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jpennybags
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Everything posted by jpennybags
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Hey buzz... In small words: "Just quit now". You are asking questions that can easily be answered from a little reading. If you're not willing to do some work on your own, and want to be spoon fed... well, you'll never make it as a trader or investor. DIY (discover it yourself). Your reading and further research will prompt the desire for more reading and research. It's all available for free, and for the most part... written in simple to understand language. Hope this helps...
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Trade it as you see it... As Nero said: "fetch my fiddle" edit: Sorry... just noticed that the attachment is not large enough to read. "VOTE! Help the wealthy elect their next spokesperson to explain their decisions"
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Stealing knowledge, even top secret knowledge should be encouraged. Just a word though... your post has been out there for week now. You may not get fired for what you don't know, but you may get fired for wasting your time. Possibly you are looking in the wrong place... just a thought. edit: my comment bumped you back to the top of the list... you can thank me later... still think you're wasting your time though. -
Yevhen.... I would have to look at the 150T ES chart in more detail, but color me impressed. As I don't have any coding experience I would be of no help in that regard, but possibly I can plant some seeds in your brain from a scalpers perspective. I'll PM you with an email address, and if you would like we can talk further. Nice work, man... you've impressed a die-hard price action trader. I didn't see that coming... cool, you've made my day.
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Yevhen... Actually, you didn't make the statement that the indicator could be applied to "any" timeframe. You mentioned one other timeframe that the indicator works well on (just for the record). Actually, I would like to change what I said. In several instances you have indicated the most productive trades of the day (I might add that your entries are far more crisp than anything that my methods would have captured...that's impressive... because I'm good at what I do (I am impressed). I bristle just a bit at using indicators for scalping, because all that I've seen either produce too many false signals, or they don't produce enough signals (trades are missed). That's why I don't use indicators... As a point of reference... zdo has said some kind words here, and I do respect the guy. As it stands... I have no interest in the indicator... because, I can do better without it. If it pleases you, and if you would like, please work with the indicator in faster timeframes. Post it... I and others (scalpers) may see the light that you have envisioned.
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This can't be considered a valuable tool for scalping... because you are not scalping. Further; any scalper worth his / her salt can tell you that you are missing the most productive trades of the day. Just looking at the charts you've posted that is obvious. I would say, that if you desire to program an indicator for the purpose of scalping... you need to start over, and go with a faster chart than the 5M (try tick or volume charts).
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What Super Traders Don’t Want You to Know – Review
jpennybags replied to analyst75's topic in Trading Psychology
Well... it is nearly free... it won't help you. But hey... it may be of greater benefit than watching television.... Be real... get real... work it out on your own. Don't consider too much the ways of "super traders". -
Is There Any Company That Sells Actual Charts, Not Digital
jpennybags replied to Axiom's topic in E-mini Futures
There are many companies that sell the historical data compiled in a spreadsheet. I find it hard to imagine that a company would find a business model in supplying paper copies. As zdo has suggested picking up a large plotter from an engineering or architectural firm may be possible, but most firms paper plotting requirements are for large laser printers... gets kind of pricey at the sheet size you would require. You may be able to stumble across an ancient thermal printer, but I doubt it. Sorry... no help what-so-ever. -
Introduce Yourself Here - Don't Be Shy!!
jpennybags replied to trading4life's topic in Beginners Forum
Well hey man... welcome back. I'm a little surprised that they don't insist on more marketable skills training in prison. "Gawd damn tax money going for this nonsense" (but, I suppose that you needed to have something to do). Then again, we are all criminals in some regard, so you should fit right in. You do understand that most folks fail at this business... kinda like crime. With all due respect... I'll be picking your pockets sometime soon... Best of good fortune to you. -
Obviously... you are not getting the answer that you want to hear. Sorry... and then again... not so much... With all kindness and respect: No one here has provided your answer. Insisting on it won't make it so... just move on. You've spent far to much time insisting that something should happen, which is not going to happen. This may be a reflection of where you are at (eight years out). I can't claim to know... just a thought. If you believe that a mentor is the answer, then by all means... "advance the theatre". It seems to me that there is a way to find that answer, even though it hasn't been found here. Best of good fortune...
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An Old Veteran Trader Tells His Intriguing Story
jpennybags replied to analyst75's topic in Trading Psychology
It seems that analyst75 considers little (or possibly very much concerning the desired cliental). I would expect to see such things in trading sickology for sometime to come. "Oblivious" seems like a good word... no wait... obtuse... no, no wait... The word will come to me eventually -
Actually...very wise words, Who knows what will be? I have my doubts... but then again, I had my doubts about myself (not at eight years... more like 18 months). There is a point... and for me it was when I broke out of the break-even-trader mode. At that time I began to build things exponentially. I couldn't point to one thing that made it possible. It may have been an increased confidence, or it may have been increased winnings... or, more likely it was a combination of both (and maybe a bit of maturity in the business), I suppose it can happen at any place in time. The damaged goods I was at 18 months (good gawd)... Well... damn... eight years? I can't imagine...
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Neeko... I probably don't need to tell you that "eight years is a long time". I don't know what you mean by "working on trading". If you mean: "I've been thinking about trading" or, "I have been dabbling in trading"... well, that's one thing. If you are telling us that, you've been living in your parent's basement trading everyday, and you still haven't made it... well, that's another thing entirely. If it's some scenario like the latter, then well... "eight years is a long time", and you may benefit more from an intervention than a mentor. As much as I can not explain everything that goes on in the world, possibly a mentor would be of help to you. How to find one? I don't know... which was your question. Sorry to not have been more help... Edit: Actually, come to think of it, eight years is a long time to be "thinking about", or "dabbling in" anything. Trading may not be what you are seeking, and there really are better things to do with your time (life). Speaking as a mentor(?).
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Hopefully.... someone does still have a sense of humor about things... The "Native American" thing has been a fixture in this society for the past 20 years (at least). What fucking good it does... well, I doubt it changes much. What trading is: putting yourself on the profitable side of the argument (you will notice that I didn't say "right side"). Don't give thanks when you are profitable.... don't piss about it if you're not. None of these things matter, as none of it is "right" or "wrong" (even as your brain wants to categorize things). There is nothing to give thanks for... either you are profitable, or you are not. Anything outside of that is not "trading"... it's farming, hope, and faith (not bad things at all,,, but it's not trading).
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That's "Native American" to you paleface... I'm grateful that someone has a sense of humor after reading that drivel.
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Back to this "holy grail" thing... To offer some backfill and explain: When I took up trading, I was a man of 50 years. I had been successful in other ventures in my life, and I had the money and the time to take on "this trading thing". Good for me... so what? When first starting out; you don't know, what you don't know. Thus, the impetus to know everything. I have a book cart full of trading books... 95% of which I wouldn't recommend even to people I don't like. The price for each of these books would range from $25 to $75. I have about 30. You come up with an aggregate price of $1500 for the mix. If there were an answer there... $1500 and the time to read it all would be dirt cheap. I have spent countless hours, reading on the web, visiting sites such as TL. I've studied Gann, Fibonacci, Pitchforks, Bollinger, Guppy (and on). Now, I would not speak badly of any of it. If any of this stuff works for you, then good enough, and do understand that whatever tool you use, if you know how to use it, it is probably going to be effective. The thing with books about trading, and the adjoining search for the "holy grail" that goes on with so many just starting out, is that it fosters (can foster) critical thinking skills, and in general, a fascination with the market and price action. This is good stuff, that you can carry with you, and even better is the sorting process that one must go through... again critical thinking. So, I don't know... the search for the "holy grail"? In a round-about way probably a good thing for what it's worth, but you should (and hopefully will) come to the conclusion that you don't need the "holy grail" to make money in the markets. Edit: I have a computer that is stored in a closet with all the work I did in the search for the "holy grail". I've got some stuff that would blow your hair back, and I thought about writing a book. End of the day... it would be just another book that I would toss in with the 95% of the books in my book cart. But... it "was" worth the time... enough said...
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"The result is not a utopia"... as we all know... there is no utopia. Everything is a trade off. I have lamented on this site before, the struggles that I've had with trying to change the way that I trade (successfully trade). I'm very good at what I do, but... but, I recognize that my methods could be better. The problem with making the changes that I can clearly see that need to be made is that I've wrapped a trading system around myself... it's a part of who I am, and who I was... it fits me. Everything in my way (of trading) is wrapped around something. Either it is to compensate for some perceived weakness, or it is to deal with the information that I take in through my eyes and can react to at my particular speed in processing. All this "stuff' is tied together, and it's very difficult to tease out one part of it, without affecting another... it's tightly wrapped. I have an appointment that I need to keep this afternoon, so I'll stop here (I really don't know that I have more to add). There is no utopia. For myself, I've concluded that what I do is good enough, but utopia... well no, it's not.
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Well yes, there is a "holy grail" as you've defined it (although, I think you meant to say "consistent net profit"). The problem occurs with the term "holy grail". If you are questioning if there is a system that works across all time frames, for all people, with no tactical adjustment... then I would say no. If there is, then I would imagine that the profits would be marginal, although positive, but I doubt that to be a worthwhile venture. HFT's and Arbitrage seems to be the closest thing to the holy grail. Let me say here that I know little of either, but it seems (to me) that even those two examples would be in a constant flux to adapt to market conditions. For a retail trader, neither of the above examples are feasible. You are left with ten thousand (a number I pulled out-a-my-ass) different ways to consistently make profits. The problem exists with the search for the personal "holy grail" is in finding the combination of things (and in dealing with yourself) that will yield consistent profits. I think you'll find that it's a daunting task to first find, and then stay in the "sweet spot" that yields consistent profits. It is possible though... takes some effort, and trial and error.
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Why We Want You to Become a Successful Trader
jpennybags replied to analyst75's topic in Trading Psychology
The truth of the matter... no one cares if you become a successful trader. Trust me... it's just not a part of the business model. -
Making me laugh dude... thanks. One of many beautiful things about trading is that you won't be standing in the parking lot scraping the ice from your windshield at the end of the day... you may be sitting on the floor with a bottle of scotch clutched in your hand, but at least you're not out in the cold scraping ice. Lick your wounds and get on with it... not much beauty to be found in a cock fight (unless you are of a romantic nature). I think it best left to the poets. For me the money is good, and I don't mind getting cut up once in a while (actually, I hate it, but possibly I'm more of a romantic than what I would care to let on). Not to worry though... you probably won't turn out like me (ha!).
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Thanks for the vote of confidence in my "wisdom"... my children have been the main beneficiary in that regard. They turned out just fine, but they consumed a good deal of my money too. "Corrupt charities"... eh... probably not... at least no more corrupt than I am. These are local charities that benefit those in my community. I also support public radio, and the local arts community. One could argue the value of that, but these are things that I enjoy, and feel the need to give back. The person I spoke with about programming was of course speaking to learning to write code... nothing more. We spoke some about the mechanical aspects of what I wanted to code, but I doubt that he understood the integration. I did find out that I can't afford his services... go figure. In all regards, I am a practical person (part of my wisdom). This wouldn't be the first time that I took on such a project and failed, but I always come out the other side with a new perspective, and gain some knowledge in the process. In all regards... thanks for the reality check.
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Never mind... I found an answer for #2, which (for me) pretty much eliminates #1,3, and 5. As I've been told that it's not that difficult, I'll take on #4... I've got time.
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Introduce Yourself Here - Don't Be Shy!!
jpennybags replied to trading4life's topic in Beginners Forum
It has been a couple of years since I set up a new account. If I recall, there was a question concerning if you had ever defaulted on a trading account. Other than that, and as long as your money is good, I don't think they care... maybe, I'm wrong though. I think everyone is welcome once you've done your time... After a good day, you may feel like you have committed a felony. After a bad day...? "Some days you eat the bear; some days the bear eats you"... -
I am, by definition, a discretionary trader. I'm not one of those systems traders that makes discretionary calls; I actually don't have a system. One could argue that every trader trades a system, but I think I'm about as “bare bones” as it gets. I make my decisions on price action and often times on situational intuition. That's it. I like what I do, and don't really see any need (for me personally) to take up system trading. I seem to need something workmanlike and interactive to be happy, and discretionary trading provides that. The reason that automated system trading has sparked a recent interest for me, is that I was considering setting up a trading account for charitable contributions. I like the idea, but giving up the time from my own account to trade it would be problematic (or, I see it as such at this place in time). So, at this point it's just a curious notion that I'm considering. A few questions, or if someone could recommend a book that would be good too: 1. If you have a portfolio of systems that can be engaged according to market conditions, how does one decide when to apply or change out these systems? I suppose one could allow failure to serve as the criteria, but that doesn't seem right to my way of thinking. 2. Are there self correcting systems that change due to market metrics? I'm not necessarily speaking about something as complicated as AI systems, but something that will make slight adjustments to stay in phase (I think “phase” is the right word). I suppose these could be manually controlled as well. 3. How extensive does this portfolio need to be? It seems to me that 3 to 4 systems would be sufficient, but possibly I don't understand the task at hand. 4. I have no desire to learn to program. I'm already challenged with being an “ole man”, and I may not have that many years remaining (ha!). What would the monetary outlay be for someone to program and back test for me (a ball park figure… even in the neighborhood is good enough)? 5. This really needs to be something that doesn't require a great deal of maintenance. Is that possible? [i can hear your laughter: “you dope… what do you think this is a money machine?”]. The reason I ask is that it may be possible to set up the account as a tax free trust (of some sort), and this would probably require additional accounting. I can see how this notion of mine could become an all consuming head ache. If someone has some insight into this, it may be enough to nip this idea in the bud. Thanks...
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eldad... During a week of trading (30 to 40 trades) I may only see 4 to 5 perfect entries. By "perfect" I mean the entries that I wanted. Often times I must wait for a 2nd entry to develop. If the reasons for the 1st entry are still intact, then the 2nd entry often provides an even better read on the current price action. The momentum behind the first move is a strong indicator of what is to follow, and because of this, the 2nd entry is often the least risky of the two; the market has tipped it's hand (so to speak). During this time I'm not just waiting for a 2nd entry, I'm assessing the move, and forming new "what / if" scenarios. My emotional / mental intensity remains high... I don't shut things down just because I've missed the entry that I wanted. I would not suppose that I could offer up any advice to you, without watching you trade, and understanding what you are trying to accomplish. Just understand that "perfect" entries are rare, and what is more common in trading is the need to deal with the "not so perfect". edit: In reading through your posts, and in reading between the lines, it seems there is some advice that I would offer you. What I would express to you, is that you need to learn to think more constructively. Fear and emotions will always be with you...to try to suppress emotions is a losing cause. Suppression often leads to an even greater awareness of the emotion that you are trying to control. What it requires is a change in mental focus. There is a book authored by Gary Dayton: "Trade Mindfully: Achieve Your Optimum Trading Performance with Mindfulness and Cutting Edge Psychology". I've become a convert over the years to eastern psychology... take it for what it's worth, but it has helped me in adjusting my thought process. I think it's a good thing, and worth the effort to understand.