12: Understanding Price, Volume & Manipulation Through Wyckoff’s Trading Methods w/ Gary Fullett

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After Gary Fullett studied Biomedical Engineering he took up a job as a runner at the Chicago Mercantile Exchange (CME). From there he was hooked!

Several months of working at the CME, he started to realize how the markets worked. Taking the opportunity to further increase his knowledge he decided to study the Wyckoff method.

After finding success in his methods, Gary took a seat in the CME trading Indices and Futures.

Today, Gary is still actively trading and mentors many students from around the world, teaching they the wonders of the Wyckoff’s method and how to master it.

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Podcast Interview

Interview Links

LTG-Trading.com
GFullett@LTG-Trading.com

Recommended Books

Reminiscences of a Stock Operator by Edwin Lefevre

Broker and Platform

CQG

Key Lessons

• [18:14] I realized that most markets stay in trail ranges
• [20:01] So I just realized that even though Wyckoff is about fundamental’s person, but their fundamentals are part of the making of the technical picture.
• [21:42] The market is manipulated every single day and almost probably every single minute of the markets. But manipulation doesn’t mean illegal, it means that they’re willing to push prices higher or lower.
• [24:25] So they manipulate prices by trying to bid up prices without getting filled to sell and vise versa to the outside.
• [28:44] The better trader who understands how markets work, they may not get the 1-tick advantage from the trading floor, but to trade in Wyckoff traders today, I think it’s an advantage because they are able to see the money flow to demand and supply of prices of certain markets.
• [29:18] The great traders understand value, undervalue of markets.
• [32:55] Wyckoff goes in much more detail than Volume Spread Analysis
• [34:26] Many people, in my opinion, shy away from Wyckoff because I think they have to do a lot of work.
• [35:04] All indicators work very well when markets trend, they fail when markets become choppy and trail ranges.
• [45:22] Most people don’t watch the market all day long if you noticed they have used volume in the market in the opening hour and the closing hour.
• [46:46] Most markets tend to trail and trend the way that they do it in the first hour or so unless there’s news.
• [53:08] If you are a retail person, understanding what makes the price move and what doesn’t make price move is critical.
• [56:49] The problem with Forex markets is the interbank market and they don’t show you all the volume of forex.
• [58:44] If you could survive in this business for one year and see the trial and tribulation of the market movements, I think you increase your chance of being successful.
• [69:38] I think the hardest thing, especially for males in this business, is to admit that you are wrong.
• [69:55] Most traders that become successful have had very, very large drawdown at one point. It’s just the nature of the beasts. As much as you try to prevent it, I think you have to go through it.
• [71:02] If you can prevent yourself from losing money, you increase your likelihood of making money. But, if you take hard loses in this business you have no chance to succeed.

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Gary’s Trading

• He’s a Wyckoff trader
• He trades Indices, Futures, Commodities, and Stocks
• He uses CQG platform
• He uses alerts when trading
• He doesn’t calculate his winning percentages
• He has a 3:1 Reward-to-Risk ratio
• His trades last from several hours to a month on average
• He has a large number of trades at a time depending on market conditions
• He takes his timeframes from higher to lower and lower to higher to get executions
• He’s usually up at around 4:30 in the morning

Gary’s Strategy of the Week

• He takes and looks at the charts to see trending markets
• He checks the market structure by determining if the market is moving away slowly or fast from price
• If the trending is down, he turns off his buy sensors and looks to sell the market