Rocky Mtn Trader

I've read something online about using a Roth IRA for a trading account? Can anyone help? . .

This may not be the proper place to ask this question, but here it goes... Is there any way to set up a trading account, receive money through the account and not get taxed so heavily? I know the IRS wants their share, but come on. If anyone knows of a way and doesn't want to post a reply...please private message me. I would appreciate it. Thanks. . .

Going back to the golf analogy. Yes, Tiger does have a coach. The top golf coaches are extremely good golfers....in fact, they are as good as most pro golfers. The difference is this....Some of the top teaches/coaches...ie, Butch Harmon and Hank Haney are missing one thing that kept them from competing on the pro circuit. They don't have the mental toughness. I don't know if any of you are golfers, but mental toughness is what makes good golfers...great golfers. Trying to make a 6 foot putt when you are under a tremendous amount of pressure is not easy for a weak minded person. In other words...these coaches can't handle the pressure...therefore, they have found that they are very good teachers of the game. Trading is similar. For example..... You can take a very experienced Trader. This trader is successful, has a good trading plan, executes good trades, etc. This Trader can take 10 newbie traders and show them all EXACTLY what he knows...every trick....every secret. The outcome or success of each of these 10 traders would be different. Each one of these 10 people would develop their own style and technique. What it all boils down to is MENTAL toughness. Successful traders are mentally tough. They have learned how to control there emotions to make rational decisions. They have learned to recognize. I agree with what james gsx said. The best coach/mentor/teacher is one that shows the student what is needed, then watches the student perform or react to the instructions given. Each one of these students will have a different reaction to the same instructions. A good teacher will watch over the shoulder and help the student become mentally aware or tough. Good thread Brownsfan. If I become a very good trader and the question is posed to me about teaching someone...I would do it. Not for the money though...but for the satisfaction of passing along what I've learned to help someone else. A lot of people have helped me along the way...I don't have a problem with showing others what I've learned. I also am not threatened to show someone my setups. I guarantee that no one has a unique setup in this day and age. I've had people show me their setups, and after sim trading their methods, I have always found a way to change things that work better for me. Mentoring a student will result in the same. You will show them your setups and after they know what the h*** is going on....they will tweak your setups to better suit their mental toughness and their personality. RMT . .

hi walter, do you know if this twiggs money flow indicator has been produced for Ninja Trader? Thanks, RMT . .

Is it just me, or do other traders sometimes make a trade...put in their profit target and stops...watch the trade for a couple of minutes...then get up and walk away and let the trade play out? starring at the screen during a trade is very stressful to me. I'm getting better at picking more probable trades and just letting them play out. How do other traders in here handle this? Do you guys and gals all stare at the screen at day, or do you have confidence to get up, pour a cup of coffee, read the front page of the newspaper, and come back in a few minutes? Here is another thing I've been working on. When I get into a trade, I expect it to go in my direction...afterall, that's why I got into the trade. All of a sudden the trade totally flatlines for what seems like forever. My latest technique is to just get out...usually its for BE or +/- 2 ticks. I have looked back on those flatline trades and its a 50/50 proposition on which way its heading. When I stay in...it goes against me. When I get out...it goes in my favor. By getting out...I figure at least I didn't take a full stop loss and there will be other trades. . RMT

Hi Walter, I have another question? What is your winning percentage? It seems that it would be very high? Thanks again. . RMT

Hi Walter, I've really enjoyed your post...very informative. I need to take some time to set up some charts and test your method. I do have some questions? If you answered these earlier...my apologies...please bare with me. You mentioned that you usually target 5 ticks. Sometimes more...sometimes less? What is your daily goal for the number of ticks you want to achieve in a day? How many contracts do you normally trade? It seems that with this small number of ticks, your broker is making a good living off you every day? Am I missing something here? Looking at your setups and your chart examples...it seems clear that you had many, many opportunities to let your trade run into rather large winners? Thank you again for the time you put into this post...and thank you to all the other members that contributed to this post...it was awesome. . RMT

thank you for all these responses. Hopefully this thread is a good education on how the different markets move, and what causes them to move. In response to the last few posts....If IBM had some news that cause that stock to spike dramatically...either up or down....wouldn't that have more affect on the YM moving than more traders buying more contracts in the YM market?? Look at how closely the YM and ES move in unison of each other. Yet the ES trades 2.5 million contracts a day, while the YM only trades 600k contracts a day. Don't these underlying stocks have more effect on the ES and YM than traders trading these markets have? (I think we are clear that the underlying stocks are not the only thing moving these markets). I put this thread in the Market Profile section because I know that MP is heavily based on the Profile of the market in relation to price, time, and volume. I know that the ES, ER, and YM are traded by many different type traders from daytraders, floor traders, large institutions, etc... A question? Can large institutions, or "others type traders" have an influence on the ES, ER, or YM?...meaning...can they manipulate or become "market movers?" I know they can with the underlying stocks? Do I need to know this to trade these markets?...no, I don't. Just trying the better understand the total madness. .

Soultrader.... Have you heard of, or know anyone who trades the T-note? . At $100 per tick...you need bid b**** to play that game...lol .

soultrader.... Do you happen to know if the Japanese Governement Bonds trade similar to the 10 year T-note? I've been trying to follow the T-note and it seems to agree with the MP. Any help from anyone out there would be appreciated. .

I am currently studying MP...and have read the CBOT MP manual and Mind over Markets. I understand how and why MP works. Besides the standard futures markets...ES, YM, and ER, does anyone trade with MP in other markets?? I think MP is a worthy asset and I am trying to impliment this into my trading. Although, I'm not convinced that the ES, YM, or ER is the best fit for MP? Trading with MP in a more direct market, ie., soybeans, gold, etc.. seem to be more geared toward the whole auction process? A person can make money in any market. For example, a 5 point movement in the ES equals a 50 point movement in the YM. 5 points in the ES is worth $250. 50 points in the YM is worth $250. It's all relavent. Trading soybeans, gold, coffee, t-bills, or whatever, would also be relavent. Im just trying to get some feedback on different ideas using MP. .

I understand your point MC. Im not debating the things you said in your last post...they are true statements. My intentions were to show how the futures markets work, why they work, and why they move. I was hoping some of you experienced traders would help me with this thread without debating things. The information provided in this post was to shed a little light on the subject. There is a lot of head scratching sometimes by traders wondering why things are happening. I have done the same. I did some research and talked to many traders to get these exact answers. It did help me better understand the whole picture. I was hoping to help others who might of asked these same questions in their own minds. Whats the point in posting threads on this Forum?

"Its seemingly been a ploy to delve into certain intricacies of the markets" MC...isn't that what this Forum is for...to help people see the whole picture? Trading futures at time and price is not determining perceived value. That value is being determined for you in the underlying stocks. You are merely trading a price movement. A futures market is a barometer for what the underlying stocks are doing. Surely you knew this MC ? .

I have also learned something about the way the ES an YM move in price levels. It is not totally predictable (or I would be rich), but it has help me get out of trades and take a profit before giving it back. It has also helped me stay in a trade longer and get more ticks. This is an easy concept that all traders should be aware of. I'm sure most of you experts out there already know this. My trader IQ is only 10%...lol. It is also fascinating how close the ES and YM move together. There was an earlier post on this thread that told the odds of this...it was something like 95% of the time. There is a lot of information one could obtain from watching these markets move together. Sometimes one will give you a hint slightly before the other. I very much appreciate all the responses to this thread. I hoped this has helped many of you with a different perspective on the market. .

Soultrader... You absolutely hit it on the head...thank you! ! ! You are trading the price movements of the futures...and do not pay attention to the stocks...my point exactly. The institutional big guy trade the stocks...YES...and they are the ones who can, will, or do manipulate these stocks. I think we can put some closure on this whole thread. MP theory has merit and is very helpful while trading futures...although, it is much more useful in its original intent when used in a market where you have "floor traders" determining value during the IB period, and "other market makers" trying to control the value. If indeed the YM (used as an example only) was traded by this process, MP would be much more valuable for trading futures. I totally understand the VSA concept. I'm not so sure it has as much merit when trading futures. All the volume indicates is that "we" are buying or selling at that price at that time. Trading futures is a large portion of what people on the TL trade. Getting your piece of the pie anyway you can with whatever means works for you is the "game" we are all playing. When you try to sell the tops and buy the bottoms using S/R levels...although this does work quite often, it became very frustrating when approaching a S/R level. It was anyone's guess if the price was going to hold, or break through. Volume does not work with this...you can try and convince me til you are blue in the face. There are high volume breakouts and holds and low volume breakouts and holds. Flip a coin. I have found it to be more probable to...as Soultrader puts it..."take short term price swings" based on the momentum of the market. No you wont get the most points or ticks, but you can take a piece out of the middle. I wish there were more threads on here about how traders are taking these short term price swings? I know it would help a lot a people become better traders. There are some very basic, easy to learn setups that have a very high probability. Why don't more people share these ideas? .