This is the common journal for futures.io (formerly BMT) Elite Members who are currently trading or interested in learning more about the PATs Price Action Trading method as taught by Mack.
Why another new PATs journal now ?
The intent of this common journal, is to bring together the futures.io (formerly BMT) member traders currently posting in individual journals using Mack's PATs method. Recently we have seen a proliferation of individual PATs based trading journals, essentially replicating each others work split between Elite and public Journal folders making it difficult for everyone to keep track of who is posting what where. Out of respect for each other, futures.io (formerly BMT) members have been reluctant to post in each other's personal journals, thus leading to a growing subset of individual journals devoted to the same subject. So with this common PATs Journal it is hoped to alleviate these issues. In a practical sense, it will be a lot more efficient for everyone during the trading day to be able to watch this common journal, rather than trying to keep up with a growing list of separate individual journals.
Why an Elite Journal, why not put this journal in the public area ?
For several reasons: First in order to protect Mack's work (and our work as well) from trading system vendor's, the futures.io (formerly BMT) Elite Member section is the best tool we have available to protect everyone. Secondly, because of the level of interest in this trading method, several of us want to make sure Big Mike is appropriately compensated for providing this unique trading resource to the trading community. Finally, an Elite Member is someone that is making an investment in their trading education and career, thus, an Elite section journal helps filter out folks just passing through and asking the same question for the 50'th time in the thread and then disappearing before it's even answered.
The intended goal of this PAT's journal
We are not trying to replace Mack, we first and foremost encourage any new student of this method of trading to go to the authority (Mack) directly, links are provided below. This journal gives PATs students a place to post our daily trading summaries and marked up charts. We can share ideas and new concepts more efficiently in a common journal, with less risk of that information being missed in separate threads.
Why sharing our work and collaboration is important ?
The PAT's trading method is unique in that it is not something a new trader is going to pick up in a few hours or days. Often traders invest months of practice in order to develop the skill required to consistently read price action accurately and correctly. This method requires a lot of screen time to learn and develop proficiency in it's application. The best way to learn this trading method is to first learn the correct application of the method, then invest a lot of time in front of the screen applying what your learning during the trading day. Sharing with other traders, many much more experienced in the PATs method, will help you get up to speed more quickly and using time tested and proven techniques.
This is not a Chat Room
Please refrain from posting individual live trades here, it serves no purpose to do so. Instead, post a daily trading summary with marked up charts. If you finish up a couple of hours of trading in the morning and want to capture that information with some words and a chart or two,we encourage you to do so. When you have a marked up chart you feel will benefit the group during the trading session, please share it. Often with the PATs method there will be market conditions which are difficult or seemingly impossible to figure out live, so we post our best approximation of what we think is developing on the chart. This can be very helpful for those of us struggling to make sense of a confusing mixed market condition. One or two of our more experienced traders will often "see" what the market is doing, and by sharing that here it will benefit everyone.