20 Year Trading Veteran Who Made Complex Methods "Idiot Proof" w/ Paul Bratby

20 Year Trading Veteran Who Made Complex Methods

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trading at episode 157 uh one of the biggest  problems is somebody buy some gucci software but   they will look for reasons to get in a trade that  is totally the wrong mindset you've got to find   reasons not to get the market's gonna do something  your job is not to fight it the market never ever   runs away it's always there that personal diary  of trading will make you a much better trader   i could be right about the direction but wrong  about the trade don't focus on the monetary side   trying to make too much money on a trade is what  i have seen killed every trailer your losses offer   you some of the greatest insight you can find into  your mistakes relax learn the process candlestick   pattern training is a freaking trap don't be in  a rush to become a millionaire let the market   tell you what the market wants to tell you this  podcast is not financial trading or investing   advice of any kind what's up traders welcome to  another installment of the trading up podcast   today we've got paul bratby on the show now  paul is a trader from the uk now based in spain   uh he's got over 20 years of experience and he's  going to give you guys a simple super simple way   to trade elliott wave so if you ever wondered  about ellie wave and thought man this thing's just   so complicated which i've done in the past he uh  we talked about a very simple way to approach it   uh in the show along with the other strategies  and look this guy's got tons of them   that he uses to trade for his crypto stocks and  futures so he could trade across the board um this   guy's a real deal so we did a video afterwards as  well so you get to see some of uh the strategies   in play with the software that he's created as  well so really interesting stuff now before we   jump into that amazing interview i just want to  tell you about an email i got this week from a   past guest christian franchi from episode 152 now  he is now back on the top of the global world cup   trading challenge with 132 percent done in  six months and he let me know that if you   guys do want to follow his journey and copy  what he's doing or copy these trades exactly   he's made it available to do that now and  it's very simple doesn't cost you anything   and to find out how to do that what i've done  is i'm going to put a link in the description   on either the video or both the video and the  podcast and in the card above or you can just   go and find his interview on trading dot com  uh it'll be episode 152 and there'll be details   there on in terms of how you can copy the same  trades he's using to get him to the number one   on the world cup trading challenge so guys  go and check that out after listening to the   show another things to check out are my robot  builders club i've got a special offer running   this month of january 2022. if you do want to take  that up then head over there find out what it is   it does involve two performance tests that you can  check out in real time as they're going on right   now now this thing's not going to be available  forever so if you're looking to automate some   or all of your trading then now is the time to  jump on board and learn how to do that take that   skill on board and use it going forward with your  trading last but not least before we get into the   show we've got the uh genius trader hitting the  airwaves hopefully it comes in before the end of   january it might be early february now but it's  definitely coming stay tuned for genius trader   as well let's get on with the show here we go hey  folks my sponsors city traders imperium have just   launched some amazing changes to the funded trader  program you gotta check out you can now skip the   whole evaluation trade gold as well as forex plus  they've increased the drawdown you're allowed in   both the evaluation and when funded with c2a it's  even faster and easier to reach up to four million   dollars in funding with a 50 to 70 profit share  click the link in the description to find out   what else has changed all right folks here we  are on trading up we've got paul bratby here on   the show all the way over there in spain from uh  global trading software welcome to the show paul   hi cam thank you very much i know it's late for  you there in new zealand so thanks for staying   up it doesn't indeed um and look guys just so you  know paul doesn't uh it's not a software company   per se it's a trading software company right so  and this is all based on what you trade and how   you trade and we're going to find out all about  that today so um don't get scared off if you   thought you're on the wrong podcast here guys  we're talking about trading that's what we're   going to talk about so paul to start off with  uh can you tell guys how you got into trading   okay so uh at the age of 17 i joined uh the  british army i was an engineer and engineering   manager so mathematics sort of engineering and  uh as anything with the military the pay is not   brilliant so i had to find ways of trying to  supplement it you know with young children and   everything i started driving taxes for example  but then i just got um my first sort of toe toes   dipping my toes in with with forex a little bit  just trying to make that bit of extra cash uh and   you know the the whole the way charts were set up  and everything it sort of resonated with me with   you know with my engineering and mathematics  background really so that's what started and i   started part-time and like many retail traders  i lost quite a few thousand to begin with   learned the hard yeah yeah and so how did  you get like i mean what was the sort of   inroads because i really intrigued me as to how  people ended up where they ended up uh so how did   you start off what were you doing on the charts so  what i was looking for really was patterns because   again with maths and engineering it's all about  patterns and rules so i was trying to figure out   a way to understand those patterns that were being  formed and then obviously later on in my career   if you like it was really understanding  those patterns were formed by behavior   and then you know trying to formulate that and  you know one of my first sort of exposures really   to to try to identify and um label a pattern  if you like uh was the dreaded word elliot wave   most people turn off at this point but to be  honest uh i read a book called high probability   trading by milner and it i had to read it four  times because it was so difficult uh and uh was it so again everybody's really clever but you  don't need to look clever to try and explain   something and that's you know so i had to read  it five times and i had to dumb it down for me   you know i'm from the north of england i do have a  degree in maths and engineering but still learning   something new i had to dumb it down and just stick  to certain amount of rules and that's what i did   so i got rid of all the noise and just looked at  rules where was that pattern what's the highest   probability move within that pattern and started  to formulate my own strategy around those rules   and develop my own rules and that's you know  that's what really sort of got me going really   and then that was where you were like  sort of destroying the the few thousand   dollars that you'd put into it or in terms of  experimenting with these patterns or are you   at that point yeah yeah to understand the patterns  and trying to trade them and understanding you   know at that point i didn't realize that economic  data points uh were so um so important for example   especially if you were trading forex uh or  even stocks when you're looking at earnings   and things like that or uh you know you've got  powell speaking now and he upsets the markets   and you know mr trump tweeting recently as well  there's there's so many sort of data points that   affect that behavior and initially i wasn't aware  that that was so important so even though you've   got a great looking pattern forming and yes  that's the trade i'm going to take all of a   sudden some economic economic data drops and it  totally ruins the pattern and that was you know   those that learning process and understanding  uh those data points were can affect anything   uh that you're trying to do uh what was was a  hard learning curve but obviously i i learned it   yeah especially i suppose when things are going  you're in your favor and then all of a sudden   uh as i had a guest on i think it was a couple  of days actually today was this morning and he   he was talking about how price just he was 200  pips in profit and it just sunk to -50 uh because   somebody had tweeted or whatever yeah um okay so  going back to the fact that you know people sort   of turn off at the sound of elliott wave me what's  your view on i suppose being pro elliott wave   versus something else uh in the market i think  to be honest it's one of the strategies i use   and it's my it's what i call my bread and  butter so i only use it for for swing trading   stocks and it's been my bread and butter now for  probably 15 of the 20 years i've been trading   because it's it's that slower  growth it's more predictable   uh and you know people try to over complicate it  but i just trade the fifth weight it it's it's the   highest probability move because everything else  has happened before so don't worry about getting   in that third wave don't worry about how that  weight to you know don't worry about all those   trig levels just trade the fifth wave because all  the other rules have been met before you get there   yeah so you're just getting on the train it's  stopped at a station and you get in on the train   yes it's not as sexy but to be honest you don't  need sexy you just need consistent winning uh and   you know they're the high probability trades  and to be honest some of them you know i look   at the way that the profit taking goes on that  wave four and that behavior is really important   to me so i've got a set of rules it's like a  checklist check check check check 85 percent   probability is going to go and get that fifth  wave i'm going to go in what's my entry strategy   i don't really care about i guess i understand the  theory but you don't need to understand the theory   if you've got a and again i developed the software  to take all of that need to understand and learn   uh if something's trending and it pulls back  against the trend if you can measure that   and then get back in on the trend that's all you  need you don't have to call it elliott wave but   you know that that it's a meaningful way to  actually uh have that consistent way to to   to label that trend uh but to trade that fifth  wave you're just getting back on the train again   and that's all you need to do you don't have to  call it earlier you just call it trend trading   uh but every trend has a pullback against a trend  because there's always some profit taking there's   always um so if you're in a stock for example  and it's in a long bullish trend at some stage   institut institutional traders will start to  take part of their positions off and that that   reasonably high volume of that selling will  pull back against the trend and that's what you   call profit taking yeah but they're not dumping  all of their positions so it won't last forever   it runs out of juice like a roller coaster and  then when it runs out of juice it starts to go   back up again some of these institutional traders  start to buy again and that it forces it up again   and all you're doing is you're a little bit behind  the time as a retail trader because you haven't   got the um the buying power but just wait for the  trade to start leaving the station and jump on   you know that's that's that's it's simply as  simple as that don't try and get involved in all   and trying to understand all of the the theory  and everything behind it because you don't need to   you just need to understand that it's pulled back  against the trend and you're going to get back in   again in in what markets are you trading these  across typically so uh with with elliott wave   really it's just sort of stocks and recently  cryptocurrency i i've you know i've been blown   away with cryptocurrency because that's pure  behavior so when we talk about a trend um trend   is dictated to by behavior of traders okay so um  but with stocks you will get things that upset   those apple carts like a trump tweet uh like poor  cpi data or the ceo of the company that you're in   has been caught with this pants down or something  like that and things can happen but with crypto   there's no economic data that's going to affect  that there's no you know yes you're going to get a   tweet from tesla ceo or whatever it is but it on  the whole crypto's pure behavior now i've been   trading solano since 25 dollars on wave four  pullbacks with elliott wave it hit 250 dollars   recently it's just pulled back on another waveform  the same with helium and it went through my entry   so i got some more at 220. uh so the behavior is  very pure with crypto uh and again because of my   experience with stocks you know i do trend both  long and short uh with that trend as well so if   something's in a bearish trend and it pulls  back against that bearish trend i'll get in   when it starts falling again as long as my rules  are met that's the important thing uh i suppose   trying to um master the elliott wave i mean you  said you i'm just focused on the fifth wave when   did you come to that realization that i i don't  need to know everything i just need to know when   to get in the very end of it was it was that like  a sort of like an aha moment or were you you just   yeah it was an epiphany moment because everybody  was saying you've got to get in that third wave   it's the it's the biggest move it's the you know  it's that that crunch moment but a lot of them   fail and what for me for example  i need to i need to understand um   the pattern the trend but also  i need to understand the rules   so there was more rules involved with measuring  that wave four before the fifth wave happens   so i i could you know as a as an engineer in the  military there's always a checklist for something   okay you've always got to remain disciplined it's  even going back to the basics of stripping a rifle   and cleaning it and putting it back together  again it goes in order and if you're stripping   that weapon and you find that the the firing pin  or you've got a dent where the firing bin goes   and all that sort of thing you spot that it gets  changed and then on the other hand you go to the   other i was an engineering manager manager for  people that looked after you know all my guys   used to look af after main battle tanks and things  like that so there's an order in which uh things   happened and if they didn't happen in that order  something got broke um so it was you know as soon   as i realized that there were less rules for all  the other waves but there was so many you know   there was a set sort of observation rules for that  wave 4 and i could actually see that behavior on   a chart and measure it and if all those rules were  met the probability of that fifth wave move was so   high i you got no choice but to get in it it'd  be rude not to yeah so that's what made you know   after a while you think i'm trying to get in this  it's failing i'm trying to get in this is failing   and then you know you start i start to decipher  that really complex book i mean i mean some of   the textbooks that i had in in engineering were  a lot clearer than that um a high probability   training book i mean this thing is just all about  fibs and you know and this time the other and it's   you know you just absolutely go not trying to  understand it but take all that away and just   read what you want to read to to understand  where that highest probability move is   that's fantastic and then obviously doing  that manually was reasonably complex for me   and a lot of and that's why a lot of people give  up because it's complex so i paid somebody a lot   of money to say right this is what i'm looking  at can you put that visually on a chart for me   so when it hits that wave for support if we're  going along and i can measure how that wave   form behaves with a special stochastic and an  oscillator um if i can see those on a chart   and i'd go tick tick tick all i need then is an  entry and if i use the same entry method each time   and i've got zones for that pullback i've got  a green amber red so green is 85 amber is 80   red is 75 if the wave 4 pullback goes beyond  that red zone i don't trade it i don't trade   the fifth weight it's it's a hard and fast rule  if it pulls back into the red zone it's a 70   70 to 75 but um i'm more conservative on the  entry i want to make sure that i'm running   after the train and jumping on when it's leaving  the station rather than jumping on just as it's   starting to move um so and that's that makes  it easier for me to to trade them because i can   visually see that pull back found nice support  or if we're going short it's pulled back up   it's you know it's got good resistance in those  pullback zones the stochastics good the oscillator   is good check check check where's my entry and  that's it yeah yeah it's interesting you say that   i i did a course years ago where the guy had like  probably i don't know 20 steps to get the entry   if not more and each step had a different thing  and it was like so you had to go through the   whole process and he was like getting people to  do 60 screenshots a night of each different step   and then you put them all together  at the end anyway long story short   then i found out about three years after doing  the course that the guy teaches it only looks   at the last step because because the last step is  the only one that's important and then he gets in   when the last step forms and it's like yeah oh  that makes sense anyway um so you've moved so   you decided to put it into software i mean to me  that sounds like there was a time kind of element   to it that you wanted to to condense down um does  the software give you alerts when it hits those   uh that point on every because we develop it for  lots of platforms so uh one of the best platforms   that i use now and i love is training you know and  we we can set alerts when that wave forward do you   know those pullback zones we talked about we can  set alerts when it hits that zone right so we know   hey mr trader you know this particular stock has  pulled back into the wave four zone take a look   start to do your simple work and that's that's  it um you know there's other bits of software   you talk about this complicated step that this  other guy talked about i do have a like a trend   reversal or getting early on those trends type of  strategy but again that was 12 points of control   and my chart looked so messy but it worked but  again there's some very clever people out there i   said right these are my 12 points of control this  is how i upgrade a trade uh gradient three four   five or six star trade and so now we developed  that it's called the expert algo none of those   12 steps are included all it does is print an  alert a four five six star buy or sell that's it   and that's what trade retail traders need now what  they don't want to do is spend like i did months   and years learning the hard way and technology has  developed so much in the last 20 years for trading   i don't think there's a need to swamp yourself in  books trying to learn a convolute type strategy   only to find it doesn't suit your style it  doesn't suit the time that you can see in front   of a computer and everything else what you need  is something quick simple to follow and visually   tells you the story because it's all about the  behavior you can understand that behavior from   from the chart without it being over complicated  you're going to be consistently successful you're   not going to be spending time second guessing  yourself and going back and you know through   this book and now that says that but this book  says this and you know what am i doing it gets   so confusing um so so yeah that's okay you got to  keep it simple yeah so yeah and look it is it is a   i suppose a big issue for people is uh especially  if they're working a day job how do they like   transition from that into trading without like  spending all their waking hours at the charts   i mean if somebody have you got like sort of a  road map that you give somebody who comes on as a   a new client they get the software that sort  of says right there here's what here's how   we recommend you use it to get the best out of it  from a i suppose managing their time point of view   yeah i mean to be honest if they're uh if they've  got a full-time job and a family and everything   like that time in front of the computer is  very difficult so how i started when i was   doing it part-time is i soon found out that i  i couldn't be there at the most volatile times   because of my job in the army so the idea  was right what can i trade what strategy   can i use where i don't need to sit in front  of the computer i can just do an hour a day so   the idea with swing trading those stocks is that  uh on a daily time frame the us i only traded u.s  

stocks really um because there's more movement in  them the market opens and closes every day and it   prints a candle and there's volume for that candle  and there's it's with a trend or it's pulling back   so every morning i would get up early u.s markets  close at uh in europe so 10 p.m it's 9 00 p.m   in uh in the uk um you literally get  up early in the morning see how things   have closed the previous day look for your  setups set them up put stop limit orders in   trying to forget yeah it's it's easy because uh  it's not as sexy as you know like this morning i   tried the gold pair open some of our users were  on our discord group and you know most people   made 700 to a thousand dollars in uh what was  it an hour less than an hour so it's not as   sexy as that but if you can't be there for that  european gold pit open or you can't be there for   the pre-market for the us session what can  you do and swing trading stocks isn't sexy but   if you start building momentum with that over a  year or two you'll start to get the 80 win rate   decent risk reward that sort of thing you will  start to accumulate profit to such an extent where   you might be able to go part-time at work and  actually trade one or two dates and you can choose   those volatile days when you want to trade futures  when there's lots of data so you know it's you   can't do it instantly if you're fortunate enough  to have uh the the cash behind you to to trade   full-time then that's different but most people  see this as an opportunity to probably get out of   a job and to be their own boss but you can't do  it instantly you know you you've got to realize   that you need a two to three year plan to generate  enough uh account size to then to say to take that   big plunge because that salary check coming in  every every month or every week is it you know   i haven't had that since i left the army uh you  know i've had to basically do it myself um so   that that crutch is gone so that adds extra  pressure to you so if you take two to three years   understanding the behavior of the markets by just  swing trading those stocks and starting to build   some more confidence and things like that maybe  when you have a couple of weeks off work uh look   at um look at futures look at those expert algos  or those range breakouts or something like that   and you think actually this is good next time  i have some time off work i'm going to trade it   again and start to build it up slowly there's  no get rich quick scheme i'm sorry it's not   it you know it it it it takes time it takes hard  work um and it really takes a lot of discipline   and so i know you've done elite wave and you've  done other you've got some other strategies   as well that you use i mean how did you sort of  transition from that to come up with the other   ways that you uh the other strategies  that you use so again it's all about observing behavior in the markets whether  that's the gold market the oil market   index futures forex crypto for me  over the years i've been able to   identify certain behavior and i look at volume  average volume price action i look at points of   control and one of them bigger things for me is  understanding how to frame the chart with support   and resistance zones non-linear support resistance  with trend channels that sort of thing so for me i   can start to understand and see behavior so one of  the biggest things for me over the last few years   was was try to help traders be able to manage  the trade and not panic and get out too early   that's one of the you know for day traders for  example that's one of the it's one of the things   why people don't sort of or traders retail  traders don't generate enough profit because   they get out too early and then they come back and  see the charts gone go down you know a mile it's   literally it's gone to the bottom of the ocean and  then they start to to doubt themselves and then   and then another trade they'll go in they you  know they leave it and it goes against them so   for me i've always looked at volume price  action average volume understanding when when   a a particular time frame like a five minute  candle or whatever it could be a daily candle   if it rejects highs and lows on higher than  average volume there's a good chance if we   get that candle continuation the following candle  that's going to continue down so what i did was   speak to the guys over the last few years to try  and develop something visually with a set of rules   to say and it's called the manager so you've got  to listen to the manager like a soccer manager   or football manager you've got to listen to them  and if they say don't get out don't panic and i'll   show you that uh later um you stay in the trade  and one of the big things with our followers at   the moment is they keep saying i'm listening to  the manager i'm listening to the manager that's   what you've got to do because i said to them it's  like having me on your chat you listen to uncle   ball and you will maximize maximize your profits  consistently and you won't get out too early and   that's the problem with a lot of retail traders is  sometimes even when swing training stops i haven't   in a circle of traders uh they've got large car  balance but sometimes when i put a target on there   it's it's a target that we would like to achieve  but sometimes those targets can be run through   don't be too quick to get out if that momentum  is going it's going to blow through your target   happy days you know you don't want to just you  know just every time it hits the target boom boom   out and again i'll show you an example on a swing  trade using elliott wave on a weekly time frame   uh you know one of one of the stocks that we're  still in right now and i didn't take that profit   at the target it's because the momentum and volume  taking it through that target was so high there   was no way it was going to bounce off there it  was like a train on a mission that had run away   and that's what you're looking for because  there was no support and resistance   uh you know zone so so again um back to your  original question depends on what time you've got   but start slowly start what suits your family  your time and in terms of like i mean just sort   of thinking piecing it all together like you've  got these different strategies you've got a way   to get out of the trade uh i haven't heard about  stops yet but i assume that you've got a place   to put stops i mean have you thought about or did  you ever consider fully automating what you've got   into uh done it already you've done it already  okay right so there's a fully well-made   solution okay uh it's it's on train station at  the moment so we we have auto traders for es nq   and the micros for those and oil uh and they've  got profit factors in the threes and fours   you know so it's very selective it goes on that  explode those 12 points of control it uses the   manager to manage the trades i mean you know  some days or some weeks we don't it doesn't trade   but when it does boom yeah so yeah we've automated  it it's the thing is with automation it's about   trust and it's about execution as well so some  brokers aren't brilliant on execution so um   you know right now we've you know we've got those  all to traders they're singing on tradestation   we're developing them now for ninja trader but  the execution on ninjatrader uh is a little bit   more difficult because people have different data  providers on ninjatrader where tradestation is   just one yeah yeah so with with ninja trader  you can have continuum you can have kinetic   you know this that the other so it's execution  is a little bit more difficult so but i've got   some very clever people working for me so that  will and then you know i'd love we're trialing   at the moment to automate crypto spot trading but  again what i've found with crypto brokers is that   they're not sophisticated they're not they've not  been in the game as long as the tradestations and   the ninja traders so none of them will allow  you to go auto trade short and that's where   the big moves are on crypto yeah um because they  can't get the execution so we are working with a   couple of brokers so at the moment we can only do  longs yeah and it works well um but i think we're   probably a year to 18 months away to automating  crypto spot traders because again the the brokers   they're just i mean to be honest and this will  probably offend some people crypto traders are   less sophisticated as well because a lot of them  come in on the hype they they're not they don't   have any technical awareness of what a chart  what behavior looks like so you know if if their   mate joe blog says buy shibu now buy 10 million  cheaper who's going to go and buy it you know   so again the brokers are less sophisticated they do automated um they allow you to place or  at least send through um signals to their platform   which then places the trades automatically on on  the crypto exchanges so more drugs mud ricks yeah   have ever have a look at them now um going back to  trading again so uh so when you're talking risk to   rewards i mean with the profit factors you're  talking about you've got to obviously have a   pretty decent risk to reward ratio what does it  typically look like for well let's just focus on   your trading yeah so my trading uh if i'm going to  trade a 5th wave move i need a minimum of 1 to 1.6   so if you can imagine the stop is under  the wave 4 pivot my entry is um where   it should be i that is one whole one so  you know um to the fifth wave target i need   1.6 yeah so i'll risk one whole one to get to  the 1.6 million now sometimes it's two or three  

fantastic if it's 1.4 or 1.3 it doesn't meet  my criteria i throw the trade trade idea away   and go and fight there's 8 000 stops out  there there's always something to trade you know if it doesn't meet your risk reward  criteria which is the last criteria so   you found a great trade the wave calls behaved uh  great um you know everything's checked the boxes   you put your entry strategy together you put your  stop on and then you measure your risk reward   if it's only one to one walk away and do you do  any like multi-time frame stuff or is it all on   a single time frame yeah i that's more complicat  complicated so i do a multiple time frame strategy   um with weekly daily four-hour on stocks uh when  i'm trading futures i will look at one minute   five minutes three minute 15 minute you need a lot  of screens there's a lot of complex i'm actually   messing around with virtual reality right now  because uh even those with a one screen computer   can have nine streams in virtual reality it's  bloody awesome it's just it's and i've actually   i i put my first trade on in virtual reality  the other day seriously which was pretty cool   but again it depends on what hardware you've  got and um your ability to concentrate   uh again so you need a multiple  time phrase strategy when you're   a serious stock swing trader because there  are opportunities on lower time frames so   uh i i did a mash up the other day with a with an  options trading guy uh and again during that fifth   wave move you you'll normally have a correction  uh so once once you've started moving up it comes   back down again you get a higher support and  it goes again but you can actually trade that   that move down uh if you're on a lower time frame  and you can get a signal with something else so   it becomes complex and again if you're a newbie  trader concentrate on one strategy yeah yeah   and you know weekly in the daily time frame  swing trading stops just concentrate on that   start to understand the behavior when  you get those pullbacks during that trade   on the 60 minute the four hour what's happening  what does it look like oh it looks like an elliott   wave but it's not a small you know you know so  just start to observe it first before uh you know   you know i've been i can do it you know as soon  as i see a pullback against my trade i can measure   that on a smaller time frame and i can you know i  can either add to my position after that pullback   or even trade against it on a different account  and go short so there's lots of um things you   can do but it depends on your skill level and  experience for a newbie trader i wouldn't i   wouldn't suggest that you would start to trade  that straight away it's just too complicated   so so with your like typical trading day i mean  what would you because i suppose with a number   of different strategies uh number of different  softwares markets that you trade how do you break   down your typical day so i live in europe uh i get  up at 7 00 am tell the dogs a walk 8 a.m is the   european goal pit open okay that's my first trade  of the day now i may only trade that once or twice   a week so if there's no real good going short into  support or you know there's resistance or whatever   um you know we i don't trade it then  after that breakfast with my wife outside   and then i then look into the stocks you know  how did those u.s stocks close last night   are there any potential opportunities  for today my current open swing trades   do i adjust the stops to lock in more profit that  sort of thing uh then i take a break and then at   2 20 p.m european time is the u.s gold pit open  so i trade that at 3 p.m which is 9 a.m est   i have the oil pit open and then we're going  into the u.s open and i'm trading futures i once   once i've got those futures trades out of the  way i will just check on the current open uh   the current swing trades you know has one of  them hit my um target for entry um or has it   actually before it's entered has it taken out  where my stops going to be do i need to cancel   the order that sort of thing that first sort of  hour of the us market open is very busy for me   um and usually within an hour half of the  u.s market uh opening so about you know  

4 30 5 p.m european time i'm finished and i'm  in the hot tub and are you doing all of all of   this through one trading account or have you  got multiple accounts for different markets   no i've got multiple trading accounts so uh  for stocks i've got two different uh or three   different accounts one for my blend investing  portfolio and two for swing trading swing trading   uh the majority of it is in one account for longs  but i also have another account for counter-trend   trades against so and they're with what's called  contracts for difference uh so for european new   zealand traders that they'll know what contractor  difference are so if i'm gonna if i've got to pull   back against my current trade and i'm measuring  it looks good for a short i'll go short and cfd   and i'll make some money on the way back  down before it turns back round again   um and then with futures i have um i have  a tradestation account for my auto trading   uh plus i also do trade manually on there  but i also have a ninja trade account as well   uh so yeah i've got about five different trading  accounts so i'm just throwing a picture in my head   like that so like in the minutia around  this around because i'm quite intrigued   do you like close down a terminal and then  when you're not using it then open it up or   do you leave them all running at the same  time i've got two pcs running one of them   runs 24 hours a day because it's on the auto  trader and that's on one screen up there okay   the good thing about trading view is i can connect  that same tradestation account on trading view   so i can trade through my tradestation account  trading view uh i have the ninja trader account uh   open uh most days because i trade micros on  that so the idea with that is if we uh for   example yesterday um opening range for es i used  the micros because we had a lot of data points   you know just after the market opened so there was  there was chances that things could turn around   and in fact they did turn around and everything  went south uh it wasn't straight away um   but i was able to to get those initial longs and  then some of the shorts so but on a day like that   i won't use the tradestation i'll go to  ninja trade and i'll just trade the microbes   because it's about being sensible as  well monday tuesday i use full contracts   made a couple of grand a day yesterday i  probably made 400 uh 400 on the microbes   and you could sort of say to yourself  oh you could have made four grand   but that's not the way to think about it i've had  a great week i'm not trading for the rest of the   week and that's that's how it should be you've  had a couple of good days you've got a heavy day   today coming up you've got some big support  resistance zones you've got powell talking   there's too much that could go wrong reduce  your risk use micro futures and so eventual   weather so these trades you're talking about  on a daily basis how long are they running for   um typically no more than an hour um if we get a  runner and the manager's saying stay in because   that's my rate you know i'll stay in and yeah i'll  miss the hot tub session and everything because   i've got to stay in this trade and manage it and  you know all of a sudden my wife's knocking on   the door saying come on dinner's ready go ahead  yeah so what what so if there's running for an   hour i mean you're obviously in in and out on low  time frames what's the uh when you're managing it   what time frame are you typically managing it on  or is it not meta could be anything uh it doesn't   really matter i mean to be honest if i'm on a  15-minute breakout trade um after the first hour   if i'm still in it and still going i'll probably  go down to a five minute and we'll if it's been   a parabolic move i'll go down to the five minute  and um there's different settings with the manager   so there's day trading moderate conservative  and aggressive and there's swing training so   if i've got a 15-minute move and it's  going well uh and i'm still in it um   the idea then is to go down to the five minute  put it on day trading aggressive because it's   been a parabolic move and i'll be more aggressive  managing that trade so it really depends i mean   you know rty yesterday wasn't a fantastic move  up so i was i was aggressive straight off the   bat because it just wasn't moving like yes uh  so it's about understanding the behavior what's   happening within that first 15 minutes you can  you can see whether it's going to pop or not cool   all right it sounds like it's a busy day when  you're trading um and no no wonder you want to   have a couple of days off at the end of the week  um now so what about mindset you've obviously had   a lot of people come through and use your software  and even just in the groups that your your your   discord group and stuff do you see any sort of  common flaws with guys who are coming in and not   making the software which should in theory  be simple work or um i suppose even guys that   i suppose just general mindset things that you  think they could improve on well i'm actually   writing a book at my at the moment called the  problem with retail training oh right okay there are a lot of problems but one of the  biggest problems is somebody buy some gucci   software doesn't matter from worse or from where  else but they will look for reasons to get in a   trade that is totally the wrong mindset you've  got to find reasons not to get in a trade if you   can't find those reasons you're going to trade it  so if you've got a set of rules uh and you've got   a checklist of three things okay if one of those  things isn't right you don't get in the trade you   don't start putting um other sub charts on there  and other things that actually talk you into   getting into that trade the biggest problem with  retail traders is they find reasons to get in a   trade so they'll read a book somewhere and they'll  put this thing on the chart and they'll say yeah   actually although my rules have been broken this  is saying i should be trading now and they'll   find a reason to get in a trade um you need the  discipline to find reasons not to get in a trade   so for example if you're swing trading a stock uh  and it's very close all the rules mate you've got   good risk to reward but earnings is in two days  you're not going to get into that's the reason   not to get in that trade because you could just  get tiptoed into that earnings are bad it gaps   down and you lose a load of money yeah so you  need to be aware and find reasons not to get in   a trade that is the biggest mindset thing i would  uh actually recommend that there is some fantastic   advice i've never heard anyone mention that on the  in the show i'm pretty sure i haven't um that's   great advice though because i actually find myself  doing the exact opposite of like coming up with   reasons like oh yeah that level will probably  break no it didn't break why didn't it break   the level that don't break um okay cool that was  awesome now um we're just going to jump into uh   a quick fire around here just to wrap  things up on the interview front so   how long did it take you to go from newbie to  consistently profitable uh three and a half years   what's your favorite entry setup fifth  wave of the eliot wave sequence love it   uh do you have any recommended  trading book or resource   no because they're all too complicated i all i  would say is i've got a great youtube channel   because all i do is go through different um using  the software different type of market conditions   so the only way for people to learn right now  for me is an easy media so it doesn't have to be   my youtube channel but find videos that will show  you that the same strategy but in different market   conditions and watch those videos all i would say  is people that write these trading books want to   look clever but they make things over complicated  and i right from that uh high probability trading   uh book that i read it's just too complicated yes  you're really clever thank you robert but i can't   you know the average joe i've got a degree of  mass and i couldn't understand it the first time   so don't get bogged down with buying a  shitload of books excuse the language   watch some videos and really understand how that  particular strategy works in different market   conditions that's that's the what the way to go um  what's your preferred broker and trading platform   okay trading platform trading view without a doubt  is my most favorite i don't have favorite brokers   because to honest all brokers are there to to to  make money from you uh so you know execution wise   um you know ninja trader and trade station futures  are very good uh if you're sort of in europe   you would probably look at ig markets for stocks  or even saxo taxos brilliant um if you're in the   us for stocks obviously td ameritrade is  one of the biggest things but their their   thinker swim platform that we do develop for is  old and sometimes there's issues with execution so   uh you know they've been taken over by schwab now  they're their platforms a little better in the us   but again it's very their platform schwab  platform if they move to schwab is very limited on   uh the technical analysis you can do so for me  trading view is available all the world round   and from and you know i i don't actually i only i  use tradingview for my technical analysis if i'm   i only use my broker for execution so i don't  even i i have saxo and ig i don't even look at   their charts never yeah i just put the trade  on the charts are on trading view yeah a lot   of people do that hey it's it's uh interesting  hey folks ever wonder what broker i use well i   use tanko trade it was a no-brainer because i was  looking for a broker with good trading conditions   and one that wouldn't restrict my leverage now by  joining henko trade i've also cut down my trading   costs significantly with this super low commission  of just one dollar per 100k you can learn more   at hankotrade.com or just click the link i've  put in the description hey um last question in   the show if you could leave our listeners  with one piece of advice what would it be you need to learn to frame your  charts support resistance zones and   trend channels and because unless you understand  where uh institutional traders have made   made a decision to turn an instrument around  you will never trade because then you'll be   going short into support or you'll be going long  into resistance you need to learn where those   decision points have been made you need to look on  higher time frames look at those pivots join those   pivots together form a zone it's not a specific  price it's not you know dollars and 40 cents   it's between a zone of price and you'll find  that there are pivots when you look back   when you put a zone across uh there and if  you're all of a sudden you're getting a signal   to go long but you're going into resistance  that's the reason not to get in the trade   cool well guys we're going to actually jump into a  price chat soon so we're going to see some of this   in action um before you wrap up what's the best  way for the traders to get hold of you uh i go   to global trading software.com fill in the contact  form uh i've got a good team behind me anyway um   info at globaltradingsoftware.com would be  probably the best way to go um we do have a  

discord group uh for users but also we've got  people in there that don't use i will probably   drop that link in as well because to be honest  that's where i hang out that's you know people ask   me questions and if i'm around i will give that  uh those pointers if you like i won't give them   entries i won't give them stops because i'm not  there to give advice my hourly rate's too much but   i will help as best i can whether it's  stocks crypto futures forex uh so that that   discord group is probably the best way to actually  interact awesome brilliant well look a big thank   you to paul sharing with us today everything  we discussed here along with all those links   are going to be in the show notes to find them  simply search for paul uh bradley so there's a   couple pulls on the show now um in the search  box on tradingnut.com until next time i wish   all my listeners training happiness and success  all right folks so there you have it interview   with paul done and dusted now do you remember the  video that we shot after the show is epic in fact   it does use a couple of the techniques or a few of  the techniques that i use in my own training so go   and check that out you're going to really learn a  thing or two about how to trade i think we go into   crypto and forex so jump in there have a look at  that also remember if you do want to jump on board   with christian and his world cup trading challenge  trades then you can do that head over there to   trading dot com find episode 152 details will be  on that page about how you can copy those trades   with no monthly cost which is pretty awesome and  no one time cost either um right guys last but   not least robot builders club you've got the uh  special offer happening in january 2022. if you   do want to automate some or all of your trading  go and check that out while it's still around   uh and genius trader coming at the end of  january possibly first week of february we'll   see all right folks thanks for listening thanks  for watching and we'll see you in the next one you

2022-01-13 18:38

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