Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Look left: The current price action in the now is a direct result of previous price action in the past. Nothing on the chart can happen without it being set up to happen. Higher timeframes set the agenda, lower timeframes follow the higher, but change happens on the lower timeframe.
Levels: Levels are areas of support and resistance. The higher the timeframe level, the more importance it has to the current price action should current price action reach the level. Markets move from untested level to untested level. First touches, second touches. Leg starts.
Legs: Legs are the moves themselves, legs can be up or down. Legs have defined starts and ending points when looking left. Is price moving up or down in the now? That's the current leg. Current legs relate to / fit with past legs and their levels.
Momentum: Accumulation/distribution, Price moves up to sell, down to buy. Up, sideways, down - > distribution. Down, sideways, up - > accumulation. Momentum is defined on a leg by leg basis. How did the last leg move? Up easy? Up hard? Down easy? Down hard? How is the current leg movingwith regards to the pace or effort by buyers/sellers? How does it relate to previous legs?
Order entry/exit: Buy support, short resistance on your trading timeframe. Don't mix timeframes when it comes to entries/exits. Enter/exit on the trading timeframe in the current, with reference to higher timeframes and left legs for trade management (targets: leg starts, next levels higher/lower, etc.. stops: exit the trade when the premise is invalidated, i.e. a level is broken against your position).
General thoughts: Think in terms of inventory, which side is positioned in the current leg correctly, trapped traders, etc
So this is the other facet to the whole YouTube thing that I find endlessly fascinating. There's really no reason for a creator to lie about whether their trading is live or sim. I take a lot of sim trades when I livestream, and I try to be as clear about that as I can. I don't trade live at all during the summer for instance. People do not care, and it doesn't influence how many views you get. For that matter your overall performance doesn't matter. In fact, you'll tend to get more views when you do poorly. People like to watch a train wreck.
So the only reason to lie about it is to protect your own ego. What gets really interesting for me though is how viewers attach their own ego to the person they're watching. As though they think they're special simply for discovering the creator. If their creator is exposed as a fake it becomes a slight to their own sense of self importance. Is that not what we're seeing here? I really can't come up with any other explanation for why people knowingly distract from the issue like that.
But once again I just come back to empirical evidence. Notice how there's absolutely no empirical observations in any of what is being said? I always find the price action folks to be particularly frustrating. They say they're not using technical analysis, but thinking price will or will not bounce in a place it bounced before is as technical analysis as it gets. They are so confident, but they can't seem to use the scientific method to show that it's actually a thing.
I appreciate the level of thinking here but I can assure you this isn’t the case.
I would also like to point out that I am not distracting from the issue, as above in my response to Josh, I fully understand that I cannot “prove” one way or the other to you guys that Lak’s trading is real.
Can you see how when asked by the OP of this thread, are there any good traders on Youtube, someone like myself whose trading (and life, as a result) has been improved by a YouTube channel (and chatting with Lak for years while he did TIDDI) would share that channel with others on a website dedicated to helping other traders?
The unfortunate fact of the matter is that far too many people prefer believing in fairy tales and gurus without clothes than hard facts.
Jigsaw and Josh have clearly proven that Lak did not put on real trades in the market that would have shown up on the order book, which they didn't.
It's been clearly demonstrated that Lak dishonestly pretended to show real trades when they did not occur in real life.
Period. What on earth more is there to say about that that this keeps going on in circles ?
All his make-believe trades show - where a lot of his trading activities are conveniently cut out btw -, isn't any consistently and reproducably applied method you could explain in a couple of sentences, but instead a lot of arbitrarily entered and quickly reversed positions.
If you stare hard and long enough you'll always be able to come up with a good explanation after the fact for any particular trade.
That just won't be reproducable over many trades, thats why he doesn't trade real money, but only shows simulated videos with lots of parts missing.
And, most importantly, the paper profits he does show are effectively based on gaming the numbers, ie averaging down on losses, and taking profits far smaller than his potential stopouts.
If thats something someone sees as worth emulating, hey then so be it.
Actually when I started out some 20 what years ago, and there wasn't all this youtube stuff available, which may have been a blessing in disguise, one of the first things I figured out is ignore books written by people who couldnt trade their way out of a paperbag if their lives depended on that...
Instead go talk with those who already achieved success, so with the brazen confidence of youth I ventured up to the then DTB, the German futures exchange in Frankfurt, predecessor of the current EUREX, and started asking around if I could talk with some of their successful traders.
The response was quite astonishing, almost everyone was willing to bear with me for some time, dunno exactly why they pretty much all were open to meeting up, but whatever it was I'll forever be grateful for the time they gave me.
Now that didn't turn me into an instant success, far from it, all the mental challenges that needed to be overcome took quite a few years more haha, but what one of the guys there drilled into me definitely laid the groundwork and gave me the foundation of what I do.
Identify a trend, doesn't matter much how you do that, wait for a pullback, in daytrading have targets twice the size of your losers, and you'll be good and on your way as long as you have over 33% winners.
And, most importantly, have the patience and discipline to do nothing else.
If only I'd understood and implemented what I'd been given for free from the outset from someone who was living the lifestyle of his DTB career...
Instead I wasted years chasing some holy grail because I figured it couldn't have been that easy.
