Soultrader

Alot of good value pivot plays today. You can pretty much expect price to stay within value on a day like today. So its fairly safe fading the extremes.

Chris, I have it scheduled for tomorrow if you can make it.

2 trades today. 35 pts or so. I didnt trade yesterday though.

I also make more money playing poker in markets like these.

lol.... i was trading today but expected a boring market. I made a video a minute ago so might want to check that out. Basically on the daily's we are having overlapping candles and overlapping value. Either we break the trendline back to the upside or we take out the current lows of this consolidation. Until then, its going to be pretty boring.

In a rangebound market, patience is the game. When the market is in balance, you can expect price to stay within value. Thus the only levels you should be trading at are the VAH and VAL. CLICK HERE TO VIEW VIDEO Charts created by Tradestation Presented by Traders Laboratory

CSI for me

For those that may be interested, I want have a discussion chat session on trading psychology. Traders can come discuss the various psychological aspects of the game, their strength and weaknesses, and seek advice from other members. If you are having difficulties holding onto winners, cutting losses, or lacking belief in your system your psychological makeup can be interfering with your trading successfully. I am sure all of us have some sort of weakness. I would like to make this session more of a discussion where traders can help one another. If you are interested, please let me know. Thanks

haha.. yea I gave up telling people I am a futures trader. The usual reaction is "What?" Then I tell them I trade commodities. Then their response would be what kind of commodities? I tell them index futures. :p

Although I had 2 mentors in the past, most of my learning was done alone. I found myself alot more productive and tend to push myself harder in an isolated environment. I never attended a seminar nor do I plan to. One thing about mentorship which I keep telling traders is that you are basically paying to absorb the mentors trading style. If his/her style doesnt fit yours, this could become a conflict in the learning process. For example, my first mentor used alot of moving averages, sector analysis, and fibs. I grabbed the concept of identifying key levels but it did not fit my style 100%. In my opinion, most seminars are overpriced and are a waste of money. I had the opportunity to watch some from on DVD's but never found it any useful.

Thanks for the info MrPaul. I made this thread into a sticky so people can keep an eye on it.

Great post rwalkerx, Let me begin by saying welcome to our forums. You'll be surprised to see that most of us here are index futures traders. I also initially started trading Nasdaq stocks but that changed instantly when I met the eminis. I havent looked back ever since. The eminis are the future of intraday trading in my opinion. Do you trade the YM primarily?

Here ya go Bill: Daily Notes for Day Traders | Pivot Points for Index Futures and more By the way, I use a 9:30am Eastern open.

Very nice read MrPaul. Are you familiar with how market delta works? I have never used this tool but would like to know how exactly it works and any explanation on it. Thanks

When the table gets smaller in a tournament, all-ins are fairly common. It really becomes a game of pyschology and balls. Alot of professional poker players can not handle the emotional swings of no-limit texas holdem. Therefore they may choose to play limit holdem or other poker related games like omaha or stud. In a small table or a heads up battle, folding too much is a sure way to lose. You need to be agressive and make absolutely no errors. One error can cost you the entire match in heads up. Take a stab at the right moments if you sense weakness but be careful of the traps. Its definitely not an easy game to play.

Its sort of like reading tape, internals, different sectors, volume, etc... and trying to make sense out of it all. Not that hard.. just need to get used to playing. The only thing I truly hate about poker is the bunch of amateurs who gamble with a 10-18% chance of winning and catching the card on the river. It happens... hence poker. Trading is a little more skill rather than luck.

I agree ant. Market Profile, Wyckoff, and Neill has helped me develop as a trader tremendously. Gotta love the old timers! Reever, Thanks for the information. I dont think I will be paying an extra $1200 for further trading education but I have pre-ordered Daltons next MP book so will definitely be looking forward to it.

How much is the Cisco course? Ive heard so many good things about it that I may end up taking it myself. For a dedicated student of MoM... is there further insight mentioned in the Cisco course? Thanks

Hi Kiwi, Im curious to know why you decided to trade Hong Kong stocks? Also if one was to get started in this market, do I need to open an account with a Hong Kong based firm? thanks

Make sure your fiance knows that there is plenty of trading education here in the forums.

Hi Reaver, The formulas I use are the same as the classic pivots except for the S3 and R3 pivots. These forumulas I found from Carters book Mastering The Trade and I tested it out and it seems to work better.

Thanks Reaver Im expecting a little chopinness on the YM this week. 12300 will be a key reference point to trade against this week. Good luck to you too.

Hi TheThird2007, Its the Cisco Futures course on market profile i believe. The url is CISCO Futures. Hope it helps.

Thats definitely on my list of things to do.

I play alot of 6 player tournaments in which the payouts only go out to 1st and 2nd place. The less people in the game, the easier poker gets. This is because it becomes a game of pure skill. I dont like to push aggressively in the beginning in a 6 person game. Instead, I let the other players make all the mistakes. There are many occasions in which 2-3 players will get eliminated before I play a single hand. If you can double up early, this is great. Because all you have to do now is to protect your chips and bully the small stacks. In a tournament, the size of your chips mean everything. If you are catching a string of cold cards, I just sit tight and fold most of my hands. By the time there is 2-3 players left, I will start pushing..... a small table is my bread and butter. You'll notice early in the game the players who keep limping in the blinds without raising. These players are the weak players. They love playing every single hand. I also, take notes on every player I encounter (online as well). I'll rank them from a scale of 1-10 and jot down some of their poker styles.