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Old 11-01-2011, 09:43 PM   #9

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Re: Skype Room for Full Time Traders

Just an update, we decided not to continue with the audio skype room with other traders since we all trade different methodologies and there will inevitably be many methodology questions that can become very distracting. This experience turned out to be very exhausting for me.. I basically spent the entire day in dialogue answering a bombardment of questions about my methodology and how I formed my market bias, which I understand.. However, although my methodology is very simple, how I integrate the data is not easily explained in simple one sentence answers.. This experience confirms what I have heard before that audio rooms can become more of a distraction and generally only add value when you trade with other traders that share a similar approach, otherwise it only has a social value and may be a hinderance to better trading..

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Old 11-01-2011, 10:30 PM   #10

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Re: Skype Room for Full Time Traders

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Originally Posted by TRADEZILLA »
Just an update, we decided not to continue with the audio skype room with other traders since we all trade different methodologies and there will inevitably be many methodology questions that can become very distracting. This experience turned out to be very exhausting for me.. I basically spent the entire day in dialogue answering a bombardment of questions about my methodology and how I formed my market bias, which I understand.. However, although my methodology is very simple, how I integrate the data is not easily explained in simple one sentence answers.. This experience confirms what I have heard before that audio rooms can become more of a distraction and generally only add value when you trade with other traders that share a similar approach, otherwise it only has a social value and may be a hinderance to better trading..
Hi,

Now I'm a little confused. I thought the skype room you're trying to setup was for "like minded" traders. Thus, you only wanted those that had similar like trade methodologies. In other words, you were screening (filtering) so that only those that are "like minded" can join and not those that had different trade methodologies.

My point, why not continue with the Skype audio but with like minded traders especially considering you realize such is the direction you should have taken in the beginning? Thus, don't allow those to join that have different traded methodologies. Simply, you should explain your simple methodology here in your thread and then make it clear you're only interested in new members that are like minded to help prevent the problem you're currently seeing.

In fact, I've seen many chat rooms fail because they allowed "anyone" to join and allowed traders to join that weren't "like minded" or didn't have commonalities in their trade methods. Therefore, there are easy ways to prevent your Skype room from being a distraction and it begins with whom you choose to collaborate with.
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Old 11-02-2011, 12:20 AM   #11

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Re: Skype Room for Full Time Traders

WRB,
That's the intent but our conclusion is that this is easier said than done thru this channel.. Its only working now because the other trader and I understand each other.. The screening process may become exhausting and potentially costly.. and I include the time trading together as part of the screening process... For example, one of the participants trades VP, as do and yet we trade very differntly, which is fine...and I don't doubt he is a proficient trader, YET, he asked me an endless amount of questions the entire trading day from the very opening to the last 20 minutes of the trading day on my market read..

Reading the market cannot be explained in a "bottom line" answer because its dynamic.. Reading price is not just reading the price chart, its the integration of all data you deem relevant, meaning its how you put it together in real time that helps you form your probabilities of each set up the market presents, and this is not easily explained not that I didn't try so the conversation just went on and on.. he said he didn't ask me to give him detailed answers and yet, the follow up questions never stopped and this became very exhausting...

I'll do my best to tell you how I trade. I basically

- form a bias
- look for levels to lean on
- read price

I believe those are the only HIGH RELEVANCE factors that will put the odds on my side and allow me to manage risk. After all, trading is nothing more than GAMBLING but we all do our best to put the odds in our favor.. I like VP/ACD but I'm not a purist.. along with other data such as the dollar index/tick/add/vold/volume and etc.. and additional data if the settings warrants...

The way I trade is not top secret.. I don't believe a holy grail methodolgy exists and that's why I don't believe in automated trading or a "scientific method" in trading, which the other trader believed in... I think he's a great guy, we just disagree.. I believe the closest thing to the holy grail you'll ever get is how you put the data together and that is not easily explained in a KISS way.. We all want KISS and my method is the closest thing I've been able to accomplish it.. However, if a holy grail does exist, it can only come with reading price in context with reading the market with your methodology ONLY AS A ROAD MAP, and its not going to be perfect, just probabilities.... Its like playing any sport where your decisions are dynamic in real time, the manual does not exist except at the very basic level... In summary, that was my conversation today and it was long and exhausting.. Agree to disagree........
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Old 11-02-2011, 06:08 AM   #12

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Re: Skype Room for Full Time Traders

"trading is nothing more than GAMBLING"

That's only true to the extent a trader is clueless about whether or not he has an edge.

Last edited by jackb; 11-02-2011 at 06:09 AM. Reason: sp
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Old 11-02-2011, 07:42 AM   #13

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Re: Skype Room for Full Time Traders

Quote:
Originally Posted by TRADEZILLA »
WRB,
...For example, one of the participants trades VP, as do and yet we trade very differntly, which is fine...and I don't doubt he is a proficient trader, YET, he asked me an endless amount of questions the entire trading day from the very opening to the last 20 minutes of the trading day on my market read...

Reading the market cannot be explained in a "bottom line" answer because its dynamic...
Hi,

One key element of running a successful free chat room is to be a good moderator. In fact, the chat room will fail if you're a poor mderator but a great trader. Thus, when someone becomes a distraction or ask a ton of questions especially while you're in the middle of trades, interrupts others or seems argumentive, ask too many questions instead of waiting to ask them at a designated time period for Q & A...

You got to give the person a warning to stop. If it continues...you remove the person from the room (skype chat). Thus, being a nice guy is one thing but when your Skype chat begins to become a distraction to your own trading (such can be very costly as in losses or missed trade opportunities)...you need to remove the distraction (moderate), close your Skype room or don't trade. That's the only 3 options available and it's obvious getting rid of the distraction is the best solution. Thus, you need to be a moderator just like one would be at a discussion forum like Traderslaboratory.

As for your "simple method" that you seem to keep saying it cannot be explained in simple answers, you need to get a free blog...post as much details about your simple method with chart examples. Next, make sure all your Skype participants knows the link to your free blog. Those that forget and ask questions while you're in the middle of a trade...don't respond until you've completed your trade and then give them the link to your free blog.

My point is that if you want a good quality Skype chat...you also need to be prepare to be a good moderator and good manager of your Skype chat besides being a trader. The other participants will be greatly appreciative except for those that are a distraction to you and to others. For example, you mention that one of the participants trades differently and that's fine. Yet, oddly you complain about that same member asking endless questions the entire trading day. Obviously having a member that trades differently is not fine...a member that's not like minded.

Once again, I highly advise you properly screen those prior to allowing them to join your Skype chat to ensure they understand your simple method, rules of the chat and that they are using similar trading method prior to allowing them to enter the chat.

Last of all, your brief explanation of your simple method is in my opinion a very poor explanation. Its too abstract and there are no chart examples that show trade examples to correlate with your abstract explanation. Thus, if you can't explain your simple method properly when at a discussion forum...you will not be able to do it in real-time during the trading day.
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Old 11-02-2011, 12:54 PM   #14

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Re: Skype Room for Full Time Traders

Quote:
Originally Posted by jackb »
"trading is nothing more than GAMBLING"

That's only true to the extent a trader is clueless about whether or not he has an edge.
I disagree.. even with an edge, trading is ultimately still gambling.. The dif is, you can put the odds in your favor, that's all.. The edge is ocfourse never absolute.. what gives an edge in one setting will not give an edge in another setting.. identifying the setting is also part of the edge, but there are many dif ways to do it.. A good method needs to be versatile enough to survive dif market conditions.. Took a few trades in the morning and not trading till after the FOMC now...
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Old 11-02-2011, 12:58 PM   #15

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Re: Skype Room for Full Time Traders

some gamble, some don't.

some have an edge, some thought to have an edge.

some predict, some anticipate.

some analyze, some postulate.

some trade, some push buttons.

such is the wonderful world of trading.
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Old 11-02-2011, 01:20 PM   #16

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Re: Skype Room for Full Time Traders

Quote:
Originally Posted by wrbtrader »
Hi,

One key element of running a successful free chat room is to be a good moderator. In fact, the chat room will fail if you're a poor mderator but a great trader. Thus, when someone becomes a distraction or ask a ton of questions especially while you're in the middle of trades, interrupts others or seems argumentive, ask too many questions instead of waiting to ask them at a designated time period for Q & A...

You got to give the person a warning to stop. If it continues...you remove the person from the room (skype chat). Thus, being a nice guy is one thing but when your Skype chat begins to become a distraction to your own trading (such can be very costly as in losses or missed trade opportunities)...you need to remove the distraction (moderate), close your Skype room or don't trade. That's the only 3 options available and it's obvious getting rid of the distraction is the best solution. Thus, you need to be a moderator just like one would be at a discussion forum like Traderslaboratory.

As for your "simple method" that you seem to keep saying it cannot be explained in simple answers, you need to get a free blog...post as much details about your simple method with chart examples. Next, make sure all your Skype participants knows the link to your free blog. Those that forget and ask questions while you're in the middle of a trade...don't respond until you've completed your trade and then give them the link to your free blog.

My point is that if you want a good quality Skype chat...you also need to be prepare to be a good moderator and good manager of your Skype chat besides being a trader. The other participants will be greatly appreciative except for those that are a distraction to you and to others. For example, you mention that one of the participants trades differently and that's fine. Yet, oddly you complain about that same member asking endless questions the entire trading day. Obviously having a member that trades differently is not fine...a member that's not like minded.

Once again, I highly advise you properly screen those prior to allowing them to join your Skype chat to ensure they understand your simple method, rules of the chat and that they are using similar trading method prior to allowing them to enter the chat.

Last of all, your brief explanation of your simple method is in my opinion a very poor explanation. Its too abstract and there are no chart examples that show trade examples to correlate with your abstract explanation. Thus, if you can't explain your simple method properly when at a discussion forum...you will not be able to do it in real-time during the trading day.
WRB,
I hear you, but this is not meant to be a major production.. I think my method is simple, but others may disagree.. It doesn't come from a chart alone, it comes from the relationship of the data and price action, and then there is also a time element and this can come in many dif combinations.. There is no exact formula.. Its a "weighing" of the "micro" set up in combination with the macro theme.. I form my own R/R probability by looking at a combination of data,.. Its not going to be perfect though.. For example: today, I got mixed data so I couldn't hold my trades.. believe it or not, I shorted the opening, bot near the bottom at 28, and shorted 38 from the same data and yet couldn't hold from the same data.. All I look to do is to do is put myself in a position to get lucky...
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