MightyMouse

Wow, it is comforting to know that your guru instructor confirmed the information. Those who can, trade. Those who can't trade, teach.

Sorry, I do not agree that Goldman or Merrill as controlling the market direction in the sense that they take a position and make it go the way they want it to go. As a Goldman trader, your access to their deep pockets is extremely limited. In fact your job is to protect their deep pockets and not put them at risk. I think the concept of collusive manipulation is a bit over the top. Goldman and other investment banking firms exist on the generation of fees from market making operations, money management, investment banking, etc. They seek to do so on a market neutral basis. A trader at Goldman or Merrill has a much different set of objectives than does an independent trader. They cannot do what you think you would do if you were in a controlling position in the market. They do trade with inside info, gray area inside information, and other privileged information that is not generally available to the public. The positions they take may or may not impact the market you are trading. But they are not luring you in and taking your money. That you really need to think through.

I didn't ask that question, but I will answer it and feel confident that the answer is yes. I am not sure why there is a debate on whether a psychologist has helped a trader. I am also confident that a psychologist can't help all traders and confident that a psychologist can't help too many non traders become traders. I am also confident that not all traders need help from a psychologist to get on top of their game.

We really do not know if Pete S. made money trading or with trading using MP. We do know he at least tried to make money selling and writing about MP. Claiming he did make money using MP, does not add much without evidence to support it. And if he did make money, it could have been as result of the market, time and place he was trading. I am not suggesting that it doesn't work. I do know how to use it, but I do not include it as a factor in trade decision. And, just to be clear, I am not stating that I do not use it because it doesn't work. Frequently my trades coincide with good trade entry with MP analysis and frequently my trades counter MP logic. Since some of my trades coincide with good mp trade entry, I could claim that I use it 25-35% of the time too. I suppose I could also claim that some of my trades coincide with Elliot wave, MACD, Gann, etc, etc. I am not trying to prove or disprove MP validity or any indicator or trading system, so I do not keep stats on how often I would have been better off or worse off one way or the other. However, on balance I take more than I leave which is what is important to me.

You could be right and being in the 95tile in trading, if 95% fail, could mean that you are a breakeven trader and it should not inflate your ego; but, stating that you can out trade 95% of other traders without knowing that you really can is inflating one's ego, self promotion, etc.

Don't despair. A Greek default is already priced into the picture. The banks are determining the haircut they are going to have to take. All this fun will lead to more government in Europe and abroad. More govt means more taxes. Times will certainly get better and then they will taper off again. When they do taper off the added tax burden will make this recession look and feel easier. So enjoy yourself while you can because these will be the best hard times we will have for a long time.

Value and S/R do not give you direction. However, expecting price to remain in the value area or to reverse at support, frequently leads to losses when price direction is counter to support or the VAL. There are certainly times when S/R or value will hold, but there aren't tools that I know of in MP to assist you in determining whether or not they will hold.

When I say disagreement on price, I mean disagreeing on the direction of price. So, when price spends a lot of time at a set of prices, then there a lot of disagreement on the direction of price. Buyers think price is going higher and sellers think it is going lower. When there is agreement on direction, then price moves vertically. When I studied MP, I struggled with the concept of MP value. It is a statistic that develops each day or preferred time period and nothing more. It is easier for me to focus on direction rather than value since direction of price tells me which way I want to be trading if I decide to trade.

It sounds like you are right until you figure out that you are no longer right. When you figure out that you are no longer right, then you are right for figuring out what was wrong. I would also suggest that an individual who claims that he trades better than 95% of all traders, without having any evidence to state such a claim, has a very large ego. It doesn't matter if it is true or not.

It seems like you have done a great job of getting your ego under control. I would not be curious to see what it was like before you fixed it.

It could be that the market was simply laughing at you. It happens to me all the time.

Think it through. It can't be both agreement and disagreement. When price spends a lot of time at a price, possibly creating a POC or HVN, there is lot of disagreement on price. Price moves when there is a lot of agreement on price. Price sits when there is a lot of disagreement on price. Price moves when there is an absence of one or the other.

HFT preys on the institutions. If you are correct and institutions are not sitting at the limits, then HFT is unprofitable and it will die. They cannot survive attemtptint to profit from short term retail traders. What did it do after the 2 tick slip?

The POC of high volume node is the price or set of price points where there is the most disagreement.

"Fixing" ones self is not a prerequisite to succeeding at trading. "Fixing" one self might be a prerequisite for one to realize that trading is really not for him or her.

HFT adds liquidity. So, a 2 tick slip might be a lack of HFT.

Sometimes it makes the husband want a newer younger mammal

When your wife gives birth to a child and you see her breast feed, the distinction between human and mammal gets blurred. We have not evolved much from our mammalian origin.

Is the paper 8.5" x 11"?

I would suggest that a wise trader ought to spend time looking for what is possible since anything is probable.

I use 198 so I can get the signal before you. LOLOL

Josh, First, His description of rule 1 is vague. Second, his rules are not for day trading. He is not a day trader. My translation of his first rule is that your trade is wrong until it is proven right. if you are not right, volatility will eventually take price to your stop and since we measure volatility over a period of time, when that time is up, if price has not moved far enough away from your stop, then you should get out. So if price was plus a few ticks and say the 15 minute true range was 10 ticks, and my stop was 10 ticks, i would get out if price had not moved far enough away from my stop to warrant staying in another 15 minutes. Price would have to be the 30 minute true range distance from price for me to stay in. I have no idea if this was the right interpretation or not or not but it is how I traded my interpretation of it. Needless to say I moved on but implemented aspects of his ideas; such as, scaling contracts off my initial position before getting stopped out to get stopped with a smaller size than my entry when it was negative and adding to winners when my trade seems to be working. I suppose I go give POP credit for that. I read it a few times and began to doubt whether this guy was a real trader or not. I suspected that the author and the POP were the same person and the rules were what this individual thought would be good rules. It was weird the way he then decided to have a third rule because the forum sort of demanded it. MM

"taking the Blinders off of the Trading mind" presupposes that there is a trading mind in the first place. Only a trader can have a "Trading Mind". I would bet that a psychologist could help a trader with his "trading mind" if he was a trader in the first place. I define a trader as someone who knows how to take money from the markets. Psychology cannot help someone take money from a market when he doesn't know how to take money from the market in the first place. Everyone does not have a "trading mind" imbedded within. Desire to trade is not enough. Generally the desire to trade is developed by the myths that circulate about trading and the fantasy of riches, easy money, etc. Those with a desire to trade only are likely leading down the wrong path and a psychologist who is unable to distinguish between a trader and a wannabe trader is not doing his patient justice. It is foolish to trash the entire discipline of psychology, since there are numerous instances where psychologists have helped people with their issues. I do not think that a psychologist can help someone be something that they are not, and as far as trading is concerned, a lot of hopeful traders are not traders. To assume that psychology is a waste since it either can't help you or you do not need help or you can solve your own issues is simply small minded.

It is a very close macro description of recent times; however you omitted the fact that while our parents were critical of us getting away with things they could not get away with, they were busy setting up social healthcare and retirement benefits for themselves that they did not have the money to pay for, deciding, instead, to leave the burden of paying for it on others. Meanwhile, grandpa can get a new heartvalve to keep him alive to enjoy his state of dementia without his estate paying a dime. What would the holidays be like without grandpa sitting at the table, staring aimlessly at the center piece?

Sure you could. When you read order flow what are you looking for?