ReynaFan

HI FXGirl, The unconscious competence characterization of steve46's comments are not insults. There is no value judgement implied in this organization. In fact, I'm fairly certain that steve46 is a more experienced, more knowledgeable, and more successful trader than I am. The comments come out of some philosophies I hold that also apply to bootstraps OP. First some clarification. Unconscious competence means first and foremost a competent trader. Second it also means that one may not be fully aware of all the the thought processes behind each judgement call/decision that is made to be competent. Conscious competence would mean that a competent trader has analyzed their own thinking processes to the point of being able to teach what is seen, what is questioned, what connections are made, what is analyzed, what is predicted, what is known from prior experience, what is known from prior knowledge (and proably many more). What is even more important is being able to teach the how and why for all of the above said and being able to teach how and why they relate and change depending on the free-flowing analysis of each in real time. Unconscious competence means that one does all this resulting in competence; conscious competence means one is so aware that they can teach it. What leads to competence? Steve46 proposes that X percentage can do it because they have what it takes "innate ability" and put the time in, . It's this thought, that a special gene or innate ability, that drives success in trading that I disagree with. Sure, you have to have mental capacity to be successful, but I believe it's not a mystical innate have or have not. I believe that there are traders out there who would also argue that they could take people with requisite analytical thinking skills and teach them to be competent traders; not really talking about following a system of when this line crosses this line buy or sell etc. The OP propositioned that we all know the three time frames and how to use them. He seems on the verge of being able to explain/teach his own thinking processes to take this from a procedural understanding to a conceptual understanding, which then allows a different level of application. Other posters have commented that when he posts, it always makes them see and understand things in a new way that changes how they understand all the variables working in chaos. I'm interested in hearing more from bootstrap about this. Maslow developed the hiearchy of needs from necessities of life to self-actualization. None of this is meant to be condescending or insulting. I am a learner in this.

Steve46, What you describe is only loosely related to the framework I propose. What you describe is back to the argument of student A and student B. What I describe is more about the mentor. Your comments show characteristics of unconscious competence. I hope this is of help to you. David

Hi All, I'm currently trading options on equities, but I'm interested in learning more about futures. I like leverage, and I like price action being tied more directly to observable puzzle pieces. (It seems much clearer to trade oil as opposed to exxon). What future do you prefer and why? I'm considering volatility, number of variables/puzzle pieces, what else should I consider? Thanks, David

So that's the sad part: I use more technical analysis than fundamental, and that's not obvious. I'm learning...Any way, a few days after all this, a major partnership was announced. The after hours spiked enormously, but the day session rally didn't sustain. It seems more and more like institutional money is building position, but for some reason, neither the price nor volume is reacting as I would've guessed (with my ver limited experience/knowledge). It will be interesting to continue to watch. FYI- My position is working as I had planned, but not with the same characteristics I had pre-supposed. David

This is very interesting, especially as how it has evolved into psychology of learning, which my (main) profession centers on. One thing I'd like to throw out there about adult practitioners and knowing/explaining/teaching what you know or can do, and that is stages of ability aligned to stages of cognizant awareness. After only trading for a year+, it seems like this applies, but you tell me. Conscious Competence Unconscious Competence Conscious Incompetence Unconscious Incompetence I would argue that every trader falls into one of these 4 main categories. Knowing where you are is extremely important, in anything you do. It's not as easy as you think. I am conscious incompetent, working to become unconscious competent. David

I apologize for not posting the screenshots. I'm such a rookie that I don't have a good charting service. I use google and draw myself. I was looking to see if if there were clues indicating money was trying to build a position. I'm long with calls but many of the technicals were showing a continuation of the bear trend (I could explain my contrarian position, but that's not the point here). Here's what I saw: 1. Tue Mar 29: stock was slowly continuing down trend with very little volume all day long. In last 30 minutes of trading or huge spikes in volume with prices driving up to close up for day near/at high of day. 2. Thur March 31: repeat exact same pattern 3. Fri April 1: repeat exact same pattern and I post question 4. Mon Apr4: stock opens up, continues increased volume for day, and closes up 4.32% Now my question is, what are the signs of institutional money building a large position over a small timeframe? Thanks for your patience with a noob. David

Not sure if this is the correct forum; move if necessary. I'm seeing something that I've never seen before and I'd like any ideas on what to make o it. Look at the price and volume chart 2 min for zagg for the entire day for the last three days. What's going on? Thanks, David

Thanks for this input, peterjerome. I found some good infor on PnF online. I will start tracking things on paper to see if it helps me in my strategy. I use a few options strategies where the option is a proxy for the asset. One strategy is a simple long strategy. If this can help me identify trends and filter noise better, that could improve what I'm doing. I'm currently in a long position that I'm starting to lose confidence in. It's moving in my favor, but at a slow rate and on small volume-not characteristics of the better trades I've made. I've since gone back and looked at the PnF, and the chart indiactes a bear trend. If I were using this charting system to screen candidates, I wouldn't have entered the position in the firts place. I'm giving this a couple of more days to make a move, and if not or steps backward, I'm out-with a small loss. One more question for now: Do you ever change the box size or reversal amounts, other than the one example to help identify overall market direction? if so, any explanation into your thinking would be interesting.

Thanks for the added clarification; I'll begin research on PnF charting. Also, Since it's on offer, I'll ask more questions: 1. It's hard to tell by looking at current holdings, so what is average length of time you hold an asset? What is relative short time and relative long time? (Are your answers solid guesses on memory or tracked regularly?) 2. I see that you average a 5... ROI monthly. What percentage of positions get stopped out? It seems you're setting a target price, too. What percentage hit that target price? (Again-are your answers solid guesses on memory or tracked regularly?) 3. I understand entry and exit can get complicate in explanations, but I'd like to hear more. I know you use bar charts. What time frames? What indicators? FYI, this will probably lead to more questions... David

peterjerome, I've been actively trading for a little over a year now, and I caonsider myself a swingtrader. I still have an office job, so my posiitons usually last 3 days to one month, although I've gone both shorter and longer. Questions: 1. What are your avg hold times? 2. Where can I learn more about PnF charts? 3. Other than the usual pitfalls of trading options, are there any other reasons buying calls as proxy for the asset? Thanks for any help, David

Hi All, I'd like to jump in with my strategies for a little feedback. I've been trading options for over a year and have had mixed results. What I have been able to accomplish to learn a lot and develop some strategies that I'm in the process of honing. As you'll see, I like using the option as a proxy for the instrument (in most cases) because I like the leverage. Strategies I currently use: Covered Calls: I know they're generally not popular, but I look at them as a steady way to earn 6-10% monthly. I can identify companies in an uptrend that I'll track in the first days with a month left to exp. I by the asset after a day retracement and/or at beginning of an up day confirmed with volume. I leg out the sell of the call (ATM or OTM depending), usually by the end of that day. Getting called out is fine. Sell instrument at exp if not. I'd like to lower the risk profile as the higher premiums are come with a volatility that can be unnerving when upside is capped and risk in not. I'm thinking of lowering my target % by using ETFs more as the underlying instrument. Choppy & Volatile: I find high volatility assets that establish a range. When the asset hits the end of the range buy OTM call/put. Determine exit strategy based on % change for asset, not other end of range. I'd like better ways to identify companies for tracking. Less volatility, definitive channeling stocks would be great, how do you id them? Going Long: Find assets that are in a strong bear trend, but fundamentals don't warrant it. side note: I base most of my set-ups on technical analysis. I do have parameters for my covered call companies (learned lesson) and this strategy. I track these companies until the trend looks to have reversed and I buy a call OTM for a couple months exp (all depending on technical analysis of targets. I'm looking to control a large amount of shares relatively cheaply for bigger returns. Strategies I'm considering: Identifying small cap biomed/pharms that are all in on one drug and in FDA approval process. As drug moves along process, wait until a determination is soon to be made. Buy OTM put AND Call with same current month exp. When news of approval or not comes, I've noticed the assets explode, up or down. Sell off the wrong option and determine exit point (even if calling away actual shares at exp to sell) for correct option. How hard is it to know when determinations about trials are to be released? Anybody ever purposefully try anything like this? I also want to watch for specific sectors or other companies show the same spikes up or down based on earnings announcements to try the same as above. If I knew sectors and companies that exhibited this behavior after earnings announcements, knowing the earnings dates is easy and exact. Any thoughts? Thanks, David

Hi All, I've searched and can't find any thread related,, so if I've missed it, apologies up front. How are professional traders dealing with getting quality family health insurance coverage at affordable prices? I realize that leaving the corporate world eliminates a cost-deferring contribution and/or company managed plan. Is there such a thing as a traders co-op that pools numbers of traders to attempt to mimic those advantages? What are my options? Thanks in advance, David