Struggling

I have taken GW's Market Skills 1, 2 and 3. Once a trade is qualified using indicators, the next step is to "call the color of the next weekly candle" (preferably two) before entering the trade. This is where I fall on my face every time. Inevitably, the trade goes the other way 90%+ of the time. The guidance to get better at this is "more chart study". That's it. Period. Not much guidance about what to focus on. Obviously, I have not been studying the right things for the past 6 months. But, I have a "no-quit clause", so onward I go.

Thanks for letting me vent.

An old saying go like this. "Practice makes perfect". Well that's not true at all.
Only "Perfect" practice makes perfect. If you are "practicing" wrong one will NEVER make perfect.

It is the same with this. More chart study JUST for the sake of chart study won't help either!!! "GRINDING" isn't worth a damn if you don't know what you're "grinding" on.
If GW spent as much time explaining the details of how to master this instead of wasting time telling stupid stories about TFT violence training or navy seals it might be worth the effort.

Sorry I don't have any pearls of wisdom for you, I just know I'm not spending another dime more with GW until I can make back all the money I've spent with him over the years with these stupid classes and for nothing. That doesn't appear to be happening anytime soon. Guess I'm the fool and need to practice saying, "welcome to walmart".

Exactly!

In the latest round of classes, the violence training and doomsday garden stories are gone, which I'm thankful for, but still not enough guidance on how to grind. I'm looking outside of class for ideas. There are certainly other instructors with valuable information to share.

It would be interesting to see who actually has been profitable from taking Gary's courses. He tries to say the people who aren't successful at this give up but I have personally starting several multi million dollar businesses from nothing and still cant seem to make consistent results from this. Darcy made her own path that seems to work for her. The longer I look at this I suspect GW is a snake oil salesman!

Yeah that's BS!!! I've never given up. For years I blindly followed his teaching only learning and doing what HE said I should do and avoid the things to NOT do. And for what??? I've been at this since 2006 back when he has WSB 1-5. I took RTP and all the other classes. Those that do
his one on one stuff or coaching clients or whatever it's called seem to get nuggets the rest of us don't. I feel like I've paid him enough of my money over the years, when am I going to make that money back trading? Not to mention the years spent on Qcharts before switching to ToS. Lately I've been VERY disenfranchised on all things GW related. Maybe it's time to get out of this cult.

I'm going to tip toe into this conversation. I have been practicing for more than 10 years, every day all day because I had a night job. I am grateful for GW's foundation. I never could have traded without him. But I don't trade like GW. I took his foundation and added my way to it. I have learned so much from all of you on this forum. Darcy you are a rock star. Rookie, Robert, NC trader, Big Chart trader, RichieRick, you and Big money taught me to not have candles which was huge win for me. I can't list all of you, but I am grateful for each and every bit of knowledge you have passed on.

I am an intraday trader, and I have had to learn to look at each indicator, what it is doing and saying at the time of going up or down. Over and over I studied the different indicators. The same trade over and over looking at what was happening before and after the movement. I had to look at the tree instead of the forest to see little tiny movements that once I had learned to see them, they told me what the market was going to do. The more I learned the more I saw, and the more I saw, the more I learned. When I learned something, I moved on to watch another indicator and then another. Then when I started seeing the moves, it was usually too late, so I had to back up and see the forest and try and see where I was missing the beginning of the move. And I was able to see more things that I didn't see before. With the same indicators just a different way of looking at them. More that added to the whole chart reading. But I am using GW's basic foundation as my base.

This is the very worst "job" we could ever pick. We get money taken away from us when we have worked so hard and put in so much effort. No other job does this. But we keep trying and working at it. We don't give up! I was in a group and I am the only one left. And everyone thought I would be the first to go. I have had to learn to look at the gain and not the gap. How much I have learned so far, instead of how much more I need to learn.

After years and years, I can read a chart. I can make money. But I couldn't do it without GW, and all of you, and all the books I have read.
Cheers to all of us!

Grateful...Thank you for giving me rock star status. That was so nice to hear. I use GW's settings but I only use Money Flow on my small charts and Stoch RSI on the larger ones. Too much "stuff" simply is too much "stuff". I have switched over from Qcharts which I dearly loved to TorS which I like even better. I have 8 charts and candles are on them but I don't need to know candle patterns. I remember in class GW said if candles confuse you "turn your candles off". That was a big key to me that there are several things that can be looked at as far as a way to trade. I don't use the market calendar, but I do use information GW gave for each month. I use moving averages and match them up to the scale on the side of my charts. I can stress enough to look at INVESTOEDIA.com for information. In order to trade well you MUST find what works for you.

Darcy,

Do you recommend the Investopedia courses? They charge for those, but I'll pay for something helpful.

Thank you as always for your help.

MDtrader693 No, I do not recommend the courses. If you want to do that it is totally up to you. There is enough free info on Investopedia to help you DESIGN how you trade. I was done paying for information after GW's advanced class.

I think (now mind you this is just how I think) you should look first at how you spot a move. What chart stands out most to you when you see that move. Find out what it was that made you see that move. Was it moving averages? Stoch RSI? ADX? MACD etc. Keep your basket SMALL. Too often I have talked with people whose basket is over 50 stocks. Fine if you are buying stocks; way too much for trading.

Only then when I can see the move on one chart do I look at the next chart that goes along with the one next to the one I spotted the move on. For instance, if I saw the move on a 21 chart I look at the same move on a 34. If you spot the move there look at your 55. This will eventually help you spot moves on your charts.

Break down what you look at. Too many things can cause freezing of what you see or mistaking a move. Look at it like this...When you drive you automatically see many things around you but NOT everything. Why is that? You are paying attention to the road (replace the word chart here). If you are looking at everything perhaps you should be a passenger not a driver. (Looking at everything causes brain freeze when trading) You look, as the driver, at what is important not the cows standing out in the field; same with trading. If you have too much info on your charts you'll only be confused, Remove the info on one chart that you NEVER looked at and then move to the next chart. What really caught your eye for the trade and remove what did not. That is why I only use StochRSI and Money Flow. I use Money Flow and StochRSI using GWs settings on Stoch RSI. I do not need more things to help me spot a move.

I focused on one thing which was moving averages. What made me look at those? Technical Analysis for Dummies. I used Investopedia to study all I could on moving averages. I read GW's recommended book, "The Market Makers Edge" and gleaned from it WHAT WORKED FOR ME. Then I moved to spotting these on my charts.

Yes I use candles. I watch what moving average they get stuck on or go through. Depending on the color tells me if there is energy in that move. For instance at the open on 9/6/23 NVDA on the 55 chart told me there was energy in the DOWN. The 8 chart on the open said Time to get a PUT! I would have left that trade as the candles began to pull away from the Bollinger band on the 8, 13, and 21. Is there going to be more down? Well @ 12:39 it shows over bought on the 8 and over sold on the 55 for me that is too iffy right now for me.


More information is just that...MORE. Too much information just makes it confusing. I listen to Fox Business for ideas only. I love Charles Payne because he uses charts to explain moves. If you can't watch the market record the market. I glean I don't rest there.

Another FREE place I go is YAHOO finance. I search what stock I look at and then I search the profile of that stock. Why? Because sometimes I hear of a stock that popped big. (up or down) I want to know what business they are in, why did it pop and is it MOVING or just laying flat. That tells me whether I should continue looking at it or let it go. Pops like that can mean a future trade within the next day or week. Like NVDA it was obvious a PUT was the way to go when it popped $50+. I watched the charts. Mind you I only watch up to a 55 chart and I seldom use it. Most of the time I use a 21 and I try to leave one of my trades before it gets near a point of a turn around.

So NVDA reported and it took off but you could see investors began to pull back on that stock. Most people who do not listen would have jumped on a call but that was the wrong way to go on a bigger chart (233 or Daily). You could play this stock up and down for the next several days according to the 55 chart. But from what I see on YAHOO finance on a 5 day chart if you want to be in this stock a PUT would serve you well. On a 1 month chart on YAHOO finance looks like it may head to $456.78 which would be a 20 moving average for support. No, I do not have these charts on my TOS these are YAHOO finance charts and I do look at them when I find a stock interesting for trades.

I searched the internet for any and all FREE information I could find on moving averages and Bollinger bands. I STOPPED paying for more information and instead knuckled down and looked for what worked for me from what I already had, researched it, and practiced until I got 21 in a row correct.

Bollinger bands are another moving average and the center of these bands using GW's settings and a 20 moving average is SUPPORT or RESISTANCE. That helps me to also ID a trade. Stocks on a chart DO NOT TURN AROUND IN MID-AIR. They need a support or resistance and that GENERALLY is a moving average. It can be a place where a GAP occurred.

Personally, I don't know why anyone would want to be in a trade longer than one day. It is a trade. I am not investing but that's me. If I was going to be in a trade longer...out in time...I would buy the stock and sell against it.

Finally, I left Qcharts because their charts started to mess up and I didn't like how the charts acted after Holidays. I began to study on TOS and set my charts to match my Qcharts. Actually, TOS shows me my move much more quickly than Qcharts ever did. I take the money Qcharts cost me and add it to my account. In one year I will withdraw x dollars and I will be trading with the money I saved by closing Qcharts. I'll be trading with freed up dollars. The only thing I couldn't get on TOS was volume using numbers rather than a bar style. I am a numbers person. Always have been,,,that's why I hate credit cards! Their numbers don't add up unless you pay them off every month. If you are going to do that just use cash.

Hope this helps.

RichieRick Does Gary do live trades with you all?

I am grateful for 1-5 but when I took the Advanced classes I knew I was done. In order to do any of those trades you would need at least $100,000 in your basket and if I had that much I would NEVER use it in the market not even to buy stocks. I do however practice one of the trades from Advance because it is fun. "Free money Friday" I got that one right off the bat. The others are too much work. When GW explained that trade I gasped. He came over to me and said; "You get it don't you?" It was easy but way too expensive for my blood.

I am happy with how I trade. I am a "I want to see my results today" kinda gal. I want my money NOW not later. I guess that comes from how I do business.

So, I have to ask before you took all these other classes were you successful in 1-5?

Thanks Darcy, this is helpful. Staying in a trade for more than a day doesn't sit too well with me eighter, although that is all GW teaches these days. The market can wake up the next day with a whole new slant, and go the other way on you without warning. You are right, I need to determine what works for ME. I am also done paying for more GW teaching.

Thank you for your help.

MDtrader693 Okay just a little while ago I traded NVDA DOWN off the 5 minute chart. It fell below the 20 moving average which is the one I use for support or resistance. I sold it BEFORE that long wick appeared. That long wick is a HUGE signal that people are leaving this stock.

Look at that wick on all charts at about 3:20! Buyers began to dump NVDA because they couldn't stand the pain.

Since I do not hold, I buy the month I am in and when it comes Expiration week, generally on Wednesday of that week, I am looking at the following week options.

I fully expect my trades to begin making money within 1-3 minutes after I enter the trade.

I would like to point out had I stayed in the trade I could sell it now @ 12:51 for $20.00. (yesterday bought a Sept 472.50 PUT for $12.00 and sold yesterday for $12,70). However, I did re- enter. You may be able to use how I trade as an entry if you are looking to trade a daily. I had said the stock was down (and yes on smaller charts up then down, then up then down) Remember I glean I am not in for the long haul. It costs me more to get in and out every day but not as much if my trade goes against me and I am happy to make a few hundred a day. I am not looking to make a living off trading.



Edited 1 time(s). Last edit at 09/07/2023 12:00PM by Darcy3.

Thank you very much for the advice and insight, Darcy!

Hey Darcy,

Not, not that I've ever seen. When he was doing "coaching clients" they meet him for some one on one time and he'd go over their trades and discuss different aspects of it. BigChartTrader would probably answer that better than I. I think he did some sessions with GW. I'm not sure if GW even does that any longer.

Yes actually I was having success with 1-5, I practiced for a full year like I was supposed to. I'd start with 2500 and build to 10k while paper trading. Then I'd clear it out and start over for practice.
Advanced and RTP, messed me up more than anything I think. Logically it all made perfect sense, but the practical application of it all left something to be desired.
I was doing better with "up a buck and out".
Now with his new rules I get in trades now that go my way for several DAYS, then suddenly on a single 233 candle ALL of the profits are gone, and I'm facing a slight loss.
Very frustrating after checking it twice a day for days and not finding reasons to leave the trade, only to have 10 reasons show up all at once and 100% of any profit evaporated all within a single 233 candle. That's part of GW saying, "you stay in the trade until the trade is over.". That's the part I need to get out of my head now.

RichieRick, You know what I do if I were you? I'd go back to 1-5 and use that for trading and PRACTICE Advance and RTP off the same trade I did 1-5. Mark the larger chart where you got in on 1-5. Perhaps that may be what will show you when to get out.

It is hard to remember that THIS IS YOUR MONEY you are trading with not GW's. Anyway that's what I would try.

Had 2 friends who visited GW while he traded. The one is the fella who built his account to $800,000 and lost every dime. The hard thing to remember is if you are down $1,000 you have to make the $1,000 back and then another $1,000 for the trade to be right. By the time you make the $1,000 back the stock goes back down. Chances are you will never make it back before you get tired of going down...then you sell and the stock turns around. That is the fear that makes a person stay in a losing trade. The other fella, who became what he thought was a friendship with GW even going on vacation with him, was a highway patrol officer and never won a trade. He bought 2 computers to run his 8 huge screens. Then he had to add another air conditioner to his office because the computers and screens would make the room too hot. See he didn't listen to 1-5 because he thought more screens was what made GW a better trader. That is not what GW said in 1-5. GW said he had multiple screens so he could stand in the doorway of his office and see the charts not that they made him a better trader.

It would seem to me if GW is teaching something that is going to cost a great deal of money to do as well and paying for the class at least one session should be live. Most teachers do trade live. No reflection on GW but seeing a trade live is really different than looking after words.

Next you stay in a trade until you are happy with your profit! It is YOUR MONEY. Remember one thing GW never said in 1-5 is not to trade on margin. That is something S/O and I found out on our own by listening to many other traders and looking at other systems.



Edited 1 time(s). Last edit at 09/07/2023 12:03AM by Darcy3.

MDtrader693 Wrote:
-------------------------------------------------------
> Exactly!
>
> In the latest round of classes, the violence
> training and doomsday garden stories are gone,
> which I'm thankful for, but still not enough https://eldfall-chronicles.com/product/slayer-dragoon/
> guidance on how to grind. I'm looking outside of
> class for ideas. There are certainly other Viberate
> instructors with valuable information to share.


It's great to see you're proactive in seeking out valuable information



Edited 2 time(s). Last edit at 11/10/2023 10:23PM by JamesBasej.

Darcy, when looking at the charts (55 and down) do you look at them with the premarket on or off? The MA's definitely set up different with Premarket turned on.

Pastor P It is on.

flsupraguy Wrote:
-------------------------------------------------------
> It would be interesting to see who actually has
> been profitable from taking Gary's courses. He tabletop miniatures
> tries to say the people who aren't successful at
> this give up but I have personally starting download poker android
> several multi million dollar businesses from
> nothing and still cant seem to make consistent
> results from this. Darcy made her own path that
> seems to work for her. The longer I look at this I
> suspect GW is a snake oil salesman!


indeed! It's important to critically evaluate any educational program and its claims.



Edited 1 time(s). Last edit at 11/10/2023 10:20PM by JamesBasej.

MDtrader693 Wrote:
-------------------------------------------------------
> I have taken GW's Market Skills 1, 2 and 3. Once a
> trade is qualified using indicators, the next step
> is to "call the color of the next weekly candle"
> (preferably two) before zumba online class entering the trade. This
> is where I fall on my face every time. Inevitably,
> the trade goes the other way 90%+ of the time. The
> guidance to get better at this is "more chart
> study". That's it. Period. Not https://www.viberate.com/tools-for-independent-musicians/playlist-pitching/ much guidance about
> what to focus on. Obviously, I have not been
> studying the right things for the past 6 months.
> But, I have a "no-quit clause", so onward I go.
>
> Thanks for letting me vent.
It's understandable that facing challenges in predicting the color of the next weekly candle can be frustrating. Trading, especially when it comes to predicting short-term market movements, involves a degree of uncertainty. The advice to engage in "more chart study" is likely emphasizing the importance of developing an intuitive understanding of market patterns and trends.

As you persist in your efforts, consider a few additional strategies to enhance your skills:

1. Pattern Recognition: Look for recurring patterns in historical charts. Identify instances where certain indicators aligned with successful predictions. This might involve recognizing candlestick patterns or specific technical formations.

2. Market Sentiment Analysis: Consider incorporating market sentiment analysis into your study. News, social media, and other external factors can influence market sentiment, impacting the direction of the next candle.

3. Backtesting: Analyze historical data to test your strategies and predictions. This can help you identify patterns or indicators that have historically correlated with accurate predictions.

4. Risk Management: Emphasize risk management in your trading strategy. Even the most seasoned traders can't predict the market with absolute certainty. Having effective risk management strategies in place can help mitigate losses.

5. Continuous Learning: Stay updated on market trends, economic indicators, and any news that might affect the instruments you are trading. Markets are dynamic, and ongoing learning is crucial.

Remember, trading is a continuous learning process, and it's not uncommon to face challenges along the way. Your commitment to the "no-quit clause" is commendable, and perseverance often plays a significant role in success. If possible, consider seeking guidance from experienced traders or mentors who can provide personalized insights based on their own experiences. Best of luck on your trading journey.

MDtrader693 Wrote:
-------------------------------------------------------
> Exactly!
>
> In the latest round of classes, the violence
> training and doomsday garden stories are gone,
> which I'm thankful for, but still not enough
> guidance on how to grind. I'm looking outside of
> class for ideas. There are certainly other
> instructors with valuable information to share.

It's like trying to level up in the RPG of life without a strategy guide.