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Price action chart lessons by Mack's PATS Trading (priceactiontradingsystem.com)


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Price action chart lessons by Mack's PATS Trading (priceactiontradingsystem.com)

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  #41 (permalink)
Toronto, Canada
 
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I was going through this thread and see that there are no new entries. Are you guys still trying it and is it successful?

Thanks

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  #42 (permalink)
Market Wizard
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TorontoTrader View Post
I was going through this thread and see that there are no new entries. Are you guys still trying it and is it successful?

Thanks

Most of Mack's type system traders are here



The entries since the first of the year are not as frequent since some of the more active participants are AWOL

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  #43 (permalink)
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FatDemon View Post
I had a chance to talk with Mack. He's a genuine dude and his results are real. Vance (from the CL Trades journal) and myself interviewed him last week. Give it a listen.

Hi there. The link is broken. Do you still have this recording?

Thank you!

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  #44 (permalink)
South Africa
 
 
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Would like to setup a small "PAT" group on skype, if anyone is interested in joining please PM me.

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  #45 (permalink)
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Hi All

I am not sure why this thread hasn't updated for logn time. I really appreciare what Mack(true teather) is doing for all of us. Like to understand what kind and how should I practice PATs stuff in off hours so it becomes second nature. For example I can use replay mode and open chart of 2000 ticket on ES, going forward bar by bar and start drawing channels on it to be good at drawing channels something like that. I am believer that practice does not make perfect, good and accurate practice makes you perfect. So trying to find the right way to do the PATs drills. Can you guys please guide me.

regards
Bill

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  #46 (permalink)
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Bill - there used to be several threads on Mack's Pats method but they all died. It might mean that most have given up on it although I can't say for sure. My issue with his method = his manual insists that you scalp most of your position off at 4 ticks and move your stop to break even with a runner. Considering your stop has to be below the recent swing (he told me this in an email) it could be over 2 points. That's a very poor R/R even if you get an occasional runner. Just my 2 cents.

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  #47 (permalink)
San jose
 
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SawDr View Post
Bill - there used to be several threads on Mack's Pats method but they all died. It might mean that most have given up on it although I can't say for sure. My issue with his method = his manual insists that you scalp most of your position off at 4 ticks and move your stop to break even with a runner. Considering your stop has to be below the recent swing (he told me this in an email) it could be over 2 points. That's a very poor R/R even if you get an occasional runner. Just my 2 cents.

Hi @SawDr ... It can also mean, they are making good money and do not want to bother to come here . but we will never know unless they come out and tell us.

this is were I am confused too on his strategy of R/R. I have also joined his online forum and I will be sending him this question. If you have any other question please send me PM. Thanks you very much for your input.

Regards
Bill

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  #48 (permalink)
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billsingh View Post
Hi All

I am not sure why this thread hasn't updated for logn time. I really appreciare what Mack(true teather) is doing for all of us. Like to understand what kind and how should I practice PATs stuff in off hours so it becomes second nature. For example I can use replay mode and open chart of 2000 ticket on ES, going forward bar by bar and start drawing channels on it to be good at drawing channels something like that. I am believer that practice does not make perfect, good and accurate practice makes you perfect. So trying to find the right way to do the PATs drills. Can you guys please guide me.

regards
Bill




Bill, yea.....al brooks suggests printing a chart and covering the page and going bar by bar slowly and when you see a trade that you're trading, take it and see how you'd handle it.

if you did trade for the day then review your trades....how did you feel before, during and after the trade, how could you have managed the trade better, were you impulsive or patient......

create your own questions....make them up and ask yourself how you can improve your trading.....

create 10 questions a day for 10 days and answer them all....then next month do it again....

and journal journal journal......if you had traded off 1hr, daily, weekly, monthly, same setup would you have made more $ or less----

create and test!

that should keep you busy Bill

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  #49 (permalink)
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I'm a bit of a newbie and I'm just trying to find a profitable strategy that I can build upon and create my own. I have heard nothing but good things about Mack's PATs and have been contemplating purchasing it, especially for the cost. My issue is that I do not want to spend time studying and working on something that is going to end up being worthless to me. I have been there and done that for thousands of dollars trying to gain an edge trading the /ES, so I am very cautious.

So who here is finding success with PATs? If so, are you just following Mack's system or have you added your own flair onto the system?

Thanks in advance for the replies!

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  #50 (permalink)
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Zaradis View Post
I'm a bit of a newbie and I'm just trying to find a profitable strategy that I can build upon and create my own. I have heard nothing but good things about Mack's PATs and have been contemplating purchasing it, especially for the cost. My issue is that I do not want to spend time studying and working on something that is going to end up being worthless to me. I have been there and done that for thousands of dollars trying to gain an edge trading the /ES, so I am very cautious.

So who here is finding success with PATs? If so, are you just following Mack's system or have you added your own flair onto the system?

Thanks in advance for the replies!

Most buy his 90 pages of large type face book as a way to say thank you for the help. There are no secrets in his 4 times a week 20 minute absolutely free you tube videos. Many experienced successful traders use some or a lot of what he teaches. Which is simplified Al Brooks. He says in print if you want a more detailed explanation go read Brooks.

Unfortunately price action trading, taught by many, is always the same thing. You have to learn to identify and apply about a dozen (or more) patterns and it takes months of screen time, usually. If you are really inexperienced (no pre-conceived ideas) he says you may pick it up in a couple of weeks. Personally I would suggest working on identifying a couple of straight forward patterns then gradually add to what you are doing.

There is a lot of criticism of PATS by people who haven't figured it out and or do not understand trading math. Specific case the scalp runner combination. Several have commented over the years that it doesn't make sense to them. Yet Futures Trader 71 teaches a version of that method. As do others. Some men will not drive a Ford truck, what can you say.

Years ago I would read an Elliot Wave blog. A former professional (meaning he now just trades for his own account) trader would generously share his wave counts. When he changed them because of price not doing what he expected many would call him a flip flopper. I still follow him on Twitter (Coolbizone). He occasional posts his brokerage account. He is usually swing trading 20 contracts in the ES plus some options. He routinely takes $100,000 out of the market in a bigger move month. But the people on that site hounded him until he left. I try to keep that in mind when I see general non specific criticism of someones method.

I have tried a lot of things over the years. Van Tharp identifies me as an innovative trader. (with his free personality test)
I have spent many a lazy Saturday diving down the rabbit holes of various once popular threads. It always reminds me of when I was in high school many many years ago. The rumor went around about crates of WW11 Harley Davidsons packed in grease that never got shipped out. Well it was of course just a story but just about everybody in school who could turn a wrench was hot on the trail. And it was a lot more exciting than bagging groceries for a year so you could buy an old rust bucket car that sort of ran. Magic indicators are great but really a lot of people who regularly make money use basic stuff.

So the answer to your question is yes, trend lines, support resistance, fibs, prior day levels, awareness of important news releases, double tops and bottoms etc etc will work and will make you money. But you aren't going to get a lot of followers talking about trend lines. I am sure if I put up a trade log showing how I make 4 points at least once a day with a pullback failing at the 21 factor EMA when combined with a trend line no one would read it. Besides Mack shows you exactly where that happens four days a week.

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