electroniclocal

They don't know how.

Yes, it was only a one time deal. I spent 3 weeks and am now providing 90 days of mentoring to 25 traders. I had to turn people away as we were oversubscribed. Strangely, when something works really well, people come out of the wood work to find it. Consistent Profitability is achievable if taught in the right way and if the student puts in the work in accordance with a structured and effective program. I have another daughter who is a corporate trainer. She asked me to involve her in trader training at the same time that I was asked to do a seminar for MarketDelta - only 3 days not 3 months. Its one of my best friend's birthday at the end of October and I'll be there for that so having a busman's holiday. I did enjoy teaching. It not only made a difference to a lot of people but improved my trading too. I'm happy to do a few of weeks of training every year with my daughter managing it and me only having to trade and teach. What was that Bond movie called: "Never say never"?

Just an update. We finished the 3 weeks of webinat training. As of today, many of the attendees are SIM trading (some live trading) with a 70%+ win rate and profitable. Just to make it clear, we recorded the three weeks which involved me calling trades live throught the period in order to identify the pictures to trade and how to manage them. In a blog the reader cannot see the way the markets unfold. In the webinar I was able to take many live trades every day and then show how to manage them. Everything is based on what I have shown in the blog over the last 10 months. However, I do believe that getting proper training and mentoring will reduce the learning curve to reach CP (consistent profitability) to months from either years or never if a structured and tested training methodology is used. Just showing setups has been proved to be useless as the attrition rate amongst traders remains over 90%. EL

Good luck in getting this done Fulcrum. I tried doing the same over 6 months ago and even offereed to pay the cost but was told that they didn't have the time then. I'm working with MarketDelta now to get the testing done.

Swiss, a couple of questions: 1. Can I construct Profile out of any type of bars eg. volume, ticks, range for superimposition on a chart? 2. Not clear whether I can use a 24 hour ES chart but only show the RTH Profile? 3. Can I access your VAH, VAL and POC values programmatically in a strategy? 4. Is it possible to use both TPO and Volume to construct a Profile? Can I have a TPO Profile with a Volume Profile shadow beneath it? Thanks

Sorry guys, I completely disagree with most of what is said above apart from "trade one market on one chart". I am delivering a training course at the moment to convert a group of 25 previously unprofitable traders into consistently profitable ones. Its not just what is taught but how it is taught. Comparing trading to Eric Clapton's talent of guitar playing (which he was born with) to teaching someone to ideantify order flow and react to it, is a ridiculous comparison. It may sound like a nice sound bite but is so far from reality and doesn't make sense. Trading can and is capable of being taught. Just because you haven't been taught or you can't teach it doesn't mean it can't be done. 10% who have learned to trade and they certainly aren't all geniuses. It can be done with a group of traders at a time. EL

Guys and Gals, this is the best life in the world. Trade when and where you like. Help all your family and others. What can be better. One thing I would strongly recommend: Find a hobby or pastime that takes you away from the markets regularly, such as 1 day a week, a few days a month, a couple of months a year. Lately, I have been cutting my trading hours per day down and increasing size as I'm preparing to deliver a training. I plan on keeping this up even after thje training is completed. When I was on the floor, I learned to do the same. Don't think about the cost of missed earnings, it's just a cost of doing business.

What a great idea, Chad. A must watch for all of us automating trading. Looking forward to the whole series. Please keep the momentum going.

bobajob, Nothing has changed in the methodology. its always been range bars, order flow and momentum. I originally used only multicharts but have switched to MarketDelta for the better way it identifies volume delta. Healthy sceptacism based on fact is OK by me. I'm pleased with the information I provided in the blog and I'm happy to have helped people become CP (consistently profitable) and hopefully can continue doing that as well as helping the charities I support. I'll be staying in contact with the attendees of my training and will look forward to see their achievent to CP. I know it will take some longer than others but I believe that what and how I am teaching will drastically shorten that quantum leap from almost CP to CP.

Hi btfox, your observations aare very sound and I agree with a lot of them. Th is is not an easy business. In my 30 plus years, I have taught a number of traders to trade successfully so I have my own experience. To be frank, training people is not the most fun I've had. I'd rather just trade. In the past, I did it with people I was doing a favour to for one reason or another. This time it's to finish something I started that grew into something I did not predict. We will go through how to create a setup, triggers, backtesting to validate and the thought processes I go through at during the bar when the setup has come together and evaluating it against the context to decide if it should be triggered at the close of the bar. I would not knowingly embark on a fool's errand. I don't just teach a technique. They are a dime a dozen. If it only needed a technique then there would be 90% of traders that are successful and 10% losers, not the other way around. What I hope to do is teach the students, most of whom are not newbies but guys with years of experience albeit not successful, how to take that step of putting a technique into practice and laying out the steps to consistent profitability. We have almost 4 months together to do this. And I'm not going to be a stranger after that. Will they all become consistently profitable? l? Probably not as I said in the previous post. However, I do expect some to achieve that within the 4 months and others not too long afterwards. As you correctly pointed out, trader beware. Although $5k is not a lot of money for 4 months of training, intending students need to evaluate themselves and decide if they have the time, the hunger and the attitude to undertake an endeavour where 90% of their fellow human beings fail. Of course they need to evaluate whether they think I can deliver my side. For that they have almost 200 blog posts and a 2 hour video.

First, let me repeat what I said in the blog announcing the training: I DO NOT want to start a trading education business, or be a seller of trader training CDs, and I don't want to sell indicators or a book or sell training webinars. and neither does Kiki. I'm a trader first, last and until I can no longer put on a trade. But, the emails asking for training, mentoring and coaching continue to roll into my inbox in a steady stream. So I think we have some unfinished business. This is a once only deal and then I think I have fullfilled my resposibilities to this industry that has given me a good life. Training of traders in our industry has been markedly unsuccessful and still 90% or so, may be more, fail. Why? They haven't been taught what it takes to become consistently profitable (CP) traders.. The blog has been going since October when the training of my daughter jumnped into gear. Since then, I have received probably about a dozen emails from traders saying that what they learned along with Kiki in the blog took them to CP. That doesn't mean that everyone who I train will become CP. Some people will fail because they will not do the work required, others because they want tot take short cuts and not follow the program. Finally, and perhaps the biggest group, will fail because they have to make money from day one, can't internalise that there are losing trades and are totally undercapitalised not just for margin but for living costs. The blog has a Google search built in and when I just used it, there were 14 posts about money management. This is one of the keys to CP. Using range bars makes this easier as I show in the blog. My two wished for this effort are that everyone who wants to has the opportunity of taking the training. I won't be offering it again. It's hard yakka as we say in Oz and I'm taking a 50% pay cut as the other wish of the effort is to be able to give as much to my charities as I can. So in this cynical year of 2010, you pays your money and you takes your chance but read the blog of the last 8 months, I hope it takes you all to CP and if what you have read sounds genuine and you think more of the same, some of it 1 to 1, will take you to CP, take the trade and join the training, even though there is no stop loss.

86834, the [problem for newbies is that they really don'y even know the questions, let alone the answers. Trading is one of the most complex processes yet is simple to execute. Therein lies the failure rate of traders.

This is the stuff I look at inside the bar with MD. I first lookj at the left spine of the bar to see whether its a red or green candle. Your first one, a red candle, is fairly representative. You see the highest volume near the open of the bar shawing the bid was hit with the bar's highest volume near its open. I then look at the other stuff \i speak abot in my blog.

Guys, you are looking for a pre-packaged mechanical formula for discretionary trading. That is a contradiction. "Discretionary" means "discretionary". To me a setup is like a picture. When the picture is "right" I enter the trade. Sometimes I draw on where the support is, sometimes momentum is more important. Order flow is alwayd important but sometimes its the VB I want to see right and sometimes the CVD must be trending. It always depends on the circumstances. The only way to "get it" is to do what I did: look at what happened just before a good trade triggered. That's why I push SIM trading so hard. Until you recognise FOR YOURSELF what the difference is between a good setup and no setup, you are doomed to lose. You want to run before you can walk. There is no substitute for the work to train yourself to see. Now as far as the FloBot is concerned, that is not discretionary trading. Its mechanical trading, which is something different. The rules for FloBot are not discretionary. They are specific but general. The performance from FloBot will probably not be as good as a discretionary trader. Its strength lies in the trader not being required to focus 100% one hunderd percent of the time and also because a trader can trade a number of markets at a same time. If you can't work out your exits yet, why don't you do what I suggested in the blog: take all your profits at the first logical scale point or at a fixed minimum profit objective. If your win rate is as high as it should be, you'll make money. Since I started teachimg Kiki to trade and writing the blog, I have received many many emails from people who have turned their trading around and become CP (consistently profitable) by using what was in the blog. Its all in there.Providing mechanical setups for discretionary trading is not doing you a favour and I won't go down that road.

Traverse, I've posted chart settings here You can download the MarketDelta ones which should work on IRT. EL

Sorry, but this is bad advice. You want to become a brain surgeon and are looking for free tips from people who may or may not be profitable and who may or may not know how to teach. Find someone with a track record of TEACHING. If you want to learn, go to school and pay the fees. Pick a teacher whose ideas make sense and who you feel comfortable working with. EL

Try 5 point range bar. It gets rid of a lot of noise and is consistent unlike tick and time charts. See examples on my blog electroniclocal.blogspot.com - nothing for sale.

If you just optimised using $ values then you are getting an "average" OK value for the ranges of volatility during those 2 years. If instead of using $ values, you used something else - not an indicator - so that the changes in volatility would not impact you, you would have something more robust.

I did some testing on 6E using my methodology and 9 ticks worked best. I have some charts on my blog. Eyeballing didn't work for me as well asbacktesting using some of my setups.

The agenda for the Order Flow Market Profile webinar is: AGENDA Part One: The road map from newbie to consistently profitable The steps and the timetable How to learn to trade Milestones to reach Self assessment of progress - know when you are ready to go to the next step Replay - slow, normal and fast SIM Real money at risk Matching size, risk and account size Part Two: Trading philosophy Probabilities Instant gratification Context What day trading is to us Variations and style Charts and setups Bar charts and indicators Reading order flow Why the CCIs Market profile Creating setups: Inside out and outside in Entries Triggers Exits Re-entry after early exit Pre-trading preparation Risk/reward Keeping records Business trading hours Which markets to trade? Position sizing and your account size Questions and answers Link to register: Electronic Local: Webinar Scheduled - Jan.16,2010 Looking forward to seeing everyone.

I switched to MarketDelta as it has everything I need in one platform. I was using three apps to get the same that I now get in MD and its better. I still use MC to test ideas as I can do easylanguage (although nothing elaborate). There is not a good enough Market Profile for MC. One caveat about OEC, I don't use their charting package as all, just their DOM. I use other brokers as well.

OEC data works very well with MC. Once you begin working with easylanguage, if you are not a programmer, you will find you can still create your own studies and strategies after a little practice.

eSignal Data Manager Only service @ $85/month plus exchange fees with RTE_TSTQ|Routing: Tick Server Trades & Quotes (TSTQ) Routing: Tick Server Trades & Quotes (TSTQ) enabled (free service) works fine.

One of the tasks of a new trader is to develop setups that can be repeated over and over to harvest profits from the market. Doing these repetative actions means you get really good at a single type of trade. A single type of trade may be used in quite a few different situations. There is an example in my blog today at http://electroniclocal.blogspot.com/2009/12/one-perfect-setup.html - there is nothing for sale. In developing setups, I look for a set of circumstances that are often repeated in the market place and bind them into packages of principles (not rules that are too mechanical) so I can draw them from my quiver at the appropriate moment. This way I can react to a familiar situation and execute my trade plan without too much difficult thought. A single rtade setup should be one that occurs frequently. Once I have mastered a setup and use it, I look to develop the next one. Some setups are easy others may take quite q while to develop, especially recognising all the so called nuances.

We have just started using a tool that analyzes your trading results and can provide mined information from them for you to better make money management decisions. I posted in my blog yesterday on the tool and will be providing updates on how it all goes. If you are interested, come on by. Nothing for sale. electroniclocal.blogspot.com