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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
    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
    katya1

    A False Breakout, How to Identify It?

    Many who trade the breakthrough strategy would better understand is break real or false. If you see in advance false break, you can’t open a position, or play in the opposite direction. The volume can show how the breakthrough may be present. The point is very simple. Extra volumes at the level of the break significantly increase the likelihood of truthful breakthrough. Consider these examples:
  8. 1 point
    Yeah, I guess so! 🤣
  9. 1 point
    sachpazidisboris

    Forex Broker

    Hello there! can anyone reccommend me a good forex broker?
  10. 1 point
    I really dont understand why people are still searching for reliable signal provider, as we all know they all are scam. None can give you 100% true result for few bucks.
  11. 1 point
    landorra

    Forex signals

    This is the most important one of them all.
  12. 1 point
    zdo

    ,,,just Sayin...

    Reflexivity So let’s go ‘beyond’ ... Yet if you review his trades, including normal trades and his outlier ‘country killer’ trades, and dig a little bit, rather than developing a knack at ‘narrative trading’ it turns out in each instance he had agents providing inside knowledge previous to the emergence of the situation, and he then spent considerable resources buying influence to manipulate each situation to the trade’s advantage. Rich and famous, he “felt obligated” to write books about it, but (What I’m just sayin’ is) - he is lying in his books. If some permutation of the concepts have not already occurred to someone engaging in narrative trading, the term and concepts of Reflexivity may help one conceptualize narrative trading better and maybe even help to participate more fully in the middle of moves... but they will not help in (instigating) and participating at the beginning... or in pressing and assuring that the outcomes go to extremes ... and the painful truth is many trend traders go broke 'successfully' participating in the middle of moves.
  13. 1 point
    zdo

    free dumb

    Are you constitutionally illiterate? https://www.rutherford.org/publications_resources/john_whiteheads_commentary/suspending_the_constitution_in_america_today_the_government_does_whatever_it_wants ... btw, the 'statists' started whittling away on the 'constitution'/ concept on day one... centuries ago... no surprise 'it' is in jeopardy now...
  14. 1 point
    ethanscott

    Market Volatility.

    I agree. Share prices change because of supple and demand. If more people want to buy a stock (demand) than sell it (supply), then the price moves up. Conversely, if more people wanted to sell a stock than buy it, there would be greater supply than demand, and the price would fall.
  15. 1 point
    BBBBrian_1

    Brian's investment record

    3 samples from record: AXP First acquired 1 or 2 years ago, for about $ 77.74. A Warren Buffet favorite, with good financials. Sold June 29 2018 after putting a sellstop order on it, an idea from day trading, and Wyckoff, which I learned about on this forum. Profit $ 1822.97, cost of $ 6770.5 or 26.92% CNK- a questionable acquisition, made after selling WFM, just prior to the Amazon announcement ( doink!), which announcement jacked the price to $ 42. Profits were to be had, but, riding the escalator, as it were, I simply watched it go up and down. " But theatre attendance is increasing!" Good luck with that one. https://www.the-numbers.com/market/ XHE healthcare etf, health equipment, I don't know when I originally purchased this, but mI just sold it, again after hitting a sells top, for a $ 3,149.45 profit, or 50.32% All non taxable since this is an IRA account. I am now siting in 90% cash waiting out d.t. Rump hysterics and phony trade wars; using simulators to see how it might go with " active " trading", where I wake up enough to smell the roses when a stock gets to a high point. While I feel fortunate to have a gain, it took a long time and a lot of heartache, watching values tumble and dip, especially UNP and AXP. I left a lot of profit on the table. I am reading Wyckoff now, and dB, trying to learn and follow these ideas. Brian
  16. 1 point
    Learn to identify momentum and scalp. If you need leverage, trade futures or options.
  17. 1 point
    Today Indian Stock Market moved down on ending session. Tomorrow is the day of big quarterly results. Three companies of Nifty index, Bajaj Finance, Bajaj Finserve and Kotak Mahindra will announce their quarterly results. Mid-cap companies like Aditya Birla Money, ABB India Limited, D.B.Corp Limited, GNA Axles Limited, RBL Bank Limited and Sterlite Technologies Limited will also announce their results.
  18. 1 point
    WildPete

    Reading Charts in Real Time

    Stopped for the full -1R. God Bless.. WP
  19. 1 point
    WildPete

    Reading Charts in Real Time

    Another potential Stab at the GBPUSD Long (if triggered). God Bless.. WP
  20. 1 point
    WildPete

    Reading Charts in Real Time

    Adjusting Stop to 1.3202...just below entry.
  21. 1 point
    Eavoldisely

    10 Rules to Successfully Read Stock.

    Stock trading is less risky than the forex trading but it has slow returns due to less liquidity. If you are a patient and long-term trader then stocks are the best option for you to trade in. Am I right in this regard? Stay blessed stock lovers!
  22. 1 point
    Guess I would add to have a trading journal. Which helps you have a better understanding of the other rules and help closing out emotions.
  23. 1 point
    Agreed, sometimes less is more, and unfortunately 1+1 in trading is not always 2
  24. 1 point
    Jason Solomon

    Help me choose a forex market

    Thanks Donals, I'm grateful for any aspects on what to trade.
  25. 1 point
    Gamera

    Testing Times.

    Actions for the 31st.
  26. 1 point
    Im a beginner trader and just wanted to say hi. Ive bin trading with a real account for about 6 months now strictly in stocks. Practiced on a simulated account for about a year off and on and i must say the difference is like black and white, I did far better on my simulated account. Hoping for better times ahead.
  27. 1 point
    mitsubishi

    ,,,just Sayin...

    https://www.indy100.com/article/mum-daughter-beautiful-sexism-make-up-boys-girls-8327241 Seven years ago, Claire O'Reilly gave birth to her first daughter. Having raised two boys already, she thought herself an expert parent. But raising her daughter taught her an important lesson. From the start, Claire found that people treated her daughter differently to her two boys. You’re kidding! You mean there’s a difference between males and females? We can’t have that these days can we? She explained: The midwives who delivered my sons pronounced them strong, sturdy lads. But Annie — at a massive 9lb 10oz, far heavier than either of her brothers — was first called ‘beautiful’ by the midwife when she was less than a minute old. If only millions of little girls started behaving like chimpazees as well ,things could finally feel a lot more normal around here. This made Claire realise that raising a young woman to be self-confident and independent comes with a whole host of unique challenges. That’s nothing compared to the unique challenge you neo liberal fascists face in convincing the rest of us to go along with your insanity Btw will you get a sponsorship fee for mentioning ‘Lego’? Because of this, Claire has vowed never to call her daughter beautiful. Imagine if you were described as beautiful occasionally….why it would make you suicidal wouldn’t it? It would make you want to disfigure yourself so that fat ugly lesbian SJW snowflake nazis and the useful idiots behind them could feel better about themselves. Instead, she opts to shower her in compliments about her ability at sport, her kindness to animals or her dedication in practising the piano. While Claire's parenting ethos may sound extreme, the facts appear to back up her belief that girls face disproportionate pressure to look attractive from a young age. In 2016, a study by Girlguiding UK revealed that a third of seven-to-ten year olds believe that they are judged on their appearance and a quarter feel the need to be perfect. Well, based on that, let’s re-engineer humanity Girlguiding... hahahahaha. I bet 100% of them feel the need to continue life as a female. So while never complimenting girls on their looks may seem a step too far, perhaps we could all do with distributing praise more evenly. You think it ‘may seem a step too far’? But what would make you want to concede that? Coukd it be that deep down you know 2+2 will never be 5, no matter how much your masters demand it? I would have thought transgendering infants was a step too far. I would have thought removing children from da parents who object to having their children butchered under da global social engineering programme were steps that were da steps too far. I woukd have thought believing one word in this fruitcake article is true may seem like a step too far. I woud have thought describing yourself as a journalist was a step too far. I would have thought calling your 'newspaper' The 'Independent' was a step too far. Just sayin’
  28. 1 point
    Prakash

    Best Candlestick Book / PDF??

    Profitable Candlestick Trading (2002) by Stephen W. Bigalow
  29. 1 point
    mitsubishi

    ,,,just Sayin...

    This is the near future for everyone else.Enjoy.
  30. 1 point
    a single 100 car turn with a limit order in the ES does virtually nothing... try it multiple 100 car trades within a second or two sometimes 'causes' a tiny micro stir ... but never to the point of "consequently eating into his own profits" ... and if is trading at that size, you would always be thinking 'avg position' anyways ie rarely clicking it all in at a single price level
  31. 1 point
    minoo

    Futures Day Trading Tutorial Videos

    These three videos remain very popular ones from Jeff Quinto on CME site and many have requested me to re-post the expired links in the first thread of this Post Please check below the new links for the Videos The Main Page at CME where the Booklet & Videos are Jeff Quinto's Theory of Futures Trading - CME Group Three Futures Day Trading Tutorial Videos by Jeff Quinto & CMEGroup Essential straight talk by an Veteran Trader & Mentor Developing Your Trading Strategy Theory of futures trading and provide a guide that will help you get started. Developing Your Trading Strategy - CME Group Building Your Trading Plan Insight into the way professional traders set realistic goals and track performance. Building Your Trading Plan - CME Group The Importance of Simulated Trading Simulated trading can be the key to your trading success. The Importance Of Simulated Trading - CME Group Thanks for all the appreciation and keeping this Thread Alive Enjoy Minoo
  32. 1 point
    johnnydaymon

    TTM Wave a B C Indicator Code

    Here you go Derek !, the function and A,B,C Function - mbC.txt TTM Wave A.txt TTM Wave B.txt TTM Wave C.txt
  33. 1 point
    The longer one lives, the more one realises that most people don't know what they're talking about. The longer one trades, the more one realises that most 'traders' don't know what they're talking about.. If you've traded successfully any time between March 2009 to the present day you've done really well. But you've never traded through a bear market. People who believe that 1-2 years is what it takes are kidding themselves and giving false hope to others. People who think like that won't be around to talk out of the back of their head come the next major correction or the next bear market. People who have traded 1-2 years oughta STFU and worry more about how they are gonna survive the next 1-2 years. There's a difference between making money and always being able to make money. Same as there's a difference between those who trade and those who call themselves coaches while they publicly admit to making rookie mistakes.( You know who you are and why you're on my twat list) A difference between those who trade and those who write articles full of generic useless crap advice.It's almost impossible for a real trader to write crap. A difference between those who trade and those who write articles full of generic useless crap to generate customers. The last thing most real traders want is customers. My advice to beginners is forget it. You have to be a certain type of person to succeed. Maybe consider doing it as a sideline, don't do what I did, don't let it consume your whole life unless you're that type. Don't kid yourself that you're the 'type' just 'cos you want to quit the rat race. Or because you have a high IQ or because the neighbour does it and if he can, you can. Or because you paid $6000 for a seminar.. or 100 other reasons. There's only 3 things that count- Sheer bloody minded persistence Time served The ability to become someone else when you're trading. - Hence the bullshit advice about finding a trading style that fits your personality. The only trading style that counts is one that makes money. There's a trading style for- wreckless people impatient people obstinate people people who think they're smarter than the market. people who think there's a short cut I can be impatient and obstinate at times, just not when I'm trading. I back tested my personality to see what worked and what didn't There's a price for everything and the price for trading for an income is pretty steep in terms of time- forget money, any intelligent person can get money, but you can't get the time back. Then there's the reality that nobody in your life, including your family has the slightest interest in what you do. I have a brother who resented me when I was failing and resents me even more now. Most people think the market is a casino full of crooks and people who make money by contributing nothing to society. You can't really blame them can you?. If you succeed nobody is pleased about it except you. Nobody will know what you had to go through or appreciate how difficult it was- except another trader There's a story I'm reminded of about Richie Blackmore that Jon Lord tells. They're coming out of the dressing room to play a show ( Rainbow, not Deep Purple). As they go down the corridor Lord realises he's talking to himself and he turns round to see Blackmore is having a mini breakdown " I can't stand this anymore, I just want to go home" You think I'm talking about a losing trade? I'm not even taliking about the trades. In terms of mental effort there is zero difference between a winning/losing trade. I do this 'cos I'm driven to do this, because there's nothing else I want to do. And that's a form of self imposed prison. Is there anyone in a prison who doesn't want to escape? So why don't I stop and go do something else? Because I'd only go and build another prison somewhere else. Because I'm that type, because I'm not Bob. An ex girlfriend years ago had a friend Julie and her husband Bob. "Bob works in a factory and only earns £250 a week" "Yeah, but they're happy and Bob goes home at 4pm and doesn't work weekends. I got customers, employees and 10 hour days and wondering where the next contract is coming from..." So, I'm in a much better prison now- no employees or customers..... hmmm not so bad after all.
  34. 1 point
    signalsprovider

    How to post a chart properly

    You are right Greed is bad in Forex....
  35. 1 point
    Patuca

    Beyond Taylor

    Capt bob i will do this just to show that i can trade bigger trends using taylor (since all here view me as a stupid scalper) AND to show that taylor trading does work. I trade all kinds of environments..ways..tactics..strategies...etc.. I do not just scalp two ticks to 4 points in the ES and NQ at a time but i do admit i like the fast action scalping 10 or 20 lots...i get bored as a chicken in a hog pen on day to day swing trading....like mr taylors (may he rest in peace) Give me a few days to get primed up and in the mood....and to determine which instruments i will trade. May be more than one..Probally will. I use to use Taylors methodolgy exclusively with stocks but gave up my stock scan program and stock data so i am not sure how well it will work with futures. I have no stock data feed nowdays. If anybody uses TC2000 for stock data could you send me a daily ascii file (export)on say 15 stocks of my choosing. I can instruct exactly how to export the data file for my purposes from tc2000 in the form i need it. Quite easy and quick to do. It really is just a small file. Just need it everyday at end of market close. I will give a list of the stocks. Takes about 5 minutes each day to export it to a file and email it to me. Who can do this? i have a certain engagement that must needs be fullfilled sept 12 thru 18th (kentucky)... But say around the 19th i will plan on doing the first mr taylor (may he rest in peace) trade. Remember now, i will be using rather large stops so do not get alarmed. I will post the basic strategy and plan for the next day before hand after the close each day. Since i use tape reading for the final entry decision (as mr taylor did ...may he rest in peace) i will post my entry as i make it. Is that agreeable to you? I also, recalculate the days under certain market conditions (my secret) so you may see that a day changes from a buy to sell day IF certain conditions take place in the market. That is, the day may start out on the open as a buy day but change to a sell day under certain conditions which I will not divulge at this point in my earthly existence. However, if there is a change in the day i will post that change and the new tactic based upon that change BEFORE i take a position. Then i will tape read and make my entry base on the new day and will post the price of my entry...stop loss...etc. Are those conditions acceptable? I may make or lose money but will most likely make money:haha: I will not divulge my taylor secrets so i hope no one wastes my time or theirs trying to wheezle it out of me....but any other general Taylor questions i will try and answer as i have time and if i am able. Just to show mr taylors method can work adapted for todays markets... I am a taylor purist except for certain adaptations.......which i will not divulge..but which can be discovered and implemented by anyone.....perhaps... Ole windbag Why? knows Taylor really well. I personally know mr. windbag...(i call him that because of his incessant yada yada yada)...but he does know all of Taylors secrets...you might could go to honduras and wheezle them out of him..just don't offer any money or he may really get good and pissed and start on his ole ...there is more to life than money sonny...speech..which will embarrass you and may take a couple of hours of your time for his lecture..leaving you filling like a naughty child who put his hand in the cookie jar.... Patuca
  36. 1 point
    clmacdougall

    Wyckoff Resources

    Thanks Db, I'll read through the thread for sure. All the best. Note: if anyone else has suggestions on resources, please let me know via PM and I'll add it/them to this thread. Thx
  37. 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.
  38. 1 point
    Just follow the blog and go into the archives...all tops and bottoms will be there before it all occurs. All this just explains is when a change of direction is going to happen and if its a top or bottom. It won't tell how high or how low in advance, because I have not broken into price vibration rate yet. I have conquer time and space thus far, but if I am going to break into the later than I have really prepare myself. Some times it is looking at meaning into one self and asking questions, but I come to these things because of my Spirit and Soul allows me. You have to be deeply honest and express things to self to make this kind of knowledge come to you. I do not boast neither do I care except to be just what I am. I don't know why God made me to be able I am just able. Just except the fact of truth in anything, but know what is good and best or great for all. All is One
  39. 1 point
    WHY?

    Beyond Taylor

    Taylor is basically catching the main move on a daily basis so you would use the daily chart to tape read for the general move you are wanting to catch per the Taylor 3 day cycle methodolgy. The daily chart would be used to confirm the integrity of the 3 day cycle. Lets say the daily chart on a SS day closes weak. You would expect a weak open on the next day and a possible continuation of the slide down. But, the next day is a buy day. So you are looking to go long after the slide down stops providing it happens early in the session. So it may open on the buy day at the low of the previous day (SS day) since it closed at its low on the SS day). Just because the open on the buy day was at the objective doesn't mean you immediatley jump in. Why? The market close weak on the SS day and that weakness might continue on down some on the buy day before any rally starts. It could trade right through your objective point so you want to wait for the intraday move down to stop before taking your long entry. So you would want to tape read intraday looking for the entry point. Remember, Taylor gives the general expected moves in the 3 day cycle. The daily tape confirms the cycle. The intraday tape determines the exact entry. So, to fine tune entries and exits you tape read intraday. So, if it is a buy day and you know the objective is to go long at or through the low of the previous day if made early in the session then you would want to tape read intraday perhaps on a 5 minute chart to fine tune your entry remembering that the daily chart showed a weak close on the previous day SS day. So you go long when you see a reversal after the objective has been reached or surpassed. Just before the reversal the market may stall and become "dull". But you do not want to jump in unless that dullness turns into a reversal because you don't to go long in a downtrend on a dull spot especially, if the dull spot is a pullback. If the dull spot meanders sideways for several bars ESTABLISHING a sideways range then that is generally good and indicative of it breaking out north when it does breakout because some buying is taking place before the reversal. But one would wait for the reversal to actually take place before jumping in. If the dullness is on a fairly good size pullback without much of a sideway move (say just a few bars...3 to 5) then that can be dangerous to go long at that dull spot because most likely it will soon resume the downward trend some more... hence the old saying "never go long in a dull market in a downtrend." I hope I haven't confused the issue on "dull markets". You have to understand what Taylor mean't when he speaks of dull markets.Since he doesn't go into detail about it you have to look at other traders explanations of what these ole sayings mean't to them in that time and place. That is why in an uptrend don't sell (short) a dull spot it is referring to dull spots in pullbacks on uptrends. This will become clearer as I post more. All "dull spots have to be tape read to determine if the probabilities favor taking a position. This is all part and parcel of tape reading entries/exits. You have to tape read any pull backs or sideways movement to determine probabilities of price direction when the breakout does indeed occur.
  40. 1 point
    I'd strongly suggest to anyone who is serious about trading to think very carefully about whether using a mobile phone app for trading is a good idea. The interface, speed, reliabilty and security issues make it something I personally wouldn't do. If you have a position and you absolutely must leave, either make sure you have a way of getting through to your broker's execution desk quickly or close the position out before you leave.
  41. 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!
  42. 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
  43. 1 point
    I have a suggestion. When someone first registers at Traders Laboratory, automatically send them some tips, or links for beginners. They may not be a beginner, but it won't hurt.
  44. 1 point
    GlassOnion

    Joke of The Day!

    Easily the best joke of the decade A young man moved into a new apartment of his own and went to the lobby to put his name on his mailbox. While there, an attractive young lady came out of the apartment next to the mailboxes, wearing a robe. The boy smiled at the young woman and she started a conversation with him. As they talked, her robe slipped open, and it was obvious that she had nothing else on. The poor kid broke into a sweat trying to maintain eye contact. After a few minutes, she placed her hand on his arm and said, "Let's go to my apartment, I hear someone coming." He followed her into her apartment; she closed the door and leaned against it, allowing her robe to fall off completely. Now nude, she purred at him, "What would you say is my best feature?" Flustered and embarrassed, he finally squeaked, "It's got to be your ears." Astounded, and a little hurt she asked, "My ears? Look at these breasts; they are full and 100% natural. I work out every day and my butt is firm and solid. Look at my skin - no blemishes anywhere. How can you think that the best part of my body is my ears?" Clearing his throat, he stammered .... "Outside, when you said you heard someone coming.... that was me." __________________
  45. 1 point
    MightyMouse

    38 Steps to Becoming a Trader

    Step 39 is when Shrek and Feona have a family and live happily ever after
  46. 1 point
    Shamal

    Pure VSA

    Eiger, presume you meant "No Supply" on D & G bar rather than "No Demand"
  47. 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...".
  48. 1 point
    smwinc

    Edge VS Mentality

    Interesting discussion this. I have seen and spent time with a very diverse group of traders. From very successful independent & prop traders, traders at firms, traders at banks, average traders, losing traders, losing traders who think they are good traders, etc. The three things that really stand out separating the traders comes down to: 1) Discipline 2) Conviction 3) Guts. In my experience, having an edge to pull an income from the markets is actually not that hard at all. I would go so far as to say it is easy. Some of the most consistent traders I know have particular setups, and they just don't really question it. They don't make a killing, they just grind it out, working their small edge. Mentality is too general a word. The more specific problem: The majority of people have no discipline. It takes a huge amount of discipline to know what your specific edge is, sit infront of a screen and only take those setups. To only trade your edge, entires & exits. I do NOT think the problem is exactly about having a profitable strategy. It's about having a profitable strategy, and trading that and only that. The average person simply can't sit infront of a screen all day, every day, to only take one very specific setup. Even if it were to make them more than their current income. If you can't follow an exercise plan, can't follow a diet, can't follow a study plan, etc - It is unlikely you will succeed at trading until you can address those issues. This is one of the key reasons why there is a correlation between successful athletes following on to become successful traders - it is the discipline aspect. Subsequently, it is also a key factor in why there is very little correlation between being successful in a white-collar job, to becoming a successful trader. Most 'real jobs' (as I call them :-) ) do not require and test your discipline on a daily basis.
  49. 1 point
    james_gsx

    Candlesticks and Volume

    Glad to see this finally come up. I've been very interested in combining other types of analysis along with candlesticks such as volume and MP. Heres one quick trend play that you could do using WRBs. As we know, typically a WRB is followed by an easy short to scalp, but if you use volume with the WRB then you could probably get some nice setups. 1 - As you can see we start off with a WRB, and lets say you want to go for a quick short at the exit OR wait for a candle to go short. For textbook style play let's just say we went short at the close of the spinning top that immediatelly followed. This is an ideal setup because the volume of the spinning top is nearly identical to that of the WRB. This will make it easier for some of the newbies. 2 - Two candles later we have a test of the WRB open or low. You can exit here for a quick profit or you could see that volume has been declining. We have smaller bodies and taller wicks, but the lack of volume would tell me theres no interest in demand as it is quickly shoved back down. So we could move our stop just above these wicks to protect our profits. Then we get a rise in volume, and a candle that breaks through those lows this would be our confirmation of a new trend. 3 - Now we get a hammer and volume as been slightly rising. Since there is a nearby support level we may be tempted to exit this trade and take the hammer. If we did that, we still have a nice profit and obviously the hammer would have failed. No big deal, thats life. OR we could have waited until something more meaningful to a trend appeared like a MA crossover, oscillator, or a hammer with STRONG volume. For the sake of hindsight and textbook style play let's say we waited. A few candles later we get a hammer with STRONG volume (similar or more to the WRB). That obvsiously screms that buyers are present. We happily exit the trade and go the other way for our hammer setup, and walk away with a new sum in our bank account. Now to be fair this isn't a setup where you see a spinning top after a WRB and assume you can nail near 20pt ES trade. BUT if you started with a simple 2pt play and closesly followed volume you could have turned that into a nice trade. For the sake of argument and realism, here are a few losers in the same day. Heres another play we could have used. 1 - Clearly defined hammer after a WRB and volume is very similar. 2 -Next we get a follow through WRB with strong volume. Typically I think we would have taken the hammer and a quick profit with the WRB and been happy. Or we could let volume tell us that buyers are still heavily present in the market and hold onto the trade from here. 3 - Our trade continues to move higher and we eventually test the long term MA. Knowing this is a counter trend play I think most would be disciplined to take their profits here. Just in case this doesn't happen the high volume inverted hammer would tell us the bears quickly counter attacked with equal force keeping price down. So you could take your profits at the close of this inverted hammer and still had a healthy trade. Or else you would have waited for the spinning top with low volume to tell you the move was over. So overall I'm starting to see a pattern of nice candlestick patterns following WRB with EQUAL OR MORE volume. How a trade could possibly setup. 1 - Reveral candle after WRB witih equal or more volume. If I'm not alread scalping for a quick reversal of the WRB then enter on the close of the reversal candle. 2 - Wait for a signal such as an oscillator, moving average, or another candle (with strong volume like the WRB) to exit my trade. I think this would be a trade that would have to materialize, I don't think you could just see it happen in real time and take it. But I do think it would go along with what you said earlier about taking a typical setup, and using volume expand on it and capturing a bigger move. I think this is a good start though. Once I feel more comfortable with my knowledge of MP I would love to start a thread combing candlesticks, volume, and market profile into one setup. I believe if we could blend a lot of these great analysis together we could have an extremely efficient trading plan and one that we could use to expand our careers. I also don't think volume is something that would complicate our plan, just compliment it
  50. 1 point
    Anonymous

    [VSA] Volume Spread Analysis Part I

    Welcome. There is more than one definition for No Demand. In the book the base definition is given as a narrow spread bar closing up with volume less than the previous two bars. The Trade guider definition, also in the book, is a narrow spread bar closing up on volume less than the previous two bars AND closing on the middle or low of its range. Joel Pozen would define a No Demand as simply any bar closing up with volume less than the previous two bars. Or a bar closing equal, on volume less than the previous two bars with the previous bar higher than the bar two bars ago. Still others would include any buying bar (a bar with a higher high, but not a lower low than the previous bar) that has a narrower range and with volume less than the previous two bars is No Demand. If it closes either up from or equal to the previous bar. The underlying element is volume less than the previous two bars on equal or up closes. Note if the close is down and the we have a buying bar with the close on the low, the we have a hidden Upthrust in the form of No Demand. Sorry, I don't think I have really answered your question. I guess the reason is, the question you should be asking yourself is "How am I comfortable defining No Demand within the context of market behavior and amidst the various possible elements set forth?". I have added this beautiful pic from Monday. Note the two No Demands on the right of the Dotted line. The first one obviously closes on its high and has a smaller range than the previous bar. Plus it has volume less than the previous two bars and is a buying bar. The second one has a greater range than the previous bar and closes near its low. It has volume less than the previous two bars. It is a buying bar (positional relationship), but the low closes signals no real buying going on. This is a Hidden UpThrust in the form of No Demand. TG software would NOT pick up either of these.
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