Eyes in the back of your head?

TEAMTRADER · #1 11-05-2009, 12:14 PM

One of the observations I have made over the years is that in order to take advantage of the main moves throughout the day, you need eyes in the back of your head.
Distractions are common place and missed trades are even more common.
The only solution I have come up with is to get like minded traders together so that there are several sets of eyes on one chart in a chat room type situation.
Having spoken to many of my trader friends we all agree that unless we are all trading an identicle or at the very least a very similar type of trading (eg - scalping), then we would again be going around in circles.
Any one who has an interest please contact me by PM.
Thanks
TEAMTRADER
'Trade what you see and not what you hear or hope'

brownsfan019 · #2 11-05-2009, 12:22 PM

I agree - all traders would have to be trading the EXACT same way for this to work.

For anyone to even be slightly interested in this, you will need to detail your trading method(s) and explain them. Basically you will be looking for new people that want a system to grab onto and you will train them. Any profitable trader is not going to abandon their method for yours simply to join a chat room.

TEAMTRADER · #3 11-05-2009, 01:02 PM

I have retired from trading now but I traded momentum based systems.
I looked for divergence first, then a support or resistance (used as a stop if the trade was wrong) and a trap line (diagonal using open prices).
The attachment is what I would have traded today with the vertical dotted line being the very safe entry and the down arrow being the exit.
Whilst this is technically a scalp, it is a very high probabilty scalp with a higher profitable result than a normal scalp, +27 in this case.
The first up arrow was the lowest risk buy trade and this would have produced +28 but the vertical dotted line was the safest.
The indicator backgrounds are light meaning the higher timeframe has an upwards direction.
I am a great believer in knowing where the chart is headed in the higher timeframe and trading only those high probability trades.
Hope this helps.
TEAMTRADER
'Trade what you see and not what you hear or hope'

robertm · #4 11-05-2009, 01:13 PM

Originally Posted by brownsfan019

I agree - all traders would have to be trading the EXACT same way for this to work.

For anyone to even be slightly interested in this, you will need to detail your trading method(s) and explain them. Basically you will be looking for new people that want a system to grab onto and you will train them. Any profitable trader is not going to abandon their method for yours simply to join a chat room.

You can do it without being exact. So long as you are on a similar theme - breakouts, continuations, same instrument/timeframe, then you will be trading the same moves but maybe slightly different techniques :-)

I agree on the missed signals being annoying with short term though, spotting the setups when looking across several time frames or symbols is one of my bigger annoyances, and teams of good dedicated like mind traders are hard to setup and keep together (everybody loves the good times, not so patient at sitting out congestion)

brownsfan019 · #5 11-05-2009, 01:20 PM

I think it's an idea that could work w/ brand new traders if you are willing to teach them. That's it. Even if we trade 'similar' styles, there still will be plenty of differences and could easily create even more distractions than just fixing the issue on your own.

robertm · #6 11-05-2009, 01:26 PM

Agreed newer (but not total newbie) helps a bit as they are yet to settle into a style of their own. Once you have chosen your baseline due to the mentor you had or view of the world etc it's hard to look at another persons view of the world & be in sync with it.

The balance is making them accountable for their own decision to take/leave a setup, using their own risk appetite, being consistent over a long term etc.

Breakouts are pretty easy to catch as you can alarm them, the retracements mid trend are the ones that can blindside you while pissing around on google or some trading forum :-D

DbPhoenix · #7 11-05-2009, 01:41 PM

Originally Posted by TEAMTRADER

I have retired from trading now but I traded momentum based systems.
I looked for divergence first, then a support or resistance (used as a stop if the trade was wrong) and a trap line (diagonal using open prices).
The attachment is what I would have traded today with the vertical dotted line being the very safe entry and the down arrow being the exit.
Whilst this is technically a scalp, it is a very high probabilty scalp with a higher profitable result than a normal scalp, +27 in this case.
The first up arrow was the lowest risk buy trade and this would have produced +28 but the vertical dotted line was the safest.
The indicator backgrounds are light meaning the higher timeframe has an upwards direction.
I am a great believer in knowing where the chart is headed in the higher timeframe and trading only those high probability trades.
Hope this helps.
TEAMTRADER
'Trade what you see and not what you hear or hope'

Since you have been trading for over twenty years, you know the pitfalls. If our chatroom setup has the bells and whistles you require, there's no particular need to go offsite. You can set up your own room here that's password-protected and screen those who'd like to participate. You can also set up a private group if you want to post charts that are related to chatroom discussions (you can also upload images to the room) and/or carry on discussions after the trading day.

TEAMTRADER · #8 11-05-2009, 02:04 PM

Teaching could be accommodated and, if there is interest, then I would be pleased to go down this line.
As long as there is understanding of a system, then there will be success, but only in that order.
Thanks for the info DBP - if there is the interest then I would definitely go down this avenue.
Let's wait and see if there is any interest.
TEAMTRADER
'Trade what you see and not what you hear or hope'

robertm · #9 11-05-2009, 02:11 PM

Originally Posted by TEAMTRADER

Teaching could be accommodated and, if there is interest, then I would be pleased to go down this line.
As long as there is understanding of a system, then there will be success, but only in that order.
Thanks for the info DBP - if there is the interest then I would definitely go down this avenue.
Let's wait and see if there is any interest.
TEAMTRADER
'Trade what you see and not what you hear or hope'

You know while participating in this thread I realised that one of the best parts of the trading journey is when you reach a point where you can have an offer like this to view somebody's system and just think to yourself "that's nice, I hope they do well", without giving it a second thought.

Well worth a look for any newbies wondering how a system is structured though, I stole ideas from some of the best I could find over the years

subterfuge · #10 11-05-2009, 02:19 PM

Originally Posted by robertm

You know while participating in this thread I realised that one of the best parts of the trading journey is when you reach a point where you can have an offer like this to view somebody's system and just think to yourself "that's nice, I hope they do well", without giving it a second thought.

Well worth a look for any newbies wondering how a system is structured though, I stole ideas from some of the best I could find over the years

Im not quite 'there' yet, but I know exactly what you mean! Been at it 4 years, I used to be all over threads like this one, or threads with 'realtime calls' or threads giving away a new 'system' for free etc. Now im indifferent to them. I like threads that look into psychology. I like PNL threads to show what can be achieved. My needs have changed over teh years....