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Haven't been around for a while, was doing a lot of sim trading and then decided to go live again after a while on the micro to ease myself in. I have mostly studied from MACK and AL BROOKS, combined two and included my own insights to create my own trading strategy. But, I am always looking to study more and seeing a different perspective, any other recommendations for Price Action or another legit way to trade the markets?
FYI I have been consistently profitable since I went live in April, profit is small since trading micro and I have not had any losses since April. But, I want to up my game, first by adding another micro contract, again and again until it's the same value as e-mini, then perhaps switch up to emini after that. So, because the tick value is so small I feel comfortable trying different things and exploring more strategies.
Look up Tomas wade on YouTube. Trades price action and has a discord where he and other traders call out what they see happening live on the es chart. Only 35 a month and saved me from taking a few bad trades.
I will second this but with a pinch of salt - Tom's method is extremely volatile - be careful when to enter and exit with him because he 'hopes' to get big runners and gets *expletive* instead during the process a number of times.
Example: Several days this month, he was down average $2,000 on NQ trading 1 car (he trades about 20 cars, so you can calculate how much he lost).
Later on, he admits his mistakes of 'hoping' to get big runners and instead stars scalping out whatever profits to make up for the losses.
He IS successful overall, BUT, only after huge, HUGE... HUGGGEEEEE drawdowns!
So again, be careful if you trade with him.
P. S. I would get a minimum of $10,000 account to trade NQ and YM on one lot with him. Maybe twice of this size if you also decide to trade FDAX and FTSE with him. Good luck.
I agree. Tom is very difficult to trade. He seems to have mastered his trading demons and can turn very quickly with the market. His psychology is perfect for trading.
I have been trading for 15 years. I was mentored by a price action trader so that is all I see when I look at a chart. I have read every book and (think) know of every player. Tom is the only person I would recommend.
His drawdowns are not big compared to his wins and account balance. This is where it gets tricky. We have all been fed the risk 1% of account. He sometimes keeps adding and one day last week was at 6%. This is in scalping type trades. As he says . If he has a 100 K account why risk just 1K. It took me a long time to internalise this. ( I used to tell everyone that breakfast was the most important meal of the day because I thought it true. Now that I intermittent fast I realise that was dumb. My point is challenge what you believe). Because his risk is higher he will get out of trades at slightest hint of movement against position. I am wanting a 3R move to make my 3%. He may risk 3 % and the market only has to move a third of the way and get his 3%.
He does not trade futures. ( I do ) He uses a broker called TD360. ( I dont like them as I use buy/sell stops and platform will not let me place orders near current price) He uses market orders.
So if you wanted to learn just put 500 dollars in a normal account. His education is free. He does not charge for anything. Below is his last telegram post as its holiday time in the UK. Results speak for themselves. All trades called live in real time.
❤️
❤️
HOLIDAY ANNOUNCEMENT
I started trading the Telegram channel with a start capital of £100,000. I have displayed the stake size I have used to achieve the results you see below. I have also displayed the margin required to trade this stake size, with the broker of my choice.
When you look over my performance, it is easy to draw the conclusion that things are going well. The capital has grown from £100,000 to £1.5m in little over 6 months. When you look closer, you will see that the last month in particular has been poor. Was it not for one spectacular trade, I would be down for the month.
I have decided to pay heed to what my body and mind is craving. Rest. I am not talking about a week’s holiday in the Seychelles, where I bring my 3 screens with me, so I can still trade.
No, I am talking about a proper break from trading. I have not taken a break from trading for a while. I resisted to take one because I was hoping I would be able to trade the big crash of July 2022. After today I think it might not happen. So the time seems right to leave now.
I don’t want to make a big deal about it. I think some of you will understand while some of you will not. I will post articles and research over the coming 43 days, but I will not trade here. When I come back in September, it will be business as usual.
I want to finish off by saying thank you. Just plain thank you. It has been an honour to guide you and feed you profitable trades, shitty trades, awful jokes and hopefully guidance on how to navigate the markets successfully as a day trader.
With that, I will leave you be, a little earlier than I imagined.
A special thank you to Lennie - your friendship and support is valued more than you know.
With love and respect
Tom Hougaard
January 2022 £299,320
February 2022 £157,953
March 2022 £366,489
April 2022 £144,650
May 2022 £219,050
June 2022 £239,185
July 2022 – so far £40,670
^Considering the fact that not everyone will have a recommended $10,000 account and most will have a few thousand, imagine losing $1k to $2k in a single day with him and 'hope' for a comeback with that small account.
It's a psychological suicide.
He wouldn't budge because his account started at £100,000, has grown a lot by now and thus, he can 'absorb' £70,000 losses in a single day.
I can't. It's way too volatile and way too risky. I am sorry.
The day I will have my own quarter million dollar account, I will start trading his signals. Until then, good night.
I agree. Thomas Wade is an excellent trader who truly understands price action. Academy videos are so thorough and he is one of few traders who actually goes through price action trading real time.