FPAS Tipping Point Notes

Do have the time but not the inclination to write up all my notes from this book. I really enjoyed it,  it was like Al Brooks only simpler. Things that most stood out to me were his random "Notes" at the explanations of charts. Found these seriously interesting and informative and was a place where you got a feel for Volman's thought process, I might write some of these up in the future.  However the chapter "Tipping Point Technique" was the highlight of the book for me and this is what I will be writing up.

"naturally the decision to hold or exit should not be based on greed, fear,  gut feel,  or whatever false perceptions are known to warp a traders mind. at all times, it is a technical price level in the chart that determines what we can refer to as the tipping point of validity.

the ultimate tipping point -usually lies a pip above or below a signal bar or at a level above or below a top or bottom in a particular pattern.... it is worth checking nearby highs and lows particularly on polarity change levels as a couple of extra pips to the next level may be enough to keep you in a successful trade. The same applies when trailing your stop, Volman suggests not tracking miniscule PBs/RLs.

NB: for me as i use a signal bar at a prior hi or lo this should probably read... the ultimate tipping point -lies a pip above or below the signal bar at a top or bottom.

"the moment prices travel past the point of no return (Tipping Point), all bets are off and a trader has got to pull the plug.

"if prices go one way and then reverse, they will either leave a top or bottom in their wake. these tops and bottoms, the very footprint or supply and demand, will guide us into determining the current tipping points.

Psycho: "it is recommended to always expect prices, at some point, to travel against the open position.

bailing out of very healthy trades at the slightest sign of a pb, grabbing whatever tiny profit, is a sure fire way to remain stuck in the non profitable phase of trading.  a scalper, any trader, has to rise above his fears of losing and giving back profits, or else chances are slim that what is gathered in profit will sufficiently offset what will surely be gathered in loss.

Never forget the tighter ones stop, the smaller ones gains... It is not uncommon for a trade to come dangerously close to being stopped out, such is the nature of scalping and working with extremely tight stops. it cannot be stressed enough how important it is to not hit the exit button when confronted with these very typical counter attacks. when prices take their time , the power of demoralization can be excruciatingly strong. fight it. many times it is not the tipping point of trade validity that is surpassed, but merely the tipping point of what a trader can mentally bear.... do what needs to be done, even when it hurts...

true mastery is not so much defined by flawless understanding of PA principles but more by how much a trader is able to do what needs to be done. the true master will not be affected by whatever is happens on the chart.  He has no particular desire for consecutive winners, nor will he be effected by a string of losing trades.  The true master knows that every trade is just one out of many. he knows the odds favour his strategy, but he does not expect to win... if the market stops him out he will simply move on.