Most traders, including myself are so called (landmine) traders. It only takes one landmine to blow up the account, every single day is a struggle not to setup on one . Thomas , happy new year bud , your content has been amazing , thanks for everything you do for the community.
@ThomasWade2 жыл бұрын
🙏 Little more experience and you will get numb to those mines and one hit won't affect you at all. Keep pushing, it just takes time for the emotions to disappear. Learn to read the chart can be done fairly quickly, but those emotions really take time because it go against how we think in real life.
@TheStrataminor6 ай бұрын
Every time I listen to Thomas I am reminded how much he speaks of my experiences....make profits for 7 days, and give it back in one day...ohhh so true!! If you are having a bad run have small losses so you are around to catch that winner....or if you are feeling broken/defeated...walk away and don't revenge trade!!
@lancegahan1102 жыл бұрын
I wrote about this on Mack's Facebook group just over a month ago. You explain it much better than me. I don't understand why traders still scalp one point. When i was researching this I looked at some charts from the traders on out group. One guy in particular who is the most experienced trader. I looked back on his charts for the previous 2 weeks. Out of 32 trades ever one would have made two points. And the chance of winning a runner being two points away from your entry when you scalp increased massively. I just can't see a downside. Well done for doing this video it's well overdue...Thanks Thomas..
@emr94112 жыл бұрын
I saw your post. This is Michael Rowe from Macks FB page
@ThomasWade2 жыл бұрын
🙏
@ASAD325019 күн бұрын
Oh my GOD! I reallt got the idea. I already made most of these silly mistakes. Thank you!
@mumutrades2 жыл бұрын
Appreciate this video brotha! Exactly what I needed. My new rule is if I’m up 2-0 I’m done for the day and if I have two losing trades at all during the day I’m closing the shop down and coming back the next day.
@shadowmania2 жыл бұрын
This is what I do as well, the next day always seems better
@TheStrataminor6 ай бұрын
Love this material as I am a Al Brooks/PAT Mack and Price Action fan! Thomas makes it so much more understandable (Al B can be very deep and his material is very densely packed!!). I use a fair chunk of Thomas's material to trade and trust me, you follow his principles it will keep you out of a lot of losses! Al Brooks said, "The best thing we can do all day is find reasons not to take bad trades" (or something like that)! Another words, take the best setups, with the trend, minimize losses and you'll be fine!! Thanks Thomas!!
@ThomasWade6 ай бұрын
🙏
@bombast8237 Жыл бұрын
Just watched this again as a reminder - shame I can't give any more likes!
@darylbaptie51594 ай бұрын
I like the example you gave of why you scalp for 8 ticks as I just had a day where I had 3 winners at 4 tick target and one loser and had a slight loss overall on the day due to commissions. So far over 95% of my winners would hit 8 ticks so I think I need to make that change.
@MrWoodbreeze Жыл бұрын
Your playlist "Trading Tutorials for Beginners" is a fantastic resource and grateful you created it. This treasure was in that playlist, finally I understand why you are ok with missing a trade from using Limit Order.
@gezy3692 жыл бұрын
Thomas, my man ! I've already corrected some bad behaviors in my trading, and I'm on the road for a good 2022 year of trading. I'm finally seing the end of the tunnel after 4 years. And you are helping a lot brother !! Thx
@Surfgarage7602 жыл бұрын
thanks i struggle with money management, i'd appreciate more on this in the future
@silvermom5513 Жыл бұрын
Bravo! This one of your all time best videos I've seen on explaining patterns and the story behind what's happening. Thank you so much for producing this content. I have plans to learn the strategy behind the stock market on how to make millions from the financial markets consistently because trading a good side hustle now.
@dianaalbert32 Жыл бұрын
I love trading consistently because am always making huge withdrawal from the live markets using his strategy. $600M+ but confidential.
@Marryjohnson44444 Жыл бұрын
Thank God
@samathanolivia5618 Жыл бұрын
He is very active on all Tele-gram
@p.e.39532 жыл бұрын
Another one of your videos I classified as "Best of the Best". Again, so much information in this video that I will have to watch it multiple times in order for it all to sink in. Not sure if you have considered this or if you even feel it's necessary, but one of these type of bulleted videos focusing just on the Psychology aspect of trading from your perspective, including your own personal experiences, would definitely be the icing on the cake! Thanks Again, Thomas
@ThomasWade2 жыл бұрын
Hey Pete, glad it resonates with you. Honestly I feeldthat people would not be so interested and mainly want to learn about the setups but it is good to know these videos would be wanted. Because the psychological aspect of trading is much more important to be honest.
@zenoo5142 жыл бұрын
@@ThomasWade i'm interested :) Thx for everything Thomas
@ukulelebatz2 жыл бұрын
Funny, yesterday I posted exactly the 8 tick example in the comment section of a older video. Thanks for the content!
@RashidKhan-mr9mc3 ай бұрын
Thomas, I just want to add to your valuable video. I guess it is more beneficial to apply your strategy in a prop account instead of a simulated account. you get the real vibe of live trading, and also you are not putting a lot money up front. thanks for a wonderful video!b
@Chartacus_2 жыл бұрын
Just looking at some older content that popped up in my feed. You have some great content out there that you could refer back to at times in your daily videos. Thanks for all the effort and sharing what you have learned along the way.
@samsonsailo1753Ай бұрын
Very helpful....thanks
@joelmattsson-boze32662 жыл бұрын
Good description. I needed the reminders. I will be reviewing this. Thanks.
@makbari65222 жыл бұрын
Thanks Thomas for sharing The most important factors of trading. Well done man. Wish you a very happy new year.
@marclearchansa73097 ай бұрын
it always feels as if am in a classroom whenever am watching your videos,great one sir 🙂🙂🙂🙂🙂
@gamingwithdad45642 жыл бұрын
Third time watching, it always helps after a tough trading day. Ty Thomas!
@osamafarooq142Ай бұрын
Great content bud
@jenjuni_ Жыл бұрын
I'm really glad I found this channel
@RyanSmith-lz4is2 жыл бұрын
Perfect video, thanks.
@mickeyflanagan40192 жыл бұрын
Happy New Year. Thanks for your help in 2021. Looking forward to 2022.
@ThomasWade2 жыл бұрын
Happy New Year!
@ChompskyChompChomp2 жыл бұрын
Solid video. Would love to hear more about how/when you scaled up.
@ShafaqIftikhar-pw9ld10 ай бұрын
Beautiful video and tha thankyou for your knowledge!!!!
@splinter28042 жыл бұрын
This was very good sound advice...thanks very much
@traderboi2662 Жыл бұрын
Excellent advice throughout the video! 🙏
@afonsopereira30813 ай бұрын
great video!! Its recommended to start with 1000 as risk capital in forex?
@justinbarnes54982 жыл бұрын
Question: Have you ever experienced a time when there was slippage in filling your stop-loss order? Not just a tick or so, but numerous points due to massive market swings or irrational moves related to news events, etc? Thanks Thomas! Love spending time watching your videos over the weekends!!
@ThomasWade2 жыл бұрын
Thinking about it from top of my head I haven't experienced it. Maybe maybe when I was starting out and I tried trading the high volatile news like FOMC, you can for sure experience slippage but if you don't trade news you are good.
@jayjay-br3xv2 жыл бұрын
Happy New Year Thomas! Your video is great!. Thanks so much
@ThomasWade2 жыл бұрын
Happy New Year man!
@yur.vsaibo91872 жыл бұрын
Thanks. Great video.
@joelbrock65612 жыл бұрын
Amazing Video !! Thank you
@daytradinglikeapredator89412 жыл бұрын
great video
@behinddoornumber12 жыл бұрын
How would $2500-$3000 be enough for 20-25 trades on the ES? You'd only have enough margin for 5-6 contracts.
@an742_2 жыл бұрын
if you're trading 1 contract at a time with a 2 point stop, it will be enough
@ThomasWade2 жыл бұрын
Margin for 1 contract is 500. You need minimum 500 to trade ES. Your stop loss with 1 contract will be on average 100 bucks. Meaning you can lose 25 trades in a row. If you loose 100 usd from 3000usd account you are at 2900. Margin is still 500. You can go down to 500 with just 1 contract.
@AlexLifeson19852 жыл бұрын
placing your stopp above the signal bar pretty much guarantees your R:R will be at best 2:1.
@ThomasWade2 жыл бұрын
1:1 is a goal we strive for, doesn't have to be perfect. Using limit orders you can get close to 1:1.
@magma35257 ай бұрын
What would 1 tick S/L be in pips? Is it 2.5 pips? Thanks for the video.
@ThomasWade7 ай бұрын
I don't know from top of my head. I have been trading ES for long time now, not forex. Cannot you place stoploss 1 pip below? 1 incremental smallest price change below/above.
@magma35257 ай бұрын
@@ThomasWade One pip stop loss used to be suggested, but I noticed that lately price moves 1.3 pips beyond previous price before pullback. I think Al Brooks says one tick is around 2.5 pips. I was just interested in another opinion. Anyways, thanks for your reply.
@greffett196917 күн бұрын
Is there anything wrong with setting 1 tick below signal bar and going 1 to 1? Been doing this with success.
@ThomasWade14 күн бұрын
1:1 is ok as well.
@benyahiasalim86506 күн бұрын
Whats the minimum scalp size for crypto and metals, thank you
@ThomasWade4 күн бұрын
I cannot tell because I am not trading crypto.
@benyahiasalim86504 күн бұрын
@@ThomasWade Thank you for you answer, any idea about GOLD trading ?
@fatimaWr2 Жыл бұрын
golden
@manu-kt5wf10 ай бұрын
How many ticks should be my TP when trading nasdaq futures? 8 ticks are way to fast. And is it okay to trade micros to be able to split up my position? how many ticks should it be here on S&P500 micro contracts?
@ThomasWade10 ай бұрын
When trading different market I recommend observing what the average signal bar is and trying to start with 1:1 RR. Once you figured out 1:1, just make TP slightly smaller. This would be equivalent to 8 ticks on ES. You can see when bar is small on ES, 8 ticks looks close to 1:1. When bar gets bigger 8 tick TP is slightly smaller then 1:1 RR.
@manu-kt5wf10 ай бұрын
@@ThomasWade Alright, Thanks!
@thousandlocks32584 ай бұрын
If you go for 1 point what should the stop loss be?
@ThomasWade4 ай бұрын
Stoploss is always 1 tick above/below the signal bar regardless what your target profit is.
@yur.vsaibo91872 жыл бұрын
Which program do you use? Where to store your screenshots of transactions. Where you conduct the analysis.
@ThomasWade2 жыл бұрын
I use ninjatrader software for trading. Screenshost are made just by snipping tool.
@becknightive234721 күн бұрын
abit late but i trade s and p 500 options, so what is a tick
@ThomasWade18 күн бұрын
Tick is the lowest incremental price change in futures.
@jonathanbrasfield4022 Жыл бұрын
Do you have a Discord or a Live Trading KZbin or Zoom channel where I can wait and learn from you?
@ThomasWade Жыл бұрын
Hi, you can email me via my website for more details.
@angelmaldonado27512 жыл бұрын
How do you determine when you go for 8 ticks and when you go for 10 ticks ?
@ThomasWade2 жыл бұрын
Under normal volatility I go for 8 ticks. 10% of a time market will be slow due to holidays or FOMC.. at that point we could go just for 6 ticks. Going for 10 ticks is good when market is really volatile. Usually you can tell the volatility by number of bars. Pre market session will contain plenty of bars compared to normal market. Also I use my zoom out trick. I keep my chart zoomed in the same all year round and the incremental difference on the right axis is 2 points. When I see difference of 5 points I can go for 10 ticks.
@jonathanbrasfield4022 Жыл бұрын
I meant watch and learn from you...
@JohnVanderbeckАй бұрын
What is a runner?
@ThomasWadeАй бұрын
Swing contract, different from scalp.
@jhoss242 жыл бұрын
Hey Thomas quick question if you don't mind. I'm having trouble with trend reversals. Let's say we are in downtrend, with 2 leg correction to EMA then going downtrend again. How do we know when that 2 leg correction is a real reversal turning into an uptrend? And where do we start our counting on that reversal? Sorry if that was confusing. Thank you
@francosegura58062 жыл бұрын
I think one clue could be how strong do the bull bars cross the EMA. Sometimes they make a correction, barely crossing the EMA, maybe not even leaving space between EMA and the bars, then it reverses. But when the bars cross the ema with strength, usually the bears try to reverse it giving the bulls a higher low (reversal pattern or failed 2 entry short) which is one of the most probable setups. Happy trading!
@jhoss242 жыл бұрын
@@francosegura5806 gotcha. So when we see a new low made and begin a 2 leg correction, but we correct with bullish momentum over the 21 EMA, we count that new low made as leg 1 of a bullish entry right? Then we obviously would get in on the 2nd pullback to the EMA
@jhoss242 жыл бұрын
@@ktanner8994 thank you. So a close outside a major trendline, then retest of lows (either making a new extreme or a higher low) the ideal setup would be for price to go up, pullback, then go up again with bullish strength above the EMA then pullback for our 2nd entry long (and also a failed 2nd entry short) correct?
@jhoss242 жыл бұрын
@@ktanner8994 both legs to fail above EMA? I was thinking we are in a downtrend, with a trendline. We break that downtrend trendline, retest lows and start going back up. We are still below EMA. We make one leg up and pullback. Then our second leg up we ideally want that to blast through ema to the upside, and come back down for our second retest. That would be our 2EL correct? I guess I'm asking, what if price didn't shoot up through the EMA on that second leg. What if it is still below EMA? Would still be a valid second entry, just not as ideal as it shooting through EMA correct? Sorry I'm really new with all this. Just trying to soak up all the info I can. Appreciate your responses