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Trader Nick
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Everything posted by Trader Nick
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I just wanted to double check (my OCD was kicking in where I had to ask), where the RET was indicated and the proceeding green dot/red dot that followed, that meant was the order was actually filled? RET is where the order was triggered, but the corresponding dot that followed is where the actual order was filled? Thanks! A reminder that this is not my chart, only the added annotations. I don't know what triggers would have been used. The hollow circle is a tentative trade. Once the blue line is broken, the attention turns to short ops. Therefore, the first RET up is a potential short. However, the short never would have been triggered had I been trading it. Since the next RET is a higher high and therefore not a RET in a downmove at all, the attention turns yet again toward the long side. The arrows are not mine. As I said in the earlier post, I would not have tried the first one due to the fact that price had not yet made a higher high, so, technically, it's ranging, the probability of which is high given the hour. If I were to take a long at all, it would be the next green arrow, after which the higher high is made. The trade here might be triggered before price actually makes the higher high, but since the trough of the RET matched the trough of the previous RET, and both of these are higher than the trough of the first RET made after breaking the line, the probability of a BO is increased, and getting in before the BO actually occurs is always a plus. Not that it amounts to much either way, but you have to take them as they come. Price could just as easily have rocketed up to 80, considering where it is.
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Db - Thanks a ton for starting this new thread as well as the other. I'm glad I can be here at this thread's inception. Looking forward to following along. :helloooo:
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I'm working my way through Wyckoff after lurking through the threads for sometime. I now can see how it would have been much more valuable to have gone through the book before exposing myself to the threads which just left me confused. After the book, might someone recommend the thread that should be followed up with to help incorporate the concepts and see how it's all done by the TL traders here on the forums. My understanding was the Trading in Foresight thread unless that has changed.. I'm just so grateful that such a resource here exists (the forum and community), and that I was able to stumble across it before I went further and further down the wrong path. I have to laugh when I see pop ups when doing research and seeing adds for some hotshot millionaire penny stock trader Timothy Sykes pedaling his BS products. Thanks again for all the contribution here on the forums. Nick
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Oh, I see what you mean now...I never realized the changes here on the forums took such an impact on the participants. That's a shame... Is there anything we can do? I'm willing to contribute with help and assistance. This forum has been the best education (not to mention free!) then any of the thousands of dollars in books and course I bought...
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I've been a lurker here for sometime but haven't visited in a while.. Is thales still updating this section? This thread has been talked about around other parts of the forum and made me wanna come to see if any updates have been made..
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Hi There - Apologies ahead of time.... I'm sure this has been asked in this thread somewhere, just haven't been able to locate the post. Just curious of the importance of understanding figure charts. Also, the importance of the ability to actually plot out each figure to help us better understand vertical charts more. I could easily spend a few weeks on this area alone and just want to see if it was even an area with considering putting alot of time into. Thanks to everybody who puts the time and effort in here to stay consistent! :helloooo:
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taking a lot from all this.. Too busy being a lurker here, but will eventually post some charts up of my analysis of everything i've been learning.. Thanks again to everybody who've allowed me to pester them and ask them questions..
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Hey All – Decided to take this path and slowly been making my way through the forums here. I hope it’s ok to ask a random question about trading platforms. I thought where better yet to ask it then here. I know we’re looking to start off focusing on trading the NQ. I’ve been working my way through the software such as the ones mentioned Ninja Trader and Forex Pros. The data provided I understand is purely for simulated trading – this may be where the retarded question comes into play – so this means all the data being displayed either through NT or Forex Pros is actually real market data, what’s going on that particular day? I use to use freestockcharts.com but the RT trading was delayed by 20mins ( I think, this was awhile ago though, so I might not be accurate). So the data is free, it’s when we start actually trading (I know, a long way off) is when we have to get ourselves a broker and/or a live data feed where it would connect to NT or the likes, but in the meantime we can use this for monitoring and paper trading? Thanks a lot, Nick
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@ 20814md, thanks for the information @ Gringo, as well thank you for the information and the posts of the next steps. A question about Futures I know Db mentioned in the previous posts as futures not being a good instrument to follow written here: I was tempted to drown myself with the whole Wyckoff Course as long as with Db's book, but felt going through these recommended threads are a better alternative to start off with. I will ask him about that Live Chat. Thanks again! Nick
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Well after making my way through the recommended reading in the Wyckoff Lite section Db recommended, I can come to say most of the stuff out there other then a raw study of price is just pure not relevant to being successful. No, I'll still probably just a lost as I started (ok, I did pick up a few things here and there), other then the fact I have a tremendous amount of studying and rereading ahead of me. Seeing how other really seemed to grasp this already. I'm sure glad this information along with the support system there (at least for now! ). I see Db recommends starting with a tick chart to understand (1) assessing the continuing imbalances between supply and demand (or between buying and selling pressure, buying and selling power, buying and selling interest: whatever term you choose is immaterial), (2) judging the market by its own action (that is, its behavior, which is to say the behavior of those who are moving the price), (3) using the inherent wave structure to help you determine that strength and weakness. From here we relax into it and asses the market accordingly. So the main focus on the three stickies. This might sound like a noob of a question (which undeniably I am :helloooo:), what would be a good market to watch to get a good idea of all this.. Also, anyone can recommend a decent (relatively free) charting software with real-time/delayed software? Thanks a bunch! Nick
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@ Nikorivera - Thank you for your response and your advice. I will definitely make the brutal path through Wyckoff (being dramatic here...haha) @ DbPhoneix - The funny thing is I originally came on here a few years ago looking similar advice on where to start... After many detours, looks like you're still giving the same advice that I unfortunately was too naive to take... Well touche Db!.. Looks like I'll finally be taking the advice I should have taken back then. :rofl:
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I also am in transition to trading using PA. My attempts have been an adventure. I have yet to make my way around to the full 500 page Wyckoff Course that's offered here as a link on this site. I suppose I might be doing myself a huge disservice. I'm making my way though YTC trading ebook, seems like a great read so far. Before I spent a considerable amount of time studying Al Brooks.. It just left me more and more confused :crap: We'll see where things end up
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Thank you for taking the time to put so much time into your response and it makes so much sense. Glad to see your back and will have to come back to TL and follow your posts now seeing you're back. I did have Wyckoff's books and never did seem to make my way through them. I see that I might be doing my self a disservice. Looking forward to going though them.
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Hi DB - I bought your book awhile ago and then you seemed to disappear for awhile. Forgive if this has been asked, but after reading your book I came across Price Action by Al Brooks and was wondering what you thought about some of this work.. This might be an unrelated question to ask in this post.. My apologies. Nick
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Been reading Visual Investor by Murphy along with DBPhoneix's ebook. To solid books.
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Putting Together a Beginner Trading Group
Trader Nick replied to martinguitar's topic in Beginners Forum
Alright guys! Here we go.. I've seen this post for sometime; looks like Martin flew the coup! Let's get to this.. I like Mad Market Scientist's recommendation. I'm from Los Angeles and would be happy to take over where Martin left off. I don't know too much myself, been at this for a year. Let's start the first Chat on Sunday, September 26th, 2010 2:30pm PDT. We'll meet for 30mins and discuss Charting Platforms and Trading Instruments. Click on the "Chat" tab, and search for group name "Beginner26" The 26 is for the date if you guys were wondering. How does this Sound? -
LOL!! sounds like a dumb idea, but funny as hell for considering it!
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Yea.. It's no different they any other profession out there.. I've worked in several industries throughout my time and have gotten burnt out while trying to make a buck. My trading is gonna be the same thing in the end. In the meantime I'm having a fun time :o) Not the end of the world to quit something you don't feel good about..
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Hey all.. I thought I saw something like this before, but I can't seem to locate it.. Another noobe just starting out here.. Wonder how you gents go about determining the "Play for the Day" as i'd like to call it. I know some of you go on sites like cbsmarketwatch or finviz.. Look up what's trending or not, etc, etc. After that, is there a way you guys determine what's a good stock to consider. I know this is a broad question, so any advice on this subject would be greatly appreciated.. -Nick
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Recommendations Fof Trading Programs for Someone Starting Out
Trader Nick replied to Trader Nick's topic in Beginners Forum
so after significant research between the supporting charting softwares and data feed providers I think i decided on interactive brokers while using the ninja trader platform. It seems like the two most popular are IB and Think or swim. IB you need a minimum of 10,000. Something like 1 dollar a trade with TOS being $7 to $10 dollars a trade. Even though the customer service with interactive brokers wasn't the best, it can be used 3rd party software hence ninja trader which I found there service to be exceptional. Anyone here familiar with Think or Swim? What do you guys think.. I know most on here trader futures. Starting out i'm looking to focus on common stock. -
Recommendations Fof Trading Programs for Someone Starting Out
Trader Nick replied to Trader Nick's topic in Beginners Forum
Hi Brownsfan- As of now I just plan on trading general stock. I understand I need a platform and live streaming data feed (ha, goes to show how wet behind the ears I am). I heard of combinations like sierra charts with an interactive brokers connection for data. Or Ninja trader with a IB feed. I know providers like eSignal has it all in one.. I've heard of thinkorwim also.. Not sure what it is.. Looks like an eSignal (all in one I mean), for a monthly fee. I'd like something to start out with that's somewhat easy to figure out (software), also if it could be fairly inexpensive. I've heard there are some that are 150 a month for that use. Something to get my hands on, play around.. Get a feel for it before I dive in.. Just getting started with all this and not sure where to go in terms of software. Thanks a bunch. Nick -
Hey guys. I primarly use scottrade's platform to trade. Would like to get into something a bit more hands on and not have such an investors approach. I've heard about Ninjatrader, Esignal and various other applications of different software to use for trading. if anyone out there would give a few recommendation/feedback/share some experiences of the various software you've tried and/or a good place to start.. I'm also aware there's a significant amount of time that's required to invest into learning the software also. Thanks Nick
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Great post... I just finished reading Tharp's money management and can see there was a lot of principles he discussed that I speed through..
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How Long Does It Take to Become a Profitable Trader?
Trader Nick replied to swansjr's topic in Beginners Forum
Outliers! Great book by Malcolm Gladwell.. Reading it now.. It takes 10,000 hours to be great.. That's 30 hours a week.. Dunno.. It's a starting point! -
How Long Does It Take to Become a Profitable Trader?
Trader Nick replied to swansjr's topic in Beginners Forum
As for my path... I'm reading DBPhoneix's book.. It's a great introduction to the market, taking specific concepts and talking about them in depth. THen, at the end, he has a list of about 7 books he recommended.. In the meantime i'm slowly disecting Ninja Trader and will continue to paper trade until I finish the above education and make consistent profits.. How does this sounds to you guys in you're opinion? I was reading Van Tharp's course "Peak Performance" but just wasn't feeling right about it. So I stopped at about halfway through the second book.. Also, couldn't stand the little upselling he would throw in ever other page.. -nicK