PATS Trading Psychology Or Mack's Soapbox
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PATS Trading Psychology Or Mack's Soapbox


Psychology and Money Management

Created April 1st 2016 by Mtype
Updated February 14th 2020 by Mtype
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PATS Trading Psychology Or Mack's Soapbox

  #11 (permalink)
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Good thread

I also collect his "soap box" lessons, very motivational and true.

Didn't know your thread existed until i searched for something else PAT related.

Keep them coming!

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  #12 (permalink)
Market Wizard
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Tripken View Post
I also collect his "soap box" lessons, very motivational and true.

Didn't know your thread existed until i searched for something else PAT related.

Keep them coming!

Feel free to share the ones you like, they could be a great addition to the thread and support our collective learning. Mack is great on the soap box.

“Happiness is the meaning and the purpose of life, the whole aim and end of human existence.” Δ

“There is no path, but only a fool wouldn’t follow it.”
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  #13 (permalink)
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I love Mack's soapboxes lmao. Absolutely gold!

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  #14 (permalink)
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Found another soap box from Mack!

youtube. com/watch?v=zY1zdyfVPYg

don't have the post counts to post links lol

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  #15 (permalink)
Market Wizard
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Everything you need to see is in the price action


“Happiness is the meaning and the purpose of life, the whole aim and end of human existence.” Δ

“There is no path, but only a fool wouldn’t follow it.”
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  #16 (permalink)
Market Wizard
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The Mother Of All Soapboxes


“Happiness is the meaning and the purpose of life, the whole aim and end of human existence.” Δ

“There is no path, but only a fool wouldn’t follow it.”
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  #17 (permalink)
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I subscribe to Mack's YouTube content, but I don't agree with his perception of the market that he laid out in the first video you posted. The "donaters" he speaks of are retail and they don't inject a sufficient amount of capital to the zero-sum equation that he references. Institutional and various well-capitalized proprietary trading is the source of market patterning. The little retail trader is only swept along in the larger flow. Therefore, the bulk of capital that is trapped in/out of a market is not retail. Furthermore, if one believes that liquidity benefits his strategy, and he is trading against trapped participants, he should want them to be deeply positioned. In my opinion, the best way to perceive the other side of the market is to merely presume that you are trading against yourself (or against someone that is using your exact strategy). When I do this, most market perception becomes automatic (irrelevant) and I'm left with the psychologically simpler work of just testing my strategy against the market.

Despite this trivial criticism of Mack, I think he's got a solid perception of markets when it comes to patterns. He mentions profit taking at measured moves and correctly points out that this is where traders fall into traps, but we differ on just who is trapped. Check out his tactics on channel measured moves. Its a rarely taught reliable pattern.

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  #18 (permalink)
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Leon of Pizza View Post
I subscribe to Mack's YouTube content, but I don't agree with his perception of the market that he laid out in the first video you posted. The "donaters" he speaks of are retail and they don't inject a sufficient amount of capital to the zero-sum equation that he references. Institutional and various well-capitalized proprietary trading is the source of market patterning. The little retail trader is only swept along in the larger flow. Therefore, the bulk of capital that is trapped in/out of a market is not retail. Furthermore, if one believes that liquidity benefits his strategy, and he is trading against trapped participants, he should want them to be deeply positioned. In my opinion, the best way to perceive the other side of the market is to merely presume that you are trading against yourself (or against someone that is using your exact strategy). When I do this, most market perception becomes automatic (irrelevant) and I'm left with the psychologically simpler work of just testing my strategy against the market.



Despite this trivial criticism of Mack, I think he's got a solid perception of markets when it comes to patterns. He mentions profit taking at measured moves and correctly points out that this is where traders fall into traps, but we differ on just who is trapped. Check out his tactics on channel measured moves. Its a rarely taught reliable pattern.



I agree with you. Not all traders trade the 2000 tick chart, and lots of time a 1 tick trap cannot even be seen on a time based chart. I do like his observation of "close outside channel, two measured move to the opposite direction and resume the original trend". It's actually a second entry on a 5 min chart, but much easier to spot on a tick/volume chart.


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  #19 (permalink)
San jose
 
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To all the teachers in here

Hi,
Lot of you guys are pretty good on Pats stuff. Can anyone please guide me on how to do my drills off line to get good at this stuff. I understand pats methodolgy but do not know how to get better at it. I really appreciate it if someone can guide me on this.

Thanks in advance
Regards
Bill

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  #20 (permalink)
Singapore
 
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Hi Bill,

actually what kind of thought that you want to know? Maybe can help to understand.

thank you
Leo

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