Xiao si

I would look at using something like MT4 initially as there is plenty of code for FX systems available on forums etc to test with. Emilio Tomasini has a good book on system development for autotraders that is a step by step process. You could start with that. Personally i use NinjaTrader but its quite expensive for the RT version. I have been told that MT4 code is difficult to protect from an Intellectual Property point of view, hence there is allot of code available for little or no cost...but i have not looked, perhaps others can comment. Take your time and do some research. Cheers, XS

Automated trading not only works, but it is arguably the only form of trading that is successfully employed by the highest number of retail traders. Take your time, be patient...get tons of screen time and invest in a good trading coach. It only takes your imagination and innovation to design a trading system that will work with your personality. If you buy something, then ensure it fits your trading goals. Most systems cost about half of what a good programmer will charge you for your FIRST system. After that the components they code for you (eg. Trade management) will be built into your next systems easily. Finally, spend simulated money...not real money. The markets and the opportunity they provide will be around to take your money for real, when you are fully armed. There are plenty of good books on quantitative trading systems. Pick up one or two so you understand the minimum in statistical sampling. Cheers and good luck, you CAN do this, XS

I am interested in implementing a switch on my systems to stop trading when 'x' drawdown(s) occurs. I am thinking of using an equity stop to preserve capital and switch the system from the live account to the simulator again until the system equity overtakes the account equity (where the stop was activated) again. I know that there are index traders that use this type of stop but i am interested in ideas as well as templates in Excel to save me re-inventing the wheel so to speak... Many thanks in Advance. Attached is an example of how they might work.... Cheers, XS

Yeah Thanks, been there....

Tam, do you know any NinjaTrader Programmers in Australia? Cheers, XS

Thanks Tams, are you a discretionary or mechanical trader? XS

Hiya folks, just dropping by to give everyone New Years greetings and wish all the best for the year of the Dragon. I will have a detailed update on my trading business very soon but here are some highlights: 1.) this is very difficult:( 2.) this is impossible:crap: 3.) i feel like i'm starting to get somewhere.... 4.) repeat from step 2.):doh: 5.) still have a long ways to go:roll eyes: 6.) thank God for simulators! 7.) I hate myself....... 8.) i am my own worst enemy:bang head: 9.) there is hope, i found a coach!....... Some things that i realized are understated in this game: 1.) Be patient 2.) You must have a plan for every trade 3.) You must stick to your plan 4.) You cannot do this by yourself, you will need help. 5.) You will try many indicators, systems, theories...but yet the answer lies within more than you think. Cheers for now. XS

Saw your site and grabbed your PDF....i like the simplicity. Simple methods alwats work best. Have you back tested this? XS

My favorite way is to enter after a pullback, such as a flag or small wedge. Even better is to enter during a retest or at the top trend line of a flag. I find the moves thru resistance of a flag or wedge can be quite explosive and i want to be in the trade before that happens. I try to find,(i.e. wait) a low risk setup to do this. Fibb is ok, but i would use the 50% more than anything. I also use volume and the Time and Sales to help confirm the conviction of ull vs bears during the pull back and subsequent action. Cheers, XS

There is plenty of freedom of expression here mate, yeah some censorship and that's a pain sometimes...but how else do you suggest to keep 1,300,000,000+ people in line? XS

Lets not forget that China is a huge country. This is demographics in motion on steriods. One small thing here can snowball quickly. China's existing and developing middle class will be the consumer that will bring the world out of recession. We should be working with this country, not against them. XS

The suspense is killing me Tams, can you let me know so i can ask my contacts to ask their contacts to ask their people? XS

Lots of great advice here. Why not put together your plan properly and document it so you start to establish some rules and boundaries for yourself. Also, i used Mike Bellefiore's idea of the trading journal where you draw a line down the center of the page and write down what works, and what doesn't work on each side as the day passes. Eliminate what is not working and you have to improve. Check out my strategy document on my 'first day of my new trading business' thread, i uploaded my strat. plan for comment. Finally, i can't say enough about the psychological element. As Steve's mentions it is extremely important that you know why you are doing things and you need to be aware of your emotions or you will not see the market through unbiased eyes. Good luck and i think you've done darn well to even keep your capital so far. Also, consider using a simulator until you can acheive your goals on the sim for an extended period of time. This also helps condition you to losses (yes people, i know its not real money). Cheers, XS

I'm also using a triple screen system that i've developed. For example, on the DAX i'm using a 68 tick, 168 tick, and a 5 minutes chart. I'm going to attach my strategy for comment so please feel free to have a look. Cheers, XS Pattern Based Index Trading System v011.pdf

I use eSignal for index futures and US equities and have not had any issues so far. I used eSignal in the past for FX and had no worries at all. XS

One of mine, from Harbin a couple of years ago....

Well after a couple of weeks of practice and screen time to develop setups, we had a live test again on the sim. We started early this morning on the SPI and MHI, then moved onto the DAX. Overall my best day so far. Also finished my trading strategy document. We will be ready to go live in two weeks. I'll start out on the MHI where its only 10 HKD per point! Cheers, XS

The Irish Funeral A man was leaving a convenience store with his morning coffee when he noticed a most unusual funeral procession approaching the nearby cemetery. A black hearse was followed by a second black hearse about 50 Feet behind the first one. Behind the second hearse was a solitary man walking a dog on a leash. Behind him, a short distance back, were about 200 men walking single file. The man couldn't stand the curiosity. He respectfully approached the man walking the dog and said: "I am so sorry for your loss, and this may be a bad time to disturb you, but I've never seen a funeral like this. Whose funeral is it?" "My wife's." ''What happened to her?" "She yelled at me and my dog attacked and killed her." He inquired further, "But who is in the second hearse?" The man answered, "My mother-in-law. She was trying to help my wife when the dog turned on her." A very poignant and touching moment of brotherhood and silence passed between the two men. "Can I borrow the dog?" The man replied, "Get in line." :rofl:

Thanks for the blessings mate... No offers on the mentor yet no.... Where was that post from? Cheers, XS

I'm also happy to see this forum starting up, i'm in. I'll be the one at 0 P/L!:haha: XS

Interesting, what is the program called? XS

, must have had your beer goggles on! They always wait until late at night before coming out in force! XS

Of course it is, its 8 hours out of 24hr market for starters. To boot, its contact volume. Still, its the closest thing to true volume in the currency markets. XS

In currency futures you can of course see the volume unlike the interbank market, as Tams says. This is where most traders that use Price and volume would ply their trade IMO. If you have a 200 tick chart and it is showing 380 volume for the last bar, and 250 for the previous you can see that the average contract size traded has increased, handy info. Cheers, XS

TWs, I've actually just changed over to NT and eSignal as my primary charting platform from IB, so I've only just started using the tick chart in the last two weeks. When i started using the tick chart i ended up settling in on a 400 tick for the DAX and i left a 15min chart open as well. Since then i left the both as is and I'm quite comfortable with that. I like to be able to glance at the volume trend of a time based chart to know when the activity is trending down, hard to do on the tick chart. I use an NT bid/ask type ratio indicator for divergence and it works well on both setups so I'm not fussed yet. Do you think i should rather be looking a longer term tick chart instead of the time based chart? Or do you see any advantages in using both? I do agree on the step intervals though, 3x makes sense to me, although with a time based series i would go 5 min, 15 min, hourly. By the way, love your quote on your signature...who said that? Cheers, XS