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Soultrader

Market Wizard
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Everything posted by Soultrader

  1. Soultrader
    Surprisingly people in Japan are not the heaviest computer users in Asia. As a matter of fact the ratio of internet users compared to many Asian countries is low. Also, while many Chinese citiizens are english educated most Japanese do not speak english. This creates a huge barrier in terms of internet business or communications as it restricts Japanese people from focusing only in the Japanese market. Our business culture is designed as such that we focus more on human to human relationship instead of the actual content of the business. You may have noticed that Japanese companies are tied together by a term called "keiretsu". The idea of family and teamwork is more valued than a one man show. This creates problems for people who are very skilled at what they do and choose to do things on their own. Possibly one of the greatest reason why I chose to go my own path.
  2. Soultrader
    I also tend to be a one-job-at-a-time person. I dont like sticking my nose in something I have no advantage in. Most successsful people may do multiple projects but they all tend to be related to one another. I think one is better off sticking to one field and exceling in it. In terms of diversifying your stock portfolio, you can minimize risk by diversifying in different sectors. You can also invest it in the futures market to hedge your position. I enjoy holding a few things long term but it if wasnt for the short term trading, I would be penniless.
  3. Soultrader
    I think the pyschological aspect of trading is similar to poker. We are all after the players on the tilt. That is also how I like to call it in trading. Emotional trading = tilt One method I use to avoid this is to treat every single hand/trade the same. I do not get emotionally attached to any one trade. In poker lingual, an AK is the same as a 10-J. The only difference is I try to squeeze as much money as I can when the opportunity is there. I hate gambling in poker... especially going all-in with AK against some pocket pair. I have a strategy that I can play that gives me better odds than just trying to catch something.
  4. Soultrader
    Like Carter mentioned, I think people are not familiar with futures. Whenever someone asks me what I do for a living, I prefer to say I am a stock trader. When I mention futures, most people turn clueless so its saves me the time from explaining. Although the leverage is good in futures, the risk is there also. Either way, I think if a trader can make money in the stock market he should be able to make money trading futures.... and vice versa.
  5. Soultrader
    Hello Lohiya! Welcome aboard. We will be looking forward to your participation.
  6. Soultrader
    Hi Bill, You can post charts using the attachment button that looks like this: This function is only available when you post a reply and not the quick reply. I use a 233 TICK chart so the candlestick patterns may be slightly different from the one you see. However, when the YM tested the value low pivot, it does look like we saw a doji followed by a candlestick with the equal size wicks. The value low pivot is usually a good pivot to use as support. Once broken, it acts as key resistance. Today, it became the dead low which is quite interesting. I was careful today at the initial test of the value low pivot due to weak market internals. But after it held the second test, this was a good information that the markets had found support and good for a long setup.
  7. Soultrader
    Hi Bfusa, Not sure what a Tweezer Tip formation is. Can you post a chart up so I can take a look? I had a long bias for the YM today because of the daily charts. If you take a look the trend was still valid and the YM has just finished its pullback. It was all about timing today to try to get in for the nice trend.
  8. Soultrader
    It all sounds so easy doesnt it? But trading is one hard profession. You need to identify a trending market from a consolidating market and switch strategies. Its easy to jump on board in a trending market; buy pullbacks or short rallies. However, this only happens 30% of the time. You need to be able to adapt depending on market conditions. If you are looking for stocks on the fly, take a look at stocks stuck in a range. Scan for stocks trading in a bracket and then plan on buying breakouts out of the range. This is more of a momentum strategy which I do not use. Are you aware of the support and resistance levels of the stock you are trading? If not, study the chart. Study volume and look for possible reversal price levels. These are the levels you want to be looking for to time your entry and exits. Of course its not that simple. You need to scan for the overall health of the market. Keep studying the markets and read alot of good trading books. I do not want to see you making typical newbie mistakes that can be costly. There are so many different strategies one can apply in trading. Learning how to identify support and resistance is also a skill. Learning the art of entry or exit is another skill. If you are not an insider, there is no exact method to understand what the insiders are doing. Study the charts. The charts give off tremendous clues about a stock.
  9. Soultrader
    Delayed quotes are data that is not real-time. Most free charting packages do not provide real-time tick by tick data since this costs exchange fees. Instead they are usually delayed by 15 minutes or more. If you can not see the tick by tick price movement, you are most likely working with delayed quotes. Can you pop out a time and sales?
  10. Soultrader
    No question is ever dumb You should look at a bigger timeframe such as the daily or weekly to see the bigger trend. Then you should narrow down to a 30min or 15 min chart to identify support and resistance price levels. Then you should narrow it down to a 3-5minute chart to time your entries. You are working with delayed quotes?
  11. Soultrader
    You are working with delayed quotes at this moment? I think for the time being you can practice with delayed charts but you should consider paying for real-time data feed. Have you looked into e-signal? I used to use their market profile chart and their fees may be cheaper than Tradestation. The reason why real-time data is necessary it because you need to understand the flow of the markets as the action progresses. You will also need to work on timing your entry points based. This can only be done with real-time data. I have also used Telechart in the past and I think its a great inexpensive software. But I prefer to use the charting tools that Tradestation has to offer. I am sure Telechart will do just fine for you for the time being. I actually have got an offer to try out a software free of charge. Its not the best software package but if you are interested let me know. They offered for me to use it free of charge including data fees if I used it for the website. I can maybe let you give it a test run for the time being?
  12. Soultrader
    I agree I would love to hear some of your exit signals. Do you exit a few ticks above the next line of S&R? Also how do you use momentum to determine your exit? Are you able to captuire the bigger swings without scaling out? Thanks James
  13. Soultrader
    Market profile charts can be useful for any type of trading. However, they need to be learned first in order to understand them. They are plotted like a bell curve with the concept of time x price = opportunity. If you would like to study this concept I highly recommend picking up Mind Over Markets. You can also check out some videos from this thread. http://www.traderslaboratory.com/forums/market-profile/376-market-profile-education-resources.html
  14. Soultrader
    I have an account with Tradestation and I make over 10 roundtrips a month so my software fee is waived. However, you can still use Tradestation for I believe $99 a month plus data fees. If I remember correctly, Telechart is Worden? They do have a great charting sofware but I prefer Tradestation over any data vendor. The only fault is that they do not have market profile charts.
  15. Soultrader
    Hey Antonio, Just wanted to ask you how you got those TPO count on the TS indicator? Thank you
  16. Soultrader
    I decided to open a new thread on an interesting topic from: http://www.traderslaboratory.com/forums/market-discussion/206-what-holy-grail-you-2.html#post1081 The question is: Which is more important to you? Entry or Exit? Traders get split evenly. There are traders like myself who focus more on entries while other traders focus on exits. I would love to hear your opinion on this topic and the reasons why you prefer exit or entry.
  17. Soultrader
    Hi Chris, What kind of help do you need? Do you have access to a trading data vendor like Tradestation? These software come with alot more tools of the trade. Also it is a good idea to use multiple timeframes. Look at the bigger picture first then narrow it down to time your entries or exits. You should use a weekly, daily, 60 minute, 15 minutes, and perhaps a 5 minute chart to time your entries.
  18. Soultrader
    "A DOUBTFUL egg is nearly always a bad egg." "Sometimes it is scientific to go with the crowd; at other times it is scientific to go against the crowd. The main thing is to be right." "Reading all the financial news and evaluating it will avail you nothing. The market may rise on bad news and go down on good news. Then where are you?" "The Tape is the best guide... The Law of Supply and Demand never fails and it is the only safe guide under these extraordinary conditions. No one can judge the probable trend of the market from the study of fundamental statistics, economic changes or political development, with any continued success."
  19. Soultrader
    I have taken the free trial of John Carter and Hubert. I found it interesting that both traders are successful in their methods but do not necessarily share the same style. Carter uses more indicators and pivots than Hubert. Hubert relies more on market internals and tape. I always wondered why both traders would not incorporate each others methodology into their style of trading. Hubert tends to explain market reversals based on market internals. But as a market profile and pivot based trader, my analysis shows that the reversal took place at a key pivot line. I really love reading your posts ezduzzit Thanks for this. I started off as a pivot based trader until I applied market profile into my trading which blew my mind. I always been interested in pivot point traders and when I ran into Carters methodology I found it useful since it fit my style of trading. Eventually I improved on market internals by studying Huberts methodology. I think a trader can gain an edge by applying different methodologies and taking what fits his style of trading. Amen.
  20. Soultrader
    Sorry for the confusion. I did not mean to say the closing price is predictable. Nothing is predictable in the markets. What I meant to point out was that amateurs control the opening while professionals control the close.
  21. Soultrader
    Its about time they made another wall street movie. They should make one on Jesse Livermore.
  22. Soultrader
    Interesting. I would still be careful in holding a short bias for the bigger picture. The trendline has not yet been violated and we are seeing an ascending triangle pattern. This is the same pattern we saw in the YM a few weeks back and it then went on to rally 300 points. However, that failed breakout on the Dow cash index does worry me. I think this week will be a very interesting week for the indexes. For the YM, any break above the May high will be explosive.
  23. Soultrader
    GREAT post ezduzzit. You are absolutely true about going for the "meat in the middle". We are traders in the business of risk. Trying to catch the dead lows and highs is gambling. I do scale out of my trades with strict rules. I understand your point by not letting winners run, but is this even possible in day trading? Yes, we do see the markets trend for 100-150 Dow points but this is not the norm. Most of the time, the markets will move 20-50 points and reverse. What kind of exit rules do you apply in intraday trading? Thank you.
  24. Soultrader
    Just added this in my book of watch lists. It will be something I will be looking for from now on. During the trading day, I do find that the ES tends to lead the YM. For example, if the YM is testing its low; but the ES makes a new low, I would sometimes short the YM. I find the ES leading the Dow by a matter of seconds.
  25. Soultrader
    Great point ant. Counter trend trading is alot harder than trend trading. I know a trader who is an amazing counter trend trader but when I tried to use her methodology into my trading style, it did not work. Also, counter trend trading is more geared towards scalping. You may catch the dead highs/lows but this is a rare case. You don't always have to try to be the man by catching the top or bottom. You can make a comfortable living just by catching the meat or the middle of the trend.
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