wsam29

when do we need to get into the chat room? (before it fills up, would be the smart ass comment)

Soul, have you tried the "Floor trader pivot" indicator that comes with Tradestation? I think it uses the exchange settlement close for its calculations because there was a difference between using the chart close and the Floor trader close. Their are pros and cons to each indicator. I for one do not like to enter High, Low, Close everyday, but I also don't like my charts compressed. Floor trader pivots does that since will will plot all pivot leves if you want it to. I did however get some ideas and observed with pivots. Price slice through either up or down on good volume, go with it, or wait for retest of pivot for a continuation move.

I looked in the mirror, realized I was the problem. Took a couple of years to find the answers to my (psychological) problems. Found some concepts for entry rules that I could trade with, without having to sit there all day to wait for the signal. Exit rules are set for each market. Did not rely heavily on technical indicators such as MACD, RSI, etc. Kept my trading to a minimum, commissions alone will chew into your profits or add to your loses. Once you know what you are doing, the desire to trade and to be "right" will dissipate. The desire to want to make money rather than pick the right trades will also dissipate. Missing a key trading day will not frustrate you. Once you get into the mindset of knowing what you are going to do when the market does what it does is where you want to be at. Once you are there, the money will follow.

1. be aware of my thoughts and emotions. 2. trade the facts, price and volume. 3. call it a day after two losers in a row. 4. reduce size after a series of winning trades. 5. keep the ego in check when I think I know more than I really do, just stop trading. 6. TAKE PROFITS when they are presented to me. 7. Always trade with a physical stop order in place, bracket the market. 8. Enjoy the weekend and not look at charts until Sunday night. Here's one I subconsciously do, after a winning trade, I just take a break, go surf the net, do something else rather than bask in my glory or continue staring at the charts. Same thing when it is a losing trade.

any possible screen shot of this indicator? (I'm at work and would like to see) :p

Here's a suggestion, if more down volume then up volume, plot volume bar red, and vice versa. None the less, it is a very useful indicator I will be using.

here's another one, what closing value do you use? the exchange settlement or the chart closing price? My thinking is the chart closing because I sometimes get lazy and not do the pivot updates right away based on the exchange settlement closing price. Thoughts from everyone?

In a perfect world I would have eight. Four for day trading, four for monitoring the grain market. That day will come, it will arrive, I will get my monitors and my setup.

nah, I don't really have the room for a 32" LCD, plus 19" are so much cheaper now. Plus it looks neat when you see four monitors all the same make and model. Time to start saving my pennies for this future investment. Along with an Anthro Fit Console Unit and a Herman Miller Aeron. Damn Hubert! Introduing all these expensive trader goodies to his members.

two monitors now, I've been wanting to use four for the longest time but never really thought I would need all that information at my disposal. Until now, now that I got my head screwed on right. All I gotta say is its a whole new trading world when you enter this mindset that I think "professionals" are in.

a "professional" trader to be?

I need more monitors now!!! Who doesn't want more monitors??? *sigh*

It more of seeing how your train of thought during real time trading when the future is unknown, because anyone can back test and see past results but will not have the confidence to actually trade the "system". This way you can even monitor your thought and emotions and see if any changes need to be done to your trading method or strategy. I know it also helps me keep each bar of information lined up to tell me exactly what is going on. You'd be surprised when you get all your criterias lined up how much easier it is to pull the trigger. As long as you know what those arrows you plot represent to you, you will have a visual journal as to what you were thinking and planning on doing based on those thoughts and observations. I was very lazy and could not express my throughts and observations from my past trading experiance.

That line that you entered yourself tells a great deal about really how you are trading. You are still missing 1 key indicator in my opinion that would have given you more reason and confidence in taking that trade. I put up the same chart myself and my key indicator and it would have meet my entry criteria. Remember we're trying to figure out "collectively" what the market is trying to do. My personal analysis only goes so far if the market does not see it that way as well, so go with the net order flow.

It looks like you are pointing at Ant as the mouse's food. :p

DO I get a second guess because it looks more like a dude smoking a doob after staring at charts for the last 2 hours.

Jesus himself! am I wrong?

FIRE! AIM!!! Hubert just cracks me up all the time with his videos. I should elaborate some more. He made a comment from his video that was made on 31 Jan 2007 regarding having a plan for FOMC days.

I was about to start a thread before I saw this one. It's also a "Through Process" that I do before each trade. first trade of day see a set up inital thought, "Am I willing to lose if I enter this trade?" if yes, enter trade, if no, sit on hands. stop loss and profit targets already known before hand. first trade out of the way: if trade turns out to be a loser. second trade set-up Initial thought, "Am I willing to dig myself into a deeper hole if I lose?" if yes, enter trade, if no, sit on hands of call it a day. if trade turns out to be a winner. second trade set-up Initial thought "Am I willing to give back my profits if I lose?" if yes, enter trade, if no, sit on hands or call it a day. As you can see its a loop of the same thought before each potential trade. I don't have a profit target in terms of ticks because I found that is all I focus on at the start of the day, your emotions and state of alertness plays a big part in your day to day trading, so if you'r not feeling up for it, just don't trade or continue to trade for the sake of trading. Nothing is worse then trying to hit your profit target if you are not 100% mentally there. There is a good chance yuo'll dig yourself into a deeper hole. See if this helps with your trading.

I never really thought about it that way. "Why is he taking so long to bet?" "Why is he betting so quick?" I find a cold call is hard to tell because they could be trapping or just fishing for cards to improve their hand. I am sure each one of those actions has a reasoning psychologically. Now I see why professional players take their time each hand other than when they know they have the other player beat! Thanks for the info.

even the magic 8 ball failed me as well....ahhhhhhhhhhhhhh. HOPELESS!!! jk, was too damn tired to trade today (31 jan 07) gosh I hope the market will be there tommorrow.

Gonna be playing some poker with some friends this friday. Should be fun since I have not played in ages. Gonna apply some of my trading skills in the game, I know for sure they are not mentally tough at all in terms of handling bad beats. Soul, since you also play cards, how do you use your trading skills for poker? what I had in mind was just being able to mentally keep track of their bets in a given hand, ie raise, preflop, check on the flop, etc. That way I can sorta read what potential hands they may or may not have.

I do, but not as heavy as YM or grains. Why it just does not suit my personality. FX being a 24 hour market, i like to analyze my entrys in real time. I find that my forward analysis or what the markets may or may not do is crap, so I don't even bother. If I happen to see something that fits my entry criteria I'll place a trade. besides eSignal, I don';t know of any other data provider that provides volume on FX so that is another reason for not trading as much FX as some do. I don't enjoy being up at 2am EST waiting for a signal that may or may not occur, so its just better to have a balanced life of trading from 0930h-1200h EST and monitor the grain market till 1415h EST Right now, I've been asked to become a supervisor at my work so I'll be able to have a routine instead of being part of the rotation of afternoons, evenings, trade in the morning, go to bed, etc. It;s all over the place week to week. The ideal goal is to get consistant enough and QUIT the J.O.B. I did how ever gotten my manager interesting in trading, said he'd come by an afternoon shift and pick my brain.

Just don't do it for too long, they may turn clammy.

even not for their comments, which are very educational, volume will tell you what not to do at least. I find that FOMC days, any sort of system is pretty much useless. That's good that you made it back using your skills and not the system.