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spcul8r
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Januson, you ask a rhetorical question mate. I must defer to Occam's razor, "Pluralitas non est ponenda sine necessitate"
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Get $, Sorry to hear that you were mislead by Larry and the gang. Years ago he was making consistent money by arbing the pit traded vs electronic S&P emini when it first came out in 97. Over the years black box/algo traders in the big houses have erased this edge. Now he apparently has gone the "it's easier to sell pick axes to miners then mine for gold" route". Don't beat yourself up, all traders go through the same process. I first became introduced to futures trading (commodities) through an ad in the mail by a man in a cowboy hat in 1988. $200.00 later with secret manual in hand i was on my way! I proceeded to follow the cowboy's advice and lost my a$$ trying to "scale" into Silver for over 12 months and it never moved. This was before the age of the internet. I spent countless more $ on "hotlines", 900 numbers at 6.00 per min to gurus, fax services, the Allstar hotline in futures magazine etc. Then finally I decided that I knew about as much as they did and started hand charting the dailies in the bond market. I began drawing simple trend lines. Before long I was getting a feel for the markets. Since then I have become a screen trader like most of us here but I still do alot things by hand. The thing I learned is that less is more in trading and to keep it as simple as possible but not too simple (Albert Einstein). No one for any amount of $ can teach someone how to trade with real money. It has to be learned first hand and along the way you will undoubtedley pay more tuition to learn your craft to traders who have paid theirs before you. The 10% club is only for the traders that have the stomach and courage to continue on in the face of adversity and incredible odds stacked against them. What I can promise you is that if you make this your career and you have the passion and desire you will make it, and you will be able to do so without Larry or any other guru. Cheers, Spcul8r
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Nvesta, The best part of Woodies CCI Club is that it introduces people to CCI who may not have heard of it before. Having said that, CCI is an indicator and all indicators by their mathematical nature are derivatives of price. They are variables based on price and therefore cannot lead price. In my experience CCI like most other indicators that oscillate can be usefull as either confirmation tools of what price is doing or can sometimes be used as a divergence tool when chart formations occur at key levels, i.e. double tops and bottoms. They can also be helpful to identify possible over bought/over sold conditions in a trading range. But as Walter mentioned, you have to see price in order to gauge proper supply and demand levels. When price revisits a prior s/d zone CCi can be a useful to look at for shifts in momentum that may confirm a reversal of current price direction. Changes in momentum will often precede price action but not lead prices themselves. Just looking at an indicator CCi or any other indicator for that matter, independent of price is not good advice for a new trader in my opinion. The master traders of yester year all looked at price charts or read the tape, not CCi. Best of luck in your trading. Cheers, Spcul8r
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Here here Minis, I'll drink to that advice mate!
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Hi Klainey, Thanks for your reply. Actually for me "the Land of Oz" is in reference to the State of Kansas, USA (GMT+6) where i live and that was in the movie The Wizard of Oz. Sorry for the confusion. Speaking of movies I really want see Australia with Nicole Kidman, the previews look amaizing! Have you seen it yet? My niece just go back from a two week vacaton to New Zealand and Australia and she had a great time. It looks like a great place to visit. Congrats on your trading journey, i think you will be very happy with this river in life you have chosen. If I can help in any way please let me know. Kind regards, Spcul8r
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Hello Mates, I have been a TL "voyeur" for some time now and this is my first post. I am a part time trader focusing on the Dow minis and primarily day trade the morning session. Oh, and ocassionally I speak with a British accent! My analytics include Gann's square of 9, Fibonacci, Dan Gramza candlestick interpretation, 20 SMA, ergodic oscillators, volume and fundamentals. Most recently I have been studying the volume studies presented by Pascal Willain. What I have learned in my trading journey: There is no holy grail indicator, trading is a business, trading for the "action" without free drinks, comps and pretty waitresses is not worth it. Above all: trading is like a marriage, "She" (the market) is always right! I look forward to exchanging ideas with fellow TL members and throwing in my .02 from time to time. Kind regards, Spcul8r