love to share more experiences with everyone!