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wrbtrader
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Posts posted by wrbtrader
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Hi, thankyou for the replies, its interesting to get you views,, its a strange world trading, its a lonely job, good to find this forum.MightyMouse in English, no way European........
Thanks again.....Shane.
Shane,
Trading is only a lonely job if you want/allow such. Yet, if you want "in person" interactions with other traders, there are many ways to easily find/locate other traders near your home location. For example, use social networks to locate them (e.g. forums, facebook, twitter, stocktwits, software groups, nearby universities, local library and so on).
It starts via you letting everybody you know on those social networks what city you live in and you then initiate meetings if someone hasn't already done such.
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...I'd like to hear feedback from the community about my strategy while I paper-test it.The method uses stoic methodology to limit emotional response to trading. It utilizes robotic /mechanic responses combined with human ingenuity to give it an edge over black box systems and speculators alike...
First, you can't imply it has an edge over black box systems an speculators alike until you've become consistently profitable with real money.
Therefore, I think you meant that your "goal" is to give you an edge over black box systems although I'm a little confused why you're measuring your discretionary trade method against black box systems.
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Hi to everyone, my first post.Just wondered what the opinion was, say you are in a trade, you short and the trade goes up and you get stopped out, do people generally look to get back in or think that for the moment the stock or pair is not doing what i feel it should, therefore walk away from it for a while. maybe you were trading range bound and it starts to trend.
Thanks in advance for any replies.
Shane.
It's very simple, if you get another trade signal...re-enter the trade again. Yet, if you don't get another trade signal and it then trends. There's nothing you can do but remain discipline and stay on the sidelines.
Yet, if you consistently were in a losing trade that takes off and trends in your desired direction after it stopped you out for a loss...you need to update your trade method via any of the following:
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Design a re-entry signal
- Improve your initial stop/loss protection method so that it gives your trades more room to breath
- Improve your entry signal so that it doesn't get you in so early
The above recommendations are via the assumption you have some sort'uv statistical proof after analyzing your trades that these losing trades would have been profitable had you done one of the above solutions.
However, if you have no statistical proof or you're only talking about a "few trades" that you're getting emotional about after witnessing how far they trended without you on board the train...learn to let it go and start preparing for your next trade opportunity.
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Hi,
Most of the free information available is by vendors or by none vendors getting some other type of compensation. The rest of the free information is by other traders that are also trainers/educators but doing such not for a fee and then a small percentage of them eventually become vendors.
This is one reason (not the only reason) why it will be extremely difficult to regulate the trainer/education industry because you'll need to regulate none vendors too without any bias. Simply, free information can also cause trading losses and most free information is posted anonymously by those without any verification. Yet, realistically, any forum owner that is compensated financially...should he/she be held responsible for those they allow to be as members and be responsible for the content being posted by those members ?
That's why TL has the following "Risk Warning" @ Risk Warning just like most vendor websites.
If there's going to be regulation...it'll primarily be via the forum owners and then secondary by the peers (members).Therefore, the forum owners can easily have requirements that anyone (vendors and none vendors) that post training/education information, advice, recommendations, implies they are a profitable trader, taken specific trades in discussion and similar like...can only do so if they meet the qualification to be able to do such. Simply, regulation begins in the registration process of any forum or social network that makes itself available to traders.
For example, anyone that wants to be a member of Traderslaboratory must submit identification info, pay a small fee to be a member, show yearly trading account statements and anything else for those that post any type of training/education information, advice, recommendations or implies they are a profitable trader or implies they've taken a particular trade in discussion regardless if they are a vendor or none vendor posting free information. In other words, to regulate members implies the forum owner themselves will be regulated because they are the ones allowing these individuals to join.
Food for thought.
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I usually enter one tick above or below a cande, what would you suggest as the best method of entry? I trade profitably most around the open and tend to hold positions for 15-30 minutes is the illqudity of the TF in the long term an issue for me?I don't know anything about your trade method but only because you have not stated anything in detail nor shown any chart examples. Therefore, I can't suggest how you should enter a trade except that your entry should be based upon similar concepts from your trade method. Yet, if you're asking about what order type to use, I recommend limit orders especially when placing trades around the open. Yeah, you're going to get some fills but hopefully those missed trade opportunities aren't the big ones that would have determine if you're profitable or not for the month.
Also, you said you trade profitably around the open...I recommend you continue doing such and just leave it as it is. Thus, if it ain't broke...why try fixing it.
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What is the size limitation in the TF? Whats the most contracts anyone here has traded with 0 or 1 tick slippage? Thanks.Some days I've had slippage on a few contracts and no slippage on much more contracts in the same day or within an hour of each other. Other trading days, no slippage on a few contracts and slippage on much more contracts in the same day. Thus, two variables about slippage is the time of day and volatility at the time of the trade.
Simply, if you're worry about slippage...don't use market orders or stop orders. Instead, use limit orders but this will also increase the chance of not getting filled on the order. There are other types of less common orders (e.g. stop-limit order) but market orders, stop orders and limit orders are the three most common types. Thus, another variable about slippage is the type of order being used.
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boy! everyones getting a bit anxious on this one.all ive said is pro's dont use ta. and they dont. they may use the odd chart here and there - who doesnt. it may even be part of the strategy. im just saying it's not 100% like retail traders. and theres the key point. the failure rate is MUCH higher in retail than professional environments. and they key difference is the amount of dependence on TA. that is a FACT that is as clear as the nose on your face...
Hi TheDude,
Maybe you meant to say that the professional traders you know "do not use TA". Simply, I strongly doubt you know every pro trader on this planet and if you did...you would know my family and some of my close friends.
My point is this, my experience is just the opposite in comparison to yours. I'm from a family of professional and retail traders (3 relatives) and have several close personal friends that are "institutional traders". They all use charts but not indicators to help with their trade decisions. The use of charts is still technical analysis.
Therefore, maybe you meant that those you know do not use "technical indicators" ???
Yeah, you're absolutely correct, the typical professional trader (at least the ones I know)...are not as dependent upon TA as the typical retail trader. However, I strongly disagree with you when you suggest that the reason why the failure rate is higher amongst retail traders is due to their use of TA. :rofl:
That's like comparing apples to oranges.
Most professional traders have compliance office or something that regulates (controls) their trading. Retail traders do not have such. Most pro traders are salary whereas retail traders are not. Actually, I've never met a pro trader that was "not" salary. Most pro traders have access to collaboration resources in their office that retail traders do not have access too. Most pro traders are properly capitalized whereas retail traders are not.
My point, the higher failure rate amongst retail traders is not dependent upon their use of TA. Its greatly dependent upon the lack of resources I've mentioned above.
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Hi, wrbtrader,Man, hahaha so true. To become a succesful trader my biggest challenge was not to find a winning strategy and developing a trading plan (seriously, thats the easy part). For me it was figuring out a strategy AROUND my family life. Got 3 kids , two go to private school and one little one (11 months) demanding attention 24/7 . The wife also works so half the time i'm changing diapers and looking at the charts at the same time. The single dude living at his parents house has such a huge advantage (only a shame you realize that when its too late and paying bills like there is no tomorrow hahah).
Sorry, didn't want to get off topic here but i guess there are traders out there that know exactly what i'm talking about. "How to be a trader and having a family life" could be a good title for a whole new thread.
First, just want to say something quickly about TA. Every profitable trader I've met that uses technical analysis regardless if its via indicators or without indicators...they aren't only using TA to be consistently profitable. In contrast, they also are very dependent upon money management, proper capitalization, position size management, proper trading environment, proper trade strategy for their trading instrument(s), team collaboration, stress management and many other variables. Simply, their profits are dependent upon many different variables working together with their TA. Thus, I've never met a profitable trader that exclusively uses TA while ignoring all those other variables I've just mentioned.
With that said, getting back to the realistic expenses as a trader. First, I'm talking about retail traders that trade from home with their own money. I'm not talking about the corporate trader that's on salary and gets Christmas bonuses.
Yeah, the single retail trader has it sweet in comparison to the retail trader that has a family to support...more of a reality for the older traders (> 35 years old) and is the main reason why you'll see more young traders in comparison to older traders (> 35 years old) at prop firms. Yet, this is reality for any self-employed business owner...a lot easier to compound the income when single in comparison to when having a family.
I remember a long time ago while in an office being rented by traders in Seattle, Washington. The father of one guy came to the office to visit and to spend the day with his son (24 years old) to become more aware of what we do. I remember the strange look we gave him when he asked about our health plan, dental plan, pension plan and such...everyone of us thought he was speaking some foreign language never heard before. :rofl:
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...As for the second sentence . . . I'm sure you would agree that to consistently generate 20-25% per month you'd have to be pretty damn smart? Would anyone who was this smart not be able to perceive the advantages of compounding and exercise the foresight to implement it? At the rate of return you describe, someone with a $20,000 could retire as a multi-millionaire within a few years - now why would they be foolish enough to continue with a 'cashed out' monthly return of a few thousand for the rest of their lives?If you really think about it, it just doesn't make sense...
Some traders have families to support and are the primary wage earner let alone tax issues. Simply, a young trader with no debt while still living at home with mom & pop is more likely to be compounding in comparison to someone with debt and sending the kids to private school.
Thus, the young single trader in comparison has a much better chance of compounding in comparison to someone that has a family to support. In addition, throw in some realities like a divorce, serious family health issues at some point in a trader's career and the revenue service wanting their share...
I think you get my point.
You must be single and/or with no family and/or not the primary wage earner ?
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What qualification is required to get a job of trader? & How many types of trader are there?Corporate trader (e.g. an institutional trader for a bank, hedge fund, private trust) and the qualifications should be obvious. These folks are often refer to as "professional traders".
Retail trader (e.g. home base) and the qualification is having enough money to open a trading account. Also, possible license needed when trading for others.
Proprietary Firm trader and the qualification can easily be looked up via google search or similar. Yet, there's a quick list @ http://www.tradersnarrative.com/list-of-proprietary-trading-firms-735.html
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Many traders rely on luck in their everyday trading. Do you think that luck lead you through success or through misguided ? Who trade with luck here- share your views with me and do you get unlimited profit everyday?::doh:I've never met a profitable trader that relied (dependent upon) on luck to be consistently profitable. Yet, every profitable trader will have "some" lucky trades but not of any statistical significance especially when they will have nearly just as many "unlucky" trades.
Early today I had one "unlucky" trade (resulted in a loss) due to a trade execution error and then several hours later I had a "lucky" trade (resulted in a profit) via the exact same trade execution error.
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No?You've not heard of, say, RenTech then?
Finding mechanical approaches that work is certainly not easy, and such approaches tend to work best when they contain some (mechanically) adaptive element, but it is by no means impossible to do.
This is not to say that the human brain cannot learn to do this better, but to dismiss mechanical trading in the way that you and Joshdance are suggesting is . . . well, dismissive.
BlueHorseshoe
You misunderstand. I like mechanical trading and it has merits. I just have "never" seen proof that "market context" can be coded/programmed let alone done easily by a retail trader as implied by retail traders even though not one single retail trader has produced such a code. Simply, just because I don't believe in "one particular" perceived code does not imply there's no merits to "mechanical trading".
No dismissing of mechanical trading...just dismissing a particular perceived code.
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Ok, but not only recent and historical context, but the context of this very day, of this very hour, is paramount and trumps all other context...There are too many variables that do not show up on your chart, such as news, day of the week, geopolitical events, and most importantly, you can't determine the market "mood" -- you can't simulate it, no matter how hard you try. Static charts are dead and lifeless, and we simply don't trade that way in real time.
Strongly agree. Unfortunately, there's a growing group of coders and programmers that say a trader can easily code/program "market context". Yet, not one is able to produce such a code. :doh:
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If you want any longevity as a trader...
1. Eat healthy (daily)
2. Exercise regularly (daily) for a minimum of 1 hour
3. Meditation regularly (daily)
4. Take small breaks away from the computer every trading day (e.g. stretching, meditation, reading a book not related to trading)...anything to move the body and not thinking about trading
5. Good night rest
Simply, if the mind/body/soul aren't healthy...it will eventually impact your trading results...more than your trade strategies.
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This correlation subject is a bit tricky imo...when it comes to determine which one is driving the other one...Currency correlations can be exploited in other ways regardless to whom is leading whom. Yet, if someone has a a strategy based upon whom is leading whom...I agree that such is tricky in my experience.
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...I really think that what Taylor discussed can be used to make money...Taylor is absolutely correct and I've been using volatility analysis is the futures markets since the later 80's with success. It's important to understand the price action one is trading involving how volatility changes (volatility analysis) throughout the trading day to be able to exploit it with different trade approaches.
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im looking for a free paper trading platform to practice some swing trading, anyone have any recommendations? ive downloaded ninja trader but im not really sure what other programs i need to be able to simulate the market.I highly recommend you only use the simulator or demo provided by your broker to help prevent some trading problems with real money that will occur via using a simulator elsewhere and then using a completely different trade execution software for real money trading.
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How do you determine the long-term trend on a daily price chart?Higher lows or lower highs that have not retraced the most recent reaction point.
Do you currently consider the S&Ps to be in an uptrend?No...it closed below the reaction point of April 10th back on May 9th.
Do you employ long-term trend filters in your trading?Yes via volatility analysis.
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Hi,
We all know that the world's markets are interconnected (have impact on each other).
Thanks for the info especially when we sometimes forget that this is a piece of the puzzle called "market context".
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Hi Mysticforex,
Thanks for the charts.
I"m curious if you were aware of any fundamental reasons, economic reasons for the Forex AUDUSD currency down trend when you were making your technical analysis regardless if those reasons had or had no impact on your technical analysis. ???
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I do not use a risk:reward ratio...If I have a reason to enter, I want to enter and at this initial point I do not know where I will exit
Once I have entered a trade, every tick and trade thereafter will have some consequence on the market outside of my control....therefore
My job is to stay in until I see a "reason" to get out...That "reason" may come 1 tick..10 ticks...100 ticks, whatever, after I have entered.
I too don't use fixed risk:reward ratio as a discretionary trader (no automation nor coded method). In my trading, fixed are counter-productive because the price action doesn't behave the same from one trade to the next trade. Thus, if the price action was the same "after" entry from one trade to the next trade...fixed risk:reward ratios makes a lot of sense when applied to every trade. In reality, price action rarely (arguably never) behaves the same every second, every minute, every hour, every day, every week, every year. Yet, I won't enter a trade where I believe the risk is greater than the reward. Also, my risk from trade to trade is not the same. Therefore, if the risk is to large for a particular trade...I don't take the trade even though that exact same risk was not too large for a prior trade I had taken.
Simply, my risk and my reward are adaptable to current price action. ) that's rarely the same from one trade to the next trade. Thus, one trade the reward may have been 40 ticks while risking 10 ticks and then the next trade the reward may be only 5 ticks while risking 3 ticks.
The markets or its "market context" determines our reward and that reward will be different every trade because the markets is different every trade "after" entry. Yet, we do have a little more control over the risk issue because it can be determine "before" entry in comparison to the "reward" being determined by the markets "after" entry.
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...Besides all of the fundamental and technical factors a trader must keep track of in order to be successful, there is another area which is often overlooked – themselves.No matter how good your strategy is, the other factor which will always influence your outcomes are your own emotions. After all, it is emotions that move the markets. Emotions are what most of our indicators are designed to give us a measurement of. And in order to be able to profit on market movements created by the emotions of others, you must first learn how to read the mood behind the move, and also how recognize and control your own...
This is a critical issue for discretionary traders (I'm one of them) that merges fundamentals, market psychology with technical analysis to form what's called market context prior to the appearance of any trade signals.
Therefore, although you said it differently, the markets move due to factors beyond technical analysis alone and before we can exploit the price action via our trade strategies...we must first learn how to read the mood behind the move along with being able to understand ourselves as traders to be able to exploit these price actions we're applying our trade strategies within.
That's why I say to other fellow discretionary traders (traders not using automation or codes), profitable trading involves a lot more than just trade signals.
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There's nothing mystical about context. Context is criteria.I'm including a quote which indicates wrbtrader is the first coder who thought it was important to include discussion of candlestick code. Hopefully this clarifes the sequence of events and gives you a better understanding of what he's talking about.
Maybe you do not understand. There's another thread for the discussions of market context (not started by me) involving trading via Japanese Candlestick patterns. Simply, if the thread starter samuel23 wants to go beyond the "brief explanation" of dictionary terms he asked for here in the "Beginners Forum"...he should use the search menu or go to the "The Candlesctick Forum" where the discussions have been far beyond beginners stuff (e.g. market context involving candlestick patterns, coding/programming candlestick patterns).
Yet, you come along and want to debate the issue in this thread even though there are already existing in-depth discussions about "market context involving candlestick patterns" by programmers started by others elsewhere in their appropriate areas of the forum that I participated within (note - I was not the thread starter in those other threads).
On a side note, as someone else suggested to you in another thread, please stop trolling my message replies to others because this isn't the first time you done such in this manner nor do I expect it will be your last. I do not like trolls...just giving you an early heads up about such just in case you honestly didn't realize you were doing such. In addition, please stop addressing me in that condescending manner via quoting me under the facade you're having a conversation with someone else when that someone else is not even responding to you nor having a conversation with you.
We simply have difference of opinions about the definition and/or explanation of market context due to completely different approaches. You get the last word in now because you now clearly know my impression of your posting habits here at Traderslaboratory.
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market_context=myCriteria;if myCriteria=n then condition1=true else if myCriteria=nn then condition2=true;
Like I said before, we have a difference of what is market context.
In addition, we have different perspective about what the thread start was asking about. I believe he asked for a "brief explanation" (e.g. image/chart examples of the patterns from any candlestick book - free at any local library) about candlestick patterns and a few gave him examples of such. In contrast, you seem to think he's asking about computer software, candlestick codes or programming information. :doh:
Feltontrading Method
in Technical Analysis
Posted · Edited by wrbtrader
MMS, out of curiosity, when a thread continues in that direction (members slinging personal insults and ridiculing other members) as off-topic...wouldn't it be better to close the thread instead of spending time editing/moderating the thread which is what gets members upset when they see their messages edited or deleted.
My point, I've been a member of other popular forums since their birth (different user name) along with once being a moderator myself of one well known forum...my experience is that when problematic threads are closed...members tend to understand (acceptable) instead of getting upset when their messages are edited or deleted. Also, those that support those types of members that think its OK to mudsling personal attacks, insults and the likes in a bully or street gang like mentality, they too react more positive when problem threads are closed instead of having their messages edited or deleted.
P.S. These problems, more often occurs when members interact directly with these types of members that engage in personal attacks, insults, ridicule instead of just ignoring these types of members. Ignoring = ignore their threads, don't respond to their message posts along with putting them on the ignore list. Thus, it takes two to tangle and some members like Roger needs to just learn how to ignore especially if he's not here to look for clients because the process of defending the service will result into indirectly promoting/advertising the service. Therefore, its a vicious circle.