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

  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
    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)
  6. 1 point
    Hi Folks, I thought it would be interesting if we had a thread where we could all post charts of potential price moves in real time. These do not have to be actual trades you are taking. The purpose would be for us to learn from one another how to recognize these opportunities in real time. Therefore, when you post a chart, be sure to clearly state the direction in which you anticipate price to move, and the reason you are interpreting price action in that manner. This is not a thread for secrets, show-offs, or salespeople selling systems. I'll start off with the GBPUSD here soon after the markets have reopened for trading this Sunday evening. Looks like a potential short trade if there is a break of 1.6421 (For the record, I am not trading this). The first red arrow would have been a nice short entry as the Cable put in a 1-2-3 top per Trader Vic (easy to see after the fact). The second red arrow swas a second chance short entry on the retest of the break of the "2" point on that 1-2-3 top (also easy to see in hindsight). The third red arrow is the current market as price is trying to find support. If that support does not hold, a test of 1.6389 - 1.6406 would be next. I have some family time now, so I'll check in later and update the chart. Best Wishes, Thales
  7. 1 point
    Johnjohnson

    Forex Trading

    Hello Guys!! Actually, I am new in Forex Trading and I want to learn more about it. Somebody recommend me VOLUMEFX to learn more about Forex Trading and trade with them. Is anybody from you is trading with VolumeFX? If yes, can you please share your views about them, so that I can choose the best one!
  8. 1 point
    TamirZoltovski

    Which is good for investment?

    While there are several investment options to choose from, an investor still requires a substantial amount of capital to build a diversified portfolio. This capital need can be a special challenge for young investors, as they may have minimal savings to invest. Thus, Tamir Zoltovski (Co-founder of Moneta International UAB) says ETFs (exchange-traded funds) make it probable to have a diversified portfolio with comparatively low investment thresholds.
  9. 1 point
    felixsam

    Which is good for investment?

    I would think about it, but without a doubt ... I think ETFs are the best option.
  10. 1 point
    Stan1

    Which is good for investment?

    Well I don't know. Good is only defined by you. What might be good for me might be disastrous for you. What are your goals? How much do you have? These are some of the questions you need to answer. Do you have a trading plan? I might post mine here to help. Most of all, you need to be sure of your own decisions. Asking for what trades are good is a sure way to lose your money. I could tell you what to trade then trade against you and basically just rob you. Learn your own system to trade. Do you have good resources?
  11. 1 point
    Investing in Forex is not a game, it is something serious and study, experience, patience and a lot of discipline. It can be a very profitable business if you are careful and never get greedy.
  12. 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.
  13. 1 point
    :haha: I hear you say. But really. I think that this is perhaps the single biggest factor in the high failure rate of new traders. Perhaps it would be better put that you should not expect to make money. Let me put it in a different way. A beginner will come into trading and have had very little experience of anything similar. The market will however look familiar somehow and tease them into thinking small successes are down to skill. After all, humans like certainty and are quite happy to congratulate themselves when they think they are good at something. Would you expect to pick up a guitar and then a month or two later be playing at a rock concert? Would you expect to pick up a paintbrush and shortly after have an exhibition on display at the Louvre? Probably not. The difference is though that poor trading costs you your money. Coming into trading, you will be pitted against seasoned professionals, massive hedge funds, banks and computer systems to name but a few. Losses early on affect more than just your bank balance. They affect your emotions and your ability to learn and develop confidence in your understanding of markets and methods you use to trade. If you don't understand how to 'take a loss' this can be catastrophic. Do yourself a favour, when you start trading, trade to trade well, not to make money!
  14. 1 point
    Hello traders, I am interested in order flow trading and I will post some trades and predictions, some articles and ideology of a bit different understanding how price moves and why. May be this forum will be the right place. So, for the start I have couple of charts of recent trade on oil. Also I did some comparison of two different software. Would be great to meet some traders who use order flow too. Lets see. I have a lots ideas and strategies to share. I don't use any traditional indicators, because just numbers are important for me.
  15. 1 point
    mitsubishi

    ,,,just Sayin...

    If you want somethin done, guess you have to do it yourself- Bono is a virtue signalling, hypocrite boring traitor ignorant cunt.... and a fuckin RACIST https://www.youtube.com/watch?time_continue=396&v=TjIORAjYWng
  16. 1 point
    Donald

    Which indicators you like and why

    So I've been messing with the indicators and learning about them. Made me curious what does the majority use here and why? Currently I'm using Bollinger Bands, Awesome Oscillator, Moving Average, Belkhayate Timing and Parabolic SAR. From all these Belkhayate is my favourite so far, it almost only made me win trades. While Parabolic is almost like MA, I still can read it more clearly on how the market moves.
  17. 1 point
    Well there you go nameat. Follow that and you will trade "without bearing any loss"
  18. 1 point
    WildPete

    Reading Charts in Real Time

    Took this Long on the bullish candle after chasing the entry somewhat @ 1.3253, ..RR still attractive. Will be looking for areas to raise the stop to a more favourable level. God Bless.. WP
  19. 1 point
    Scams have made headlines since the inception of the internet and with the advent of cryptocurrency, the topic is still trendy. The scam in the cryptocurrency space, both recorded and unrecorded continues to multiply on a daily basis with recent updates suggesting that about $9 million is lost daily to cryptocurrency scams. The most popular types include Ponzi schemes, fraud, phishing, initial coin offering (ICO) scams, hacking, fake application, and even theft. Although this is heartbreaking, it is believed that individuals who indulge in this awful activities both the investors and the operators of the schemes are forced to do so by their station and financial status. Cryptocurrency enthusiasts hope that the scams in the industry will be reduced to a minimal level as technology advances rapidly. However, it is clear that with the advancement scams also advances in frequency and sophistication. New strategies to scam investors are devised on a regular basis and the population of individuals who engage in these schemes grows bigger. It is believed that the scams in the cryptocurrency industry are what has set the government of many nations as well as financial institutions and experts against the notion of digital coins. In recent times, financial institutions and even search engines and social media platform have taken active steps to reduce or ban transactions and ICO ads from their platform.Financial experts have also dedicated time and resources to educate investors across the globe of the risk involved in putting cash into digital coins. Meanwhile, the number of investment in this virtual currency continues to multiply. A few financial experts have taken a different stand, stating that investors are not to blame for putting their money into something as uncertain as cryptocurrency investment, rather their impecuniosity should be seen as the culprit. It is true that a substantial proportion of the population has closed to zero investment opportunities. The heat of this situation can be safely blamed when such individual decides to invest in get-rich-quick schemes in the cryptocurrency space or even partake in such activities. For instance, Ponzi schemes promise to reward its investors with a substantial amount of money within a short period of time, which sounds exciting to individuals who tirelessly search for ways to make ends meet. It is believed that the risk in the cryptocurrency space is not half as much as that in the lotto and gambling industry, yet the government legalize it and forbid cryptocurrency transactions. Statistically, it is estimated that about half of United States adult play the lottery, with official lottery data providing that the population who participate in betting regularly is about 3 million in the Republic of Philippines. This a large number and if an average lottery player wages a dollar daily, it will amount to $365 annually, which is a guaranteed net loss. This invariably means the average amount spent on lottery by bettors in the Philippines is the annual amount spent by an individual multiplied by three million which amount to $1.095 billion lost annually. It is important to state that this figure does not include the money spent betting on illegal gambling schemes such as cockfighting and Jueteng where the figure may be quadrupled. Cryptocurrency, on the other hand, is believed to be a risky exercise that offers no guarantee or consumer protection, but this point can be safely argued otherwise. A smart and intelligent cryptocurrency investor can convert a meager capital into a substantial sum of money in the digital coins space, but no matter how disciplined a gambler is, the improbabilities in the betting industry are unimaginable. There are over 800 cryptocurrencies and this number is rapidly increasing on a daily basis. After calculating the possibility of growth and profit, an investor can easily purchase the digital coin he desires to own right from the comfort of his home with no intermediaries or involvement of any governmental or financial institutions. Cryptocurrency investment provides ample unprecedented opportunities for investors. Storing cryptos in vaults or online wallets, waiting for its value to multiply may sound like a child’s play to many financial experts but it is better than the lotto as it gives individuals a total control over their assets. Furthermore, no matter how little your investment or how risky cryptocurrency investment is, a skilled and hardworking person can make substantial returns in no time. New investment opportunities continue to evolve in the cryptocurrency space. This even gets better as digital coins are now easily procured with the development and installation of cryptocurrency automated teller machines (ATM). In March, reports states that two cryptocurrency ATMs where installed in Georgia in other to make the exchange of bitcoins and Litecoins hassle-free with support for Ethereum and Dashcoin expected in the nearest future. Many online stores now allow customers to pay for goods with digital coins with lower fees compared to the traditional currencies. In addition, a new concept known as Bitcoin IRA provides investment opportunities for retirees. It helps to create a cryptocurrency IRA investment account that can be benefited from at retirement. Retirees will only have to pay fewer fees compared to that of the traditional currency plus, they just have to sit and watch their investment grow in the cryptocurrency space. Cryptocoins are rapidly growing in terms of awareness, acceptability, and investments. It can now be used to make payments for products from local and international stores ranging from the purchase of groceries to the management of online contents as well as the procurement of digital assets. Even with the risks, high volatility, scams and hacking activities in the cryptocurrency space, it still provides innumerable investment opportunities for its users and it is believed by many cryptocurrency enthusiasts that this is just the beginning. The industries are projected to grow like wildfire over the next 15 years, providing new investment opportunities and revolutionizing financial institutions in ways that were practically impossible with the traditional currencies. Digital coins provide everybody with equal opportunity to own it and take part in the growth of the industry over a period of time.
  20. 1 point
    What I've learned so far that you really should have a record of what you've done on the market. Not necessary every position and detail, but the outcome, mindset and the triggers of your actions. This way you can examine your motivation behind following a plan or a gut feeling etc. This way you won't only have numbers, but the documentation of what was going on in your mind while you made a given trade.
  21. 1 point
    Jason Solomon

    Why Buy Trading Education?

    The idea of cutting your learning time many hours is valuable for me. I like saving time so I can spend it with family, relaxing, etc. Also like learning from less source and not seeking among hundreds of answers but using a reliable source. Maybe one doesn't have to invent every rule on his/her own but use the knowledge of others. I mean maybe you are not da Vinci, but you can still make a living by doing what he does.
  22. 1 point
    Jason Solomon

    Which indicators you like and why

    I use Fib tool+moving average combo and RSI most often. But have plenty more to experiment with :P
  23. 1 point
    CrazyCzarina

    Forex Trading Vs Stock Trading

    Your success depends upon the trading strategy being adopted by you. It is not only important but absolutely necessary that your trading strategy must have inbuilt strengths to make you a successful trader.
  24. 1 point
    Oh you have! Glad you liked it, and good luck to us then. I have learned a lot from them so far. Be patient and keep learning!
  25. 1 point
    Hello everyone! I am very new to this forum. I find this forum really interesting because of the community here is really active and they respond to the thread accordingly. I am really excited to share you guys my thoughts, knowledge, and experience in trading. Happy trading everyone!
  26. 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?
  27. 1 point
    A TRUE LIFE STORY OF A VETERAN TRADER We were in a midst of a popular monthly traders’ forum when an elderly man on a wheelchair was helped into the hall. The moderator asked us to stand up for the man, whom he called “a soldier on the battlefield of the financial markets.” As the forum was about to be concluded, someone suggested that we allow the professional on a wheelchair to give a short speech. A mic was given to him. He held the mic and said: “My fellow traders. Thank you for standing up for me, and thank you for giving me a privilege to talk in this forum. I started trading 12 years ago. And I am still trading. I will trade for as long as I breathe. I am one of the most popular Forex traders in this country. Sadly, the one who coached me for Forex trading stopped trading in 2008, because of subprime crises and market crashes. He lacked risk control skills. I pressed on, to become a regular columnist in a popular newspaper, writing about Forex trading on daily basis. I also provided trading signals for people, as well as trading my personal accounts. I have 2 powerful manual strategies that I use. I developed the strategies based on my many years of experience. Trainees who apply my strategies have been sharing wonderful testimonies since. A few years ago, I fell ill. Diagnosis revealed that I had cancer of the bone marrow. I required surgery in a foreign hospital. I gathered all the funds I could gather, and well-wishers and friends also contributed what they could. I was transported to a foreign country (I was already paralyzed). Luckily, the surgery was successful. I can say, partially successful, for the paralysis was partially corrected. I can now speak and use my hands. I can also stand up, but I cannot walk. While I was on a hospital bed and my legs were tied. I was trading profitably on mobile devices. I was even providing trading signals and mentorship to people online. Then, a client couldn’t believe I was providing services to clients on a hospital bed until we connected on Skype, doing video calls. I was seen trading on a bed, while I was strapped to the bed. Several months ago, I came back to my country, and I have continued trading, training and providing signals since then. [He burst into tears]. Traders. Let me tell you this. Online trading remains the best tool for financial freedom. Please do anything possible to become a winning trader. Look at my condition now. I am advanced in age. I can only stand up, but I cannot walk. I need crutches and a wheelchair to move about. Imagine. If I was someone who did 9.00 A.M – 5.00 P.M. work, what would be my lot now? My employers would have laid me off. If I was fortunate enough to get anything from them, it could have been exhausted by now. I would have become a beggar by now. Or what makes me special when compared to other handicapped persons who have now become beggars? Clearly, online trading makes the difference! Imagine. If I go to Mr. Henry to beg for $30, I would finish spending it. If I go to Mr. Johnson to beg for $20, I would finish spending it. If Mr. Johnson was kind enough to give me $20 three times. He would eventually stop giving me more money because he got his own responsibilities. He might not pick my calls again; or he would instruct his folks to tell me he is not at home, when I visit him next (to beg for money). This is a lesson you must learn. Please learn from my story. I trade on a wheelchair, and I make money from signals provision, coaching and trading. I can sustain myself, my wife, my 3 kids and my aged mother.” He dropped the mic. And the forum ended. I conclude this articles with the 3 quotes below: “You must be disciplined in following the plan of your trade religiously. Once you have closed your position, you should record everything about the trade. Write down where you wanted to enter the trade, what you expected out of the trade, and what you actually did get out of the trade. Make sure to include notes that will help you learn from the trade, reasoning what actually took place once you entered the trade. Explain why the trade was a winner or a loser. If you keep detailed records, you can learn from past trades and increase your chances of recognizing your strengths and weaknesses. Build on your strengths and stay away from trades you have demonstrated weakness in.” – Andy Jordan (Source: Tradingeducators.com) “Humans are an error based machine, we make mistakes and perfection is never really on our radar despite our best efforts. The realisation that mistakes are at the core of good trading is hard for many to accept as they are locked into the belief that you cannot make money if you get trades wrong. Fortunately there is no nexus between making money and being right. Many, many years ago i discovered that the fewer fucks I gave the more I made. To revert to a past life choice of mine – you could never be a fighter if your expectation was that you would never be hit.” – Chris Tate “Avoid illiquid markets. Be sure to check volume. How much is it on average and is it steady day after day. And perhaps the greatest lesson of all should you happen to leap before you look--never, ever trade on hope or stay in a trade based on hope. If you are wrong, get out. If you don't have the discipline to do that, you shouldn't be trading.” – Joe Ross
  28. 1 point
    mitsubishi

    ,,,just Sayin...

    Apparently, the murdering psychopussy military industrial complex is suffering from 'Middle East Fatigue'. Oh dear, the poor little lambs must be bored of killing 500k innocent people and displacing 10 million others all based on a pack of never ending lies. Obviously, you won't need the host to give you a blow by blow account of how you're being treated like a 5 year old..
  29. 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.
  30. 1 point
    zdo

    ,,,just Sayin...

    I love trading... just sayin’... After all these years I’m out of practice, but I’m more adept at taking money on the short side ... and I enjoy it more... just sayin’ ... ... https://www.oftwominds.com/photos2018/ikigai-chart2.jpg ... just sayin’
  31. 1 point
  32. 1 point
    jpennybags

    Off-topic Posts

    Gamera... Just another example of seeing things differently. Considering the lines that I've added to your chart, how may you have traded differently through the session? No need to answer the question here... it's just offered for your consideration.
  33. 1 point
    mitsubishi

    Joke of The Day!

    :rofl: This week I will mainly be sitting in front of the tv, encased up to the neck in plaster.teaching my budgie to type bile and venom on TL (how's he doing?) sucking 3 meals a day through a straw. Zdo, You may not know this but in this 'cusp' of quantum computing, inserting my name on someone else's accident report can, in a multiple universe situation, cause the fabric of time and space to bend in such a way as to cause it to actually happen to at least one version of me on the other side of the black hole that sits at the edge of our galaxy. It's unfortunate that this glitch, on this particular occasion, happened to the only version of me that I'im personally.... What the hell is that echo?....personally aware of, which means I personally:confused:... damn echo in here... will be forced to sue you for loss of trading time .... where did all those budgies come from? :doh: However, if it transpires that dozens of mitsubishis have suffered the same fate we (I) will have to (unfortunately) bankrupt you.in a class action ...
  34. 1 point
    phantom

    What Really Works for Technical Traders

    I read somewhere on this site that technical analysis doesn't work for day traders. It sounds like most traders are having a hard time discerning what's important and what's fruitless with regards to intraday signals. I am starting this thread to cut through the clutter and tell you how the markets can be traded in ANY time frame. In this lesson I will explain the two most elementary technical signals on the chart: price rejection and price acceptance. I'll bet that most traders have a hard time determining the general intraday trend and I believe this is due to your dependence on ultra short term charts, such as 1,2,3 or 5 minute charts. Moving out to 15 minute and 30 minute charts one can see things that are basically invisible on 1-5 minute charts. What I like to see on a 15 or 30 minute chart is a hammer or doji candlestick following a consolidation or range breakout. What is the psychology behind the hammer? Price moved from the breakout zone to some new level. Then price then retraced towards the consolidation zone and was rejected (hammered) back into the direction of the new trend. The breakout of that hammer bar IS THE ABSOLUTE SAFEST BET YOU CAN MAKE!!! Why? Because if the market just got hammered away from a price level, what do you think the odds are that price will immediately return to that level? Not very good odds at all. The doji is similar in nature because it still shows price rejection on a lesser scale, but also vividly displays the mini-consolidation which leads to a continuation move. And both breakouts CLEARLY DISPLAY WHERE TO PLACE YOUR PROTECTIVE STOP, at the other end of the hammer or doji bar following the breakout of that bar! Since the number one rule of trading is to always know your risk BEFORE you enter a trade, this is the best indicator in trading. (It doesn't hurt to have MACD confirming your trade direction, but it is not imperative). Just use the 20 period moving average as your trend filter and NEVER trade against the trend on the 15 minute chart. Price acceptance is when the market moves to a price level that previously turned the market around but this time doesn't, thus indicating that the market may still go further in its present direction. This is most useful when the market is searching for support or resistance after a prolonged move and you are trying to decide whether to exit or add to your position. I'll leave trade management for another discussion. Hope this helps! Luv, Phantom
  35. 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?
  36. 1 point
    georg7e

    Wyckoff Resources

    I do not know if this is the right thread to post this in. If it is not, kindly move it to the right one. Attached are .txt files of the data from many of the chapters of the original course and the course available on this forum. All of this had to be manually done, looking at the charts(usually with magnifying glass), reading the text, internet searching holiday dates and trying to determine the accurate D,H,L,C,V. The dates(D), on all bar & volume charts should be accurate. The P&F chart data is based on intraday data which, to the best of my knowledge, is not available, but the charts in the course show the months along the bottom and the end of each daily session with circles around the "x". Some of the P&F files have dates included, but those dates are obviously not from the 1930's, I just used those dates to import the data into my charting software, so that I could plot it. Also, on some of the data I entered false data at the beginning of the files so that some data would plot in the beginning of the chart, so one doesn't have to work right on the left egde of the chart. Chap9_PnF.txt Chap11_BS.txt Chap12_US Steel P&F data.txt Chap13_NYT1929PNF.txt Chap16_Anaconda.txt Chap16_AnaconPnF.txt Chap17_DJU1936.txt Chap17_DJU1936PF.txt Chap17_ElecP&L.txt Chap17_ElecPnF.txt Chap17_NYT1936.txt Chap21_ATT1932PnF.txt NYT 1930-1931.txt Chap16_NYT1934.txt
  37. 1 point
    WHY?

    Beyond Taylor

    I think you may be confusing some issues here. Taylor believed the market to be manipulated over a 3 day period. During that 3 day period there would be opportunities for two type of actions. 1) Going long and selling that long position 2) Shorting and cover that short position. For instance, you can take advantage of action number 1 above on three occasions: Low made first on a buy day. In this case you sell the long on the next day or same day if you are daytrading. The next occasion for going long and selling that long was on a Day 2 of the cycle i.e. a SELL if early in the session a low is made below the low of the previous day (which would be a buy day) then you go LONG and sell that long on any good rally back to or through the low of the previous day (low of that buy day). You must complete this action the same day and not hold overnight. The third opportunity for action number 1 is on a BUY day say it doesn't trade down very well at all but near the end of the day it has held a higher low than that of the previous day (ss day) then you can take a long position. This is called buying a higher bottom on BUY day. Taylor says it is usually profitable. But generally you would hold this position until a decline starts which could be the next day or even the followoing SS day. In summary, I have just described to you 3 times which Taylor espoused taking and a long position and selling it over the course of the 3 day cycle. You can't just simply fit the actions into phases and call it a shorting phase or a long phase. Why is this? Well I have just explained that there are two long opportunies presented on the buy day and one long opportunity presented on the Sell day. You take every which one actually works out in the market. Now look at shorting opportunities. Taylor says you can short a high made first early in the session on a buy day and cover it the same day. You can short also on a SS day on a high made first and cover the same day or the next day. Look at my post #216 again. It was a buy day. It closed high on the previous day. That means that odds favored a decline in the next trading session (buy day 4-2). Therefore, I was looking to employ action # 2 above FIRST on this buy day. That is, I was looking to short on a decline made first then reverse and go long on action number one, occasion number 1, mentioned above. That is, I was anticipating the market being to be taken down first on the buy day 4-2 (why? well because it closed high on the previous day). Then I was anticipating a market reversal thus giving me an opportunity to cover my short and to take a long opportunity per occasion #1 under action number #1. Maybe I haven't confused the issue even more for you. In summary you can't just divide it up into a shorting phase and a long phase. You can go long or short on the very same BUY day. There are no shorting phases and buying phases. There are only shorting opportunties and buying opportunities and they are multiple and they occur over the three day cycle.There are no mini campaigns. There are only shorting and long opportunities over a 3 day period. Hope this explanation helps.
  38. 1 point
    WHY?

    Beyond Taylor

    You are welcome. I have never tried adapting Taylor that way but my guess would be that it may work. I have just never been interested in investing in long term trends. I have adapted his method on intraday charts and seen some promising stuff down to 15 minute charts. Perhaps there is an element of human nature (as markets do reflect that) and perhaps Taylor discovered a manifestation of that in a 3 day cycle senario. Humphrey Neil in Tape reading and Market tactics said "the ticker tape is simply a record of human nature passing in review". I suppose if it does record human nature on a minute by minute basis it would also on a 5 min chart...15 minute..daily..or weekly..even monthly. The old timers of course read the tape from a ticker machine which served pretty much the same as a time and sales screen of this age but on a much slower basis. However, what I find interesting when these old timers discuss tape reading they do it from a chart and use a chart to show examples. Therefore, that makes me think; can the tape be read from a chart? That is, can the chart be considered a useful, grafical, representation of the ticker tape/time and sales and in itself be called "the tape". I decided it was so. Therefore, I call this classical tape reading. It really isn't the way they "read" the tape in those days but it is the way they "explained" the tape. See, if the ticker machine and time and sales can be seen as small increments of the tape why couldn't the tape be seen in a larger way such as a chart. After all, the chart is a representation of the ticker/time and sales. Cliff Drokes thought along these same lines and mentioned it in his book tape reading for the 21st century. A quick look at the old timers. Neil, Gann, Wycoff..their explanations of the tape were done in chart form. Actually, Tom Williams work does the same thing. It is reading the tape in the form of charts looking for institutional activity. So anyway, when I refer to reading the tape in some of my posts I mean all the way from the time and sales/DOM/Orderflow to a hybrid version of reading the tape from charts. Of course, the DOM/Orderflow/time and sale is basically meaningless when you are talking about a trend of several weeks. Gann (in The Truth of the Stock Market Tape) read and explained the tape for these sort of longer trends from a chart. The time and sale/DOM/orderflow have gotton so fast now days (unlike the ticker tape of days gone by) that with algos and all the HFT out there the tape moves faster and faster (even at a nano second level) that the human eye cannot pick it up. Some daytraders/scalpers have taken to using computers to help them read them tape and stitch back up big orders that have been broken up to hide footprints..etc. However, in the final analysis the product of the tape volume/price shows up on a chart. So, I have taken to reading the tape from the charts. I say all this about tape reading because it is my belief that to be able to use Taylor properly it will require not just a knowledge of the cycles ..etc... but also a knowledge of how to read the tape from a chart. That is how one is going to conclude if a decline has stopped at a probable Taylor Low or a Taylor High has been reached. Or failed to reach it. It helps one to anticipate failures to penetrate previous days cycles and stopping point for declines and rallies. Just calculating the average of Taylors decline/rallies...coupled with the three day cycle theory etc isn't enough to get the job done. I know this to be so. Taylor himself mentioned several times about reading the tape so I know that he did so in conjunction with all his analysis and averages and figures. He basically clocked the market like one would clock a slot machine but his final pull from the trigger came from tape reading. That is why for years I have talked about in my Taylor posts when I say my entry here or exit there depends on the tape. Most folks never catch it or maybe they don't understand the tape? That is why I listed those books in my pompous post as my intent was to give some resources to folks where they could learn about tape reading from what I call a classical view i.e. a chart. IT IS THE FINE TUNING OF THE TAYLOR METHODOLOGY. Trust me Taylor will only work well if one can read the tape for entries. On less than ideal day cycles one will miss the trend if they can't read the tape. Take my last Taylor chart (I refer you to post #216 and the post #212 anticipating the price action of #216). It was an ideal Taylor taylor BUY day. The market is taken down overnight for a shorting opportunity and I said that was what I was looking and I expected it in the night session (re-read my post #212..this was made before the fact). Then, when the day session started we had the reversal and a chance to go long and make a killing. But notice something here. The low didn't make it to the taylor projected low of 3-30 1395.75 or 1394.56.... my softaware forecast. The reversal came. If I couldn't read the tape and see that the reversal was here then I would have waited around for the market to make the Taylor projected low and I would have missed the move up. So, it was an ideal Taylor BUY day in terms of the Taylor Strategy (look to short and go long) and the direction (take the market down then back up early in the session) BUT it WAS NOT an ideal Taylor BUY day in terms of the projected low. Nor in terms of the projected high. My software projected a high of 1406.19 when the actually high after that great rally was 1419.75. Nothing but tape reading would have kept me in the Taylor moves for that day in spite of the facts that the direction being right and the short/long opportunities being righ (as not all Taylor buy days give a short/long opportunity.) This is a long way around the block to answer your question but me thinks it may be relevant to your question. So........ It is possible there could be a 3 week cycle? Or a 3 month cycle? Me thinks it is possible but then again tape reading, in the sense that I am discussed above,..well...it will be necessary as the time/sale/dom/ will be totally irrelevant to a 3 week cycle. You will have to use the sort of tape reading I am talking about. As much as some people don't like Tom Williams and VSA he did have alot of good stuff that is useful for tape reading. Wiliams is good too in the sense that this sort of tape reading I am talking about requires an analysis of the spread. The size of the spread says alot about the tape. The volume of trading on that spread size says alot too. We have volume and we have price and price spread and open and closing. I have never understood why pure price action people want to leave out that piece of important data, namely, volume. It tells how the price was made. And indicates the value of the price in terms of money and money is what moves the market. You and I don't move the markets. Institutions move the markets. And their foot print is the volume. Anyway I better shut up about volume. I will say two more things about volume. To read the tape like I talk about in this post one will have to take volume into consideration. The second thing is IF anything is a leading indicator it is VOLUME. I ahve nothing like it that helps me better detect probable future price action. Of course it can be wrong sometimes simply because institutions can be wrong sometimes. And institutions are battling out with each other and they all approach the market in their own way. One institution may start aggressive buying and that pushes the price up when a stronger one beings shorting and wins out. Either way the story is told in the tape (chart). And so much faking out goes on. Make the market look weak to drive down a few ticks so they can really buy at a discount price because their real plan is to take the market up. As much as some don't like Gann his book I mentioned it as being useful and especially Drokes book. Also,Silver mentioned Neils book which I had somehow left out but yes, it is important too. Why don't you make some books up on on these longer time frames and let us know what you find out? For those that are interested in extreme scalping based on tape reading the order flow and using a computer to do so can take a look at jigsaw trading. Google it. I have absolutely nothing to do with jigsaw so please mitt don't think that. I mention them as a resource only. For trading order flow from DOM look at NO BS Trading by John Grady. However, this sort of tape reading is very short-term and for scalping and isn't relevant to Taylor trading. It can be somewhat useful for scalping via Brooks methods if one likes to scalp and take longer Taylor positions also like I like to do. Hope all this makes sense. Probally won't be back for a bit. Why?
  39. 1 point
    Predictor

    Daily Profit Goals/Downsides

    You should factor into how much you have of your account at risk. Yes, it does also make sense to use daily stop losses. But they could, also, be based on account risk and not your own feeling to that regard. In general, with a tiny account, risk should be reduced at the 25% of account level. It also makes sense to stop when ahead if you can't trade overnight because you have less time remaining to recover from any losses but only in terms of closed trades. . These types of considerations are a bit advanced in that focusing on them can be counterproductive for the beginner but are nonetheless important. It is worthwhile to consider: How much time is left in the game (early game, mid game, late game) (i.e day) % of capital at risk total closed trade profits open trade profits ----- Now, let's say you are a momentum trader and you are up $250 on a $1,000 account (like I was today) and you have a total of around $500 at risk. In this case, you have 25% at risk to break even and so you should start reducing your risk. Many successful traders just trade the open and morning session. I also do better with morning session. Trading late in day has many pitfalls, namely, limited time to recover and more fakeouts. It also depends on your style. You shouldn't set an upper limit per se but you should watch your total account risk and set a lower limit. If you aren't trading a hard system then it likewise makes sense to listen to yourself when you are losing and take time off, whether that be a day or a week. Most professional gamblers will step away when losing. Push harder when winning and take it easy when losing. A quantitative example might be that overbought indicators tend to get stuck when market trends strongly. Maybe it is a profitable indicator for you, if you can manage to avoid the bad losses, i.e don't keep fighting when it quits working!
  40. 1 point
    phantom

    What Really Works for Technical Traders

    Using this chart of yet another euro breakout, allow me to instruct you on another form of price rejection, the false breakout-reversal. Pay strict attention to the price action around the red arrow. Following a break below the 20 period moving average at around the 3:40 mark, the market moved into a sideways channel consolidation. The market moved up to a close near the high end of the channel range after peeking above the prior range high (the green bar just prior to the red down bar signified by the red arrow). The red bar moved all the way across the range and closed below the entire channel range. Following a short test, ie the "rattail" portion of the subsequent bar, the market plummeted. I sold the break of the arrowed bar with my risk stop one tick above that same bar. Let's take a closer look at the market dynamics behind this form of price rejection. Prior to the breakdown the market tested the range high and even broke above the high. But the key element here is that the market did not FOLLOW THROUGH (false breakout). Instead, it moved all the way in a single bar through the trading range with a close outside the range on the other side (reversal). In other words, the market rejected the attempt to breakout on the high side of the range and opted to breakout strongly through the low side of the range. If the market doesn't meander back into the range and stay there any longer than it had to to complete the test (rattail portion of next bar) I am short this market! I call the red-arrowed bar a volatility breakout bar due to its relative length with respect to the other bars in this consolidation. Also note that the MACD turned down with this vol breakout bar, confirming market direction and momentum. This is a case whereby a hammer wasn't used to enter the market, but was replaced by a volatility breakout bar. In either case, price rejection was the "signal" used to enter the market relatively safely. Once again, the driving force behind the huge follow-through was the breakout of the much larger range that preceded the small consolidation breakout, providing enough "potential energy" to convert to the kinetic move you see at the right of the breakout bar. That's the lesson for the day. Now go locate these opportunities for yourself and make some money! Luv, Phantom
  41. 1 point
    phantom

    What Really Works for Technical Traders

    Let's take a look at another breakout. This one occurred last week in the euro. What is striking here is how distinctive the post-breakout hammer was leading to a marked downswing. These are the "picture perfect," ultra low risk type trades I love, for sure.
  42. 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?
  43. 1 point
    Don't try to make money? Are you out of your mind??? Of course you should go after profits right from the start. Just remember to look for trades that have a decent probability for a high reward to risk ratio (such as 5 or 6 side-by-side bars on a 120 minute chart in just about anything breaking out into a steady move on a 15 minute chart: trade any 15 minute bar that shows price rejection, such as a rattail candlestick; risk half the rattail range and lock in profits as the move breaks from your entry zone...) How dare you advise people to settle for mediocrity when one needs to build successes in this business to stand a modicum of a chance at success??? Luv, Phantom
  44. 1 point
    MadMarketScientist

    Trading for a Living

    I like that idea of pulling out the profits. I think where some traders go wrong is thinking in terms of a salary and expecting a fixed dollar amount every xx week/weeks like when they are on payroll. In all my years of trading my returns are never smooth -- some weeks/months the market is just so generous, other times it's incredibly stingy. I'd drive myself crazy if I had a "salary" expectation that was consistent/smooth. Even when I look at my long-term non-traded assets like funds and stocks if I look at the monthly returns it is literally all over the map. So, skimming out the profits makes sense but just don't expect that to ever be a consistent number. Assuming it's positive to begin with! MMS
  45. 1 point
    TimRacette

    Trading for a Living

    I agree with cuttshot. Once you have a sizable account I find it necessary to remove all profits for the week from your trading account. Take physical delivery of that money and go cash it at the bank, touch it, hold it in your hand, and then deposit it into your check, savings, and investment accounts. I think this process is important because it makes what we are doing tangible and real. Perhaps its mostly for psychological purposes, but if you leave the profits in your account, they are "at risk" of the market. Removing them each week keeps it structured more as a business.
  46. 1 point
    GlassOnion

    38 Steps to Becoming a Trader

    Shuanna... Are you from the Planet Vulcan, where they don't have emotions? Lol...
  47. 1 point
    wind_

    Best Forex Broker?

    Check out Dukascopy (Forex trading, ECN Broker, Managed accounts, Swiss FX trading platform). They are ECN forex broker located in Swiss. Their spread is very tight, and recently they lowered their min. lot size to 1,000 (micro lot).
  48. 1 point
    suriNotes

    KOSPI - Rangebound Trading

    Hi Soultrader, Here is KOSPI 200 Index ABC Chart update... Regards, Suri
  49. 1 point
    DbPhoenix

    Price Action Only

    Trading by price -- and "volume" -- requires a perceptual and conceptual readjustment that many people just can't make, and many of those who can make it don't want to. But making that adjustment is somewhat like parting a veil in that doing so enables one to look at the market in a very different way, one might say on a different level. One must first accept the continuous nature of the market, the continuity of price, of transactions, of the trading activity that results in those transactions. The market exists independently of you and of whatever you're using to impose a conceptual structure. It exists independently of your charts and your indicators and your bars. It couldn't care less if you use candles or bars or plot this or that line or select a 5m bar interval or 8 or 23 or weekly or monthly or even use charts at all. Therefore, trading by price and volume, or at least doing it well, requires getting past all that and perceiving price movement and the balance between buying pressure and selling pressure independently of the medium used to manifest or illlustrate or reveal the activity. For example, the volume bar is a record of transactions, nothing more. The volume bar does not "mean" anything. It does not predict. It is not an indicator. Arriving at this particular destination seems to require travelling a tortuous route since so few are able to do it. But it's a large part of the perceptual and conceptual readjustment that I referred to earlier, i.e., one must see differently and one must create a different sense of what he sees, he must perceive differently and create a different structure based on those perceptions. As long as one believes, for example, that "big" volume must or at least should accompany "breakouts" and clings to this belief as ardently as he clings to his rosary beads or rabbit's foot or whatever, he will be unable to make this perceptual and conceptual shift. If you can work your imagination and use it to travel in time, you will have a far easier time of this than most. Imagine, for example, a brokerage office at the turn of the 20th century. All you have to go by is transaction results -- prices paid -- on a tape. No charts. No price bars. No volume bars. You are then in a position wherein you must decide whether to buy or sell based on price action and your judgment of whether buying or selling pressures are dominant. You have to judge this balance by what's happening with price, e.g., how long it stays at a particular level, how often price pokes higher, how long it stays there, the frequency of these pokes, at what point they take hold and signal a climb, the extent of the pokes, whether or not they fail and when and where, etc., all of which is the result of the balance between buying and selling pressures and the continuous changes in dominance and degree of dominance. One way of doing this using modern toys and tricks is to watch a Time and Sales window and nothing else after having turned off the bid and ask and volume. But this wouldn't do you any good unless you spent several hours at it and no one is going to do that. Another would be to plot a single bar for the day and watch it go up and down, but nobody's going to do that, either. Perhaps the least onerous exercise would be to follow a tick chart, set at one tick. Then follow it in real time. Not later, but real time. Granted this means a lot of screen time and only a handful of people are going to do it. But those few people are going to part that veil and understand the machinery at a very different level than most traders. Once this is understood, the idea of wondering -- much less worrying -- about what a particular volume bar "means" is clearly ludicrous, as is the "meaning" of a particular price bar or "candle". If it is not understood, then the trader spends and wastes a great deal of time over "okay so this volume bar is higher than that volume bar but lower than this other volume bar, and price is going up (or down or nowhere), so...".
  50. 1 point
    It really depends on the persons passion for the markets. One year is definitely not the norm. Your friend has done an amazing job in just one year. It took me 2 years of intense studying and trading to get to where I am. I was quite a journey. I would say on average it takes 2-3 years before one can start trading for a living. This is just my opinion, I am sure some may find me a slow learner.
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