laurus12

Thank you Tams. Good to know.

Fantastic EasyTrader_I !!! :thumbs up: Tried it and it works perfectly. Have no experience with EasyLanguage, but I am able to see the logic in the set up. So I learned something about coding also. Changed the order of the plotting and entered the RSI as plot13 down at the bottom to get it in front and the OverSld and OverBot lines in the back. Went fine with compilation, but hope it does not cause any hidden troubles. Thank you very very much. Laurus

Thank you very much for your reply EasyTrader_I. If you look at the picture you see what I am thinking about. It shows the RSI itself with two additional smootings of the RSI. One fast 13 SMA and one slow 33 EMA. I this version for MT4, there is the option to choose from Simple, Exponential, Smoothed, and Linear for each of the averages of the RSI. As you see there is also the 80, 70, 30, and 20 levels. Thanks, Laurus

Hi guys! I am wondering if someone have the RSI with two averages of the RSI in .ELD or .PLA code? Ideally I am looking for a RSIAvgs.ELD/PLA where there are four lines instead of the two standard 70/30 levels and where one can choose between simple, exponential, and linear calculations for both of the two averages. If someone could help out I would very much appreciate it. Thanks. -Laurus

Hello picker304! Yes, it would be very interesting to know more about your setup

Regarding the ability to use a trading plan, I believe this is why experience where you observe markets over time and let them teach you is so important. Personally I endorse a strict trading plan, but not the kind similar to the ones you get as a complete trading system over a couple of webinars added with a couple of pages. You know, the typical ones where it says when oscillator x goes reeeally far up where the sun never shines it means overbought and when it peeks out again you sell. Pardon my French, but this is exactly how I see those systems. As many of you know it is a bit more complicated than that. At least in the beginnings. Personally it helped tremendously when I started to understand basic price action concepts as a basis for when a plan should be put into action or not. Strictly even if a basic over bough/over sold oscillator or even volumes seems to give a confirming signal I do not base my initial actions on them. Not until price has done what I want it to do. Anyhows as a starter to the beginner, a basic set of well thought risk rules is off course a must. What we do is a business and as in any other kind of business I do not think anyone would be happy after losing a full weeks good hard earnings because of one stupid decision. For example if you had just finished building a house, would you set off some dynamite just to see or hope it could stand the blast? Put value in your time and efforts. If you keep on loosing money, stop and become conscious of what you are doing wrong. And do not start again until you know you have a chance. Generally I would recommend a beginner to take a step back and not being so hasty. Try to get out of the "tunnel vision" and see the more obvious or which rules markets themselves are abiding. Laurus

With many many thanks to Soultrader for his work, you should start with the "VSA Official Summary Part 1" . In post #2 there is also a pdf file (with thanks to Flojomojo) of the thread added which you can print out to have on the run. I wish you the very best of luck :thumbs up: Laurus

Carnegie, you have to be logged in to see the pictures. - Laurus12

What market are you going to trade? -Laurus12

Thank you for your directed answer and your detailed thoughts in the post above CrazyNasdaq - Laurus12

Thank you all for the informative posts. I am wondering if some of you know and could tell how eSignal data feed would perform in regards of the quality discussed here? For example compared to the DTN IQ feed. Thanks, Laurus12

You are welcome Uupsa. By the way I just heard today that there will not be a plugin for TS because of programming issues. If you accidentally have overlooked it, there is the TG indicator guide in post #262. I have seen a couple of others that have made similar indicators, but they are using 50 or something for the volume mva. The TG VSA volume-mva is a 14 period simple. For definition on spreads/ranges on bars, volume and so on you could take a look at this VPA for NinjaTrader 7 in the NT forum. It is quite different I think but could be useful for parameters.

Hello Uupsa The picture shows Trade Guider which is a stand alone platform which is available for a monthly lease. It was up to recently possible to buy, but now only for lease. At the moment they only have it as a lease plugin for eSignal, but from what I have heard they are working on a version for TS.

By the way, what is the TradeGuider Primer? Thanks. - Laurus12

GREAT! I have been looking for a document like this for some time. If it is you Robert who did all this work personally I would like to thank you very very much for all your effort. It is highly appreciated! - Laurus12

As retailers I agree that one have to have eSignal GTIS spot forex data to get the best possible picture of tick volume for VSA analysis, but if one can afford to open 1000K positions with a broker that provides ICAP EBS data I suspect that would be the optimal for FOREX. I use GTIS and have compared it to single brokers with different platforms tick volumes which gives much less ticks. For example a 50 pips 15 min bar can have more than ten times less ticks. If the relationship between the volume bars where the same all the way it would not be a problem, but this is not the case. Sometimes the brokers gives a pretty skewed picture. I have tried both NinjaTrader and Multicharts with eSignal data. I know one could also use TradeStation with OwnData 2 which supports eSignal. I now use a Multicharts based platform developed for my broker with the eSignal data. - Laurus12

Yes. If you have access to the exact same market data feed as with live accounts it would be the same. A more interesting question maybe, would be the psychological aspect of it. If you take it seriously enough as traning for the competition you can get something out of it technically. If the attitude will be "it's not real money so it does not matter" kind of thing it will not be fruitful. If a newbie one would eventually have go live and then there will be the psychological training where you will get the experience of how skillful you are to implement what you did on paper trading. As a recommendation I would reccomend that you have everyting in place before you go live. Trading plan, risk management, trade management rules and so on. Prepare everything as in a real money situation. Wish you good luck, Laurus12

You are very welcome HighStakes. By the way, I think Thalestrader has some very good and important points. He's right up my alley. It is this attitude that has always helped me when I would like to accomplish something in my life. This finding the best people to teach me and doing my best performance. I love the statement "You can keep on saying it can't be done, and I (and many others) will keep right on doing it anyway." Regarding the discussion of the 90-95 percent who do not make it I think this too often comes out of perspective. This is the truth about all other business startups also. Rather than stating the 90-95 percent all the time one should focus more on why and learn from it. Trading, no matter what level, is a business and should be treated as so on all points. Trading has its distinct areas as a business which one have to know about and follow and so has other businesses too. If you would like to and have not already seen it, I would recommend the "Trading As Your Business" webinar at TraderKindom.com by Brian McAboy to put things into perspective. You have to be registered to get access. As a next step I would highly recommend the book "Super Trader" by Dr. Van K. Tharp. The subtitle of the book can be misguiding I think, but it is an excellent book on trade management and psychology. Dr. Tharp is a top notch trading psychologist, NLP (Neuro Linguistic Programming/Peak Performance) modeler, and trader. He is one of those interviewed in the book "Market Wizards" by Jack D. Schwager. Best regards, Laurus12

Hello HighStakes, You have to think about how your brain evolves with a new subject. If you would like to develop a good trading methodology together with a good trading plan, you should start with only one market. You should also be aware of when you start trading it will also most likely become a rite of passage regarding your personality. Trading has a tendency to bring up all your hang ups and weaknesses. If you start trading with many markets at once you will not have the capacity to develop and explore these basic things. An important key word for development is focus. I know the thought of trading many markets is attractive as in more trades equals more money and so on, but for now just stick with one that's appealing to your own feel and comfort zone regarding risk. Then later when you are ready maybe trade more markets. When you have the feel with a specific market you will also have a better foundation for comparing and quicker get the feel of how other markets behave. As an example I know of one full time professional trader which I have been watching trading live a couple of times and he only trades the E-mini S&P 500 and the EUR futures. Personally I only trade one or two at the time which is dependent of my own capacity to analyze and monitor the markets properly. And remember, give your self time to develop. Don't rush things. I wish you good luck and good fortune, Laurus12