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