I have been reading the thread this week. I believe I am a better trader already. I will be trialing the techniques in the coming months (with 10p bets).
I was just reading in the thread that he (trader_dante) was going to do some videos to explain things even clearer. Does anyone know if he got round to this?
Nope. I never got round to that. It's something I would like to do at some point in the future.
Has trader_dante still got the same full time job or is he a full time trader now?
I'm a full time professional futures trader now. I ran my account up using the method I taught on that thread and used the statements to get my dream job at a prop firm. I did that because the financial backing made making money easier - that is to say I didn't need to make money to live off, off of my own money.
Having said this, I now also trade my own money on the side.
At what level does he trade? Back in 2007 it was mostly between £1 and £5 per trade.
At work I have limits for 10 lots (£90 per pip on the Euro) but in reality trade between 1 and 5 lots (between £9 and £45 per pip on the Euro for example). In my spread betting account, I trade a little
bigger. I usually start lower and add agressively if the trade moves in my favour.
Has he made improvements or changes to the techinques he is talking about in the early parts of his thread?
The concepts are very much the same. I still rely almost 100% on identifying high probability turning points so pay close attention to my explanations of s/r and supply/demand lines.
There have been some changes but nothing major. I try to vary my bet sizes according to what I consider the probability of the trade working which is something I don't go into on that thread...I don't pay as much attention to the 10, 21 and 50emas as I outlined in the later part of that thread although I do still sometimes look at them.
The main change is that I now trade a little more
instinctually rather than waiting for rigid setups.
That is to say, I sometimes get a feel for where the market wants to go by watching price patterns and price action and try to pre-empt moves on lower TFs or by reading the ladder so I can enter with tighter stops.
I am still very aware of, and often use pin bars and inside bars as confirmation for a trade but I don't neccessarily always hit them in the way I used too - entry above a pin, stop below. In my own SB account I often do, but when I trade for my firm, sometimes I try to have several goes with tighter stops. It's not viable for me at the moment to sell 10 lots in the Euro, for example, with a 200 pip stop. We have to work with a £500 daily stop limit at the moment and that trade would cost me £18,000 if it went wrong.
At any rate, none of this should put you off reading the thread by any means. That thread will show you very clearly what you look for when you look at a chart of the market and you will eventually develop your own instinct after you have gained enough screen time watching price unfold.
P.S With regards to what Pitbull said above, it's party true but not completely. I am 100% margined on a Dow short but I have somewhat over exaggerated the outcome on another thread on this board. If it breaks above 8000, I am going to give back an obscene amount of unrealised profit but I will
not take a loss beyond the normal percentage I stake which is 5% max.