24:20 from my experience, trading without stop-loss is like being in a toxic relationship and think it's not gonna hurt. there're lots of good people waiting for a good relationship, just cut loss fast and move on for the next one.
It's funny to me how many highly educated and very experienced Quants spend all their time, effort, knowledge, antiquated tool's and research trying to rationalize the optimization of their incorrect models instead of simply trying to find the correct model. The Wright brothers proved this point when they spent many years trying to create a flying airplane that flapped it's wings much like the birds they observed. Only when where ready to give up, they decided to go with their gut instincts and go with a completely different model using angled wings and a propeller engine did they finally get 12 minutes of flight. Their model design didn't make sense but it worked. I'm a Quant that wasted no time on statistical optimization and benchmarking metrics to determine how efficient or inefficient my models were. If it doesn't work the first shot it means you got the wrong model PERIOD! When my next model worked on the first try, Bam! I knew I hit the jackpot. It is the perfect dead on model! 100 percent! Who ever said that there was no Holy Grail!!!??? Don't listen and follow those who have failed and claim it's non existence only because they believe they would have it if it did. They don't have it because they are imprisoned inside of their own mental box! Imagine all that PHD education wasted on a closed off perimeter of academic mines they are so afraid of breaching. Hahaha! It's like watching a bunch of monkeys that are programmed to perform in a circus. They don't even know they are invisibly chained within their boundaries forever! Hahaha!
There is no use in presenting with a methodology that doesn’t work, no matter how nicely these time sequences work out in engulfing patterns. It is only when I began to wait for the candle formations to tell me they would validate these time and price clusters on a chart did things change for me. If you don’t know anything about Lukasz Wilhelm method on time sequences pattern, it’s one thing to try to put on a trade. Without the knowledge of this new language, one spot on the chart isn’t very different than another spot.
His feedback seems heavily optimized and runs counter to others. He thinks that it is possible to predict the market and focuses on entries. His take seems sophomoric. Inline with what a traditional program trader would say. High win rate coupled with a good average trade profit and a focus on entries. Seems traditionally what you would expect but counter to what people like Rob would say where he places the edge much more on risk management and not entries. The man is accomplished and entitled to his take, but I am not sure whose right here as advice is counter to many others
There is no "right" advice on markets. There are hundreds of ways to make money. Some strategies are better than others, but even the bad ones can be profitable given the person executing them. I really believe all strategies can be profitable if used under the proper conditions. I'm a profitable Forex scalper/day-trader, and most things I do are said to never work. Using large position sizes, using small time frames, not waiting for confirmations, having expectations of where price will go rather than assuming it's all random, entering on hunches rather than waiting for trade to come to me.. etc.. etc.. Maybe the reason most people lose is because they listen to what most people tell them.
Full show notes for this episode, available here: chatwithtraders.com/ep-131-morgan-slade/
Chat With Traders
Good
Technical
1. Learning Process
2. Position Sizing, Models, Strategy, etc.
Chat With Traders is simply the best place for trading education. If you're new to trading, this is it. Amazing work Aaron.
please enable auto CC. It's very usefully for foreigns
That Pre Ad Music is awesome, and the timing was great! ;)
High quality content!!amazing interviews!
I love this channel!!!!
24:20 from my experience, trading without stop-loss is like being in a toxic relationship and think it's not gonna hurt. there're lots of good people waiting for a good relationship, just cut loss fast and move on for the next one.
Market makers intentionally stop out huge orders.
Great interview
It's funny to me how many highly educated and very experienced Quants spend all their time, effort, knowledge, antiquated tool's and research trying to rationalize the optimization of their incorrect models instead of simply trying to find the correct model.
The Wright brothers proved this point when they spent many years trying to create a flying airplane that flapped it's wings much like the birds they observed. Only when where ready to give up, they decided to go with their gut instincts and go with a completely different model using angled wings and a propeller engine did they finally get 12 minutes of flight. Their model design didn't make sense but it worked.
I'm a Quant that wasted no time on statistical optimization and benchmarking metrics to determine how efficient or inefficient my models were. If it doesn't work the first shot it means you got the wrong model PERIOD!
When my next model worked on the first try, Bam! I knew I hit the jackpot. It is the perfect dead on model! 100 percent! Who ever said that there was no Holy Grail!!!??? Don't listen and follow those who have failed and claim it's non existence only because they believe they would have it if it did. They don't have it because they are imprisoned inside of their own mental box! Imagine all that PHD education wasted on a closed off perimeter of academic mines they are so afraid of breaching. Hahaha! It's like watching a bunch of monkeys that are programmed to perform in a circus. They don't even know they are invisibly chained within their boundaries forever! Hahaha!
that makes no sense. that means you expect a 100% win rate and if you don't then you drop it? its to much to type to explain why you're bullshit
There is no use in presenting with a methodology that doesn’t work, no matter how nicely these time sequences work out in engulfing patterns. It is only when I began to wait for the candle formations to tell me they would validate these time and price clusters on a chart did things change for me. If you don’t know anything about Lukasz Wilhelm method on time sequences pattern, it’s one thing to try to put on a trade. Without the knowledge of this new language, one spot on the chart isn’t very different than another spot.
MIN - 16:43
40:00:00
Thick accent
His feedback seems heavily optimized and runs counter to others. He thinks that it is possible to predict the market and focuses on entries. His take seems sophomoric. Inline with what a traditional program trader would say. High win rate coupled with a good average trade profit and a focus on entries. Seems traditionally what you would expect but counter to what people like Rob would say where he places the edge much more on risk management and not entries. The man is accomplished and entitled to his take, but I am not sure whose right here as advice is counter to many others
There is no "right" advice on markets. There are hundreds of ways to make money. Some strategies are better than others, but even the bad ones can be profitable given the person executing them. I really believe all strategies can be profitable if used under the proper conditions.
I'm a profitable Forex scalper/day-trader, and most things I do are said to never work. Using large position sizes, using small time frames, not waiting for confirmations, having expectations of where price will go rather than assuming it's all random, entering on hunches rather than waiting for trade to come to me.. etc.. etc..
Maybe the reason most people lose is because they listen to what most people tell them.