MrPaul

Abe, That actually wasn't too bad of a trade entry wise. The only thing that was of alarm to me is the huge volume on the downmove. That much volume just for a simple down bar is showing that their could be a bunch of demand included in that volume. The next few bars show this because the makret can't make it's way down ( demand is holding firm). This should just be something to note. healthy volume on a down move is good, showing that there is little in the way of things to stop it (like a thick floating area of bids).

Nice work today Abe. What have you discovered thus far about using multiple contracts and scaling?

Is anyone else having trouble with CBOT data?

Hey if it gives you peace of mind then I can't argue with that!

This is one the best pages on the net today lol! http://en.wikipedia.org/wiki/List_of_problems_solved_by_MacGyver

Abe have you considered adopting a strategy, trading it, then comparing it to others as you go along? It may give you a better idea of what/how you like to trade and give you clarity as it relates to what works and what doesn't.

Torero, The only thing I have been able to identify with certainty is the general level of volume so far for that day. If it's low, breakouts are gonna get whipsawed. I still haven't been about to quantify this to any levels though.

That's a good point BrownsFan... I guess it all depends on what your strategy is like and what your capital base is. I would have to agree with both sides here and say that there are allot of traders out there who make a mint in the morning and trade it away in the afternoon. The extent of those losses is what is important (going back to the money management/strategy thing) I personally use a trailing stop for my earned profits on that day. It's worked quite well for me. I don't hit too many homeruns, But I rarely have big drawdowns so I'm obscenely consistent. And that is exactly the strategy I seek. Good posts!

Dogpile, I'm gonna take a stab in the wind here and guess that the reason that ED hasn't bothered to check show trades option is either: To frustrate the requests of people who keep asking. Because he feels the arrows display the point more effectively. It's more fun to draw arrows. He's clearing through someone other than Tradestation on some trades? For the same reason you were able to doctor/hide your contract #'s he could just photoshop trade entries/exits either way. Under the circumstances I'm much more interested in the perspective on goal setting and attitude anyway!

Torero, Yes I can say that I have used the payout/payback observation to some extent in my trading. I found myself constantly cycling between entering trades on breakouts to entering trades by averaging in strategically. I have found that when I can identify what conditions allow me to have the least risk things are much easier. Lately entering a trade on a break is easier with the volatility so high. But when it is lower a breakout entry leaves much to much risk (measured by R/R on average) so I would have to average or scale in.

Here is some info written by Bo Part one: http://www.5minuteinvestor.com/blog/2005/05/12/what-is-the-payoutpayback-cycle/ Part two: http://www.5minuteinvestor.com/blog/2005/05/14/payoutpayback-cycle-part-2-2/

I read something to that effect in "Mastering Futures Trading" by Bo Yoder Bo called it the payout/payback cycle. He would try to identify which he was in and trade size accordingly. Interesting stuff...

Nvesta81, I see what you mean, It's tough to believe most people when they say they are actually making money consistently day in and day out, there are allot of people out there who like to pretend and not do! But I can personally vouch that the content provided here by special ED is genuine. It may not be the best strategy enter here/exit there post, but the point may be to deliver in a holistic sense, what it is to have a trading goal, and strategically achieve it through learned skill sets.

Be careful out there the volume is extreeemly thin at the moment. Leads to a lot of whippy price action

If you compare VBC's @ IB to VBC's @ Tradestation they all print the same.

Just click the dot to select volume and type in "5000" or "7500" that would be equal to every bar printing when 5000 contracts have been traded. Brownsfan has an excellent thread on VBC's

Abe, With IB data and sierra charts you can plot volume based bars Instead of minutes in the format box look for volume or shares.

Yeah lets use a little word association for the day... Whacked On crack Stupid Choppy Messy Haha everyone have a great weekend!

I thought it might be useful to spark up a conversation on stress as it relates to being a trader and how we all manage it. I have found trading to be the most rewarding career I can imagine but at times it can be stressful. Even when I don't "feel" stressed the constant attention and focus can sometimes wear your mind out by the end of the day/week. I have been experimenting lately with simple biofeedback and meditation practice and that seems to really help ease the mind after a day of going full steam. What are some if any of the things you do to relax?

Open an IB account for data, then with SierraCharts for replay. IB will not close an inactive account, only charge the monthly inactivity fee.

How about a contest to see who can come up with the best contest ideas? :p Off the top of my head: Who can find the funniest/most outrageous internet video clip Best profile Best forum signature OR You could have TL logo stickers made and have participants find creative places to put them anywhere in the world! Take pictures, then upload... lol

Anyone considering the trading business as a career choice should read those two paragraphs slowly and carefully. These are wise words indeed...

It's free and fully functional for 30 days here: http://www.techsmith.com/download/snagittrial.asp

You are well on your way!

JerryC is da man!