ekshay

TheDude, check here. http://www.traderslaboratory.com/forums/f17/add-ovedose-8098.html

1. Can we interpret that if the goal was $100k and max start fund was $5k, YOU would join? I would. 2. Are you saying that Luck, not Skill, is more likely to be a cause for someone taking a $5k account to $100k ??? This, I find hard to grasp.

evroom, there is nothing great about trading while purely watching the numbers. Its the SAME as trading with a chart ... just that a huge percentage of people are visual, while some are not. My dad is pretty much allergic to charts. Euclidean Geometry is totally not his forte. But, as a Chartered Accountant, numbers are just fun for him. He can tell Nifty's highs & lows from last 10 years, like the guys who remember the stats of their favorite sports teams. I, otoh, dont even recall my entries & exits from yesterday. All I can possibly tell you, is that it had to be a pullback entry, cause thats all I trade now. ----- I know several traders for whom the term "charting package" is not a part of their dictionary. Some trade with Pivot Points Only because when they started some older trader told them that Pivots were important. Some trade Support-Resistance and Value Areas They dont call it that though, they just 'remember' the numbers where in recent days, the markets have been lingering or reversing around. Some have learnt to 'sense' the Momentum in their specific markets They 'know' the probable distance that the price is likely to stop its correction at. Thats moving averages & trendlines for me. Then, there are some 'Advanced' guys, with huge position-sizes, who pretty much need to work like Marketmakers/Specialists, buying when market is falling & selling when its rising. ... More than the price axis, they are looking at their inventory & PnL. ----- The 'amazing results' have nothing to do with 'having or not having a chart'. Just as 90%+ of chart traders lose money, so it is for the non-chartists. Everyone has to learn to see the SAME contexts & patterns. Whether they have a numeric mind or visual, will define what style will they succeed with.

Brownsfan, I am curious. Would it have been any different if it were just "The Race" instead of "The Race to the Million" ? I mean, if all were just to do the best trading they could over a specific time period ... not trying to reach the million, but just competing with, inspiring and holding each other accountable for discipline. What if The Race had winners in various categories, like Sharpe Ratio, Overall Equity Curve, Best Comeback from Drawdown, Most Disciplined, etc.

Guys, give him some credit ... :haha: atleast he is not averaging down. :rofl:

pa18, couple of Soultrader's Tape Reading videos are here ... TL! Videos

Hi Eric. I'm not Mr_Black ... but those arrows aren't "generated". The screenshot is from NinjaTrader, and those arrows are markers of actual trades he has taken.

Where did you learn that Scalping has to be Counter-Trend ??? :helloooo:

Congratulations Lee. Just like you were so moved by this lesson that you had to start a thread to share it ... ... there are many who were so inspired, they wrote books explaining "how to be a profitable trader" ... unfortunately, even BEFORE they actually became profitable traders. I am not denying the value of your post. It is a very important step. But, I hate it when experienced traders hide their secrets from new traders. I must warn you ... your search for holy grail will NOT stop, even if you grasped this lesson. Just because your Win% is high, doesn't mean it can't be improved. :haha: ------ Let me share the proper First Big Lesson... Correct version: "To become a Profitable Trader, you need an approach that makes you more Profits than Losses-&-Costs combined." This is actually universally applicable to all businesses. To become profitable, a business needs to make more profits than losses & costs combined. (Now, we can really say) ... Doh, how stupid is that! This is an obvious statement to make to anybody new or experienced in trading. Please let me explain myself. In trading, your Win-Loss Ratio is HALF the equation. The other half is your Risk-Reward Ratio. Or putting it in plain english ... "Trading is not about being right or wrong ... but how much you make when you are right, and how much you lose when you are wrong." Think about that. If you had 72% losers of average 10 ticks, 8% breakevens, and 20% winners of average 60 ticks ... wouldn't that be profitable too? Now, its an entirely different discussion as to whether it suits you psychologically or not. ----- This statement is actually entirely correct. But as usual, its only half the Lesson. We can't jump 2 Big Lessons right now, but suffice to say that... the statement does NOT explain how to judge if a concept is worthy of being a consistently applicable trading rule. Good luck with your trading in 2010.

Hey Cory, Don't Panic. All you need to do is right-click on the chart and "Reload Historical Data" [or press Ctrl+Shift+R]. Be warned that the exact time when this problem occurs, the Reloading option will be greyed. Just wait an hour, restart Ninja, and it should be available.

Please see attachments. John Carter - Trading Plan Slides.pdf Rockwell Trading Log Template.xls Rockwell Trading Plan Template.doc

Whats QW?

Yeah. Must be. Those red arrows confused me earlier. I didn't even get whether it was Short or a Long trade. Now I understand. PT99 was talking about a Short on the 4H, that made the Fakey on the Daily. So, he actually traded the Pin Bar off a Crystal Ball Resistance Line ... BEFORE the fakey was confirmed. I'd say thats good trading IF he can prove that he actually put the trade in. ----- PS: Thanks PT99 for adhering to Blowfish's post. [Number 52]

Are you referring to the Daily chart or the 4-hour? The fakey you have marked is in Daily, and that is back in the red. And once again, the Entry, Stop and Profit Target elude us. If you really feel too lazy to type in the numbers, I understand. I am a very graphical trader as well; never even look at the numbers. But considering that you are comfortable posting pictures, lets make it easy for you. Next time, take a pic from the platform where you have made the trade, so all numbers will be automatically readable and you won't have to type it out. :thumbs up: Off the Resistance? ... Where is that resistance in the past? There isn't even a general support zone in that area on the Daily chart; I couldn't possibly have drawn that resistance line exactly at that high... except in hindsight. Could you please share how you draw S/R lines. Thank you.

Hi Dinero, I keep this indicator on atleast one of my active charts on Ninjatrader. It pulls data from Forexfactory. We can set how many minutes in advance we want it to alert us. I know you are on OEC right now, but this might help someone else. EconNews.zip

Wait ... Did you just make 183 trades on Crude ??? :shocked: :hmmmm:

But Sir Brown, thats only because you have chosen to not add a Money Management plan to this. Even with something as slow as Fixed Fractional, if we increase the position size by 1 contract every $10,000..., this equity curve would already be running into 6 figures. :thumbs up: I understand that it wouldn't make 50-ticks-profit/day, but it would surely be well over $500/day.

Good for you. Do post some charts with actual orders placed instead of red arrows. I am one of those who believe that Forex waters are loaded beyond brim with Suckers, Scammers, and Bankers. We presume you are not a Banker. You say you are not a Scammer. Then, what that implies is not such a good thing. [sorry if this looks like a petty insult. It was not intended.] Well, I was that previous poster. Could you please read that line again. Here's a copy ... "Now ofcourse, there is no mention of what and how is Nial's take unique. All I see in the pics is extremely BASIC Candlestick patterns." See, I didnt say that the trading is basic, or that it is a bad thing. What I was doing, was pointing that I have not seen anything SO unique that it would inspire a person to join a new forum and start a thread. ... And then ignore everyone else's advice, because he has obviously found the holy grail. We are still waiting for that big AHA that you are trying to send across. Not at all. For that matter, everybody can ONLY trade off the price data the market inherently supplies. So good or bad is not even a choice. But, if you are asking if anything is wrong with trading "price action", then that demands a clear definition of Price Action. My perspective of PA is extremely narrow... its Tape Reading, trading off the Time and Sales Window ... [NOT available in MetaTrader] If my decision-making is using more than last 5 minutes of price data, then ultimately, I am just using a lagging indicator ... even if its just a sentiment in my brain, and not a squiggly on my chart. I understand that there are many who think Support-Resistance, Chart patterns, Candle patterns, Trendlines, Highs-Lows, etc. are PA. I am not saying my definition is right... I am saying that one must be clear about what they are talking about. Well, actually I did. I did find success in analyzing multiple lagging indicators. Yes. So did Edabreu, Larry Williams, John Carter, Alexander Elder, Joe DiNapoli, Ryan Watts, and many more. For that matter, I recently discovered that the world-famous Turtles also use multiple Donchian Channels... talk about success with lagging indicators !!! If you know any successful traders from your own city, you'll find that quite a few use RSI, or MACD, or Bollinger Bands, or Moving Averages, or whatever ... consistently and profitably. The ONLY reason we ask newbies to remove indicators, is because they have never paid attention to the price at all, which is the reason they are failing. A losing trader, to protect their ego, will often blame the indicator as the cause of loss. We just give them a chance to really see the market, and try once more. ... Some people still lose ... and go off blaming everything from Astrology to Market Manipulators. Hostile? All we have been doing is telling you the etiquette of TradersLab. What were we saying? Lets see. - wjrusnak: I think you are on the right track to developing a good trading system. Most beginners aren't even thinking about price and what it's actually doing, as compared to lines crossing each other. - wjrusnak: Explore the site, especially some of the stickies and popular threads in each area of the forum. - BlowFish: You might want to review this thread. There are a couple of other good (if somewhat older) price action orientated threads here too. - wjrusnak: I would call your "inside bar" a hinge and I would have taken the same trade. Two different ideas leading to the same trade. Refer to my chart below to see what I'm talking about. - wjrusnak: what you'll want to pay attention to are support/resistance lines, trend lines, higher highs/lows, lower highs/lows, and different time frames. You will notice most of these concepts in anything you read about price action. - BlowFish: Price action (manifesting as pin bars and inside bars) at longer term S/R is a pretty sound basis for a trade. - BlowFish: Anyway I certainly don't want to derail your thread, really nice clear charts keep them coming. - BlowFish: what size bars are they on the Aussie chart you posted? I could work it out but being lazy. - sevensa: In all fairness, yesterday you just said it is an interesting setup. I count numerous other inside bars also in the chart you have posted that didn't result in anything. It is easy after the fact to point out the breakout when you ignore the inside bars that didn't do anything and only focus on the one that preceded a breakout. - Thales: Funny thing about pin bars: Change the time frame and they disappear. - Thales: you said nothing about a trade - no entry, no stops, no targets, no plan; nothing, that is, until after price had made a move and you then show up hours later and tell us how well your subscribers did. And on and on it goes. Where are the Stops? Why did you NOT trade a pin or inside bar earlier in the chart? Can you predict a fakey? What if there was a fakey in the direction of the dominant trend? On and on. We are NOT being hostile. We are telling you the etiquette of TradersLab. This is a Laboratory. We do things rationally and scientifically. We don't indulge with scammers or 'interesting' setups. This is NOT a safe haven for keyboard jockeys. And when a senior member with hundreds of thanked posts recommends you to read another thread, please understand that he is NOT selling you a course. He is suggesting something that will only make you a better trader. Atleast spend 10 min on that thread, and comment from a place of respect. Well, thank you. Hope you RISE to the level of TradersLab. Try this now ... - From tonight, post one or more daily charts, with a view of what you would do TOMORROW. - Share the logic. Show the Stops. If your method has a defined way to Take Profit, show that too. - Ensure that the charts clearly tell what currency pair and timeframe they are from. - Would you be watching what price does tomorrow in a certain area... and if so, what timeframe chart would that be. If you miss it, no problem. Hope you get the idea. Refer to other threads to see examples of this behavior. Thank you. ------- Also, if Nial is reading this... We don't have any prejudice against Course or System vendors as long as they understand and respect the TL environment. There is Richard Todd, FulcrumTrader, Suri Dudella, and more. Plus, as you can see in this thread, not a lot of suckers here anyway. Either use the thinking minds here, or just ignore the forum.

No Ektrader. Not because he is new. But because he is a liar. Just look for the inconsistencies. First he says "I am wondering how other people use price action to trade ..." When pointed to a popular price action thread, he replies with "I sort of wanted to get my own thread devoted to price action though. I've been learning from Nial Fuller, and he has a unique take on price action." Now ofcourse, there is no mention of what and how is Nial's take unique. All I see in the pics is extremely BASIC Candlestick patterns. Actually I don't even see what market he is trading. So, if he assumes we are intelligent enough to guess it, I am sure he doesn't assume we are ignorant of Candlesticks. ... BTW pt99, my broker's data doesn't have that Pin bar. So should I not take that trade ??? Next ... he says "He has a bunch of videos on youtube that I recently came across ..." And now after over 11 days of silence after people asked him to explain the rules of the 'setups' ... he's got "I just wanted to post up some charts of trade setups I have learned as a result of taking Nial Fullers course." Oh wow. Now that you are a Nial Certified Trader, how about posting in the Trader P/L Thread. Anyway Ek, I can go on for a while, but we both know what the ROI is for this time investment.

Looks to me like he just wants more google results for his name, so he can brag about him having a big one. :haha: ... I mean a big number search result.

I surely wouldn't trade with that ... but it can be a nice backup tool to close all orders if there is connection or power problem when I am in a trade. BTW, what app is it, and on which phone? I am new to Futures. Only know of Metatrader 4 Mobile, which is ofcourse only available from bucketshops.

OK. Considering that you are asking about real-time market data, here's the first tip... "Recognise that you do NOT know ANYTHING about Day Trading, until you actually do it." :haha: It is kinda like bicycle-riding. Studying a lot, without doing it, only gives a false sense of knowledge. This depends on what you want to track, how many markets you are trading, and how many different trading strategies you are working with. When starting, its better to keep it personal, and keep it simple. {This is totally NOT a broker recommendation.} For most markets, MetaTrader brokers like GCI, Windsor and Broco, would be a nice start for "free real-time charting tool loaded with past data". If you know exactly which market you want to trade, and someone on this forum is sim-trading it and posting their charts, just ask them what they did. Like I am freely real-time simming Emini Futures on NinjaTrader [software], thanks to Mirus [broker]. I don't know about the Open Source part. Hope you have Windows. For anything else, just Google. I am not much of a Stocks guy, have a Forex background, but isn't this kind of information freely available on media websites [like Yahoo Finance, Bloomberg, CNBC, etc.] ... and on Exchange websites [like CME Group]. There is a Toolbox at the top of this very page ... I think you will find the Economic Calendar and the Derivatives Report useful. Personally, I also like the ForexFactory Calendar. Oh no. It would be even more ridiculous if you spend money on the wrong things. It is true that the best stuff ain't free, but you are just beginning to Demo-trade yet. That SHOULD be as cheap as possible. What if ... like many ... in a few months ... you reach a conclusion ... that this day trading business ... is really ... NOT for you ... ... You'd be better off finding that as cheaply as you possibly can.

:applaud: :security: Now, why did anyone not tell me this before. Thanks, zdo. :yes sir:

Cruiser, I think JEHs was being sarcastic there. He doesn't want his son to be crippled. He was supporting sim-trading.

For me, the market is more of a videogame. If you don't like the graphics, just switch to Heiken Ashi. Then, there will be no herds or predators ... just smooth up-and-down movements waiting for you to profit from. [Trading in direction of higher timeframe Heiken Ashi recommended.] BTW, if one does have an animalistic personality, and would prefer to view markets as predatory, thats fine. You can still win. JOIN THE PREDATORS, and stop being the herd. If my memory serves me right, thats exactly what Volume Spread Analysis is all about. ----- About the original topic of "should one trade multiple markets intraday or not?" ... well, there are 2 ways to reach there. You may master a specific setup on 1 market, and expand to more markets later. OR... You can master a specific setup on several markets on a slower timeframe, and then speed up as you get more comfortable. It is not recommended to most newbie traders, because they are greedy for Setups. They just can't see the markets move without thinking of losing or profiting from it. If their setup didn't get them an entry, it messes their minds. They go looking for a better setup that WOULD have gotten them in. Multiple markets would only frustrate such a person even more. ----- "Why do top traders only make 20% per annum, and small traders claim a consistent 30-300% each month? Are they liars?" No. They are not lying. They would do no better if they had a billion dollar account to manage. Or even several millions. You see, big accounts don't get the same leverage. They can't move in-and-out of positions quickly, too many partial fills for their lot-sizes. And if they run a regulated fund ... its silly ... but they are legally not allowed to just get out of positions & take a break. They HAVE to have position in the market, even if they don't have it in their trading system. On and on. Most successful retail traders would rather keep a $20-100k account, and withdraw all their profits each month, whether that was 5% or 150%. [Ofcourse ... Periodicity may not be monthly. Withdrawal may not be ALL their profits. That is trader's personal discretion.]