jpennybags

Really... seems to me that she is in control now... no need to beat the breast (so to speak). Honestly... I think she's smarter than that. The FED is going to unwind. I'm sure they will take care of it in a responsible manner. Not to worry... it's going to happen, and everything will fall into place.

You may be right about that. My take from the FOMC minutes is that there is a growing consensus that the risks are beginning to outweigh the rewards. If you consider that the FED has not begun to actually unwind their holdings, just a reduction in the rate of purchases... another taper move is not a big deal (my opinion). The FED has stated that they will do the taper in measured moves... certainly leaving it at 75B is within that guidance. Thankfully, my trading style dictates that I only concern myself with what will happen in the next 5 minutes.

That's a little harder call. I still doubt that one month will change things. The NFP number was so freakishly low, I would expect the number to be revised. It doesn't hold with all the other positive data that has come in the past few months. They may delay another reduction to see if the numbers improve, but I doubt it.

From reading the FOMC minutes, it seems that the FED would like to unwind QE3 in the worst way. I doubt one month that surprises to the downside would change that. I would also question whether moving back to 85B would make any difference in the payroll numbers.

If you are afraid to fail; you probably will. Open an account and trade in simulation mode for several months... see what you think (cost you next to nothing... a maintenance fee and software rental). And by the way, be honest while doing it. If you can't get profitable in simulation you will never be profitable trading live. In short: save that money that you can't afford to lose for now, get some experience and figure out how you would chose to exploit the market. If you can get to that place, then ask yourself..."Am I afraid to fail".

It has been many years since reading Dr. Elders book, but I don't recall similarities in the two books. If Dr. Elder did address "scalping" it may have been given a few paragraphs, not much more. It may well be that there is "nothing new under the sun", and all books on trading share common threads.

Another damn fine FOMC day. I'm going to miss the FED when they depart. Glad to have had the experience though.

I did vote before posting. Yes... 20B taper.

I would've liked to see the taper being announced in September... I think it's time, and I don't think a taper would tank the markets. A 15% percent correction would be healthy. In some ways, this easy money policy has been a drag on the real economy and I think the benefits have largely been played out. Whatever the fed does... I've loved trading this nonsense over the past few months... give me doubt, greed and impending peril any day.

From Zero Hedge.................

Thanks for the replies. I'm already off the hook because my answer was "no". This is just bad... can't believe I even entertained the idea. I think I'm done with it though. If she wants to do this, I need to treat this as if she were an actual student, and teach her to trade. Where would we be after a couple of months... who knows. I don't really want to devote that much time to what may turn into a lost cause. I would have to methodically sit down go through all the decisions I make during the day and figure out how to explain it all. I'd probably mess myself up... geez... then my account would be leaking. I do believe my answer has changed from "no" to "Oh, hell no". Love you... get a part time job.

I know... that's what is eating at me. Love my family... do I really want to go down this road. LOL... maybe I'll just put her on the payroll and have her run errands for me... mow the freakin lawn... here's the grocery list. Dunno!!!

I have people ask me all the time if I can teach them how to trade. I usually shirk the question, by laughing and saying… "You couldn't afford me"… I then go on to gently explain that I would have no way to be compensated for the money I would be missing out on. I can't believe that people ask… seems more appropriate to ask how you got started… Recently though, a family member asked… I said "no" straight away. Being as it was family it got me to thinking about it. She is a teacher, and has the summer months off. She just wants to make enough to supplement her income during the time that she has off… no interest in making a living. I could teach her to trade one simple set up. Get the trading platform set up with attached orders and an automated "move to break even" designed to scalp 10 ticks. I could have her averaging $150 per day on 3 contracts in no time. I think the rub is going to be getting her to sit on her hands and wait for a single setup… maybe restrict her to just a few hours per day. Start out in simulation until she gets it. I'm going to have to think about it more, but I think it's possible to get it done in the evenings, maybe 6 sessions (though I could spend more time… it's family). Maybe I'll start a thread about the experience this summer. The notion of training "all" to trade floated out of this. Of course it's absurd.

How would it would it work if we (USA) were to set up a training program that would teach people to trade? Given the jobs programs that are available and the costs. Give them 5K... let em go (after training). Would folks make the most of it? What would be the percentage that would make it after a year? (their losses (or profits) getting eaten by you and me) Odd question... I know. Could anyone be able to receive training that would allow them to scalp for small profits... supplement their income... nothing else... or something much more? No going large... Really odd question...

Sorry... didn't mean to seem like I was saying that trading psychology was useless. I think it has a place. If I thought that trading psychology would have helped me then I would've been all over it... part of taking responsibility for one's success. It's not usually one thing that will turn the corner for most people, it's a combination of things. Getting to that place takes time and commitment (I don't know of any natural born traders... though there may be). Therapy takes time and commitment... taking responsibility. There are enough different ways to make money in the markets, that everyone should be able to find a method that allows for an individual's risk tolerance and suits their particular personality. I think it's a quicker approach that allows an individual to compensate for tendencies and build upon a system that they understand from the inside. That said, if one wants to move to the next level, and needs to make some changes... by all means... advance the theater. Trading psychology gets sold as one of those "magic bullet" approaches. I think that's what I find most troubling about the business as a whole. Not in anyway laying that on you.

Horace, I trade the TF... kind of a different animal. The words "small" and "decent" are not very clear. I can assemble a very good day taking 7 to 10 ticks. If I manage to add a 30 tick move... well, I'm one happy clam. Unless you need to have the liquidity that ES provides, give TF a try. As far as filtering for large moves, it seems to me that a market is an ever changing equation. It's not extremely difficult to observe price action to see weakness or strength building. How far that move will evolve is largely a product of the ever changing equation. S/R is of some help to gauge what's possible.

Throw in the murders of the sheep who catch on to keep the scheme alive... you may have something. Give the guy a super ego, deception, and murder... could work.

Maybe we should start an at the "water cooler / coffee machine / microwave" thread. I'd be there... celebrate the hausfraus that we've become... LOL. I've found that hard water stains can be removed from your dishwasher by putting 2 tablespoons of citric acid (the same stuff used in canning) in the detergent dispenser. Run on normal cycle... bright as new. LOL.

Be your own... Accountant / best friend... I think far too much is made of trading psychology. A good friend will tell you when you're pissing on yourself... your accountant will tell you when you're leaking money like a sieve. The choice is always yours as to what to do about it. There are people who go from one bad decision to the next... never grasping the personal responsibility required to be successful. They lay blame on misfortune as if misfortune happens to all... it doesn't. The best therapy there is... making money. The road to get there is responsibility... trader psychology... not so much.

Sorry... It's a popular program that I've never been able to get into. Something about zombies that I have a hard time with. AMC puts out some good drama... I suffered "breaking bad" withdrawal when the show ended.

I would second that. I'm 20 lbs. lighter than when I was working... something about the social thing of taking lunch and business dinners. Portions are always more than you need. I was raised such that you cleaned up your plate... it was ingrained that you eat everything. I used to speak with 15 to 20 people per day... mostly business, but there was a personal side to it as well. I miss that. I compensate by striking up conversations with merchants, cashiers, and anyone who is idle enough to talk. I come off as an outgoing person, but honestly... I just haven't had anyone to talk to all day.

I've been ruined for returning to the work force again... can't imagine having to make the commute everyday. The thing about not being exposed to the cold / flu virus is so true. I used to catch cold twice a year like clock work. I haven't had a cold in 3 years... it may have been 4 years, as I honestly cant recall. The thing about getting "weirder" is amusing. I've often questioned if spending so much time alone is healthy. I can't see any ill effects, but maybe I would need to be on the outside looking in to notice. I used to be in charge of the development and fabrication of multi million dollar tooling systems, and now I putter around the house looking for little projects to fill the day. That was a transition that was difficult... still is at times. My house is always clean, the bed gets made everyday, and if I want to take the day off... I do. Sweet deal, if you ask me...

I would second that... Sierra support has been great. I have submitted requests for changes in the past. It always gets addressed, and incorporated if it makes sense for their product.

I'm currently with Velocity Futures (VF). They have been purchased by ILQ and will now become an IB. I'm satisfied with the service, execution, and commissions at VF. The account transfer will occur 10/11/13. I've spoken with VF and am satisfied that the transition will (should be) seamless, and I can find no reason to be wary of it, but you don't know what you don't know. Anyone been through such a transition?

I'm considering making a change in brokers. I've been using Sierra Chart for 3 years and I like it. Ninja Trader is a platform offered at most FCM's... Sierra Chart offerings are sparse. I'm currently with Velocity Futures. They have been purchased by ILQ and will now become an IB. I am satisfied with Velocity order execution and commission rates. Even though I've been assured that the change will be seamless. I'm always skeptical... so, we shall see. My question is for those who have used both platforms. Is there anything that I would miss about Sierra Chart if I were to switch to Ninja Trader? I might add that I don't care about indicators, and I don't program automated systems.