jpennybags

It may be that you are not ready to open an account. With the questions that you are asking it seems prudent that you may want to spend a little more time learning what's required. As far as the Christmas gift goes... take them to lunch, or pick up a gift card. Most everyone is pleased to be taken to lunch, and gift cards are always welcome.

[quote name=zupcon;195580 I must admit that I still find it immensely satisfying to apply TA to a chart' date=' and pinpoint potential entries and exits, and to take those trades, but I also realise this plays right into a major psychological weakness of wanting to be demonstrate that I'm right. I am in no doubt at all that the satisfaction from those kind of trades comes from being proved right and not from any financial incentive, and thats one of the secondary reasons I no longer like this approach [/quote] Interesting observation... I had not considered that there may be a psychological component involved in my difficulty with changing trading modes intraday. I can make the transition away from a scalpers mindset (trending markets help with that transition), but it usually takes me a couple of days. I can drop back into scalping just like an alcoholic returning to the booze.

That is the challenge (the rub). My bread and butter trades are scalps... 4-10 ticks. I have found that it is very difficult (for me) to change gears... though I've tried. Scalping works everyday, all day long. I'd be a beast of a trader if I could flip that switch on the fly. Haven't quite figured out that trick yet.

I have no idea what was behind the selling today. If someone has some thoughts on that subject I'd like to hear about it. I wonder if it's not FED related... You gotta love it though... fun day... total vacuum on the buy side. I'm worn out.

You want to trade the forward contract... I take the day off when the contract rolls over (personal preference). It's tradable though. You can either trade the expiring contract all day on rollover, or you can switch mid-day.

Like I said... nothing wrong with what you're trying to do. You should seek out these opportunities. Just understand that you can be "right" and still be "wrong" if you're too early. It makes no difference what you believe to be true. It's what the market believes that counts. And... as someone way bigger than I said: "the market can remain irrational longer than you can remain solvent".

The ole "ambulance chaser" strategy? I think you may find this to be a somewhat specious. Unless you understand a great deal about corporate law, and likely settlement outcomes I think you would find it difficult to accumulate shares at the right time You would also have to be able to gauge what the settlement means for the company going forward (there are plenty of very bright people that do have a grasp on these things, and they are highly compensated for their analysis). If you have deep pockets, and you understand all this, then nothing wrong with putting the trade on. I mention "deep pockets" because your assessment may be spot on, but you're too early. I've the notion: "you're not that person". A better strategy for you would be to allow the market and price action to dictate your trade. Allow the dust to clear, let the market decide what it all means, and wait for the trend to develop. Nothing wrong with what you're trying to do, just let the market make the call...

I wouldn't go so far as to say... "idiots". These "things" are designed to trade against each other... some do it with a great deal of success, and I would say that there are some brilliant people behind the effort. This is my take on it (and it is agreed that I am an idiot): There is no way that anyone other than "god almighty" can understand fully what goes on in the market. It's so complex, and there are so many variables... who could comprehend such things? It's like asking why each leaf on a tree is different from one to the next. The retail trader need only concern him/her self with who is winning the struggle in what ever time frame you have chosen to trade in. It's a struggle that goes on everyday. And to MM's post... "you don't have to be brilliant".

Serious protection... no. I have a UPS that has saved my bacon a couple of times. I run "shadow protect" for backups and disk imaging. Backups run every day, with disk imaging every 2 weeks. My system is dedicated solely to trading operations... there is not a lot of data created during the day... so what I do is probably overkill.

Actually this business is quite simple. Once you get over yourself, and all the bullshit that everyone else brings, it can become quite simple. It's about making money... do that... focus on that.

I would think myself to be a veteran of this game that we play... I have no illusions. What 'oily" has said is of some validity... no problem what so ever. I'm good enough at this game that I recognize my own faults (no need for someone to point them out). My strength is... and this is important to note... that I play within myself. One can try and make the distinction between amateur and professional. Where one draws that line is subjective at best. I think the distinction lies in the original post... "professionals don't defeat themselves". Am I an "elite" trader? No, absolutely not, and would venture that I never will be (doesn't mean that I will stop trying). I am successful because I know my place in the market. I know what I can get away with. I know what my limits are... and how to exploit my strengths. Is that professional? I think so...

Let them scoff. I do alright... It would be nice to sit with someone (a professional) for a day. I recall a time when I went to see a PGA tour event. I went to watch the professionals hitting balls and warming up into their assigned tee time. There was nothing rushed... nice smooth passes at the ball... no struggle. I played a better game for a couple of weeks after, but then my usual bullshit crept back in. Anyone can have a good day, or a good month. It's about the aggregate and how you deal with the struggle.

I'm a "professional" trader, as I make my living as a trader, but that's about as far as it goes. The truth of the matter is that I'm an "amateur" that has found a niche style of trading that suits my personality, and I've dealt with my demons such that I don't have many performance shortfalls (mistakes). I would imagine that someone institutionally trained would scoff at what I do... rightfully so. I am a professional trader, but I still consider myself to be a hack... and again, rightfully so.

I think the word "mistake" should probably be substituted with the term "performance shortfall" (or, something different). A mistake is when you key in 199 instead of 100. The "mistake" doesn't become evident until you hit "enter" and the order fills. You've made a mistake that that has been revealed by a performance shortfall... you weren't paying full attention to the task at hand. There are many things that can distract a trader from the task at hand. Emotions, boredom (allowing the mind to wander), thoughts concerning past performance. It may be that the mother-in-law who has always thought you should get a "real" job is in town, and she's been busting balls in that off handed manner that she's so good at. Mistakes are inevitable, everyone makes mistakes; fat fingered key strokes to errors in judgement. Professionals make mistakes too, but they recover and get back in the game. Sometimes they will go down in defeat, but they don't commonly defeat themselves. I think the intention of the OP was to make the point that by channeling your efforts into reducing performance shortfalls you will progress faster than by channeling your efforts to the fringes... the perfect system, the perfect mindset, the image of the perfect trader.

Meditation? Cripes... what's next? I have always been skeptical about "meditation". I suppose it's all the baggage that goes along with the word "meditation" that has made me dismissive of the practice... "feckless" is the word that first comes to mind. That said... I just finished a book written by Dan Harris... a news anchor and journalist. The book is his account of how he came to the practice of meditation. It's a thoughtful and humorous read... enjoyed it: http://www.amazon.com/10-Happier-Self-Help-Actually-Works-A-ebook/dp/B00FJ376CS Needless to say... it struck a chord with me (I wouldn't be posting about it otherwise). Still skeptical, but I intend to make an honest effort to explore the subject and experiment. Any one else been down this path?

You're not ready... simple as that. Open an account that will allow you to trade in simulation... do that for a while.

There are FCM's that offer full service to retail clients generally you may be offered better commission rates. Depending on how the relationship is structured an IB may be able to offer the same rate as the FCM, but usually it's going to be a slightly higher rate. I've been trading for several years and I prefer IB's just because I like the service level. I mean, I can get on the phone and be talking to the president of the company. I've never explored it, but if you purchase your own trading platform, forego high end service, where the only phone number you have is for the trading desk the commissions may be cheaper still.

As someone just starting out you may want to consider an IB (introducing broker). Usually the service is better, and they are more willing to spend time with you answering questions... because you don't know, what you don't know. Due diligence is always prudent. The NFA website will allow you to search for any actions or fines imposed on the company. Even after you've chosen a broker, it's good practice to check this out periodically: NFA - National Futures Association

If you do an advanced search on the TL forum (key: "mentor") you will find several threads discussing mentors and mentorship.... what's good, what's not, what to look for. There is also some discussion that defines the relationship between the mentor and the mentored.

Tyler... consider that 6 months is not a great deal of time. Try to come to the understanding that the markets aren't brutal... consider it more of a place where nonsense doesn't play well. If that seems brutal... possibly you're in the wrong business. As far as the mentor thing goes... you may find it helpful... you may not. I do know that no one is going to "adopt" you, so lets get that bit of "nonsense" off the table. This is going to cost you money... are you currently employed? Relocating (which sounds like another bit of "nonsense") costs money, and you will need to have a job. I noticed from your other post, that you are young (not a bad thing). When I was your age, a very long time ago, I wasn't all that great at thinking things through, but that seems to go with being young. My advice would be: curb the enthusiasm for the time being, and take time to consider how you might logically get to where you want to be (a no nonsense approach). If you're employed, don't let the trading thing interfere with your job. If you decide on taking a mentor, that's fine too. Understand though, that it's going to take some time... and you have plenty of it.

I've recently read a book authored by the same person mentioned (Gary Klein): "The Power of Intuition: How to Use Your Gut Feelings to Make Better Decisions at Work". If you are a successful trader, I would venture that you already understand the concepts presented in the book. As a discretionary trader how much of your day is guided by intuition? I'd say (speaking for myself) a lot... maybe 85%. Sure, I watch technical levels, and monitor the pace of trading. I have my trend lines and indicators, but these things just provide parameters to work within. When it comes to actually pulling the trigger on a trade it's "experience enabled" intuition that guides me. Anyway, I found it to be interesting reading and trading related. From Amazon: At times in our careers, we've all been aware of a "gut feeling" guiding our decisions. Too often, we dismiss these feelings as "hunches" and therefore untrustworthy. But renowned researcher Gary Klein reveals that, in fact, 90 percent of the critical decisions we make is based on our intuition. In his new book, THE POWER OF INTUITION, Klein shows that intuition, far from being an innate "sixth sense," is a learnable--and essential--skill. Based on interviews with senior executives who make important judgments swiftly, as well as firefighters, emergency medical staff, soldiers, and others who often face decisions with immediate life-and-death implications, Klein demonstrates that the expertise to recognize patterns and other cues that enable us--intuitively--to make the right decisions--is a natural extension of experience.

As an update: Sierra Chart has begun work on the project... should roll out shortly.

Nothing here really worth while... just where I've been lately. Take from it what you will https://www.wnyc.org/radio/#/ondemand/382924

What does "distribution" mean to you? Everything must be taken in context... consolidation?... distribution?... time frame? I can see many places where buyers took charge, and also where sellers took charge. What is the question? Edit: I suppose my actual question is: "why are you asking this question, and why are you trying to trade it"? These things go on every day through every time frame. There are times when a market starts to look "overextended". Who hasn't watched this process and just thought... "fckin really". My advice: what for the obvious... "wait for it stupid".

I think if there were a name that you could put to such a strategy it would be "trading the cycle" or possibly "value investing". If you watch a basket of individual stocks day-to-day it's fairly easy to spot the cycle in a market that is trending. This becomes more evident if the basket ranges across all sectors. Reversion to the mean is a statistical fact of life as we know it, but playing that game can be frustrating. That's why I became a day trader... my account was always "reverting to the mean". Edit: I'd like to think that I would be better at it now than I was then... not so sure though.