Author Topic: Becoming a Chartered Market Technician...  (Read 245 times)

PipMeHappy

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Becoming a Chartered Market Technician...
« on: August 22, 2020, 02:19:12 PM »
Hello traders!

I decided that, with managing someone else's money recently, I should bite the bullet

and take steps to have some sort of training and/or qualification in the field, given that

I am a musician who only started looking into trading in late 2012 without any knowledge

or experience of finance before that.

I settled for the CMT programme and started on the training materials this week...

I wanted to share my journey so far and put my face to my video today, so that you

can see the person behind the FreeFX logo from previous videos!

Take a look here:

https://www.youtube.com/watch?v=mFM-eHs758w


Take care and comment/like/subscribe!

PipMeHappy

eddieb

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Re: Becoming a Chartered Market Technician...
« Reply #1 on: August 22, 2020, 05:37:02 PM »
Good luck with your course, looks like something that you will get a lot out of. I'm  sure that December, and the exam, will come around very quickly.
Best wishes,
Eddie
Disclaimer. Posts are just my thoughts,  not recommendations.  Do your own due diligence before trading

PipMeHappy

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Re: Becoming a Chartered Market Technician...
« Reply #2 on: August 27, 2020, 02:09:21 PM »
Thanks Eddie!

I thought I would share this quote on breakout failures, from page 128 of the CMT Level 1 volume
(see attached)...

eddieb

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Re: Becoming a Chartered Market Technician...
« Reply #3 on: August 27, 2020, 07:38:31 PM »
Interesting @PipMeHappy
Supports a lot of things I've read over the years and also fits with what @thescruff says on some of his videos.

The following paragraph looks interesting too. I used to disbelieve patterns totally, now I'm just sceptical about whether they are real or imagined.

Namaste
Disclaimer. Posts are just my thoughts,  not recommendations.  Do your own due diligence before trading

PipMeHappy

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Re: Becoming a Chartered Market Technician...
« Reply #4 on: August 27, 2020, 07:58:38 PM »
@eddieb

I just finished today the chapter on patterns and basically it is introduced by looking at the studies made recently by Thomas
Bulkowski, who looked at over 12,000 instances of chart patterns in financial markets over a number of years and came up with statistics about what is profitable most of the time, what is very rare or difficult to spot in real time, what is too risky, etc.

The premise in the chapter is that humans like patterns and like to see that there are patterns that they can rely on, and it is actually a really difficult thing (visual patterns) to ask a computer to quantify because it is very subjective and imprecise, at times. This human tendency to want to see patterns and use this bias means that the expectation is often not born out of reality, which is that a lot of these patterns fail and are not reliable - or their promotion on trading sites is simply not borne out of factual reality.

Bulkowski has a website on patterns, which the book quotes and I just looked up:

http://thepatternsite.com/

It is solid and packed with FACTS, and perhaps it is exactly because it is so grounded in reality that it seems to lack all the attractive editing and eye-catching presentation of those websites promoting fancy patterns with the promise of instant riches!!

Well worth a look...

Namaste back!

PipMe

PipMeHappy

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Re: Becoming a Chartered Market Technician...
« Reply #5 on: August 30, 2020, 12:43:56 AM »
Check this...


eddieb

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Re: Becoming a Chartered Market Technician...
« Reply #6 on: August 30, 2020, 11:59:23 AM »
Hi Pipmehappy.

Is this related to any particular type of pattern (W, double tops/bottoms, abcd) or does it include things like channels, candlestick shapes, etc?
Disclaimer. Posts are just my thoughts,  not recommendations.  Do your own due diligence before trading

PipMeHappy

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Re: Becoming a Chartered Market Technician...
« Reply #7 on: August 30, 2020, 12:23:31 PM »
Sorry @eddieb  it is a chapter aboout
short-term patterns (bars and candlesticks)...

It says that especially candlesticks have not
been tested all that much and a lot of patterns
have little meaning by themselves and a high fail rate.

eddieb

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Re: Becoming a Chartered Market Technician...
« Reply #8 on: August 31, 2020, 09:27:51 AM »
Sorry @eddieb  it is a chapter aboout
short-term patterns (bars and candlesticks)...

It says that especially candlesticks have not
been tested all that much and a lot of patterns
have little meaning by themselves and a high fail rate.

Thanks Pipmehappy, that puts it into context for me.
You seem  to be making light work of the book, a sign that you're enjoying it. Your video on it has had a fair few hits as well. Do you plan any more as you progress?
« Last Edit: August 31, 2020, 05:54:18 PM by eddieb »
Disclaimer. Posts are just my thoughts,  not recommendations.  Do your own due diligence before trading

PipMeHappy

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Re: Becoming a Chartered Market Technician...
« Reply #9 on: August 31, 2020, 05:00:11 PM »
Hello @eddieb

thanks for popping in!

I would like to do a 'I read the CMT Level I book in a month AND THIS IS WHAT I LEARNT'

kind of video... I put in a comment on progress thus far, under the first video, but that is all...

I am at page 200 and it really is all the kind of stuff that one would find out when learning

all the standard training stuff for trading - indicators, support/resistance, etc.

There are things which of course I never encountered, so when it comes to the exam prep

I will be buying the sample exam questions package and testing myself thoroughly, to see

what has to stick and what is just filler.

But yes, I am really enjoying this, it really is like a validation of all my learning, and more...

it is great.

PipMe

PipMeHappy

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Re: Becoming a Chartered Market Technician...
« Reply #10 on: September 02, 2020, 01:41:49 AM »
Here is another gem, at page 226 (see photo)...


Caesar

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Re: Becoming a Chartered Market Technician...
« Reply #11 on: September 02, 2020, 07:32:12 AM »
Interesting stance, wouldn't disagree with it either
Hail Caesar.
No, just a bit of rain

PipMeHappy

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Re: Becoming a Chartered Market Technician...
« Reply #12 on: September 18, 2020, 12:20:46 PM »
Chapter 39: "Being Right or Making Money" ...

This one is for all traders out there...