Matt's Trading Blog

[supermatt]

Hey everyone, I wanted to create a blog on 123learntotrade because I did Brendan's Advanced Price Action course and found it to be very helpful to me. By creating a blog I feel that it can help me keep moving forward as a trader as well as providing me with an area to write my thoughts down in.

I also think this is a great site and would love to be able to be someone who can motivate others to join in and we can all learn together. At this point in time there hasn't been much activity going on in these forums and I know there are a lot of you out there currently going through Brendan's course or are perhaps thinking of buying it. This blog will be about trade setups and anything else related to trading or life for that matter. I know its easy for us to pick out setups in the past on charts that have worked but everything is easy in hindsight, so I will always stick to posting charts "before the fact" as I think its the only way to go.

I hope to get some sort of screencasting software to do some videos perhaps as I progress further in my trading abilities.

Anyway a bit about myself, as I mentioned earlier my name is Matt, I am a 24 yr old guy who lives in Australia. I work fulltime so I think it is more realistic of me to focus on swing trading, but my eventual aim is to build up enough capital and become a full time trader one day. Hopefully in a few years!

I have been studying trading for just over a year and mainly in forex after I tried a little stock trading when i just started out. I haven't had any success yet as I basically have just kept going from method to method without sticking to anything. I am still on demo but I have traded live accounts in the past but decided to stop and "regroup" and get a good trading education first. Luckily I only lost about $50 haha. But wow was it a real eye opener. I was a real rookie then, maybe 2 months experience..all I can say is everything you read about psychology in trading is true and it is THE biggest hurdle to overcome. I am hoping I have matured since then and next time I go live I will just relax a little more instead of going insane after a move goes against you even by a few bucks.

I realized I was getting no where with my trading and thats why i decided to join 123learntotrade and make a commitment to myself to become a serious trader.

I think the great thing about learning from Brendan is he explains how the market works. On other forums that I have been a part of price action to them means only a couple of bar formations. Since learning more about how the pros think, I definitely believe you have to think about what is really happening in the market, and once you do, the charts seem clearer and you are in control of yourself by having a quiet confidence about what is "likely" to happen. I used the term likely as we dont know for certain what is ever going to happen.

I have been demo trading forex for a year but realize this has to stop and i need to go do some real live trading. Being in Australia I am starting to think I will focus more on the Australian market as the trading times are more suitable for me. Currently I am looking at around 10 stocks and will be narrowing them down to a handful eventually. But my future aim is to open up an account with a broker that trades the ASX SPI 200 futures. I am still in the process of outlining my plan but I am getting there.

I want this blog to be a learning place for all and be a stepping stone for everyone who has completed Brendan's Price Action course. Sorta like a place you can come to see more real life examples and discuss them and what not. Just to consolidate your knowledge. All the trade setups here will be from the course and i would like to keep it that way for the sake of this website and methods taught here. If people wish to join in and post charts please keep them without indicators! lol

Anyway thanks for reading a bit about myself! I invite you all to share a bit about yourself and to join in on the thread, and yeh your more than welcome to post charts or trades or even start your own blog

[Brendan Egan]

Hey everyone, I wanted to create a blog on 123learntotrade because I did Brendan's Advanced Price Action course and found it to be very helpful to me. By creating a blog I feel that it can help me keep moving forward as a trader as well as providing me with an area to write my thoughts down in.

Hey Matt! Glad to see you starting up a blog! I'm really excited to follow along.

I also think this is a great site and would love to be able to be someone who can motivate others to join in and we can all learn together. At this point in time there hasn't been much activity going on in these forums and I know there are a lot of you out there currently going through Brendan's course or are perhaps thinking of buying it. This blog will be about trade setups and anything else related to trading or life for that matter. I know its easy for us to pick out setups in the past on charts that have worked but everything is easy in hindsight, so I will always stick to posting charts "before the fact" as I think its the only way to go.

I agree and I think that will be helpful to a lot of newer traders and getting them up to speed.

I hope to get some sort of screencasting software to do some videos perhaps as I progress further in my trading abilities.

Check out CamStudio -- it's free and it is what I used when I first started making trading videos.

Anyway a bit about myself, as I mentioned earlier my name is Matt, I am a 24 yr old guy who lives in Australia. I work fulltime so I think it is more realistic of me to focus on swing trading, but my eventual aim is to build up enough capital and become a full time trader one day. Hopefully in a few years!

I have been studying trading for just over a year and mainly in forex after I tried a little stock trading when i just started out. I haven't had any success yet as I basically have just kept going from method to method without sticking to anything. I am still on demo but I have traded live accounts in the past but decided to stop and "regroup" and get a good trading education first. Luckily I only lost about $50 haha. But wow was it a real eye opener. I was a real rookie then, maybe 2 months experience..all I can say is everything you read about psychology in trading is true and it is THE biggest hurdle to overcome. I am hoping I have matured since then and next time I go live I will just relax a little more instead of going insane after a move goes against you even by a few bucks.

I realized I was getting no where with my trading and thats why i decided to join 123learntotrade and make a commitment to myself to become a serious trader.

I think the great thing about learning from Brendan is he explains how the market works. On other forums that I have been a part of price action to them means only a couple of bar formations. Since learning more about how the pros think, I definitely believe you have to think about what is really happening in the market, and once you do, the charts seem clearer and you are in control of yourself by having a quiet confidence about what is "likely" to happen. I used the term likely as we dont know for certain what is ever going to happen.

I agree and I think psychology of trading and understanding how the market works and what exactly other traders are doing is one of the most important parts to trading. Most traders overlook this because it is simply something they never think about!

I have been demo trading forex for a year but realize this has to stop and i need to go do some real live trading. Being in Australia I am starting to think I will focus more on the Australian market as the trading times are more suitable for me. Currently I am looking at around 10 stocks and will be narrowing them down to a handful eventually. But my future aim is to open up an account with a broker that trades the ASX SPI 200 futures. I am still in the process of outlining my plan but I am getting there.

Definitely time to get going on a live account--let me know if you need any help or pointers--you can post any questions either in your blog here or in the Q/A forum.

I want this blog to be a learning place for all and be a stepping stone for everyone who has completed Brendan's Price Action course. Sorta like a place you can come to see more real life examples and discuss them and what not. Just to consolidate your knowledge. All the trade setups here will be from the course and i would like to keep it that way for the sake of this website and methods taught here. If people wish to join in and post charts please keep them without indicators! lol

Anyway thanks for reading a bit about myself! I invite you all to share a bit about yourself and to join in on the thread, and yeh your more than welcome to post charts or trades or even start your own blog

Haha thanks Matt looking forward to seeing what you learned from the course in action! I think it is a great follow up to the course to have you actually utilizing all the things you learned in the 6+ hours of videos!

[supermatt]

Came across what I believed to be a setup worth taking. it looks like a clean 123 pattern with a powerful breakout, spending a few hours away from the breakout level now revisiting. also some signs of secret buying in the background on the move down. Ill see how it pans out and do a follow up later

[supermatt]

Just got home from work and looks like that trade went pretty well. I set my profit and stop loss targets before I went to work and they triggered sometime in the morning.

I placed my stop below the trend line which was a useful tip I got from Brendan and reduced position size to let it breathe a bit. just as well I did because a tight stop would've got you stopped out as the level did break before turning up. it was probably a decent fake out by the pros come to think of it.

I didn't get greedy. just took my profits before previous highs and left.