Bob Volman Price Action Scalping

Can someone help me with PRT?

My local time zone is New York Eastern Standard Time, for PRT I use (UTC+00:00) UTC Coordinated Universal Time which has my charts set at a 1 hour difference than what BV uses.

The problem I have is that with PRT I am missing the first 2 hours of data at the beginning of the week.

My broker is Oanda and I use the same time zone for it as I do for PRT. At the start of the week Oanda begins printing data at 22:00 (UTC+00:00) but PRT does not begin until 00:00.

I have emailed support at PRT. They replied back but thought I was talking about weekend data. I have emailed them a 2nd time and it's been over a week without a reply back from them.

I'm in CST and I have no such problem. If you trade 5 min chart (or lower) and don't trade the Sunday evening session then it doesn't matter. If you trade hourly chart or higher you probably don't need PRT at all, just use OANDA's.
 
Tony,

Just received Adam Grimes' book from Amazon and read a few chapters last night. You were right - it is an excellent book, so my thanks for sharing your knowledge.

Jeremy

I should also mention Adam Grimes. He wrote a great book (Art and Science of Technical Analysis) and also has a free course on his blog, adamhgrimes.com

The course blows away any pay course I've ever seen. It's very serious, intelligent, to the point, and you can tell this is an experienced person writing.

Btw, Bob's new book "Understanding Price Action" just came in and I've begun reading it. Right off the bat it seems he's done an even better job than in Forex Price Action Scalping. He put in a handful of examples from stock index futures too, though I wish he put in more.
 
Tony,

Just received Adam Grimes' book from Amazon and read a few chapters last night. You were right - it is an excellent book, so my thanks for sharing your knowledge.

Jeremy

Hope you enjoy it. Grimes's combination of an academic, scientific, and practical approach is really refreshing. I also highly recommend his free trading course on his blog, it comes with no strings attached. If anything, it serves as a solid background for building any strategy, plus it gives you a solid BS detector, which can save you lots of time in the long run.
 
I'm in CST and I have no such problem. If you trade 5 min chart (or lower) and don't trade the Sunday evening session then it doesn't matter. If you trade hourly chart or higher you probably don't need PRT at all, just use OANDA's.

Thanks for the reply.

I do trade 5m and lower and I don't trade on Sunday's, and you're right the 2 hours of data I'm not getting doesn't make much of a difference........it just bugs me not to have it.
 
greek_flag.gif


Yiassas!

I was curious if there are any Greek speaking traders who follow Volman's method? Reason being I'm interested in not only studying Bob's method more thoroughly, but also getting my fledgling Greek up to speed! My other influences are Adam Grimes and Al Brooks.

If interested, please PM me...

Evcharisto!
 
Hi all,

I'm almost through re-reading Bob's second book "Understanding Price Action". A truly fantastic job he did on this one. My only complaint is that he didn't include an extensive section on setting initial stops like he did on the first one, since he models his 5 minute method with a fixed 10 pip stop and 20 pip profit target, and advocates that if you take only the most conservative trades you shouldn't even need to actively manage things. But you can easily just apply what he wrote in the first book to this information.

Some overall notes:

* The concept of the 'combi' (outside followed by an inside bar for a breakout) is pretty interesting but also prone to a fairly wide interpretation (sort of reminds me of Al Brooks's ii, iii, ioi, etc.). You have to really, really be sure the context is right, which he emphasizes.

* As with the first book, Volman is all about having small stops and as a result he's against anything that doesn't have proper buildup. This contrasts with other trading approaches where if the signal bar is right and the context is good, you're good to go. You do end up passing on a significant amount of trades over this (which is probably a good thing, though it also overlooks certain contrarian approaches such as failure tests). Granted his 'trade for failure' setups are a good counter-trend concept, except here you're fading a buildup as opposed to fading a climactic trend bar (the latter of which Al Brooks likes to do).

* If you're doing this method right and using the 5 minute chart, you have to be sitting for both the London and New York sessions, which is a considerable stretch of time 2 am EST to 4 pm EST, though most of his setups become invalid after 11 am EST. That's about 10-11 hours in front of the screen. If not, you can end up missing out considerably. The only other solution is to trade a smaller time frame, which is how I'm trying to use his method.

* If you end up trading a market that has gap opens like the stock index futures, you may have a problem getting a setup in the morning session without seeing the Globex data. This is particularly important with Volman's method because he's all about 'squeeze' and seeing gradual pressure emerge. In the stock index futures examples he gives, Volman uses tick charts which is probably the best way to go here. Otherwise the night time session is going to be a tough read on the 5 minute.

* Volman is an interesting contrast to Al Brooks. First of all Volman is a much better writer overall, second Volman is way better at explaining context than Brooks's somewhat ambiguous and intuition based 'always in long/short' idea. Third, Volman keeps his setups fairly clear and straightforward, and defines them better than Brooks does. Brooks has many more trading gambits, and he makes like 10 trades a day on an average ES day, but it's way more difficult to define them and put rules around them, unlike with Volman (even though his method is quite discretionary in the end). Volman definitely provides a better template to work from. You may be getting miffed over not being involved in some strong trends, but then again, Brooks is all about scaling in and out of trades, which is for people who are trading multiple contracts. Volman keeps it simple with all in/all out.


One piece of advice I have when you start doing your own research is to take the 6 months' of chart data on EUR/USD and then set up your own platform to show those same exact months (March - August 2012), then try to replicate the trend line markings the way Bob does. This is a big help because in the book, the charts are portrayed the way Bob likes them (squeezed down vertically), while most trading platforms stretch things out vertically. When you're training yourself to see what a 'combi' or sufficient pressure looks like, it's important for you to see it in your native charting environment. This was a biggie for me because when I'd look at the charts naked and would be trying to find setups, I was like 'what the heck, I see a perfect squeeze like once a week here...'.

Either way, I'm super pleased I got this book. It's definitely given me new things to think about.
 
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What a fantastic review Tony. I too want to test his methods with a smaller time frame on forex, and on emini futures as well. I'm only half way through his book. I plan to skip the chapter of six month market analysis and test it on my own to train my eyes as you do. I'll be using Forex Tester with DukasCopy data via Tickstory Lite.

I will catch up in a month see if you start a thread of your own on this method.

Best regards,

cha-ching

Hi all,

I'm almost through re-reading Bob's second book "Understanding Price Action". A truly fantastic job he did on this one. My only complaint is that he didn't include an extensive section on setting initial stops like he did on the first one, since he models his 5 minute method with a fixed 10 pip stop and 20 pip profit target, and advocates that if you take only the most conservative trades you shouldn't even need to actively manage things. But you can easily just apply what he wrote in the first book to this information.

Some overall notes:

* The concept of the 'combi' (outside followed by an inside bar for a breakout) is pretty interesting but also prone to a fairly wide interpretation (sort of reminds me of Al Brooks's ii, iii, ioi, etc.). You have to really, really be sure the context is right, which he emphasizes.

* As with the first book, Volman is all about having small stops and as a result he's against anything that doesn't have proper buildup. This contrasts with other trading approaches where if the signal bar is right and the context is good, you're good to go. You do end up passing on a significant amount of trades over this (which is probably a good thing, though it also overlooks certain contrarian approaches such as failure tests). Granted his 'trade for failure' setups are a good counter-trend concept, except here you're fading a buildup as opposed to fading a climactic trend bar (the latter of which Al Brooks likes to do).

* If you're doing this method right and using the 5 minute chart, you have to be sitting for both the London and New York sessions, which is a considerable stretch of time 2 am EST to 4 pm EST, though most of his setups become invalid after 11 am EST. That's about 10-11 hours in front of the screen. If not, you can end up missing out considerably. The only other solution is to trade a smaller time frame, which is how I'm trying to use his method.

* If you end up trading a market that has gap opens like the stock index futures, you may have a problem getting a setup in the morning session without seeing the Globex data. This is particularly important with Volman's method because he's all about 'squeeze' and seeing gradual pressure emerge. In the stock index futures examples he gives, Volman uses tick charts which is probably the best way to go here. Otherwise the night time session is going to be a tough read on the 5 minute.

* Volman is an interesting contrast to Al Brooks. First of all Volman is a much better writer overall, second Volman is way better at explaining context than Brooks's somewhat ambiguous and intuition based 'always in long/short' idea. Third, Volman keeps his setups fairly clear and straightforward, and defines them better than Brooks does. Brooks has many more trading gambits, and he makes like 10 trades a day on an average ES day, but it's way more difficult to define them and put rules around them, unlike with Volman (even though his method is quite discretionary in the end). Volman definitely provides a better template to work from. You may be getting miffed over not being involved in some strong trends, but then again, Brooks is all about scaling in and out of trades, which is for people who are trading multiple contracts. Volman keeps it simple with all in/all out.


One piece of advice I have when you start doing your own research is to take the 6 months' of chart data on EUR/USD and then set up your own platform to show those same exact months (March - August 2012), then try to replicate the trend line markings the way Bob does. This is a big help because in the book, the charts are portrayed the way Bob likes them (squeezed down vertically), while most trading platforms stretch things out vertically. When you're training yourself to see what a 'combi' or sufficient pressure looks like, it's important for you to see it in your native charting environment. This was a biggie for me because when I'd look at the charts naked and would be trying to find setups, I was like 'what the heck, I see a perfect squeeze like once a week here...'.

Either way, I'm super pleased I got this book. It's definitely given me new things to think about.
 
I would advise NOT skipping the 6 month analysis but reading through it once entirely (in sections of course) then rereading the book once more then doing the 6 months analysis with your own charts side by side. I think that's the best way, at least for me. It really takes a job training your eyes properly.
 
Hi Tony,

Thanks for that great review on second book. I'm around a 1/3 of the book at this moment and find it very engaging as the first one. As you mentioned, these books need to be read more than once.
I was wondering, if you don't mind me asking you, did you try to apply the first book's concepts actively on your trading? Do you think that both books approaches can be mixed to trade as a single strategy (I guess Volman does that way), or could (should?) they be traded in parallel?
Cheers

Hi all,

I'm almost through re-reading Bob's second book "Understanding Price Action". A truly fantastic job he did on this one. My only complaint is that he didn't include an extensive section on setting initial stops like he did on the first one, since he models his 5 minute method with a fixed 10 pip stop and 20 pip profit target, and advocates that if you take only the most conservative trades you shouldn't even need to actively manage things. But you can easily just apply what he wrote in the first book to this information.

Some overall notes:

* The concept of the 'combi' (outside followed by an inside bar for a breakout) is pretty interesting but also prone to a fairly wide interpretation (sort of reminds me of Al Brooks's ii, iii, ioi, etc.). You have to really, really be sure the context is right, which he emphasizes.

* As with the first book, Volman is all about having small stops and as a result he's against anything that doesn't have proper buildup. This contrasts with other trading approaches where if the signal bar is right and the context is good, you're good to go. You do end up passing on a significant amount of trades over this (which is probably a good thing, though it also overlooks certain contrarian approaches such as failure tests). Granted his 'trade for failure' setups are a good counter-trend concept, except here you're fading a buildup as opposed to fading a climactic trend bar (the latter of which Al Brooks likes to do).

* If you're doing this method right and using the 5 minute chart, you have to be sitting for both the London and New York sessions, which is a considerable stretch of time 2 am EST to 4 pm EST, though most of his setups become invalid after 11 am EST. That's about 10-11 hours in front of the screen. If not, you can end up missing out considerably. The only other solution is to trade a smaller time frame, which is how I'm trying to use his method.

* If you end up trading a market that has gap opens like the stock index futures, you may have a problem getting a setup in the morning session without seeing the Globex data. This is particularly important with Volman's method because he's all about 'squeeze' and seeing gradual pressure emerge. In the stock index futures examples he gives, Volman uses tick charts which is probably the best way to go here. Otherwise the night time session is going to be a tough read on the 5 minute.

* Volman is an interesting contrast to Al Brooks. First of all Volman is a much better writer overall, second Volman is way better at explaining context than Brooks's somewhat ambiguous and intuition based 'always in long/short' idea. Third, Volman keeps his setups fairly clear and straightforward, and defines them better than Brooks does. Brooks has many more trading gambits, and he makes like 10 trades a day on an average ES day, but it's way more difficult to define them and put rules around them, unlike with Volman (even though his method is quite discretionary in the end). Volman definitely provides a better template to work from. You may be getting miffed over not being involved in some strong trends, but then again, Brooks is all about scaling in and out of trades, which is for people who are trading multiple contracts. Volman keeps it simple with all in/all out.


One piece of advice I have when you start doing your own research is to take the 6 months' of chart data on EUR/USD and then set up your own platform to show those same exact months (March - August 2012), then try to replicate the trend line markings the way Bob does. This is a big help because in the book, the charts are portrayed the way Bob likes them (squeezed down vertically), while most trading platforms stretch things out vertically. When you're training yourself to see what a 'combi' or sufficient pressure looks like, it's important for you to see it in your native charting environment. This was a biggie for me because when I'd look at the charts naked and would be trying to find setups, I was like 'what the heck, I see a perfect squeeze like once a week here...'.

Either way, I'm super pleased I got this book. It's definitely given me new things to think about.
 
I was wondering, if you don't mind me asking you, did you try to apply the first book's concepts actively on your trading? Do you think that both books approaches can be mixed to trade as a single strategy (I guess Volman does that way), or could (should?) they be traded in parallel?
Cheers

After initially experimenting with Bob's approach I decided not to trade that way, as I didn't find it easy to trade breakouts. I was better at doing reversal trades like springs and upthrusts (basically, false breakouts). However, I kept following Bob's charts, and found that his ideas are very valuable for analyzing the market overall. Then I saw that if I were to keep my business model focused soley on springs/upthrusts I'm not going to get very far unless I expand my basket of instruments, which I was reluctant to do. I figured I'd better focus on expanding my range. I saw plenty of breakout situations I was not involved in as well as pullbacks, so Bob's book was very timely.

I would say that as with any approach you can always mix and match provided you test it thoroughly and have a clear logic behind what you're doing. Both of Bob's books are for that matter very compatible, it's just that the 5 minute approach introduces sloping pattern lines (which he also used for his 70 tick charts in BLS's dropbox collection but did not mention in the book), and it has a fairly fixed 2:1 reward to risk ratio. Also, the trade setups have somewhat looser names. In book 1 there are seven classified setups, here there are just four which in my view makes a bit more sense.
 
New book

Hi guys,

I am reading a new book I received at the weekend from Amazon entitled "Trade Mindfully" by Gary Dayton. This addresses some new techniques in trading psychology, building on the work of Daniel Kahneman and Mark Douglas. For what it is worth, this is truly excellent stuff and very practical in terms of coming to grips with the way we trade with Bob Volman's method.

While, I am posting I would like to wish you all a happy Christmas and great trading in 2015. May the Force be with you,

Jeremy
 
In my view 20 pips TP is too large in EU, the time you hope the tp is reached market will turn and make another 6-10 pips in the other direction. It will work well in a trending market which is 20% of the case.

Al Brook is not clear but trading is not clear, it is all gray, he is given us ideas, it is up to us the inject ourself in what we are best at, yes squeeze do work sometime, but market moves also without the squeeze and building up pressure, actually for me they work better and faster without them.

I agree with Bob when he says, that we need to jump on the wagon when one of the parts lets go of the rope, but with his PB setups in the first book entering 1 pip above below the dd, fb, sb and bb does not confirm the continuation of the previous trend but only an high probability to get trapped in that trade. Beside the 30 seconds or the 70 tick chart is too fast to find support resistance around the 20 ema, better is used at the 1 and 5m tf. Also I am not sure about this 4 digit charting package, seems to me that Bob like to promote them......as he did also in his second book.

I got his second book, I have not finished it yet and I doubt I will, it does not make sense to me.

His style did not work for me and this is what I think and I hope you take this as a constructive criticism, if it does work for you and I will not be surprise if it does I am very glad happy for you.

On that note I also would like to say that I have learnt so much from him and I doubt I would be at the level I am at without his teaching, I have learnt from him how I look at the chart, I learnt from him that at any point in any time frame there is a battle going on and has made my trading fascinating and engaging.
I am glad I red his firsts book many times, it has giving me a great understanding of the market like a few did.

I also learnt a lot from Al, he seem difficult but after a while he is not (English is my second language), he trade classic chart pattern (Edwards and Magee ) on the 5m tf and shows million of possibility of how to get advantage in that TF, his work his obsessive and details are his forte. Reading him (first book) a couple of times will also help in my view.

Both will help but trying to trade the way they trade in my view is wrong, best is to learn from them and them do it your own way, they way you are best at, one needs to bring his essence forward.

Fzsy
 
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I'll agree that in the end, it's whatever approach works better for you. Granted there are times when certain approaches are more in sync with the markets than others, and when I started working with Bob's method (August of 2012) it was a low point in EUR/USD volatility and without having enough experience I was just going nowhere with it.

What I've learned is that you can either trade just one gambit with multiple instruments or one instrument with multiple gambits. In the case of the first, stocks are the optimal game because you have such a wide array to choose from and can vary your leverage.

Learning Bob's approach helps me in two ways: I can add breakout plays to my plan, and when I'm trying to fade a breakout, by understanding the with-breakout patterns better I know when to stay out. Being a contrarian demands that you understand what the other side is doing and when the odds are in their favor as well as against. Bob's books really help clarify that for me.

Also, Volman's approach to filtering pullbacks is very good. With Al Brooks you almost feel like you have to buy every high 1/2 and then manage your way out of the situation.
 
I'm currently doing research on Bob's method from his second book 'Understanding Price Action' and came up with some metrics which some of you might find helpful.

Looking at the six months' worth of 5 minute EUR/USD charts from 3/1/12 - 8/31/12 and Bob's annotations, I decided to find out:

1. How many total opportunities Bob flagged?
2. How many conservative versus aggressive opportunities there were?
3. How did things break out by month?
4. What were the opportunities from 9:30 AM EST (US stock market open) and afterward as compared to all other times? This is important for me as I trade stock index futures from 9:30 - 11:30 AM EST.

And now the results...

Total trading opportunities flagged (marked either as conservative or aggressive, but not 'skip'): 233
Conservative trading opportunities flagged: 141 (60.5%)
Aggressive trading opportunities flagged: 91 (39.5%)

Total trading days: 131
Total trading days with no trading opportunities marked: 15 (11%)
Total trading days with only aggressive opportunities marked: 24 (18%)

The results above are for all sessions. That will also include overlapping entries, such as when you have a breakout and then a pullback, but these 'double' incidents are not very frequent and as a result I don't segregate them.

It's important to keep in mind that these are Bob's marked entries, which is how he sees things. It doesn't always mean we'll see it the same way he does so we may easily miss an entry he marks here and there or judge it differently as either conservative or aggressive.

March
Aggressive trades: 15, Conservative trades: 34
No trade days: 1, Aggressive trade only days: 2

April
Aggressive trades: 13, Conservative trades: 23
No trade days: 3, Aggressive trade only days: 2

May
Aggressive trades: 18, Conservative trades: 22
No trade days: 3, Aggressive trade only days: 7

June
Aggressive trades: 14, Conservative trades: 12
No trade days: 6, Aggressive trade only days: 7

July
Aggressive trades: 16, Conservative trades: 30
No trade days: 0, Aggressive trade only days: 4

August
Aggressive trades: 15, Conservative trades: 21
No trade days: 2, Aggressive trade only days: 2

The most difficult month is June, with six days of no trading at all and six days where you only got aggressive signals (approximately 62% of trading days when a conservative trader could not pull the trigger).

Now if we just analyze the US stock market hours which start at 9:30 or 15:30 Central European Time(Bob usually cuts off around US lunch time which is 12-ish EST), we see the following:

Total trading opportunities flagged: 42
Marked as aggressive: 26
Marked as conservative: 16

As you can see, it's not a very encouraging situation if you just wanted to trade the US session using this strategic approach on a 5 minute time frame. For 131 trading days we're just getting 16 conservative opportunities, an average of 1 trade every 8.5 days (a little over a trade every 2 weeks) and if we include the aggressives, that brings us to an average of 1 trade every 3 days or so. Clearly one has to move to a smaller time frame here, trade into the PM session (doable for US stock index futures), or expand out to multiple products.
 
I'm currently doing research on Bob's method from his second book 'Understanding Price Action' and came up with some metrics which some of you might find helpful.

Looking at the six months' worth of 5 minute EUR/USD charts from 3/1/12 - 8/31/12 and Bob's annotations, I decided to find out:

1. How many total opportunities Bob flagged?
2. How many conservative versus aggressive opportunities there were?
3. How did things break out by month?
4. What were the opportunities from 9:30 AM EST (US stock market open) and afterward as compared to all other times? This is important for me as I trade stock index futures from 9:30 - 11:30 AM EST.

And now the results...

Total trading opportunities flagged (marked either as conservative or aggressive, but not 'skip'): 233
Conservative trading opportunities flagged: 141 (60.5%)
Aggressive trading opportunities flagged: 91 (39.5%)

Total trading days: 131
Total trading days with no trading opportunities marked: 15 (11%)
Total trading days with only aggressive opportunities marked: 24 (18%)

The results above are for all sessions. That will also include overlapping entries, such as when you have a breakout and then a pullback, but these 'double' incidents are not very frequent and as a result I don't segregate them.

It's important to keep in mind that these are Bob's marked entries, which is how he sees things. It doesn't always mean we'll see it the same way he does so we may easily miss an entry he marks here and there or judge it differently as either conservative or aggressive.

March
Aggressive trades: 15, Conservative trades: 34
No trade days: 1, Aggressive trade only days: 2

April
Aggressive trades: 13, Conservative trades: 23
No trade days: 3, Aggressive trade only days: 2

May
Aggressive trades: 18, Conservative trades: 22
No trade days: 3, Aggressive trade only days: 7

June
Aggressive trades: 14, Conservative trades: 12
No trade days: 6, Aggressive trade only days: 7

July
Aggressive trades: 16, Conservative trades: 30
No trade days: 0, Aggressive trade only days: 4

August
Aggressive trades: 15, Conservative trades: 21
No trade days: 2, Aggressive trade only days: 2

The most difficult month is June, with six days of no trading at all and six days where you only got aggressive signals (approximately 62% of trading days when a conservative trader could not pull the trigger).

Now if we just analyze the US stock market hours which start at 9:30 or 15:30 Central European Time(Bob usually cuts off around US lunch time which is 12-ish EST), we see the following:

Total trading opportunities flagged: 42
Marked as aggressive: 26
Marked as conservative: 16

As you can see, it's not a very encouraging situation if you just wanted to trade the US session using this strategic approach on a 5 minute time frame. For 131 trading days we're just getting 16 conservative opportunities, an average of 1 trade every 8.5 days (a little over a trade every 2 weeks) and if we include the aggressives, that brings us to an average of 1 trade every 3 days or so. Clearly one has to move to a smaller time frame here, trade into the PM session (doable for US stock index futures), or expand out to multiple products.

good post and thank you. I did suspect that.

Also I only trade London morning (4 hours) and most of the times the 5m offers not much, unless I old the trades overnight(my time) which I do not like to do.
 
I'm currently doing research on Bob's method from his second book 'Understanding Price Action' and came up with some metrics which some of you might find helpful.

Looking at the six months' worth of 5 minute EUR/USD charts from 3/1/12 - 8/31/12 and Bob's annotations, I decided to find out:

1. How many total opportunities Bob flagged?
2. How many conservative versus aggressive opportunities there were?
3. How did things break out by month?
4. What were the opportunities from 9:30 AM EST (US stock market open) and afterward as compared to all other times? This is important for me as I trade stock index futures from 9:30 - 11:30 AM EST.

And now the results...

Clearly one has to move to a smaller time frame here, trade into the PM session (doable for US stock index futures), or expand out to multiple products.

Hi Tonylommich

Very interesting results that you show .

I must say though - I think you have been too tight on your available session window - ie just 2 hrs a day - ideally you need really to look at another hour either side the key time you have picked - either way.

I am a very experienced Intraday short term Fx trader of many years and I have looked at Al Brooks / Lance Beggs and briefly at Bob Volman - but all three lack some component that I feel are very important for success.

I will give you my reasoning -

1. 5 min - too slow and too lagging. You need to be down to the 1 min and 3 mins and then after many hrs and weeks of getting used to currency movements you really to need the help of tick charts ( any charts under 1 min as far as I am concerned) and work on them to they feel as slow as a 15 minute charts. it will take months but the movements on quick frame short period charts are the same as on a 1 hr or 4 hr - just a lot quicker - and you have to develop the skill set to adjust too it.

2. After you have been trying a method for say over 3 months you do need to be including more pairs into your day. I normally look at 6 to 8 pairs a day and scalp 2 or 3 pairs . I suggest you need to look at 3 pairs and then scalp one or two according to their price structure and PA. Many sessions the EU will have ugly PA and the AU or UJ will be smooth for 30 / 60 mins .

3. You do need multi screens - ideally 3 plus - trying to trade intraday multi pairs off say a Laptop is not assisting your success.

4. Stop ( soft ) need to be under 7 pips max. Get down to under 5 pips on pairs with spreads under 0 5 pip. Its takes time and also another skill - ie timing - plus one click in and out. Set an hard stop at 15 pip if you need to - but never wait to be stopped out - I know within 3 -5 pips if I am in the wrong trade

5. You need to be able to multi trade every day. I dont mean 30 or 50 trades a day but minimum of 5 trades for a session. I do normally 10 to 20 intraday trades - day in day out . Some days if i have 5 good trades in a row - I could stop - but normally I dont. Similar if I had 3 or 4 consecutive losses - I dont stop - I take more trades until I am back in profit and making money. This might be 3 more trades or 8 more trades - thats why really 2 hr intraday sessions are not long enough

I am sure many traders are totally happy with Bob's methods - and if they are stay with them

But when you become more advanced and have more time to develop - you will soon progress onto your own style etc - especially if you ever plan to go full time.

It was approx 5 yrs before I took the full time route - and first year was difficult - but by year 3 it all became easier

I wish you well and with you doing that homework - to me it shows you have some of the qualities needed to progress and be successful

Compliments of the season and a successful 2015


Regards


F
 
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