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wrbtrader
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Posts posted by wrbtrader
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Hi All,I'm looking to start a skype room for full time traders only. This room will be audio so nobody has to type. The goal is to have colleagues discuss the market in real time and have fun trading with others.
About me, I'm a full time trader that has become consistently profitable almost everyday of the week. My primary vehicle is ES but I also trade TF and CL on occassions.. I don't use indicators at all, not even moving average. My trading method in a nut shell is a combination method of Market Profile and Mark Fisher ACD along with other levels I lean on, and I read price around my levels to decide if I want to lean on it or not.. I don't use indicators and trade levels.. I see the market as moving from level to level and I trade that way... I also call out my trades in real time as I place them so you will quickly know my track record both wins and losses and that I'm not BSing you when I tell you I'm consistently profitable..
This room will be limited to 5-10 persons max.. The only thing I ask is that you are a full time trader committed to trading for a living and that you're also a consistently profitable trader as I am along with another friend I trade with. I don't care what your methodology is as long as you're consistently profitable and that you're also willing to call out your trades in real time so we know you are where you say you are, a consistently profitable traders as we are. This room is not meant to train newbies but proficient traders only that wants company with other proficient traders while trading to keep each other sharp and grow as traders.. I have nothing against sharing with others as I am always willing to do so generously, but I was in a skype room where it got exhausting sharing with newbies that it really distracts from my trading, yet I enjoyed the company sharing successes and reading the market.. If you're interested in trading with other proficient traders and like this idea where the communication is audio in real time, please PM me..
Thx,
TZ
Hi,
How do you and others manage the skype room if many are talking at the "same time" especially when members may be calling out trades in real-time at the "same time" but in opposite direction of each other (e.g. trader A say he's Long and trader B says he's Short). ???
Will there be a "verification" of profitability to get into the skype room or will all take each other's word that they are profitable ?
Will there be a "verification" of trades at the end of the trading day ?
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hi,i'm an intraday stock trader and i've never had a problem cutting my losses. but i could use a little guidance when it comes to taking more advantage from my winners. i know one option is to add on dips. do you ever add to a position if it starts working right after you buy it? would love to hear from all intraday traders, regardless of instrument.
thanks
- mslk
It's simple...add only when you get another valid trade signal and manage each add independently. Also, only add to profitable positions. Further, if you're a consistently profitable trader...you can add to a losing position but the add must have been planned at a specific price prior to the trade entry.
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Thanks WRB, could you give a concrete example of what you mean by different contexts within a single day? Could this be several news events, such as a report being released, and at the same time news from europe, etc.? Technically (non news related), what might this be?It could be like that in that it involves anything on your typical international economic calendar like what you would see @ Forex Calendar @ Forex Factory, any FED/ECB/IMF event that's being watched by key market participants that's not on your typical international economic calendar, any breaking news or new announcements involving global crisis, technically (not news related) as a reaction to the price actions in correlated markets...any thing that catches the attention of key market participants.
All of these structural references (market context) can occur different times (not at the same time) throughout any given trading day...causing strong continuation price actions, swing points, trends, trend reversals and even low volatility/low volume tight trading ranges. Yet, I don't recommend trying to predict a particular price direction. Instead, market the X on your chart or bid/ask/time & sales quote screen that represents these structural references sort'uv speak and then wait/watch how price behaves (reacts) when it returns to the area of the X.
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The one thing you need to be careful with structural reference (market context) is to not use one event only when there are other structural reference (market context) appearing later.
Simply, its very common to have several structural references (market contexts) occurring in the same trading day. Therefore, don't get tunnel vision on one structural reference when there will be others occurring in the same day especially when key market participants consider the same.
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Ok well I've never realy dealt with taxes as I am only 19 years old. Can someone please explain or give a link about how to go about taxes and trading? I want to make sure I'm doing everything correctly. Thanks.There are several decent books on the topic at Amazon or your local library on the topic of "trader taxes". You can also make an appointment to see a tax accountant or IRS representative. Yet, don't make an appointment to see a tax accountant or IRS rep until you've read up on the topic of trader taxes so that you will be prepare to ask them specific questions that may deal with situations you're personally involved in.
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...You have to understand that most of the advice givers on this board and others are most likely hired by brokers to spread foolish advice that they know doesn't amount to s***. Either that or they are paid to pull the trigger on someone elses money and lose it for a living...You serious...most here at Traderslaboratory that have given one piece of advice involving trading are being paid by brokers.
How much do you think most here at Traderslaboratory are being paid...hourly or salary ?
There any dental/medical benefits ?
:rofl:
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Hi Carlton,
Most data providers have data pauses (stalls) due to bandwidth issues many times per trading day. These pauses or bottleneck of the data can last a few seconds. In addition, there's the issue of such occurring several times per day due to issues with the ISP.
Thus, with the combination of these data pauses occurring via data providers, ISP or computer issues...how will you be able to determine if it's a real price pause or an data stall via your data provider, ISP or computer connection.
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Hi,
Why do you want "new friends" ?
Have you tried joining many of the known social networks (facebook, myspace, twitter and so on) ?
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Dear friends of tradingSometimes I am confused and have this question in mind.Can retails traders start trading in a humble way,such as on part time basis or small capital,then gradually grow it into something like an established profitable business?
The answer is definitely yes if we're talking about traditional business.But is it the same in trading?Perhaps due to the influence of media which make me think that if I am not someone working as a professional trader or dealer,the best I can get from trading is just an extra income for pocket money because consistent profitability is something that can only achieved by the pro,and it's very difficult for retails trader.
To some extents I think it makes sense because no matter how many books we read and workshop we attend,we still lack of the environment(trading hardware,software and surrounded by other pro traders), knowledge and interaction with the market that professional traders have.
Can we,retails traders, turn our trading into established business?
Please give me some guides and advice.Thank you very much!
Confused trader
Hi,
Anybody can trade part-time with a small trading account if that's what you're asking. Yet, most will not be profitable regardless if they do it part-time or full-time. Simply, yes anybody can start trading but only a few will be able to do it profitably.
As for the question if trading is a business...the answer should be obvious. If you're profitable, its your sole source of income, pays your bills, you pay taxes along with doing other things like any other business (e.g. business account with the bank)...
Trading is a business (trading for a living). In fact, if you've had prior successful entrepreneur experience in another profession, odds are high that you're going to approach your trading from the business side. Thus, if trading is just a part-time gig and/or not your sole source of income, its not a business.
Yeah, most retail traders "lack" the same environment that professional traders have but that can be fixed if the retail trader forms the same environment with other retail traders. Yet, most (not all) retail traders prefer the "lone soldier" environment instead of approaching it like most professional traders.
By the way, I think its funny that some (not most) retail traders wish they were in a professional trading environment and most (not few) professional traders wish they were in a retail trader environment. :doh:
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I just got the first edition of Japanese Candlestick Charting Techniques. Do you think they changed the second edition a good amount or would you say the first edition is still relevant and worth the read?Has it had a significant positive effect on your trading?
Hi,
Although the books do not teach you how to trade Japanese Candlestick patterns nor should they be used as such, they are an excellent reference (dictionary) of Japanese Candlestick patterns to help you with proper identification of candlestick patterns.
Thus, they had a positive effect on my trading because I was able to properly identify candlestick patterns regardless if the pattern was reliable or not. Simply, I no longer get the names of the candlestick patterns mixed up. Therefore, they are worth the read for those new to Japanese Candlestick patterns that do not want to make mistakes like calling a pattern an engulfing when in reality it is not engulfing.
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To me activity based and structural references are everything. They are the what, the why, the where and the when of the markets and how they move. There are many different ways to define these references, but the underlying goal imo remains the same. To identify paper which ultimately can drive the market from point to point...Here are some simple examples for anyone who may be interested, to deliberate. Please remember that trading doesn't have to be complicated. It needs to be worked at, to be clear and to not be forced.
Look at a big price move when for example either a big eco release such as NFP comes out or an speaker says something unexpected and market moving. Attached is the move from yesterday. I don't btw use fibonacci ret/ext to trade, but I do like to use them for structural confirmation. When I get such a clear line up with price areas I'd be looking at anyway, it tells me that this is something I need to be looking at. For example, a drop back into the move and below the last pullback highlighted in the chart late on, would imo opinion be very negative for all those bsd's who piled in. I would think that at least a good proportion of the move would be tested in this scenario.
Another really important structural reference which many people look at is the initial balance. This is the first hour of trading in any market (primary session). Now the reason for this is supposedly most paper looks to do it's business in this time. There is indeed much of this type of activity although I believe there are better ways to define it nowadays. However, it's still extremely useful. I've attached another chart to illustrate this. This reference again can be used in terms of activity and strucure. For example, there are times when the IB provides excellent entry or exit points directly. But also, it can be a great activity reference. If say the market breaks only a small amount on one side of the IB and then reverses back into it, often the opposite end is revisited.
As I said before, there are many different things which traders do use for references in their trading, but you have to have something which works for you. Do have yours?
For the past 15 years I've referred to this as "market context" after many initial talks with institutional traders that are close personal friends. I've also discussed a few in-depth examples of market context here at TL in the Japanese Candlestick threads when someone didn't understand the importance of such prior to the appearance of candlestick patterns or any other type of trade signal.
Simply, strongly agree with you and its a shame that most retail traders don't agree with such. Thus, if we don't understand the market context or as you referred to it as structural references...we should remain on the sidelines.
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Hey,I'm not sure which economic news releases that creates volatility and moves the american markets. Can you recommend a good calender? And are there any simple rule to sort out which of all the news that are important?
regards,
Solaris
The simple rule is to pull up the chart of your trading instrument and monitor (learn) which key market events creates volatility. Simply, its also dependent upon what you're trading. Thus, treasury futures traders will see particular events more important than some events that's important to oil futures traders.
Anyways, pull up your chart and compare the release times to get the best answer for yourself. Also, below are calendars that I find extremely useful for trading.
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I think the obvious solution would be for the broker to send the performance results from the side of the broker that's linked to Opentrader instead of Opentrader retrieving the info from their side of the connection. Thus, prevents Opentrader from having access to the trader's passwords, "verification questions," other required security keys. Simply, Opentrader will only have access to the account number and possibly user name.
The performance record for purpose of transparency, legitimacy, benchmarking can be accomplished even if the broker only sends the info when the markets have closed or at a set time period at night considering Opentrader is not trying to be a real-time middle man of trades.
In fact, I'm very curious why Opentrader didn't approach this from the side of the broker sending the info instead of from the side of Opentrader retrieving the info. :doh:
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Yes wrbtrader, that's just sarcasm.If you look at the history of his posts, you will see he asked for a lot of things... he just like to be entertained.
He asked me to make a video many times. (yes, he asked multiple times!)
No, I have no intention of making any video, let alone charging him any money for it. LOL
Yeah, I noticed the demand by bomberone1 that request you to make a video. Heck, someone may have already done a video and posted it online.
Therefore, my recommendation to bomberone1 is to research Google, Youtube, Multicharts forum, Easylanguage forum to see if there's already an existing video or step by step explanation for doing such on his own.
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how much would you like to pay for this video if I make one?Seriously, that must be sarcasm by you because just mentioning that you would do such for a fee would get you on the TL Vendor List even if he's the only client you ever get or never get a client.
Therefore, I do understand the point you're making is that its "your work" that required lots of "your time and energy" to create. Therefore, it has a value and that you do not want to share it with someone freely if they seem like someone that has not done the work and the way he's asked for the video may seem "demanding". Thus, prompting your reply to encourage him to walk the automation path on his own after you've given him tips on where to start (e.g. Google for the free book on easylanguage).
Please clarify if I'm wrong.
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In the past few years I've been hearing more about hackers breaking into different companies to steal confidential information like account numbers, passwords, financial data, personal data on the clients of the company that got hack (Google, Sony, Worldpress, Epsilon, RSA, Voice of America and countless others that includes security firms themselves like HBGary and EMC) in 2011 alone. The scary issue is the info stolen was on individuals and other businesses these hacked companies had as customers.
It's also a known fact in the security industry or hacker industry depending upon how you look at it that most folks (individuals) use the same user name, same password or "similar like" password, same verification questions and so on at other sites due to habit. For examples, a few of the well known companies hacked in 2011, many of the individuals using those companies saw unauthorized access to their other accounts elsewhere that had nothing to do with the company that got hacked.
Simply, this company (Opentrader.com) will have access to more than just your broker account from the perspective of anyone that may want to hack them because the hacker understands that most individuals are of habit. By the way, those SSL GlobalSign and TRUSTe privacy certificates you see at the bottom of sites that say they are secured...some of the companies that issue those have had their own security problems in the past too. :doh:
Yep, I share the same sentiment as others. There's other ways you can verify someone's trading performance without that person coughing up their account numbers, user names, passwords, "verification questions," other required security keys, etc. that your broker has with you.
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...Anyway, so my question to you guys is do you feel you can be both? Can a trader truly transcend trend and reversal and just be at one with the market in all conditions? I feel this is possible but more than anything is fraught with psychological issues. Switching seemlessly from one mindset to another can be quite challenging. I saw a funny thing in TT recently which I'd not noticed before. You can actually invert the DOM to show lower prices at the top and higher prices at the bottom! This tells me how strong the psychological tendencies we have can be once we have got used to something, as they put this into their program!Of course there is a very clear other path to take here. Avoidance on recognition. Just stop trading in a sideways market if you are a trend trader or in a trending market as a reversion trader. Just seems to me that it's possible to be more than just a specific condition trader.
What do you guys think?
I'm a strong believer that to be a consistent profitable trader we need to play both sides to understand and exploit the weakness of either. Further, to get to the point of being a consistent profitable trader along with being such for several years, the trader has developed a strong understanding of the price action so that being able to "switch seamlessly from one mindset to another" is not difficult.
In contrast, it may be more difficult for someone that's profitable but doesn't have enough trading experience to make the change (switch) or adapt when market conditions change.
I myself like to trade volatile range price action but I made great improvements as a range trader when I learned how to recognize and trade trends or strong directional price actions.
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...However because I have no background in trading I have just now have worked up the confidence to start trading with real money. Things are going very well, but being inexperienced at all of the tricks of the trade so to speak, I am certain, considering how accurate I am, that I am leaving money on the table...One thing to mention is that my goal is to maximize profit while spending as little time as possible in front of the computer trading as possible. I work for myself from home so I am able to trade full time, but I had rather spend most of my time doing other things.
Thanks so much!
-nbalance
You should begin with determining the stats of the following questions to help adapt/modify your trade management after entry considering you seem to have a question about if you're leaving too much money on the table...if so...how to fix it.
- What's the % of your trades you've reached a profit target ?
- What's the % of your trades that have continue going in the direction of your trade after you've exited the position ?
- What's the % of your trades that resulted in your profitable trailing stop being hit...if using trailing stops ?
- What's the average ticks/pips per winner versus ticks/pips per loser ?
My point is that if you want to leave LESS money on the table...you obviously need to improve your trade management after entry and it starts via knowing as much info as possible about how you're managing your trades after entry and the results of such trade management.
- What's the % of your trades you've reached a profit target ?
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A few other things people forget:...
3. How often does it go down during the day, and for how long. Often more than you think. Imagine trying to exit a position and your internet goes down. Ugh.
CJForex
Hi,
If someone is counting how many times their internet connection goes down per day...something is seriously wrong with their computer system or ISP. More importantly, they shouldn't be trading until the issues get resolved.
As for myself, I have connection problems while trading about once per month that may last 1 - 2 minutes. To me, that's acceptable.
In addition, I will go as far to say that if someone is considering trading for a living, they should do an in-depth research into the best places to live in their surrounding area (city, state or country) that has the best internet connections. Simply, if someone wants to trade for a living and they discover they live in an area where there are too many consistent problems due to the fault of the ISP...you need to move.
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Thanks Tams,I guess I'm left with just historical trade prices. Would I need to go to the exchange to get it?
Cheers
Carlton
Hi Carlton,
Whom is your current data vendor ?
You going to plug times & sales info excel or a charting program ?
Also, have you started doing live recordings of the bid/ask and time & sales info ?
By the way, whom ever you're currently using, make sure you start downloading/accumulating your own times & sales data on several trade instruments besides just mini-sized Dow YM futures just in case you decide at a later data you're interested in a different trading instrument.
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How nice for you to make public allegations against another mans character and then to decide it would be best to continue forward using PM. Perhaps your allegations should have been made through PM.You obviously had the time it took to publicly define me as a liar through my alleged 1. use of dubious tactics; 2. use of logical fallacies 3. bending of the truth 4. furthering of my agenda 5. misrepresentation of people and 6.intentional dishonesty. Please tell me how I have shown each of these and I will in turn reply to your charges.
In this case bickering will serve a purpose, my own defense!! Explain the reasons for your allegations or apologize publicly.
If I didn't know anything about what had occurred in this thread and had saw your post above as the very second read to someone's opening statement in a thread about vendors...I would have thought you were a vendor with that statement and that blowfish was the vendor basher. :rofl:
...I will also be moving offending posts here so people can continue those discussions outside of the main thread.thanks!
MMS
Also, the above quote from the thread starter/moderator MadMarketScientist reveals many things about nature or character of this thread which leads me to say that it's threads like this that eventually becomes an eye sore for the community considering an "Official List" can easily be maintained by TL management itself (not by a member) that doesn't allows replies...similar to other forums. Simply, names can easily be added to the list via members sending private messages to MMS with proof that a user name is a vendor.
Thus, the community gets its transparency without the bickering and pissing competitions like this that slowly drives away away members to other places online. I've now made my recommendations publicly and privately to MMS...he now has the ball and I'm curious to see what he does to fix things that's obviously still problematic for all members.
Take care all and my last post in this thread. Good trading to all.
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Upload & download speeds aren't actually what makes the difference. The higher they are, the better the ISP's hardware generally is so it can help. But the important thing is lag/latency which is the time it takes for you to see that something has traded. This depends on the distance from exchange, the set up of your hardware, the ISP's hardware and if you are on a public ISP, the number of users currently online(and what they're doing).You could trade off the speeds you quote if everything else was set up correctly, but that's not necessarily likely. The other really important thing is how the data feed provider sends the information. Generally, there are a decent number of providers who don't exactly give you a high quality service. However, all of this depends on how you trade. If you're a day trader, you'll more than likely want a fast and responsive connection, with high quality data and a pc which is correctly configured to use that data.
Hope this helps.
This is very true because I've lived in Chicago and traded the Eminis from the home of a relative that lives on Lake Short drive...I had consistent data stalls even though the CME and CBOT are located in Chicago.
In contrast, when I lived in Seattle Washington, while using a different broker and different ISP via the exact same computer...rarely did I have connection problems and I had a much better (low) lag/latency in Seattle in comparison to the results in Chicago. My point is that good or poor connection can be due to a variety reasons. Thus, it's not always the brokers fault for bad trades.
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Hi,what is the minimum internet connection speed you think you need for your trading, and what is your trading style ?
I get:
ping: 42ms
download: 2.59 Mbps
upload: 6.86 Mbps
(Speedtest.net - The Global Broadband Speed Test) and I am comfortable with this
I trade discretionary, index futures and stocks.
I normally enter a position with limit orders and make less than 20 trades per day.
What about you ?
FR
Is that info you posted related to your broker server, location of the city where your trading instruments exchange is at or just a connection test of the nearest server your ISP has to you ?
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Hi wrbtrader,MMS is in no way obliged or even potentially able to tell us whether or not you are a selling vendor member. For that matter what difference does it make whether you've sold in the past or not?
...I've explained myself already concerning a vendor member like yourself who might be irritated at receiving your labeled vendor status, taking the opportunity to rejoin the community as a non vendor member who never again attempts to sell his wares here. What is the problem? What aren't you understanding? It seems clear to me that I am merely trying to help someone like you who is having problems with the label you are about to be wearing!!
First, it does matter to me if someone implies that I've advertised here while seeming too stubborn to read ones posting history. Like I said, this place isn't my cup of tea and you shouldn't react as if you're offended by that fact that deals with a personal reason (already disclosed) and business reasons that will only be disclosed to MMS in private if info is requested by him.
I use the word implied very strongly based upon your own words like "never again" as if there had been advertising when in fact there never was nor will there ever be. That's a problem and I'll continue questioning your agenda whenever you use words like such under your facade of helping the community.
Secondly, you seem to forget that I volunteer my status. Therefore, I have no fear of the label in comparison to many members at Traderslaboratory that are vendors (my count is now up to 23 members) and not on your list. Simply, don't imply nor state for fact that you are helping me when in fact the info was given by me long before you were a member of Traderslabortory. In reality, I've helped you via giving you updated (correct info), voluntarily being transparent along with notifying you and others (including MMS) there are reasons why some vendors do not market themselves here at TL.
Anyways, I'll no longer bother you about that because I think I've been very clear now.
Hi wrbtrader,...Create this type of community and the ad revenue will take care of itself as people are always drawn to a good community and that's what TL has the potential of becoming.
You seem upset that I appreciate the community here at TL. A few times in your post you've mentioned how it's MMS who is going to make the decisions here at TL and not me, I like to think we all play a part in the decision making process...
I'm no more upset that you appreciate the community than you are upset that I don't advertise myself here at TL in respect for the TOU policy and my respect for the community.
Just remember this...we (you and I) are part of the community. If we don't get along and the same with others, there's really no community worth visiting because its just a pissing match as noted by many value members (non vendors) that no longer visit TL. Thus, it's really not about vendors that's driving away members from the community and that's an entirely different cup of tea involving non vendors in the community. :helloooo:
Skype Room for Full Time Traders
in E-mini Futures
Posted
Thanks for the recommendation...I never heard of this FUZE before until now. Did some research and I like this application a lot especially considering I'm currently looking to purchase an iPad for use as a collaboration tool with family/friends (there spread around the world and using different communication devices) and business associates. FUZE seems to be able to communicate with others using different devices/application...that's a big plus to me.
Fuze Meeting - Web Conferencing Software
[ame=http://www.youtube.com/watch?v=3-1ZkEBPAcE]Fuze Meeting iPad Demo - YouTube[/ame]
[ame=http://www.youtube.com/watch?v=ZXwbkrkUvXc]Fuze Meeting with Multi-Party HD Video Conferencing - YouTube[/ame]
[ame=http://www.youtube.com/watch?v=BnsMTg5FZvI]Fuze Meeting Tutorial - Recording a Meeting - YouTube[/ame]