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Joseph Connors
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Posts posted by Joseph Connors
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Good Morning All:When to Trade What, Part 2 of 3
That was the opening paragraph last week in part one of this three part series. .
No wonder I couldn't find it, it wasn't last week it was last YEAR!
Good article, though!
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I can not find the first part of this series. Can you provide a link? Thanks!
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Yeah, junk. Contact an ophthalmologist if 4 letters are to difficult to read. What I do consider prof? The opposite of NT, for example.The opposite of NT? Thats a great answer!
Oh poor me, but whether it is $1000 or 1500 NT is not worth it to get my money, Mr. Salesman.
Who's a salesman here? I'm just asking you what you consider to be a professional platform and you can't answer.
We are in tools to trade section here. Your blah blah's got nothing to do with the fact about the value of NT. A professional craftsman would not choose this obviously limited one http://thumbs.dreamstime.com/z/child-s-toy-hammer-10422684.jpg over this http://upload.wikimedia.org/wikipedia/commons/8/84/Claw-hammer.jpg to knock your rotten woodworm cottage into shape. If he is really bad and brain dead then he would of course.
Listen fanboy. If you think it is so good then use it. I have no desire at all to steal it from you
I consider it useless. And I don't know any pro using it.What does "fanboy" mean? If it is meant to be some form of a pejorative then I guess we can't have a civilized conversation here, which by the way is the reason for this forum. But then again forums like this can serve some people as a means of anonymously attacking other people for the sheer pleasure of it.
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I am neither talking about SC nor am I using it. I am talking about NT. And yes, it is an amateurish platform. It has no professional value other than being a charting platform. Popular? Yeah, maybe popular for most of the "I need free charts or otherwise I need to stop trading" group of people of 3rd world regions (US is 3rd world region too now, BTW). No one being serious with trading would pay $1500 for this junk.Junk? Really! What do you consider to be a top notch "Professional" platform? Oh, and the lifetime multi-broker license is $1000.
BTW: In the strict sense a "Professional" in any category is defined as someone who gets paid to perform a service or produce a product (in our case - MONEY). To my thinking, a "Professional" is not defined by what trading platform he uses, but by whether or not he earns a living from trading. The platform that is used to accomplish this is a DISTANT second!
The platform will not transform an amateur into a professional and a professional can trade with anything and still be a professional.
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Agreed NT is an amateurish limited software IMO. I could only think of paper traders using that one.You must be right, thats why it is the most popular charting software there is! I have been using NT since 2008 and it is a great program. You can say that it is not a good fit for you or that it lacks some feature that is important to you, but its not reasonable to say that NT is "an amateurish limited software"! I am not familiar with Sierra Charts, but have heard some good things about it. There is no need to denigrate NT because you like SC better.
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Hi Roger,No, trading a 100k account ten to twelve ticks per day sounds perfectly reasonable to me.
Do your friends who make a few hundred a day have 100k accounts? And do you tell prospective students who have, say, 20k accounts, that they can only realistically expect to make $10 to $20 per day?
I don't think that - I'm just putting the reality brakes on so that anybody with a small account reading the thread (that's lots of people here, new traders especially), doesn't think they're likely to be making a few hundred per day.
That's a really interesting comment, and probably pretty on-target in my case, although I prefer 'skeptical' to 'pessimistic'.
BlueHorseshoe
Hi Blue:
In your experience, what could someone trading (1) ES contract with a 10K account expect to make? Assuming they know what they are doing. Big assumption I know! Using your experience with your trading, just scale up from your figures today. I assume you know what your average daily profit is? Example: you have a 100K account and make $2000 per day. That is equivalent to a 10K account making $200 per day. Thanks!
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Hi ,I am posting thread for those who are new in options.
Kindly check my thread so that you can have basic understanding of F&O..
Thanks
Huh? What are you trying to say? What is "F&O"?
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Do not even think of selling AAPL!! I made a giant post on AAPL on my 'tech picks.." thread and you should check it out to see why I suggest this.
So ... what do you think about AAPL now? Are we going to "double-down"?
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With this post,a repeat of a post you made several weeks ago,you appear to be a one trick pony- a lame pony making no progress.And you admit the condition has being going on for years now...mmm
Forgive me if you have contributed something of interest elsewhere here- i still have not seen it and i'm not exactly motivated to check your profile to find out.
Why not name names? or would that be a bit too controversial for you?
Since it's clear you're the kind of guy that thinks others (complete strangers,even) should bust their gut in order to spoon feed you,i will from now on,refer to you as "spooner"
Anyone remember the "self entitlement trend" i talked about here?:
http://www.traderslaboratory.com/forums/psychology/11608-taking-blinders-off-trading-mind-8.html
Spooner fits the profile.."EXACTLY"
This guy is a fully paid up member
You seem to want to make this personal for some reason. Ok, you say I have not contributed, exactly how have you contributed? I have not contributed, but then again, I'm not the one claiming to have answers. I'm not asking for anyone to "spoon feed" me. Just don't feed me a lot of BS and tired old cliches and claims of competency as a trader without proving it by being specific. BTW, what do you mean by "naming names" and how am I asking anyone to "bust their gut"? Posting a simple strategy that they employ is asking too much?
I'm just asking that those who are claiming they trade profitably and have the answers, prove it by being specific about how they trade. If someone has a strategy that works, its probably dead simple. Most things that work are. It should be simple to communicate it to everyone. I understand that one strategy does not fit all, but why not give others a chance to "try it on for size" and see if it fits? If you are afraid that if your strategy gets out it will not work anymore, I think you have nothing to fear. Odds are its already being employed by others and how many people are going to read this thread and employ it?
I'm just trying to point out to some that not everyone is as they appear to be. There are many charlatans out there! There are all kinds of generalizations that are made which are passed around and provide no details on specific strategies. If someone is not going to be specific, what is the point? The generally accepted rules of trading are everywhere and do not need to be constantly repeated ad-nauseum. The OP was asking for a "Strategy That Works". If someone has one, post it. If not, why bother everyone with "I have a strategy that works, but I won't tell you".
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T2) they don't have a winning system (one that is consistently reproducible), but prefer to claim that they do.
My experience has shown that #2 is the case about 90% of the time. Humans love telling stories. Especially in Western culture, when there isn't a good explanation for something, we either ignore it altogether or if the object is so in-your-face that blatant ignorance is not feasible, we create powerful mythologies to explain what or why a phenomenon is happening. The good news is because the truth is obvious and readily accessible to all who want it, it is unnecessary to rely solely on guru or teacher. {QUOTE}
I agree 100% with point #2. A lot of the so-called "successful traders" here and elsewhere are engaging in story telling. Thats why they are here. To have their egos stroked by newbies. Not all mind you. But 90% are. All you ever hear from these people is the same old non-specific cliches: "the trend is you friend", "buy low, sell high" and all the usual psycho babble! Its all true of course, but they never get specific about how they approach the market. EXACTLY how do they trade! They won't tell you because they don't trade profitably ... maybe not at all. I've heard this stuff for years and years. These forums are full of these people. I have a secret, but I won't tell you! It just gets old.
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Historically the general (long term) drift of financial markets is upIf the metric you use to judge that is the market indexes, then I would have to disagree. Those indices are constantly re-balanced. Older stocks dropped, new ones added. The DJIA and SP500 of today bare little to no relationship to those indices of the past.
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Try paying attention to the context joseph (it will help you to find your own success)Those who can....do.....that is what I am doing....I no longer teach (therefore I have nothing to sell).....and even when I did I traded my own account during class (in contrast to felton who traded a sim)....also I charged my students $200 a month....not "thousands"....in my opinion no vendor should charge "thousands" to learn how to trade....
I speak for myself now....from my point of view my financial records are none of your business....my ability to trade IS however.... and for my students I displayed that ability in real time over a period of a week so that they could see (before paying) for themselves. I taught two classes....in the first I had a problem with my data feed and we had to stop for period of time...until it could be fixed...for the second...we had no problems and the class went smoothly...at the end of my class students were asked to stop and go out on their own to prove to themselves that they could make it in this business..for better or worse that is how I chose to do it.....its history now...and I notice that none of them have posted comments to the contrary....
Steve:
I'm not referring to you specifically. You demonstrated your trading acumen BEFORE people paid for your class. That is the way it should be. But it is caveat emptor. I'm just saying that trading acumen needs to be demonstrated before I would buy.
By the way, you state " Try paying attention to the context joseph (it will help you to find your own success)". Who's to say that I am not successful at trading? That is my whole point! We are all anonymous on the net and can effectively be whoever we want to be.
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A final comment about obtaining "proof"...I realize that is it fashionable to request financial records from vendors....hey...have at it if you must but from my point of view it is much better to do your own investigation. Not only can you obtain the data (your ultimate proof) but the advantage you get from doing this work yourself is that you have up to date evidence that a strategy works (or does not) and if you find something worth doing, the work you did to "prove it" provides you the internal confidence that helps you to "pull the trigger" confidently when you are trading it yourself....
Regarding "proof" as regards to strategy performance and trading acumen, the old saying comes to mind "those that can, do ... those that can't, teach" (or in this case, sell! ). When you ask someone to spend thousands of dollars for a strategy or course of study, you surely don't expect someone to do this on faith, do you? They want to have some idea that the strategy they are purchasing has some validity and certainly that the person selling it has a past (preferably extensive) history of making money trading this strategy and trading (making money )in general.
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Joseph ("then why are you here?") Conners thinks we should not be here if we're not going to publish our strategies.my answer: there is a lot of good advice here about the steps to take, time involved, the products to look at, etc that can be helpful.
But if you don't want to put in the time to develop your own methods, you just want to someone to give you their system, maybe you should look for a different way of making money.
TANSTAAFL
Windsurfer:
I'm not necessarily saying you have to publish your strategies (although why not?), it just doesn't make sense why traders who say they are successful, and do not want to share the reasons for their success, are even on these forums.
You say: "my answer: there is a lot of good advice here about the steps to take, time involved, the products to look at, etc that can be helpful." Why would they be interested in advice on subjects they say they have already mastered?
My point is why not share what has worked for you? If you are afraid that the word will get out and your setups will no longer work, I think those fears are unfounded. Their is no "Holy Grail". As someone mentioned before, good setups are a dime a dozen. The real secret lies in the psychology and the discipline of trading, but a good setup is needed as well. Plenty of people have shared some setups they use so why not share yours? This stuff of "give me $5000 and I will tell you" smacks of a school playground with " I have a secret and I'm not going to tell you!".
Some of you say you are very successful. Great! Forums are for sharing ideas. Why not share? And if you are not into sharing then again my question: Why are you here? This all presupposes that those who claim to be successful traders on these forums are in fact successful.
If they are successful, then why not share the information? And if they are not and merely pretending, then they are wasting all our time!
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I have a strategy that works , at least for me. But why should I tell anyone? What's the motivation? If you like, I'll tell you - for , oh let's say, $5000. It took me years and several accounts to develop it, so why should I give it away for free? Ifd you want to know - you pay. Welcome to the real world!Ok, I hear where you are coming from. You put in the time and money to learn to trade and why should you just give it away? Given that most of the people on this, and all other forums, are struggling to learn to trade and that is the reason they are here, I have a question for you and a couple of others who have said basically the same thing as you.
Why are you here?
If you have the answers that the rest of us are seeking but are refusing to share those answers then why participate? Is it ego? Does it give you a kick to tease everyone else with the knowledge that you withhold?
I think its all BS! I think the truly successful traders are not on these forums, but are too busy making money to engage in foolishness and bravado!
So, until you are willing to prove just how successful you are and how you have the trading world by the tail, go on thumping your chests. The rest of us know just what you and your kind are all about!
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Take a look at AMP futures and see if one of their trail datafeeds will be sufficient - they are free for 30 days.I'm curious, what do you mean by "trail datafeeds"?
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I never provided my phone number when I joined, nor do I recall being asked to do so. Who called you? I notice no response when I asked for some specifics to your trading decisions. Or, did we receive your response by you taking a powder?!
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What is the basis for your trading decisions? Can you give us an idea
of what rules/system you employ for trading? Thanks!
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Done for the day unless something pops up. Market dropped big time and bought a couple stocks. Both rallied for a nice gain that took about an hour tops.367 gain
204 gain
570 total gain
So far so good this year. Still staying grounded as I know my lucky streak will end soon.
Good trading everyone
What position sizes are you putting on to achieve those gains?
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Still in a trade that I made today, down just a bit. The stock the past few days has rallied at the close so I've got a couple more hours. Not doing much so I thought I would hop on here.Just sold Ford which I'm still kicking myself for. Recognized gain of $8,252 which is great but it kept climbing. I thought it would come down after a nice climb up today. Will hope for a down day to get back in as I'm still looking to get a lot more gain from it.
Regarding Ford: if your system/rules say you should hold Ford than hold it. If they say to sell it, than sell it. But, don't kick yourself for not getting the top/bottom on a stock. Just follow your rules! Leave some for the other guy you sold to!
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Sure. My strategy is pretty simple. I wait for the market to show some strength or weakness. Then I get in sync with that trend. I also look for the trend to change at points of expected support and resistance. (Yesterdays high or low, Overnight high or low, Prior Day's Close, Today's Open, 30Minute Range High or Low. These are areas that the market wants to test, and when a bounce occurs it will often go to the other extreme.I enter into trends by waiting for pullbacks (for longs) to the midpoint of a Breakout Bar on any one of a 5, 10 or 20minute chart. I watch a 20K Volume Chart on the ES, 3K on the NQ. Look for consolidation, and then a wide range bar that breaks out of that. Sometimes I will add 2 bars together to form the breakout bar.
If you want to reduce the number of trade signals in a day, then switch to higher timeframe charts. Using my method to trade on a 5 minute would produce about 10-12 signals, on a 10 minute about half that and on a 20 minute around 3 per day.
I have included a chart of last week Thursday Oct 8 where I show 3 areas of consolidation and subsequent breakout of that area. When price returns (near to ) the area the Trapped Traders who are on the wrong side of the market are looking to get out of their position as close to break even as possible. It is their closing out of their trades that support this entry technique.
I have watched virtually every tick of the ES for the past 3 years and I now find it somewhat subconsious to see these occurances and know which ones to take, and more importantly which ones to avoid. I use manual trendlines to keep me on the right side of the trend, which are shown drawn the way I choose to draw them in the dashed grey lines on the chart. Don't even think about shorting an uptrend until you see a double top form and then price trade below it. This pattern occurred around the 11:30 to 13:00 time on the chart shown.
I use my Fib drawing tool to show me the 50% retracement point where I want to be a buyer, often 1 tick in front of it. Sometimes I will enter at market if price touches my limit order but doesn't fill me in a few seconds. I place my stop 1 tick below the low of the breakout bar or its combination. I look to exit at the 127% extension for 1/2 of the position and try to hold the rest until the 161% extension. If its a strong move, I will reenter on pullbacks which could have been done at 11:10 on this day as well as 14:00.
I will trail my stop only after the market moves at least 4 ticks on the ES n my favour. I will move my stop to 1 tick below the maximum adverse excursion which has occurred on that trade. Usually this is 2 -4 ticks. This reduces my risk and leaves my profit target in place. I won't move the stop again until my 1st profit target has been hit at which point the exit on the 2nd half is discretionary.
Do you have any questions?
No questions. You explained it thoughly! Thanks! alot!
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Everything seemed so obvious. So simple. I didn't need a year under my belt before I became profitable, shoot this is a piece of cake. All I have to do is take 50 contracts for a tick or two a day and I'll be a millionaire. Oops, forgot that I need a 100000 account to handle the margin draw down. Oops, didn't realize that the price has to move two ticks to make one tick. Oh well, I'll just start with one contract and go for 3 ticks with a 3 tick stop... that's a good RR ratio right? Shoot price always moves 3 ticks against me and then turns around and hits my target, too bad I got stopped out. Oh I know, I'll use a larger stop, say 6 ticks. First trade a winner - 3 ticks! Yeah I've got it all figured out, piece of cake. Oops, second trade hit my stop, oops third trade hit my stop. Hmmm, now I'm 9 ticks in the hole. Jeez, I'll need 3 winners in a row just to break even. Hmmm, may be I don't have this all figured yet.Gee....that sounds familar!:o
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Gosh, this brings back memories of when I first started down this road. I guess we all have to go through this process.
I'm curious .... in what way does it remind you of when you started?
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I spent several years when I first got into this business thinking I would outsmart the market. Now I make money by just following a not-so-clever system which follows trends and has a 66% winning percentage with a Risk Reward ratio slightly better than 1:1. Usually I take 3 -5 trades per day. That's it.
It's also a way of trading that works for me. It took me a while to realize that I am not a breakout trader. I wait for a market to move and buy on the inevitable pullback. Not too tough to figure out. Just follow your system's money management and as the account balance increases, increase the contracts in the trade. Reduce size when things aren't going too well.
Don't waste time trying to out think the market. That's my best advice to you.
Can you give us any details on your strategy? 3-5 trades per day sounds like the volume of trading that I am looking for. Thanks!
Does Anyone Truly Make a Living Solely Trading the E-minis???
in E-mini Futures
Posted
Make I ask you to embarrass yourself? What is your method?