brownsfan019

Good job getting back on the horse tin after the first loss. I find that is one of the hardest things for me - taking loss(es) immediately and continue to trade. Something I always have to work on. Nice job today!

Maybe I can take my own idea and use this part of the forum! :rolleyes: What can you say about today? Wow. Nice action and movements all day. Here's some add'l stats that I track that are not in the template: 16 trades, 10 winners (1 scratch) = 62.5% win % Ave win = 4.5 Ave loss = -1.71 While a great day, not common as we all know. The movements and action today just fell into place for me.

Buyers and sellers move it. I know it sounds too simple Abe, but when they are more buyers than sellers, price goes up and vice versa. That's about as simple as it can get when trying to figure out what moves any market.

Just one piece of advice for Tue Abe - DO NOT REVENGE TRADE. You will want to get your money back from Mon and then some. Just be careful to not fall into a 'gotta get my $$$ back' mentality. Trade whatever setups you are trading.

I have no idea where a thread like this should go, so it's in the market outlook for now. My outlook on the market - great as long as it moves! I guess I'm feeling good about the upcoming week (no reason in particular) so just want to wish my TL friends a good trading week and capitalize on your setups! Again, there's no technical bias to my comment whatsoever, just feelin' good. I know it's summer, tomorrow is a Monday and there's probably a few other reasons to not do your job properly, but one thing I've learned is that you have to trade each day b/c you won't know till 4:15pm if it was a good day or not to be trading! I've always thought I could outsmart the market and be able to pinpoint the best trading days, but for me, that never worked out so much. Example - last Fri - many would say don't touch Fri's, esp Fri's with no econ news scheduled. And what did we get? A nice day of movements! Point being is that you just never know and you have to pounce on the money making opportunities that are right in front of you! Good Trading!

abe - my suggestion is simple - always have a "I am wrong when price reaches here" level. And while you are in fact correct in that many trades can eventually become a profitable trade if you just hang on long enough, it only takes one solid trending day for you to be on the wrong side waiting and hoping. And then wondering where your trading account just went.... I know you have not seen that day yet, but they happen approx 20% of the time. That means, every day you trade has a 20% chance of being your last if you do not have a hard stop placed and willing to accept that. This process of placing a stop really comes down to how you are trading. What I mean is, if you find the majority of your setups are going into the red before any chance of making money, then something is wrong. You should have plenty of trades that go positive and go positive quickly. Side note - if you find the majority of your trades go negative quickly... then... perhaps you are simply playing the wrong side of the trade.

Thanks for sharing Mark! Are you able to share with us what coach(es) you have used in the past and your thoughts of each? Better question - are you, yourself, a coach now? I ask b/c you obviously have years and years of profitable experience and you would seem to be a logical choice for traders!

One last question tonight - is your analysis here based on the casual flipping through books at Barnes and Noble or have you done/purchased statistical analysis to back this up?

Abe - I wish you luck with your mental stops. Your plan worked this past week; however, if you get caught in a trending day waiting for your pullback, you may be waiting all day. And all it takes is ONE trending day to wipe your account out. You don't want to hear that now, so keep us posted and I'll be interested to see how you hold up on a strong trending day.

See this thread on OEC - http://www.traderslaboratory.com/forums/f92/review-of-open-ecry-futures-broker-1904.html

Abe - I have a question - you mentioned holding a losing position until you got your money back... does that mean you had no protective stop in place or was it just not hit?

feb - check out MultiCharts as well. And they recently starting supporting data from Open ECry as well. So if you are a client of OEC, you can take the data they provide to customers and plug into MultiCharts, therefore eliminating the need to pay for data.

If I am reading my chart correctly, it looks like there was 13,000 TOTAL traded today and about 20,000 for a good day. If so, no thanks, even with 1-2 lots. CL today had 241,000. Slight difference. Good observation notouch. That's kinda what grabbed my attention!

I like it! :p My point being in case it was lost in translation is that if you are already long and getting multiple hammers, that's usually a good thing. If you are not long, perhaps it should grab your attention. Keep in mind though that you are not going to see a trammer, fammer or quammer often. When you do, hopefully you are already long!

Thanks for sharing Tin.

Has anyone traded or looked at the CL, Crude Oil Physical Delivery contract? This puppy can move. Contract info: http://www.nymex.com/CL_spec.aspx It caught my attention recently b/c I used to trade the QM (miny on Globex) and slowly the volume just died. I wasn't willing to daytrade something with so little volume. And I thought oil was out of my trading life. Until I found the CL. I was able to find it due to the massive data available through Open ECry to their customers. I enjoyed trading the QM as it always provided a completely different instrument from the indexes to trade. I know others here have asked about contracts that can move or just something to consider outside the indexes and the CL is a possible option. The volume is decent for an oil contract and can provide a nice contract to trade that does not move based on the US indexes. Some highlights of this contract: Tick value = $10.00/tick USD Trading is good till 2:30pm EST. It is still open after 2:30, but due to the pits closing, the electronic contract dies as well. Kinda nice if you don't want to work will 4:15pm! This thing will react to the weekly oil inventory numbers, so I suggest knowing exactly when this report is (usually Wed @ 10:30am EST). This is a PHYSICAL contract, which means if you hold until settlement, it is NOT settled in cash. It is settled in REAL oil. In other words, do not hold into expiration. Speaking of expiration, the contract expires MONTHLY. I have an alert on the 3rd Wed of the month to watch volume rollover. Again, exit all trades of the current month by the 3rd Fri of the month. I would not suggest holding this contract overnight anyways, so if daytrading, you should be out of all positions by the close. This puppy can move, so please watch before trading real money. Most brokers/charting have this contract as the CL. Commissions can be higher than other contracts. Open ECry has been very competitive with me for CL trades. One issue I have found is that some brokers do not clear the Nymex/Globex trades, so your broker will have to route the order to another broker and of course, this adds on cost to you. Here's some charts for anyone interested, esp if you do not have the data feed currently. ALL charts are 5 minute charts. 7-20-07 7-17-07 7-16-07 7-11-07 Again, due your own due diligence before trading the CL, but it's worth a look in my opinion! :thumbs up:

We've all heard the adages that pro athletes and other top performers in their fields have coaches. An outside 3rd party that only has your interest at heart. So my question is - has anyone dealt with a trading coach and how was/is the experience? I know the mod's don't care for websites to be posted for co's, but I would like as open and honest feedback as possible. I'm sure some might say why bother and others may see the possible value here. It's the old Tiger Woods question, right? Why does the top golfer in the world need a coach? My point being that at what stage(s) of a trading career should a coach be present, if at all?

tin - nice chart. As notouch mentioned, hopefully those 4 hammers (the 'fammer') gave you extra confidence in the trade. You don't see the 'fammer' often, but it is something to watch. note - fammer is something I just made up. Just like a 'trammer' (three hammers back-to-back). While the words are something I've made, it's something to pay attention to in my opinion.

Hopefully I can reconnect with TL! One hell of a time this week trying to connect with the server changes and stuff. Finally just said I'll try back later! I feel bad that I suggested the trader log thread and I didn't get a chance to post. Will have to get it going on Monday!

I'll have to check back later this week I guess. Between Mon and today, I can't get on here for long at all. Good Trading!

James - I could not get to TL most of Monday and finally just gave up. Hopefully the server switch will fix that!

Of course there's more fish, but on an anonymous message board, there's only so much you can do. The next step is to pay someone to be your mentor / accountability coach.

REMINDER Use the new forum area that James created for us! There are 10 members that voted YES in the poll, so I expect to see AT LEAST 10 logs for Monday, July 16th. Link to new forum area: http://www.traderslaboratory.com/forums/f101/ This little project will only be as good as we make it! Follow Your Plan & Good Trading!

In my experience with IT guys, that may be the best way to go. I've NEVER seen a site be so sporadic as TL has become since the 'upgrade'. It's not your fault, these IT guys just make me laugh sometimes.

Happened again tonight James. Location: Cleveland, Oh Tracer: No idea what I was supposed to do here. IP: You have I noticed it from about 10pm EST till Now (11:20pm).