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MrPaul
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Everything posted by MrPaul
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Welcome Jim, Glad you found the site!
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This topic I assume is very understudied to do the drugs illicit status but here's a nifty abstract From the Archives of General Psychiatry http://archpsyc.ama-assn.org/cgi/content/abstract/58/10/909 Conclusion Some cognitive deficits appear detectable at least 7 days after heavy cannabis use but appear reversible and related to recent cannabis exposure rather than irreversible and related to cumulative lifetime use.
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Interesting point Jerry, I honestly would have disagreed with you 6 months ago. I know exactly what you mean though. I have had the amazing opportunity to work amongst some highly skilled seasoned professionals and that is surprisingly exactly what they do. It wasn't until I fully accepted the fact that 90% of the information I had been fed through trading texts was just plain "off" and in some cases outright dangerous to my trading capital. These guys were buying into down moves building 100-400 lot positions on the ER2 or ES and not using a hard stop. They were averaging down/up, adding to the position, trimming some off, moving their "stops" and completely dancing with the markets. At first I thought they were crazy until they would unload their positions an hour later at huge sums of profit after a rally or decline. It took me a little while but I soon learned that there are a few stratospheres of expertise and trade management, when you start to reach the upper echelon you wont find what you need at Barnes and noble any longer. It just simply doesn't get printed. P.S I'n not saying that anyone should trade like that, I just wanted to shed light on the fact that there are many very sophisticated ways of managing a trade that include not using a hard stop and waiting for it to get hit or not.
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I know Irving does, If you want any advice on good books there PM me anytime I've literally read the entire finance section less the personal finance and economic books, well over 100 at least! :thumbs up: P.S I forgot to ask you earlier, but what is the main reason you decided to start speculating? Other than the obvious profit *potential*
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I don't mean to et off topic but I read that Napoleon Hill was actually so inspired by Haanel's work that it lead him to write the "Law of Sucess" and all his other exceptional works thereafter.
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Abe, Don't forget to check out the library too, I know for a fact the Dallas Libraries are packed with great books on trading and Irving lets you access and check out books without being a resident. I have donated allot of trading books there so I know there are some good ones. The low barrier for entry in the trading game can be deceiving, Take your time and enjoy the process...
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Take the Job, the markets will always be here. I really focus on the fact that you say that you get "severe stress". There is nothing more important than your well being. I know a few people are have become extremely successful and very wealthy over the course of their careers (trading and otherwise). The ones who had a big stress factor also now have circulatory issues that would frighten most people. Everything in balance... That my 2 cents:cool::thumbs up:
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Oh boy they saw you commin'!:p Before I go too deeply into anything, what books are you referring to? And also, have you looked into any low cost chart services like Sierracharts? Those IB charts are just tough on the eyes. I have some advice for you, but I am really interested in what trading literature you have been getting into first...
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DFW, Closer to the Airport
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Welcome, Glad to have yet another person that lives to trade on the boards, A fellow Texan at that!
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Welcome to the site Abe, Might I ask why you want to day trade instead of swing trade? To be completely honest, If you are new to trading and begin your journey with day trading, it is likened to someone knowing just some facts about baseball and then deciding to play in a major league game. Keep the questions coming that is the best way to learn! :thumbs up:
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I feel that way sometimes over an extended weekend. My solution is to pull out a bunch of different time frame charts I have printed out and start noting different aspects of them. About a half an hour of this on a Sunday night has me ready to go and focused on Monday morning.
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I don't swing trade the indices due to the leverage risk but from what I understand you just sell before expiration and repurchase when volume rolls over.
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Forty Creek Whiskey is by far the best liquor I have ever had. http://www.fortycreekwhisky.com/splash/
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What kinds of books will you be reading? My best advice... Read more charts than books :thumbs up:
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Well as far as tick value is concerned these contracts may not be the lowest ( $10/tick Gold, 12.50/tick Corn) but Gold and Grains move fairly slow and give you lots of time to analyze then make a move. I know that the fast movements of the indices were tough for me when I first started.
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engulfments
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Ant, No worries taking the open and close out worked out just fine. I dont mind the close being a different color:)
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Ant, Thanks for the super fast response! Its exactly what I needed... Is there any way that I could get it to not plot the open dash? Just the HLC?
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Hey, Can anyone here help me out, I'm quite illiterate when it comes to Tradestation's easylanguage. But I can download an ELD file quite efficiently With this in mind can anyone build pr point the way to an indicator that will display a yellow color for bars that form on 35,000-60,000 contract volume, and a light blue, for bars that form on over 60,000? Also using only HLC bars not OHLC. I've included a really crude drawing to help clarify Thanks everyone:cool: -Paul
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I'll concur, I paid full retail ($100) for that book and it was worth every cent. Not an easy read, but well worth the time...
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Hmm, well I had written out a long winded post about the evolution of markets and my personal feelings about the future of professional speculation but I think I'd rather just sum it it because I'm sure most of you like me hate 3 page post responses. In short I do not feel that the future of discretionary trading is in danger, the two things that never change, no matter who (or what) is behind the order is the footprint of how many shares/contracts were traded and at what price they were executed. Do I think some markets like the S&P will become much more difficult to trade on an intra day basis with a small amount of capital? Yeah I do. But there will always be emerging markets, new products etc. Also remember that markets evolve and change to shake the majority off it's back, it must to survive. Therefore programs and automated systems will have to be constantly readjusted. That is where the discretionary traders edge lies over the machine. Programs are executing orders within the context of an explicit understanding, A human who is experienced in market structure etc. (a professional) is working from an implicit understanding. That is the key. P.S Haven't any of you guys seen Terminator 3? lol
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Well the short answer to that would be a Gambler engages in a game or activity in which outcome of that activity depends partially or totally upon chance. aka There is typically no statistical edge involved in the process of gambling. Like a state lottery or bingo. A speculator will typically act on some sort of statistical edge and engage not blind chance, but in the probability of the situation at hand. Now I know that these examples open up a can of worms due to the fact that there is a major difference between an amatuer speculator, a professional speculator, a gambler that plays for fun and a gambler who engages gambling in the capacity of a professional speculator.
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Good question, My best response could be summed up as such... A speculator is someone who is willing assume market price risk by purchasing or selling an asset in expectation of excersizing a profit from the net difference after the transaction is completed. I should note that a speculator is different from a hedger, spread trader, arbitrager etc. And is very different than a gambler.
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I concur with all the replies.... Between Gold, crude oil, Emini Dow, Nasdaq, S&P, Russell 2k, soybeans, corn, wheat, 10 yr, 30 yr notes, British Pound, Swiss Franc and Euro currency futures I might be able to find something to trade.
