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I will answer you question like this. What I've learned about Wyckoff has helped me to look at the market in somewhat of a different way. Things like Market structure, Shortening of the Thrust in the structure as well as the price bars helped me to see some things. It also helped in trying to identify the bigger picture direction.
Wyckoff has not made me profitable, but I don't think any one thing or aspect of trading can do that. Whether its fibonacci, Elliot Wave, Market Profile or whatever its all just a tool set to help. Its not the answer to success. I think success is beyond all of these other things. So, Wyckoff is helpful, but in and of itself not the answer to success.
Thanks for answer. I'm sticking with MP for at least 6 months. I think a problem traders get in is information overload and even worse than that they build a habit of looking for others to guide them. And the real truth is that no one on this entire forum is profitable except maybe 2-3 guys out of the thousands. The real truth is that the forum is the blind leading the blind. I vowed to not spend money on anything trading related unless it was an absolute necessity. For example I found an MP excel spreadsheet(yeah windows excel trial too lol B.S. that doesn't come with Windows) that I modified so I wouldn't have to pay for fin alg and also I plan to continously sign up for demo accounts for futures feeds lol. Yeah I might be viewed as a dick but these brokerages offering them are wolves anyways. So might as well be a predator too and take advantage of them.
It's my firm belief that anyone offering training or services are 100% clueless and that the only way to profitability is self education and work. Read the Market Wizards books all those guys were trained by being picked up by the trainer and mentor. They didnt want $1,000 or anything like that they mentored those guys because those guys projected something that the mentors found worthwhile.
Nowhere in Market Wizards will you find Tudor, Seykota or any of them saying "Yeah I went on a forum and totally started learning how to trade". Or "I found this great trading education service for $1,000" Na they did self work and immersed themselves in their market.
If I don't figure out how to trade profitably I can pretty much guarantee it wasn't because I didn't spend enough time on the forums haha.
Now one can say well why listen to Dalton look at his website! $750 course! $250 monthly market updates if one wants them.. bla bla. Yeah and I'm not paying him so oh well. Might be viewed as a cheapskate dick but oh well. If he actually knows how to trade and his information has any value then he'll be just fine.
But I think the worst thing anyone can do is spend money on trading stuff before showing profitability.
Sorry if this seems like a rant but moreso to anyone out there haha. The key is self work and immersion in the markets.
I agree with you and disagree with you. I think its okay to spend money on tools of the trade. You need a good computer and monitor(s) and you need a platform to trade with. Whether its a a free version such as Ninja through a broker or Tradestation etc., you still need it. If you are a market profile person/trader then i think you should have the tools for that too. If you don't want to pay Investor RT or Market Delta then Fin Alg is a good way to go and its a one type charge of about $250. If you are going to study and look at the market via MP then you ought to have the profile etc.
I used to think the educators were out to educate, but its not really true. It's not 100% false, but I don't think its their goal. As far as the forum goes, i don't know how many are profitable and how many are not, but i think most on the forum are either out to learn, teach or both. There is a lot of good information on the forum and can be used as another learning tool.
Ultimately, in my opinion, whatever method you employ it will work and it won't. I think your choice to stick with it is a good choice. Sticking with it is really part of the key. I think the main key is how well we have our heads screwed on.
nice post and i totally agree with your writting , i for myself never ever spent a dime on some educational stuff exxcpect one book ... however all information u need about a certain method is freely available on the internet anywas .. just takes a hell of alot time .. to find and study them ...
but if you found a xcertain method u are interrested in and already spemnt time studiyng the free material ... ie every new source found is just a repeating pattern u allready learned .. then good u have learned the most of it
i thought about buying some one on one seminar about wyckoff with dr gary .. as i might thought that he can show me something i dont allready read or learned .. searching the internet ..
well.. i do allready think that i have grasped the most about wyckoff if not all .. and i have a well developed trading plan ... by all ive learned ..
so its just a mather of taking action now.. and learning while doing ...
so in the end its all apon you or everyone else to make something work.. if it feels good for ya then stick with it ...
There will be a Wyckoff Trading Methodology webinar with Q&A on Tuesday, May 10th at 4:30PM Eastern US. Dr. Gary Dayton is presenting. This will be an Elite only webinar.
A dedicated thread for the webinar and further details will be posted in a few days on the forum home page.
Sorry only paypal. In some cases members have got friends to make the payments for them if you can't use paypal in your country, you can private message me for details.
Since Dr. Gary did a seminar on Wyckoff a few days ago, and since he trades the ES, I thought I'd mark up todays charts with what I see.
I stopped trading the ES because it moves so sloooooow and I felt it was just a lot of chop. That all may be true, or not, but I've noticed that the indications of supply and demand etc. seem to stand out more than they do on the NQ. It may just be me. I did not trade this chart today, but I'd like to think I've learned enough that on the weak rally (low volume) and the upthrust, that I would take the trade. I will start to watch it now.
Attached are some charts of crude. I don't have a lot annotation on them, but some. I'm trying hard not to have an opinion, but when I look at the charts I think I see an accumulation taking place. Of course the areas of S/R are important and would trade accordingly.
What I think we should see is a sell off from Friday, but not a lower low. This may happen today before Monday morning. I then think we may get a rally to around 104, a pullback and then maybe fill the gap. Or, maybe not. :-) We will see what happen.
