Let summer come and it usually slows down. These trending to non trending cycles are to trading what water is to fish. Every pause is a preparation, and every preparation an opportunity.
One often learns something new every session, if he's trading it live. Or observes something already learned in a new or different way.
What I like most about Wyckoff is that he keeps you in during a strong move and gets you out and keeps you out of a weak one. In the latter case, one can simply go for a bike ride.
For those who are new to this and have no idea what I'm talking about with regard to observing without worrying about entries and exits, I know of only two people who are interested in this and are also going through the observation phase: lajax and gears. I suggest dropping in on their journals and seeing what they're up to.
4D, Thanks for sharing your experience in mentoring. I am sure that by seeing your actual results that your friend was more motivated than most mentored students. Plus you started him in the right direction from the git go. Please drop a line here now and then on your friends progress.
I think starting right, bmwhendrix - Wyckoff the original and DbPhonenix - should get most of the credit as to what helped him most. It occurred to me after I posted yesterday, that even the analogy I used with him came directly from DbPhoneix's Wyckoff forum. I think it is his "How to do it" thread - "Hire yourself to do a job." I told my friend, "This is your job. Here is how you identify these levels (AMT/S&R). Your job is to identify them and track price using supply and demand lines relative to the levels you identified as potential S/R, and AMT limits. When price reaches these levels, if is fails, do X, if it breaks out, wait for the retrace, then do y, - use supply and demand lines to help you identify failures, breakouts, and retracements when in doubt." I was really just a librarian telling him where on the shelves to look - Wyckoff and DbPhoenix the mentors. And most importantly, he rolled up his sleeves did the work required of him to learn this method. Also, (and this goes to a suggestion made by kp, so this is not directed at you bmwhendrix) while the amount my friend profited this week relative to his trade size was obviously due to the wide ranges and big swings, that, imo, does not mean that SLA somehow "worked better this week than at other times." I would remind people following DbPhoenix's journals that I started SLA trading the NQ in July 2013, and I posted somewhat regularly through September 2013, and I did very well from the get go, even though quite a few of those weeks had small ranges in the 40-50 point range for the whole week. So while it is nice when the market gives me an obvious buy stop point well before the open, and even nicer when not only is it triggered and filled within seconds of the open, but also I'm then out with 25 points within 20 minutes or so, that is not the norm - but the norm has not been so bad to me either. The opportunity offered by the market will vary, but the means by which to profit from those opportunities does not. And even during those narrow range weeks, the NQ has very consistently offered me, using SLA, AMT, and using trading points as defined by Wyckoff in his active trading course potential S/R, low risk entries to gather 5 - 10 points most days. But to do it, you got to cut out the touchy feely Dr. Phil "let's explore" BS and roll up your sleeves and do the work - and before I get DbPhoenix mad at me, I will add this should all be addressed in your own journal.
Those who've studied the material will understand what these suggest. They will also understand that there are no guarantees (since price is moved by traders).