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Showing content with the highest reputation since 07/31/08 in all areas

  1. 7 points
    bootstrap

    I Look Back Now and Wonder

    I wasn't sure where to put this, so the powers that be can move it if they see fit. I put it here for anyone who is just starting out and wondering what it really takes to become part of that elite club of profitable traders. I lurk on several trading forums. I join a few and make a few posts. One thing that I rarely see is the painful path one took to becoming successful. So for all you beginners here is what becoming successful took. For my fellow brethren that are already in the club have a good laugh. The markets had always lured me as a kid. I would read the paper and make predictions. Sometimes they were right; sometimes not. Then one day I got that famous commodity-trading flyer, sent my money off and took the plunge. My first stab at trading was commodities and I started with $5k in 1991. I was using the strategy as outlined by the guru. The account was gone within a few months. Well that didn’t work. I thought, people do this everyday and make money why not me. So off to the library. I read every book the Memphis library had on trading and investing. I paper traded the strategies I found while I built my bankroll back up. I learned exits, set-ups, position, expectancy, market psychology, and portfolio management. I soon realized that I was reading the same thing over and over no matter which book I checked out. Time to build my strategy. I am ready to do this. I bought a new computer, Metastock Pro 6.0, and opened an account with $30k. Its 1995, and this is my shot. By 1997 I was toast again. The family life went to hell in a hand basket, and I thought I could trade through the difficult times. The result was an account with a balance of $2500. Back to the drawing board. Took care of the personal stuff. Lived like a monk raising capital. Worked nights and watched the market during the day. Took a second job on the weekends to raise more money. Then one day out of the blue, the little red and green candles started to make sense. I saw patterns develop over and over in the same spots. I placed a trade and made a profit. But I had done this before. I removed the MACD from my charts. Placed another trade and made a profit. Maybe I am on to something. Removed the channel indicator that I stumbled across. I could still see the action and new what the MACD was doing and where the action was in the channel without them even being on the chart. I even stopped drawing trend lines. It was just me and the screen. I planned every trade. I knew exactly when, where, and why I entered and exited. I was patient. I became a predator. Lurking and waiting. I took every shot the market gave me. If it started to go wrong, I got out quick and waited. If the market did not give me an opening, oh well. There is always tomorrow. By the fall of 1999, I was consistently profitable and have been ever since. For those that are waiting for the sales pitch, there isn’t one. For those that are waiting for me to expose some great secret, well there isn’t one of those either. What I will give you are a few simple pointers that I learned the hard way. And the sad part is, most will stilll learn these the hardway. 1)Take everything you read with a grain of salt. That includes this post. 2)Never pay for a system. It is just not that easy. 3)If something comes up in your life that is distracting, stop trading. 4)Plan every aspect of your trade down to the smallest detail, and plan for every possible outcome. 5)Develop your own strategy. Don’t let someone tell you that you can’t trade a simple moving average if you truly believe you can. 6)Test the strategy in the market that you will be trading. If you like the results, trade it in another totally unrelated market and see if it still holds up. 7)Paper trading is ok, but there is nothing that truly tests the strategy like hard earned cash. 8)You will have to make sacrifices in order to make it. I still do. In the middle of my learning period I was working 18 hours a day during the week and 12 on the weekend. 9)You are responsible for everything when it comes to trading. That includes stop running, bad fills, limit moves, your PC crashing. I mean everything. See #4 10)And last but probably most important, don’t be afraid of failure. Just do like Edison and go, “Well that didn’t work”. Good trading to you all.
  2. 3 points
    LindsayBev

    Best Candlestick Book / PDF??

    Donald, here is the pdf version of the book, if you are interested. While a bit "salesman-like" in its approach (all of what he claims cannot possibly be true or it would be the Holy Grail), it was packed full with pictures, commentary and helpful information. Enjoy. Profitable_Candlestick_Trading-HERE.pdf
  3. 3 points
    rangerdoc

    Wyckoff Resources

    I'm not one to make a habit of bumping old threads, but based on earlier discussion, this is clearly the best place to post a link to the original Wyckoff course: The Richard D Wyckoff Method of Trading and Investing in Stocks: A Course of Instruction in Stock Market Science and Technique. Wyckoff - Course.pdf
  4. 2 points
    bootstrap

    Why Screen Time Is Important

    Here is something that should get pretty lively.. Since everyone keeps telling you that screen time is important, there has to be something to it. But nobody is telling you what you should be looking for. What is it going to teach you? There has to be something that those who do this for a living see that you don’t. Well there is. And just like the magician that exposed the secrets to magic tricks on national TV, I am going to tell you what we see. But before I do remember one thing. Take everything you read in a forum or book, or hear from a guru or in a seminar with a grain of salt. Question everything. Only when you prove it to yourself, does it become the rule. What I am about to share can be found on thousands of sites and in countless books. If you have done any research at all, you have come across Dr. Elder’s triple screen, or some permutation of it. You understand the principles behind using multiple frames of reference. What has most likely not been explained to you is why it works or how to apply it correctly. In most cases you are only given a single example. Single example you say? Yes, when most first stumble across using multiple time frames, they follow the rules of: Use the upper time frame to identify the trend, the middle time frame for the set-up, and the lowest time frame to enter. If by chance you are not familiar with the triple screen just goggle “triple screen +elder”. Trading instruments exhibt three different types of market action in any given frame of reference. You use multiple frames of reference (i.e. Time or ticks) to identify the current market environment. These markets are: Trending, Trading, and Volatile. Why screen time is so important is that all instruments do not exhibit the characteristics of Trending in the upper time frame, Trading in the middle, and Volatile in the lower at all times. They can be in any one of the following combinations at any given time: Trending/Trading/Volatile Trending/Volatile/Trading Trading/Volatile/Trending Trading/Trending/Volatile Volatile/Trending/Trading Volatile/Trading/Trending Or any one of 84 possible market combinations if you consider Volatile/Volatile/Volatile. Like the major pairs in Forex, the combinations I listed are what I consider the major market combinations. The elusive secret that you are looking for, and what screen time teaches you, is to identify which market combination you are in and then how to trade what you see. Or better yet, when to stay on the sidelines. Each combination requires a different strategy, and some may not be tradeable at all. If you are trading across a broad range of instruments, you only need to master one. The fewer instruments you trade, the more market combinations you may have to learn. But you have to learn them one at a time and only add the next one once the first is mastered. But you ask what about Trending/Trending/Trading? Or how about Volatile/Volatile/Volatile? Or if I use Weekly/Daily/Hourly I get Trending/Trading/Volatile but if I use Daily/Hourly/Min I get Trading/Volatile/Trending. One step at a time grasshopper. One step at a time. As I mentioned there are 84 possible combinations. Multiply this across thousands of instruments and countless frames of reference, and I hope you get the picture. You do not have to learn them all. You only have to learn the few that fit you, your chosen instrument and frames of reference. Find the market combinations that are most prevalent and learn to trade only those. This is why it takes screen time to learn to do this, and why each trader is different. It is also why three traders in the same instrument will be doing something different. Trader A will scalp, trader B will be a buyer, and trader C will be seller, and they all make money. They are using different frames of reference and therefore see a different market
  5. 2 points
    To become a full time traders, it will take years. Full time trader is smiliar to becoming a lawyer, Doctors, etc. The problem is many people believe day trading es is "get rich quick." If it takes 5 yrs to become a doctor, it will take 5 yrs to become a full time trader. I have no clue why people believe they can become a full time trader less than 1 yr. If that is true, why does it take a long time to become a doctor, lawyer, etc. According to the Gov report, 97% of the people lose trading in the futures market. One of the reason they lose is, they failed to understand trading futures involves substantial risk and only risk capital should be used. All brokerages and few trading school websites have those risk disclaimer. But for some reason, most people FAILED or ignore the risk disclaimer. For those who are a successful full time traders took them yrs to get there. Plus, they fully understood that trading es is NOT A GET RICH QUICK and trading futures involves SUBSTANTIAL RISK!!!!!! hope this help
  6. 2 points
    DbPhoenix

    Trading The Wyckoff Way

    Put simply, support is the price at which those who have enough money to make a difference are willing to show their support by retarding, halting, and reversing the decline by buying. Resistance is the price at which those who have enough money to make a difference attempt to retard, halt, and reverse a rise by selling. Whether one calls this money professional or big or smart or institutional or crooked or manipulative or (fill in the blank) is irrelevant. If repeated attempts to sell below this support level are met by buying which is sufficient to turn price back, these little reversals will eventually form a line, or zone. Ditto with resistance. A swing high or low represents a point at which traders are no longer able to find trades. Whether that point represents important support or resistance will be seen the next time traders push price in that direction. But everyone knows this point, even if they aren't following a chart. It exists independently of the trader and his lines and charts and indicators and displays. It is the point beyond which price could not go. Hence its importance, both to those who want to see price move higher and those who don't. The first two posts to this thread address these matters, as do others here and there. However, finding S&R in real charts in real time takes more than just a couple of posts. But one must understand the nature of support -- and resistance -- itself before he begins to look for it. Otherwise, he will find what he thinks are S&R in some very peculiar places. Before coming to any conclusions about what “works” or “doesn’t work”, and thus does or does not provide an edge, one ought to keep in mind that a given event -- such as price seemingly finding support or resistance at a trendline (or moving average, candlestick, Pivot Point, Fib level or whatever) -- may be only incidental to what is truly providing that support or resistance. A fundamental misunderstanding of how "indicators" are calculated and what they're supposed to do can lead to all sorts of off-task behavior. We think we see the indicators indicating something, or not, and believe we have made an important discovery. We then devote our efforts to improving the hit rate and the probability of whatever it is we think the indicator is indicating when our efforts ought to be focused on determining whether or not the indicator is actually indicating what we think it's indicating. In most if not all cases, it isn't. Consider the virgin being tossed into the volcano: sometimes it results in a great crop, sometimes it doesn't. Maybe tossing her in earlier or later will change the probability of a healthy crop. Maybe two virgins are better than one. Maybe six. Maybe tall virgins are more effective than short ones. And surely age is important. But does the robustness of the crop really have anything to do with tossing the virgin into the volcano in the first place? The money under the pillow is not evidence of the existence of the tooth fairy, and spring will arrive regardless of whether the virgin is tossed into the volcano or not. (Db)
  7. 1 point
    alexa-moore

    Forex signals

    The forex market is like boxing, if you train well and are good you can earn a lot of money and have free time. But if you go there without training you will be very bad, places to invest there are many, and while they are regulated you will not have fraud problems, however even if you have the best broker in the world if you do not know how to analyze markets, you will hardly avoid losing your money.
  8. 1 point
    landorra

    Forex signals

    This is the most important one of them all.
  9. 1 point
    Amadvill

    Quantitative Strategies

    Years ago I did a course dictated by Fernando Martínez Gómez Tejedor who helped me professionally, quantitative strategies, the information is of great relevance and although I do not have it complete I promise to get it to share it. For now I will upload a part and then I will provide you with the information of the complete course, it is in Spanish, you can translate it: Mega Dropbox
  10. 1 point
    I really don't know why people cannot understand that trading is not difficult. Yes you heard me right - NOT DIFFICULT. Everyone makes it looks so hard. Yes i agree that if you want to know all the ins and outs of technical indicators, macro and micro indicators, and all the stuff they teach in the MBA courses in Universities, then it will take many years. But to simply trade a system and make a living is very simple and can take a few minutes to several hours to learn. Depends on you as an individual. The catch is people do not have the proper mindset to treat trading as a business or a job. They do not treat it accordingly. They go in with fear that they gather from the public. I thought it was so hard in the beginning, but finally i came to realize that i have to leave all the gossips and negative baggage out the door. And i have been successful since. I do not have an MBA degree, i am only a Nurse. I trade 4 hours in the morning because i am selective of my trades. You can trade for 30 minutes or less - depends on how much you want to make and what your system tells you. My trade last between several seconds to several minutes. And i only take selected trades. I did not develop a system of my own, i acquired one and follow the rules as instructed. And i am comfortable making a real living without having a boss on by back. If you can follow instructions such as, A + B = C, buy or sell, without any emotional attachment, then you are on you way to success. Please do not ask me for strategies or systems as i don't think this site will allow it. And i will not post account or anything else to brag. My success is kept quiet until now because i am tired of watching people talking and writing things that are discouraging to others. And believe me, i have met and seen many small traders making a good living with day trading the e-minis. You have to choose an instrument that you like, find a strategy that works for you and trade it. Do not let people tell you otherwise. Any job will be hard. Think of it. If you do not apply yourself and have fear in front of you always, then no job will be successful. That's all for now.
  11. 1 point
    mitsubishi

    Knowing the Direction of the Market

    NO ..............................................................
  12. 1 point
    Yeah! That's my pleasure
  13. 1 point
    Gamera

    Testing Times.

    Actions for the 31st. Volume seemed to be all over the place along with the PA.
  14. 1 point
    Hi, I am Nameeta Patel. I have just started trading and I hope to learn and share about it in this forum.
  15. 1 point
    Endicotto

    TOS into TradeStation Indicator ?

    I guess Arun ran. lol
  16. 1 point
    The answer to this question is relative. I mean, it depends upon you. It depends how quickly you understand the market and the company in which you invest. If you study the life of successful traders, it is analyzed that it took them years.
  17. 1 point
    Losing because your analysis was wrong. Losing because your impatience, greed or fear stepped in. Those are the losses you can get rid off, by training self-discipline.
  18. 1 point
    daveyjones

    Trading for a Living

    You can't reinvest everything you make. Eventually, you will need to take money out of your trading accounts and pay bills, take your family on vacation, etc. But how often and how much should you transfer from your trading accounts to your personal accounts? Should you take out a fixed amount each month or a percentage of your earnings? What if your accounts are currently sitting lower than your opening balance? Should you wait until you move above that point before you reward yourself with a salary?
  19. 1 point
    zdo

    ,,,just Sayin...

    ... https://www.youtube.com/watch?v=oBmp8OOJ8sE Everything to the right on your chart is free information
  20. 1 point
    Pipperidge-Farm

    Best Forex Broker?

    JFD Brokers is the one i`m using and it's fulfilling all of the requirements above. EUR/USD - 0.3 pips average spread FCA, BaFin, ACPR Registered and CySec regulated Leverage - up to x400 (default x50) Customized MetaTrader 4 and MetaTrader5 platforms with lots of trading products (MT4 -> 500+; MT5 -> 1000+) A lot of free charting and one-click trading tools package. Fast customer support Misc - negative balance protection, post trade execution reports, zero margin for hedged possitions, weekly recaps, market analyses, strategic reports and technical analyses
  21. 1 point
    zak.gibb

    Forex Trading on Smartphone / Iphone

    I've been using my iPhone 7 since the release of this phone. So I was trading for about a year now, and I never had a problem using my broker's mobile platform.
  22. 1 point
    Prakash

    Best Candlestick Book / PDF??

    Profitable Candlestick Trading (2002) by Stephen W. Bigalow
  23. 1 point
    JohnyIve, Please design and write us "some tips, or links for beginners". Thanks
  24. 1 point
  25. 1 point
  26. 1 point
    No seller coming on oil. Buyers building long positions.
  27. 1 point
    bakrob99

    Trading With Market Statistics - LINKS

    I have put this thread together because I wanted a place which had all the links for J.Perl's TRADING WITH MARKET STATISTICS threads for easier access. Trading With Market Statistics I. Volume Histogram Trading With Market Statistics.II The Volume Weighted Average Price (VWAP) Trading with Market Statistics III. Basics of VWAP Trading Trading with Market Statistics. IV Standard Deviation Trading with Market Statistics V. Other Entry Points Trading with Market Statistics VI. Scaling In and Risk Tolerance Trading with Market Statistics VII. Breakout Trades at the PVP Trading with Market Statistics VIII. Counter Trend Trades in Symmetric Distributions Trading with Market Statistics IX. Scalping Trading with Market Statistics X. Position Trading Trading with Market Statistics XI. HUP
  28. 1 point
    Every stock market investor wants to make a good profit from stock market but the journey to stock market most often starts with No Rules.
  29. 1 point
    In an effort to educate and stimulate some discussion, I'm going to try to put together a few steps for candlestick trading success! Step 1: Identify the candlestick 'patterns' or 'formations' There are a variety of websites and books out there talking about candlestick patterns or formations. Some sites out there with some free stuff that can at least get you started in pattern recognition. Stockcharts.com in particular has a nice section on candlesticks (click hyperlinks): Main Page Intro To Candlesticks List of Common Patterns That's a few free links from stockcharts.com. Those are pretty good for being free. Keep in mind that is not meant to be a substitute for books, videos and live seminars. As mentioned previously, I like the work of Steve Nison. So the very, very first step is to be able to look at a candle(s) and identify if there's a potential candle pattern or formation there. That's step 1. I know that seems easy, but it can take some practice, esp in real-time and esp in day-trading. I would suggest looking at some DAILY charts and just start flipping through charts of stocks to see what you can recognize. Don't worry about stock charts if you just trade futures, you just want to train your eyes to see patterns and formations. And speaking of day-trading, there is one important consideration when using candlestick analysis in a day-trading environment - YOU MUST REMAIN FLEXIBLE IN YOUR DEFINITIONS OF CANDLESTICKS IN REAL-TIME, DAY-TRADING. The lower the chart timeframe, the more flexible you must be. And what I mean is that if you are only looking for picture perfect hammers, you might be waiting a while for a signal. As we get more charts posted, this will make more sense. And from candlestick recognition, there are a couple schools of thought of how trade them: 1) Trade any of the patterns if your parameters are met. 2) Trade certain patterns based on your preference and testing. This is going to be an integral part of your trading plan and there's no right answer here. It really is dependent on how you build your trading plan and what your testing has shown. I'm not going to do the work for you, so don't bother asking.
  30. 1 point
    MidKnight

    Become a Better Trader

    Develop a plan. As one goes on their trading development journey and they are exploring a variety of markets, timeframes, and methodolgies - you'll need to develop a plan. The plan doesn't have to be some objective extremely specific set of rules. It can be a loose set of guidelines that makes sense to you that gets refined over time with your experience. The goal is to start acting consistently so you can get consistent results. There will probably be times that you violate the plan for whatever reason and I think that is normal, especially for more discretionary plans. But the key is to consciously violate it rather than getting lost in the throws of the market or in ones emotions. If you are consciously violating the plan you will note it in your daily review and over time you will collect enough data that may or may not indicate that the violation improves your plan. Develop a plan today.
  31. 1 point
    My biggest loss was time. Time spent looking at the wrong things, time spent trading without a plan or without real understanding of what was important, time wasted on indicators, etc. then time unlearning all the nonsense I had picked up. The money comes back with interest, but you can't ever get that time back.
  32. 1 point
    First of all I am not an amateur, having obtained an education in this area... The idea that people "engage" in self destructive behaviors is (as with most things that people post here) is misleading....generally people simple LET events overtake them, OR they are unwilling to accept responsibility for behaviors that produce a negative result, because they are too lazy (pure and simple)..to do the hard work of correcting themselves... The fact is that life in general is a struggle, and those of us who have made it to adulthood figure it out at the appropriate time (late teens, early 20's) and adopt an adult appropriate view of the world. The rest fall along a continuum where they may or may not possess a realistic adult view of the world, AND as a result of that immature world view, they believe (wholeheartedly) that the world "owes them" certain things.....then "when not if" the world doesn't cooperate" its NOT their fault....ITS EVERYONE ELSE..... Although its not politically correct, I believe these folks should get a brisk kick in the ass (or perhaps join the military and have someone else apply a "brisk kick in the ass" to them) until they "get it".... The subject is near and dear to my heart because sites like this one attract adult children like magnets (all asking the same questions over and over)...."why do so many traders (fill in the space) blah blah blah... And for the person who suggests that "all animals" do this....ah no....you see in the animal kingdom, "engaging" in self destructive behavior results in their DESTRUCTION.....there is an Darwinian process that prevents that kind of behavior from continuing along a genetic line.
  33. 1 point
    Mysticforex

    38 Steps to Becoming a Trader

    I didn't see this posted here anywhere so I thought I would. The " I Look Back Now " thread inspired me. I read this several years ago in a commodities magazine, I have also seen it around on the web: 38 steps to becoming a trader They are as follows: 1. We accumulate information - buying books, going to seminars and researching. 2. We begin to trade with our 'new' knowledge. 3. We consistently 'donate' and then realise we may need more knowledge or information. 4. We accumulate more information. 5. We switch the commodities we are currently following. 6. We go back into the market and trade with our 'updated' knowledge. 7. We get 'beat up' again and begin to lose some of our confidence. Fear starts setting in. 8. We start to listen to 'outside news' and to other traders. 9. We go back into the market and continue to 'donate'. 10. We switch commodities again. 11. We search for more information. 12. We go back into the market and start to see a little progress. 13. We get 'over-confident' and the market humbles us. 14. We start to understand that trading successfully is going to take more time and more knowledge than we anticipated. MOST PEOPLE WILL GIVE UP AT THIS POINT, AS THEY REALISE WORK IS INVOLVED. 15. We get serious and start concentrating on learning a 'real' methodology. 16. We trade our methodology with some success, but realise that something is missing. 17. We begin to understand the need for having rules to apply our methodology. 18. We take a sabbatical from trading to develop and research our trading rules. 19. We start trading again, this time with rules and find some success, but over all we still hesitate when we execute. 20. We add, subtract and modify rules as we see a need to be more proficient with our rules. 21. We feel we are very close to crossing that threshold of successful trading. 22. We start to take responsibility for our trading results as we understand that our success is in us, not the methodology. 23. We continue to trade and become more proficient with our methodology and our rules. 24. As we trade we still have a tendency to violate our rules and our results are still erratic. 25. We know we are close. 26. We go back and research our rules. 27. We build the confidence in our rules and go back into the market and trade. 28. Our trading results are getting better, but we are still hesitating in executing our rules. 29. We now see the importance of following our rules as we see the results of our trades when we don't follow the rules. 30. We begin to see that our lack of success is within us (a lack of discipline in following the rules because of some kind of fear) and we begin to work on knowing ourselves better. 31. We continue to trade and the market teaches us more and more about ourselves. 32. We master our methodology and our trading rules. 33. We begin to consistently make money. 34. We get a little over-confident and the market humbles us. 35. We continue to learn our lessons. 36. We stop thinking and allow our rules to trade for us (trading becomes boring, but successful) and our trading account continues to grow as we increase our contract size. 37. We are making more money than we ever dreamed possible. 38. We go on with our lives and accomplish many of the goals we had always dreamed of. Most traders will identify with this list and should be able to place themselves within these steps. Keep in mind that very few people progress through these steps in an orderly fashion. Developing your trading skills is an iterative process. For example, you may reach Step 13., find that although you were making money, your basic premise for trading was flawed (you might have been benefiting from the bull market, rather than your own trading prowess and then have been rudely awakened when the market entered a bear phase) and you may drop back to Step 4. and start 'climbing' the steps again. Having the proper mindset, attitude and psychological makeup becomes increasingly important as you progress through the steps. The focus of the earlier steps is on external issues, i.e. developing proficiency in the mechanics of trading while the focus of the latter steps (particularly from Step 30, on) is on internal issues, i.e. improving ourselves mentally and psychologically, maturing as traders.
  34. 1 point
    mitsubishi

    Next Big Thing

    Next big thing?..........Looks like the same old thing to me.Here's the recipe. 1) Get yourself a PR story that sounds too good to be true that the system is based on. In this case it is a maths genius (apparently,who,besides them say he's a genius?). Other famous PR stories are eg :a code based on a bunch of numbers mentioned in the bible (The Daniel Code).And: A genius who found the hidden order within markets,sold it to Welles Wilder,who called it The Delta Phenomenon. Or,if you are Steve Copan you call it The Market Matrix and pretend you're a recluse who only writes books,Cd's and once in a blue moon,seminars for a lot of money-because... you're a recluse. 2 )Do not tell anybody how the indicator works or what it's really based on (except it can only be based on past prices,therefore it lags and is not predictive) 3) Make a video showing the mysterious indicator "working" at the bottom of the cherry picked example chart. 4) Leave no doubt in the mug punter's mind that trading skills of any kind are not required just follow the "signals". 5) SIgn up to a trading forum,and in your first post tell us how you're thinking about signing up for this service and what do people think? 6) Get another spammer with 5 posts or less to say he's making money and it's the "next big thing" 7) If anyone bad mouths your operation or asks too many questions throw them out of your trading room. 8) When a trade set up is winning claim you are already in it. 9) When a trade set up isn't working claim you didn't get in it for reasons ABC. 10) If anyone calls you out on that throw them out of the room,but keep taking their credit card payments until they finally manage to cancel them-keep all the money and point them to the small print in the contract. 11) When business is slow,and after being thrown off various forums for soliciting,and after working with some of the biggest frauds,conmen and snake oil salesman in the "business",sign up for traders Laboratory and pretend your here to make friends and help struggling traders.When the long term residents call you out on your bullshit,turn pretty shitty pretty quick and cry like a baby that everyone's picking on you for no good reason.Threaten to leave -repeatedly without actually leaving.Carry on as if nothing is wrong and nothing happened until everyone is so sick of you the management is forced to act.(finally) Then,finally leave.Then come back almost immediately before finally understanding fully and intimately the phrase "go fkcu yourself" Then sometime later crawl back to give your expert opinion on the best way to run false accounts and statements while failing to see how transparent and ludicrous you look. 12) When things completely fall apart,leave the sinking ship owing 1000's to your customers and act like nothing happened. Hi Oliver,how's "business" these days? 13) Rinse and repeat until someone finally sticks your ass in jail (low probability) But hey,it's different this time isn't it?
  35. 1 point
    Lets put it this if you're going to study the way of Gann you're better be able to put the Universe right in your head. Some are unable and quit farewell quickly because they do not have the soul for it. Infact if I ask you some of the deepest things in regards about the Universe will you be able to answer them. Can you look ahead of time and prior to the past and line it up to the present while gaining instant knowledge about the world we live in and the soul of the self. To study the way of Gann is the way of the " One"....do you know where the wind blows and whether the dew it comes from ? Do you what the Flower of Life means ? Do not use any kind of technical analysis unless you're saying they predict the future. Do not use any of any engineer or market analyst. Just do things in the seasons that come for specific things that exits in accordance to its nature. I am fighting real causes that lie deep hidden in this mind that you don't even know. To be artist knowing the beauty and the order as well the chaos.....do you know what soilder of God is in control of the order and chaos in this world ? You know who govern and hold the scales of the nations that decide if peace or war ensue ? To understand a single number and its vibration is the beginning to understanding anything on a Square of Nine Gann. Number is Vibration and it is our primodal existance in bondage to space and time in the flower of life.
  36. 1 point
    phantom

    What Really Works for Technical Traders

    I promise to provide enough fodder to get you profitable if you aren't brain-dead, but I refuse to spoon feed you. Fair enough?
  37. 1 point
    phantom

    What Really Works for Technical Traders

    This is the July Beans showing a perfect consolidation breakout followed by a hammer. Notice the "rattail" that helps identify the hammer. See if you can identify the other two hammers in this down move (both excellent places to pyramid your position). This is only one of several breakout systems I developed and trade but I'm able to get in on several sustained breakouts each week with this method in just the currency futures alone. Hope this helps. Luv, Phantom
  38. 1 point
    Hi guys, Can anyone help me out by porting the following code originally made to ThinkorSwim to NinjaTrader? Here it is: declare lower; input length = 20; def closeLog = Log(close[1] / close[2]); def SDev = stdev(closeLog, length)* Sqrt(length / (length – 1)); def m= SDev * close[1]; plot spike = (close[0] – close[1]) / m; spike.setPaintingStrategy(PaintingStrategy.HISTOGRAM); spike.AssignValueColor(if close > close[1] then Color.UPTICK else if close < close[1] then Color.DOWNTICK else GetColor(1)); Thanks a lot!
  39. 1 point
    Ingot54

    Joke of The Day!

    Young John had just completed high school in the bush, and was off to the city to college. He had a faithful cattle dog, 'Bluey', and insisted on taking the dog with him. Of course, the attractions of city life were quite new to John, and during his out-of-college time, he spent-up rather big on enjoying it all. Eventually, the money ran a bit low, and John was a bit short. He decided to ring his father for a little advance. "Hello ... Dad? You will not believe what is happening here - Bluey is learning to play the piano." "Go on, son. You're kidding me!" "No, Dad, honestly - you should hear him. But the dog teacher had to be paid, and I am a bit short" "No worries, John. The cheque's in the mail." Well time went by, and John again got a bit short of money, and he decided to ring dad again for some money. "Hi Dad. Bluey is so advanced that he is now playing the piano and dancing at the same time. He is a big hit down here. But the extra lessons are not cheap." "Don't worry son, the cheque's in the mail. It's a good thing you got going there with Bluey." John was happy until the day came for him to go home. He knew he had to face the family with a dog that could neither dance nor play the piano. The day he got off the train, Dad was waiting there to meet him. "Where's Bluey?" said Dad, "I was hoping to watch a performance." "Well Dad, Bluey became so advanced, that he began to talk. We used to have long conversations about the things we've seen and done. One night he told me about you and that little red-haired sheila down at the pub, and he told me what you and her ..." "Crikey, John," interrupted Dad, "I hope you shot him!" "Yes, Dad, I did. I sure did. "
  40. 1 point
    MightyMouse

    38 Steps to Becoming a Trader

    Step 39 is when Shrek and Feona have a family and live happily ever after
  41. 1 point
    TraderWill

    Trading for a Living

    Daveyjones, this is a great topic. If you've been trading for a while you know that there's a lot of hype about the fortunes you can make by trading for a living. The reality is that like every job or business it is a process of gradual growth. And if you know people who've started their own business, you'll know that they lived like paupers for years, building their business to the point where they could reap the rewards by paying themselves a decent salary. It's the same with trading for living. If you have a profitable system, you first need to build your trading account so that you can increase the number of shares, contracts or lots that you trade. You also need to have an idea of how much you need or want to withdraw from your account on a monthly or quarterly basis, that becomes essentially the salary you want to receive. Once you trade enough shares, contracts or lots so that your account grows on average more per month or quarter than what you want to pay yourself as a salary, then you can start pulling money out of it. But not before. You want to be in the position that even after your periodic withdrawals the trading account continues to grow, albeit more slowly. Depending on the initial size of your trading account, and on the profitability of your system, you may have to build your account for one or two years before you can start pulling money out of it. It can be done, but not as fast as some would have you believe. Of course the larger your starting account and the smaller your salary requirements, the faster the process.
  42. 1 point
    first i must state that i consider optimization as the mother of all f**kups. Having said that, the best tools are both Ninjatrader and matlab Matlab, when one has the ability to program at a certain level, goes beyond anything. For quick and dirty (and for people not familiar with programming) NinjaTrader is excellent. I have the opportunity to use NT7 and indeed solves a lot of problems regarding resources use. Two additional interesting programs for system design are quant developer and rightedge But I repeat the best actually is matlab
  43. 1 point
    Regarding MT4---I am not aware that volume information reported in MT4 is truly accurate or valid. I know for currencies that the volume in MT4 is only the volume reported by each individual broker, thus it is not really an accurate representation of what is really happening. There are many forum posts that talk about this issue of forex and volume... Since this indicator needs an accurate volume picture, I'm not sure that porting this to MT4 is the best idea unless you know that the volume in the MT4 feed is truly accurate... Best, David
  44. 1 point
    thalestrader

    Taylor Trading Technique

    I agree. I've been trading TTT for fair amount of time. I have always found that most folks who fail to understand Taylor fail largely because they are fixated on the cycle, rather than on how Taylor uses where price is in relation to Support and Resistance. For example, I have rarely, if ever, read anyone here mention the "objective Point," a concept Taylor uses without which you will not succeed with Taylor's method, at least not as Taylor himself understood his own teachings. It is precisely this failure to appreciate Taylor's understanding of trading price action that leads folks to assume that the cycle needs repeatedly to be "re-set" or "adjusted" as George Angell famously (or infamously) suggested is necessary. If one were instead to view the cycle not as a set of strict trading rules, but rather as Taylor intended it, i.e. as a critical apparatus through which to view and interpret price action around significant support and resistance levels, i.e. Taylor's objective points, then one would also no doubt understand that for Taylor it is not nearly so simple as buying on Buy Day, selling on Selling Day, and shorting on Short Sale Day. Indeed, a close reading of Taylor will reveal that Taylor clearly (insofar as he can be accused of clarity at all) taught that the trader will at times buy on a Short Sale day and Sell Short on a Buy Day, but unlike George Angell and more than a few forum posters, both here at TL and elsewhere, those circumstances do not override the trading cycle. For example, let me quote Taylor concerning just such circumstances: 1) "In the case of a Higher Buying Day Low, the stock or future shows support causing a rally and a strong close on the Short Sale Day - the decline from this rally, next day, on the Buying Day, fails to sell down to the previous low - the Short Sale Day Low - this rally on the Short Sale day is an indication of a Higher Buy Day Bottom" and 2) "A Short Sale put out at the High of a Buying Day made FIRSTon the penetration of the Short Sale Day High, should be covered on the reaction ... for short selling on the Buying Day High made FIRST is generally a weak short sale." To really benefit from Taylor's method, one needs to see that the cycle, in and of itself, is useless without an accute awareness of price - especially where price is in relation to the open, and more importantly, where price is in relation to immediately prior highs and prior lows and previous closes. After all, what does Taylor keep in his book but a record of PRICE high, PRICE low, and the closing PRICE, and whether PRICE made its high or low first. The primary data from which all else in his Book (meaning the hand written Book he kept for trading and not the book he published about his method) consists of (Surprise! Surpise!) volume, opening price, high price, low price, and closing price. As is the case with all indicators, methods, systems, etc. anything that may be useful to making trading decisions will be derived from price. The true value and genius of Taylor's method, properly applied, is that it focuses the trader on specific price levels and price action, i.e. how price behaves around those levels, and how to anticipate in which direction the path of least resistance lay. As an aside, when Ed Dobson chose to publish Taylor's method, he did no one anywhere any favors by not only publishing Angell's and Raschke's interpretations of the method in the same volume, but then he went farther by suggesting in the publisher's forward that readers skip reading Taylor first, if not altogether, and simply read Angell's and Raschke's essays! What a mistake! This is, no doubt, one reason why most traders who approach Taylor become enamored of the trading cycle, and ignore price action, support and resistance, completly ignoring Taylor's objective points, as Angell in particular focuses squarely on the trading cycle in his essay on Taylor's method. Of course, another reason so many focus on the cycle and not the whole of Taylor's discussion on trading price action is that traders always want the easy money. How nice would it be if it really were so simple as buying on a buy day, holding overnight and selling soon after the open on the selling day for a nice profit, and then go short on the short sale day, cover at the close, again for a nice profit, and then start it all over again the next day by again going long on the subsequent buy day! If only trading were that easy! Angell was the one who first suggested that cycles need to be shifted from time to time. Let us all remember that Angell was selling a primitive computer software program using the Taylor method (dubbed LSS by Angell) and as Taylor's method is a discretionary method, Angell's project to automate trading signals from Taylor necessarily broke down. Angell could only make his program marginally salable by allowing the program to periodically re-set its cycle. The Book Method, you see, is meant for human intelligence, not artificial intelligence. As a further aside, anyone interested can quickly verify that Angell was fined by the CFTC/NFA (http://www.cftc.gov/opa/enf02/opa4628-02.htm) for his sale of and claims made on behalf of his LSS method and his computerized trading system. Why anyone would depend upon an essay that was originally intended as a piece of sales literature for what amounted to a faulty and fraudulent computer trading system scheme for his or her understanding of Taylor's (a real trader, by the way) method is beyond me. But those who insist that the cycle is anything other than a three day affair, or that it otherwise is in constant need of periodic adjustment is doing preciely that - interpreting Taylor's Trading Method through the lens of a fraud and a propagandist. In the end, it is always all about price. If its not about price, then it is about fear, greed, and EGO. Best Wishes, Thales
  45. 1 point
    omni2006

    Market Profile Trading Concepts

    correct. so if we have established a balance area, a push outside that balance is initiative and we get range extension. the responsive tail means that the initiative effort was shut down. there wasn't enough power behind the move to sustain it, a more powerful responsive movement came in, and created the tail. back into the balance we go. we had a nice example of this today in the ES. at point #1, higher prices would be expected to shut down selling, but it didn't so someone was trying to initiate an upward move. after we got range extension up, sellers responded at point #2 and the upward movement failed. the area that sparked responsive selling lined up with yesterday's VAH (point #3). though i realize there is more complexity to the market and its behaviors, i use a very basic lens for this scenario: did the expected happen? if we reach the upper portion of a visibly recognizable balance area, did higher prices shut off the buying? if not, that is unexpected and therefore not responsive. it is initiative. that's only for the direction. keep in mind how many different agendas are at play in the market at any given time. if, like we described above, the initiative move is weak and overtaken by responsive sellers then that initiative attempt failed. not only has this upward move failed sending us back down into balance, this can easily generate downward momentum and spark an initiative downward move at the bottom of our balance area. i think understanding the market through Market Profile simply takes a lot of time and practice. remember that MP is not a strategy, nor is it a trading system. of course, that's not to say people can't create trading systems based off of MP. i sincerely hope that helps. thanks and take care - omni
  46. 1 point
    atto

    Trading The Wyckoff Way

    In the Hinges thread, I posted a live trade and elaborated on my exit methodology. To keep that topic on topic and to allow us to continue investigating exits and scale-outs, I thought it would be a good idea to start a new thread. I'll cover my personal exit methodology seen though Wyckoff ideas, as well as the logical rationale behind it. That said, I welcome all feedback and supporting/opposing opinions. My current trading methodology involves position adds and scale-outs. My reasoning has roots in wagering ideologies such as the Kelly criterion. The idea is simple: Bet more when you have greater odds. Relating to trading, you want the most exposure when your edge is greatest; similarly, you want less exposure when your edge is least (and ideally, no exposure when you have no edge). This makes logical sense, but many traders (myself included for a while) failed to see this. Trading is a game of making money, not proving yourself correct. I disagree with the "A good exit is another entry" camp, because I can't say that my edge is always the same. Yes, if you're able to nail moves completely, then keep your all-in / all-out approach. I personally can't, and don't currently know of any trader who can. Let's examine when a trading edge changes. Let's say you enter with a long setup (and many are discussed in this forum), and price moves in your direction but fails to break through a possible resistance area. Couldn't we argue that the new sellers, by confirming resistance, have taken (at least some of) your bullish edge away? This would be a good area to take some position off, because buying pressure is (momentarily) outmatched by selling pressure. I find volume especially important in these areas, because it can help you gauge the interest of the bulls and bears. Price stalled; did: a) sellers sweep in, or b) buyers simply take a break? If you see a rise of volume on the rejection, start looking for the door. What if price did not stall at possible resistance? Then I see no reason to lighten the position. The buyers have been winning, and sellers didn't step in as they did before. In fact, I have position adding setups based on moves like this. Remember, price moves in waves (not bars) and is fractal. The setup you took on a 1m chart could parlay into a 5m setup. Always pay attention to the market on a greater scale. My most reliable and accurate way to exit are climaxes. Here's how I define a climax: A rise in momentium (volatility), along with: A rise in volume Then, a contraction of momentum / volatility (or, a rejection of price) High volume does not mean there's a climax. In fact, some of the biggest moves are on high volume. It's the rejection / stall you're looking for. High volume gives you a head's up that there's a lot of interest. Once you spend screen time watching climaxes, you can catch them pretty quickly. Frequently, you'll see a quick decay of volume. This generally means that buying pressure has lessened, but sellers have not taken over. Many times, this is the making of a pullback before a continuation. If, however, you see volume gaining on the pullback, you might be looking at a reversal (or a pullback on a larger scale). It's not volume you're interested in directly, but volume's effect on price. You'll also see times when volume does not spike before the exhaustion, but price fails to break through a support/resistance level. Many times, price will try more than once, but new buyers/sellers are simply not interested. This is another good scale out opportunity, because the lack of buying pressure is important. Price could likely continue, but our edge not as much as it was when we had buying pressure on our side. So far, I've talked about exits that are pretty close to the extremes. Unfortunately, not ever price action move ends so cleanly with a climax or S/R confirmation. This is where stop management comes into play. To begin with, I use very small stops initially (so importantly, am willing to re-enter if my entry was not clean). Additionally, there's no reason to take a full stop if price is not confirming your entry premise. This is important. I am not saying to wait for the trade to be proven wrong. Rather, get out if you're not proven right. The Phantom of the Pits has some wise words on this topic. So, we're in a profitable trade, and need to manage stops. My first goal is to make the trade riskless (move the stop to break even). This has many psychological and $ implications. Yes, at times, you can get shaken out for break even, and zoom!.. price shoots off. You must be willing for this to happen, and often, re-enter quickly without chasing a trade. I make the trade riskless as soon as price confirms my entry premise. This often involves a x point move, or a breaking of previous S/R. From there, I manually trail stops as price keeps breaking past S/R levels, or establishes new ones. Example: a bull run, and then congestion. I will set stops under the congestion. The more contracts you trade, the more scale-outs you can have, making your trade longer and longer (if this is wanted). As a rule of thumb, the longer term the trade is, the less tight you need to keep your stops. On trend days, to catch the entire move, you will need to allow for pullbacks. In action, I'm frequently scaling out on pullbacks, and then adding to my position as the trend resumes. This is a work in progress, so please feel free to add to my thoughts. My other posts on exits: Live trade exit discussion, the benefits of scaling out. A couple of you have mentioned to me that you like examples (helps solidify the concept). Please understand that this is simply one example, and does not represent the concept in entirety.
  47. 1 point
    Kiwi

    Woodies CCI technique.

    Lets get real. The CCI does provide the basis for working trading if its used properly. First: what is required? People trade with the trend or countertrend. Lets say that trading with the trend is easier (longer moves, and more forgiving because if you get your exit timing wrong the retracement frequently won't reach your stop before the move continues, although obviously a trend will finish or do a larger timescale retracement at some time). When you trade with the trend you either hang on trailing stops or you exit at targets that (for most people and strategies) should be at least twice as big as your planned losses. So, can Woodies' use of the CCI help with this? Yes. Its a trend following indicator (its just the current price minus a CCI length simple moving average divided by a normalizing factor (so that reaching 200 is similar to reaching the 2sd bollinger band ... similar)). If you wait until its above zero for a while then the chance is you have an up trend. If you wait for a pullback to zero or a little below you have a pullback of sufficient magnitude to feed liquidity into continuation. So you buy. Then you have to exit. How? When it hits the 2sd bollinger (200cci) or when it pulls back from that perhaps? etc etc So basically Woodie has taken standard reasons for entering and exiting a trade and framed them around a 14sma and 6sma based indicator. They can work. Do most people succeed with them? No. Do most people succeed with any trading method? No. Is it the best method? No. Most would do far better understanding trend, support and resistance, and price action (and where it and volume action are relevant) than messing with the cci. But is it that wcci doesn't work? No. So what has to change? Study price based methods and yourself. In simplicity and understanding lies the holy grail.
  48. 1 point
    Seb Manby

    [VSA] Volume Spread Analysis Part II

    Hi Speres; I assume that you are referring to my status quote, I just don't think there is anything else I can learn, I think I have reached the end of the road, and I have to say I am disappointed because life is most interesting when you are trying to overcome a hurdle, Tom Williams cannot teach me anything, he cannot find any faults in my analysis, can any of you out there teach me something about VSA technique I cannot see in a chart for myself? So now what? do I just turn that knowledge into a fortune? I don't need anyones else's money, I have more than enough for my needs and wants, so will I be miserable for the rest of my life? Gavin wants me to run the educational side of TradeGuider, I have agreed to work for them on a part time basis. Everyone in this room is talking about success, or trying to find it, but how many of you are thinking about the consequences of that success, and what will you find in yourself if you then arrive at that success? will you become bored of trading? will success make you slack in your discipline? For me there is no challenge in reading the market anymore, no struggle to make me feel excited, I have thought of finding someone who has decimated their account and replenishing it for them, but what would that achieve?, be warned that if you reach the top of your tree, what expectations will you have then? That is the reason for my status quote under my name. I am currently writing a book similar to Tom's, but explaining all the principles that Wyckoff wanted the public to understand, going into great detail, better than any book I have read, giving hundreds of charts in greater detail than my PDF postings last November, I am hoping that I can help someone with no experience to become someone who can support themselves financially on their own two feet, through the book and training videos, then I might not have a reason to exist after that. And Tom has been asking me to write a book for the last four years, so I caved in. Best wishes to you all. Sebastian
  49. 1 point
    sheptrader

    [VSA] Volume Spread Analysis Part I

    Hi Gordon G, remember weakness apppears on up bars not down bars, you have marked all down bars with volume less than previous two not up bars. so simply put,. down trend looking to go short look for weakness in up bars up trend looking to go long look for strength in down bars regards sheptrader
  50. 1 point
    marketguy

    Bid-Ask Tape Indicator

    mrsushi, You are a good guy. And there are lots of truly great and generous people in the trading world. I have met and continue to meet tons of them. As per Hubert and John, they are great salesmen (or at least Hubert is). Nobody is perfect. We all manipulate the facts, at times. Sure, Hubert is looking a little sleazy these days. And some in this forum will call them greedy. But, the bottom line is, are they providing a valuable service? Are people's education in trading really deepening and their results improving. We all start from the simple. We just want some arrows to tell us when to get in and when to get out. In time, after painful losses, we learn (or never learn) that it isn't that simple. We (hopefully) learn that we need to understand how the market works and we need to learn to read that dynamic movement. John and Hubert's motivations and priorities are in question. They seem to add more and more to the mix so that they can make more money. Any of those indicators (tools) they are offering can be used to positive purpose. I use some of them. But, I never use them in the often cut and dried way that those guys teach. I use them as information only. But, adding so much also muddies the waters, and I think that teachers should make it their priority to clear the waters. To help their students get to a deeper place of understanding. It has taken me over two years of indicator search/hell to start to understand that they are best used as training wheels or, at best, guides. The story is truly in the price action and volume. So Hubert, as someone who is primarily a tape reader, knows this. Yet, he is constantly pushing all these training wheels. And offering simplistic techniques that work great sometimes but can never work consistently. Getting back to your actions of posting the free indicators on the TTM site, I commended you on your boldness. I didn't think I knew knew you well enough to point out, what may be considered by some, your stupidity. Because, over all, I admire your action. Of course, they would get rid of the post ASAP. And, your relations with them are now different. And, you may be blackballed. But, you performed a service. And, hopefully, some people there took notice. We're all learning together. And your contribution (even though J and H might not like it) helps the greater community. And, in the end, that's what matters most. Whew. Long-winded response, huh? Take care. Bryan
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