Bam-Bam

Top choice would be the Chimp. Walterw put a lot of effort into sharing his strategies through in-depth postings, diagrams, and videos. Torero is another member who gave much to the TL community. I add my vote to DbPhoenix, ZDO, Siuya,and Soultrader. Bam-Bam

I do contract work for a few months a year. When on a contract, I travel to the client’s site. When not on a contract, I travel for personal interests. With such frequent travel, having a home became more of a liability than an asset, so I closed up shop and went mobile about five years ago. When on business trips, I have my laptop with me. I may trade in the morning or in the evening depending on time zone. For personal trips, it depends on the length. Less than a couple of weeks, I don’t usually take a computer. If I will be gone a month or more, I will take a computer and may trade. Trading when traveling almost requires a separate trading plan. Everything that is in your base trading plan should be revisited and updated for trading while traveling. A few things to think about: Technology: You’re going to be trading from a smaller screen. Does your chart layout work on that format? How many windows and how much information are you used to looking at? Try trading from home on your laptop before taking your show on the road. Most hotels in the US have flat screen TV’s these days. If you carry an HDMI cable, you can use them as an external display. A good broadband connection makes a big difference. A 4-star hotel in the USA doesn’t necessarily mean a good connection, and an $8 a night hostel in Chile doesn’t mean a bad or no connection. In the US, I travel with my mobile broadband. More often than not, it is more reliable than the hotel’s network. If you have a slow connection, will you still try to trade? Can you trade your strategies on a slow connection that flakes out if things really start moving? Will your brokerage software connect through the hotel’s firewall? Have a backup communications plan if you lose internet. How will you contact your broker to close out a position if your internet dies? I was trading the morning session in the US through the WiFi of a bar in Koh Phi Phi, Thailand. About 2 or 3 in the morning, they shut down and turned off their router. In that case, how do you close the position? Focus: If you are going to allocate one or two hours in the morning (evening, whatever) to trading, can you hit the off button at the cut-off time? If you plan to trade between 8 and 10am local time, will shut off the computer at 10am even though you see a perfect setup coming, or will you stay logged on waiting for the setup and instead blow a day of your “Off” time? If you plan to trade one or two hours per day, how will you deal with the pressure to make a trade during that time block even if a setup isn’t exactly right? Will you try to make something happen and get burned? Are you able to leave the market behind when you turn off your trading platform? My recommendation would be if you travel for vacation, enjoy your vacation. Get refreshed, renewed, reinvigorated. There will be plenty of setups waiting when you get home. On the road, Bam-Bam

Instead of eating something big like a bagel or bowl of oatmeal, I like snacking on little things while trading. Trail mix is great, whatever mix I choose this time around. Chocolate covered peanuts, always good. Asian snack cracker mixes are good for a change. All time favorite snack while at the computer? Smarties

A little late to this party. Better late than never, right? I like custom forms. I have bunches of forms and tracking spreadsheets for whatever I was trying to focus on when I made them. Since Mavrik was good enough to share his worksheet, I'll follow suit. Now, I usually charge big time for this stuff (at least a six-pack or two), but today only it's free (and forever more, I guess, now that it's posted in a public forum). For me, it's a good way to get my head around current market conditions. The first section is for analysis of up to three different markets. Trades are a different ball of wax, so they get their own forms. I have a separate Daily Ledger and also a Detailed Trade Record form to use for tracking trades. What I like about Mavrik's format is that he incorporates intraday market checkups. One thing that might improve it would be to extend the columns over a little more to include trend direction and ranging or trending status. That would help me stay out of the way of false breakouts/breakdowns during slow periods. If you have any specific questions, just ask. Always willing to pick a fight with a big trend, Bam Bam Bam - Bam Daily Trading Plan.pdf

Each market has its particular characteristics and nuances. As a beginner, it takes awhile to pick up on them. They have different turning points, different trading hours, different news reactions. Trying to master market understanding while mastering one’s own behavior adds a few more levels of complexity to the learning process. Rather than trying to trade several markets concurrently, spend a few weeks paper trading each market. Spend a couple of weeks trading indexes, a couple of weeks trading metals, a couple of weeks trading interest rates, etc. When you find one that seems to gel with your personality and strategies, stay there for a month or so. Instead of following the worn out path of learning with indexes, you may have a better experience with a different market. That’s one thing I wish I had done as a beginner futures trader. I spent a year and a half losing money in indexes but didn’t move to anything else because I thought I needed to master “simple” index trading first. Then one day I heard somebody say, “If you’re struggling trading indexes, maybe they’re not your thing. Try trading something that trends better.” So I moved to Euro Futures, and it was like flipping a light switch. The setups were prettier, results better, and my anxiety level went way down. I still get drawn back to indexes every now and then because of the incredible liquidity, but ten out ten massive account draw downs is the usual result. I'm still learning my lesson the hard way. With regard to starting trading with Crude futures, I can think of very few trading experiences that would be as painful as learning to trade with Crude. The volatility is nice and the trade setups are clean, but unless you are truly on top of your game, you risk getting your head torn off. A good example is this morning’s price action. Within an hour, Crude rallied from 76.00+/- to 78.00+/- from 8:45am to 9:50am Eastern. That’s a $2,000 move per contract. There are so many other facets of trading that a beginner trader struggles with that you would be poorly serving yourself to start this way. Trying to learn by trading the DAX might be a comparable experience. May all your fills be full and your exits timely, Bam Bam Bam-Bam

PBS's Frontline has a number of very good shows they've broadcast about the Financial Crisis. Here's a link to their "Global Economic Crisis" webpage. There's about 5 or 7 stand alone shows that chronicle different parts of economy (a couple on the meltdown/bailout, a couple on credit cards, one on Madoff, etc). FRONTLINE: Meltdown - FRONTLINE's ongoing series on the global financial crisis | PBS Worth the viewing time for those who don't make it to that part of the dial too often. Bam-Bam

It depends on what you mean by "after hours." From 8pm to 10pm Eastern Time, Euro (6E) and Yen (6J) currency futures move very nicely for my strategies. I probably high a higher winning percentage during this period than during regular trading hours. After 11:30pm Eastern Time (PM session for Tokyo), these begin moving again, but the first session is always better for me. The KOPSI 200 (K200) moves very nicely for me, but my discipline (and therefore results) is not as reliable as on the currency futures. If after hours to you means early morning, I would recommend DJ Euro Stoxx (FESX) or the Eurobund (FGBL) are good to trade. I haven't tried the Shatz or the Eurobobl. They may be good as well. Good trading, Bam-Bam

Hey Reres, I tried trading gaps on ES for awhile and didn't like it at all. It felt like a "Pay and Pray" trade. Yeah, it's supposed to be a high probability trade. I always felt like it was a desperation move: enter the trade and wait, wait, ignoring any other signals or order flow for as long as it takes to hit one of your exits. For me, it is much more comfortable to have a strategy that is based on more than just, "it closed here yesterday and now opened lower here, so buy." If you burn enough time, you can probably come up with a winning strategy, something you'll have to trade EVERY DAY to get it to pay. It'll have so many conditions, it'll basically be a discretionary system. You might look at the EuroStoxx 50 (FESX) for gap trading if you're awake in your part of the world when it opens. I've watched a number of gaps close on it during the first hour of trading. Good trading, Bam-Bam

It really depends on on what you are trading and what you want to do with your charts. On something like ES, having an aggregate tick count based on 0.2-0.3 second snapshots has little similarity to what's actually happening in the market. On a true tick data feed, the charts can turn a lot more quickly. I have some indicator based strategies that I run on tick charts. I have other strategies that I run on 5-min candlestick charts. IB data is fine for the candlestick charts but is entirely unreliable for the tick strategies. I use a different broker for charting data. As a risk control strategy, having a separate data feed for charting works out well. At least once a week, market data on one of my brokers will freeze. It's very convenient to have another vendor to inform you that the market is moving against your position. Good trading, Bam-Bam

Two requests that should be easy: 1. Change Price Format in DOM - In the Quotes window under the OEC Trader display, there is a feature that allows you to change the format of the price display. For example, the default display for Corn futures (ZCZ8) is 4.0825 . One can change the format to display the more common 408 1/4. - However, this feature is not available in the DOM (I called support, and they confirmed it's not there). So, my Quotes screen displays 408 1 and my graphing package displays 408 1/4. The screen that I really need clarity on (the DOM) displays 4.0825. That is a sub-optimal solution, especially considering that this feature is already available in the OEC Trader software in the Quotes screen. 2. Market Data - It would be enormously useful to be able to see the Dow Jones average levels without having to open up a second trading platform. I don't have a need to do Research or Chat during my trading time, so the two windows at the bottom of the default OEC Trader setup are useless to me. How great it would be to have a streaming Dow quote right in that Research window. That is exactly the research I need. - Market internals ( TRIN and TICK) would be an added bonus. Just a Dow Jones or S&P quote would be a great leap forward. Thanks for facilitating this thread, Bam-Bam

The highest payback trade you can make right now is to trade going live with gaining screen time. The volatility is incredible right now. The daily VIX is pushing ever higher. And, the bar-by-bar volatility is getting larger and larger. I've just come back to watching real-time data after doing other stuff for several months. What a difference a quarter makes! I'm just paper trading right now to get my execution back up to snuff. By the time I receive my entry confirmation (a couple of seconds), my first target is usually already hit and surpassed. The speed of these moves are lightning fast. Unless you and your trading tools are tuned up and ready to instantly react, don't do yourself the disservice of putting your money on the table. In these conditions, you will not have the luxury of taking the few moments a beginner needs to check off in your head that all your entry requirements are met. Enjoy the ride, Bam-Bam

I trade full sized Gold. Mini gold should move about the same. I look for setups from about 7:30am to 9:30am EST and during the pit session if the price action isn't too choppy. I like to watch a 5-minute until volume picks up then switch to a tick or volume based chart. Hope it helps, Bam-Bam

Db, I am just finishing up Vad's book. While I didn't get want I hoped to out of it, I've found it a valuable source of trading knowledge. The information is presented in a casual manner that is very easy to grasp. The most useful section for me has been the Rules for and the Mindset of a Mature Trader: The Dos and Don'ts of Trading. Since Torero won't toot his own horn, I've found a lot of useful Trading Psychology articles posted in his Newbie Trader Lounge. And they print up in handy .pdf format. Thanks for all the work Torero. Good trading, Bam-Bam

Thanks for the great additions to the list. There is definitely some excellent information available if you know where to look. I particularly like the Metaphors for Trading. I think trading is most like surfing (but I'll save that for another post). The writings of the Financial Philosopher will be good for times when I need to focus on something besides ticks. Thanks to all, Bam-Bam

I was searching online and found several good repositories of Trading Pscyhology reference materials. Over the past several weeks I've been trying to systematically eliminate (or at least reduce the effects of) the sources of my inconsistency. Reading the articles at these sites is both reinforcing and enlightening to the changes I've made. First, Brett N. Steenbarger, Ph.D. Lots of great articles (most or all in Word format) http://www.brettsteenbarger.com/articles.htm Next, Janice Dorn, M.D., Ph.D. Many great tie-ins to trader behavior (tip 'o' the hat to the Trading Doctor) http://www.thetradingdoctor.com/archives/index.html Also, Linda Bradford Raschke, CTA Links to many of her magazine articles (most or all pdf format) https://www.lbrgroup.com/index.asp?page=MagazineArchive These aren't necessarily hidden gems or sources unknown to most members of TL. They are certainly gems, though. Can you recommend other archives with other high-quality articles? This thread would be a great place to collect the links. If we get a good list, this thread could be a "sticky" in the same way that the "Best of TL!" sticky is in the Beginner's Forum. Good trading, Bam-Bam

I traded Gold (ZG) over the past couple of weeks and found it to be much more friendly to me than index futures. I've found that most of my intraday setups work very well with a 2.50 point stop limit. That ends up being a little over one ATR for 5-minute charts, depending on the day's volatility. That's equivalent to a 50 point stop level on the YM. A 2.50 point swing is a little rough to sit through waiting for the price to turn back in my favor. I know the easy answer (and the right answer) to stop placement is to let my Reward Risk Ratio determine what my stop should be. Also, my entries could certainly be finessed, and I will focus on that next week. Just curious what kind of stop offset other gold traders use. Does this seem a little high? Thanks, Bam-Bam

fs - In the interest of equal representation, here's a couple of examples of the "Wow, that BB Squeeze really worked for that move." The chart has the same indicators as above. This one is a 5-minute from April 25 YM price action. Squeeze A: - MACD crossover 2 bars before trigger - slope on EMA went negative 3 bars before - bar color changed 4 bars before Squeeze B: - MACD crossover many bars before trigger - slope on EMA went positive 2 bars before - bar color changed 8 bars before Same caveats as above message on coding. Hope this helps, Bam-Bam

fs - Here's a for instance for you. This is a 2-minute chart of the YM from April 28. The chart has a 8-period EMA on price, bar color based on closing above this EMA (+/-), MACD, Chaikin Oscillator, and BB Squeeze. Default settings for all indicators. There were two squeezes triggered in the timeframe. Squeeze 1: - MACD crossover 3 bars before trigger - slope on EMA went negative 2 bars before - bar color changed 3 bars before - Chaikin Oscillator peaked 7 bars before Squeeze 2: - MACD crossover 9 bars before trigger - slope on EMA went negative 9 bars before - bar color changed 12 bars before Squeeze 2 shows an example of how in a choppy market, you would enter just before the market turned back up. Some caveats: I don't really trade off of oscillators, so I may not be interpreting them properly. Also, my program may have a greater than or equal rather than simply greater than on the off chance that the Standard Deviation and the ATR is the same to umpteen decimal places. Finally, I ain't no programmin' genius, so Blu-Ray's or the TTM stuff may work better. The two bar lag (minimum) is consistent across chart periods (min, ticks, volume).

I programmed this indicator so it displays only the alert line and not the histogram. I have been running the alert line at the bottom of my chart window to see how the trade signals compare with my charts. So far, this indicator lags my other lagging indicators by about two bars. In a choppy market like this week, it puts you into a trade almost exactly at the point of reversal. When big, smooth moves happen, it is great to look back and say, "Wow, that BB Squeeze really worked for that move." Of course, there were two or four other signals that would have put you in the move a lot sooner. It is a nice confirmation signal for these bigger moves, Bam-Bam

fs- Click the Hyperlink just above the quote box. It is on the words "Free ebook". I just downloaded, and it worked fine. Best, Bam-Bam

zdo, Thanks for kickin' it up a notch. It's good to get the BS out of the way and start moving forward. For the record, I don't think I used any battle analogies, beyond maybe word choice. From my perspective, anyone who compares trading or business to war hasn't been to war. Very true that one should question all assumptions. I've done that in my life outside trading and discovered how many limitations we put on ourselves without even realizing it. Working within the limits of other people's metaphors in the markets will certainly limit potential. I appreciate the recommendation for Vipassana meditation. It seems like all roads point to meditation. I am currently reading about another branch of Bhuddism based meditation. Vipassana may provide a more direct approach that is less esoteric. Great input! Thanks, Bam-Bam

Torero: Yeah, that Dunkin Donuts commercial is a family favorite. When I think of the market that way, it puts a whole different spin on it. You can read, "trading should be boring," many times over and not truly get the message. But if you think of the donut guy, that image really has a lasting effect. I've finally devised some strategies that I feel quite good about and have a nice win percentage, so it's a matter of following them routinely. Thanks for the input, Bam-Bam

zdo: Straight up takes any mis-interpretation outta the way. If it's too, uh, fresh for a public forum, you can PM. Might just remind me of my days in the service---> Stand at ease, and bend forward with your head between your legs. Count backwards from 10 to 0. When you hit 0, snap to attention and say, "Pop, Sir." There, you've pulled your head out. The thread was started in all seriousness. If I can't get consistent, I'm going to ground my accounts into dog food. Thank you zdo, Bam-Bam

Fellow Traders / Psycho-Analysts: Today is one of those days when every expectation I put in place is correct. Every push is in the direction I expect. Every signal taken works out. Signals not taken worked out. And moves are to or through my exit points. I can't possibly fail, not even once. Okay, based on that last comment, I've stopped trading for the day. And, I have yesterday's results to keep my feet on the ground. What's so different between yesterday and today? Both days I sat down with the goal of properly executing my trades. Both days I made the commitment to succeed. Both days I reviewed my strategies and how I planned to trade them. Yesterday I got clobbered, and today I surpassed my daily target by 11:00am. One difference is that I approached the markets today with some expectations on direction, etc. But I was willing to acknowledge that anything could happen, and as long as I position myself properly and am open to the opportunities presented, I could be profitable. So my expectations are/aren't right, so what? Just trade based on what the market is doing now. Don't keep asking, "How could the market possibly be doing that?" Another difference is that I made myself focus on the fact that it is okay to miss a trade. What happened yesterday (and numerous times before) is that a signal fires just after I log on to my platform. Instead of jumping in blindly after watching the market for 30 seconds (even though it is a strong signal), I watch the move and wait for the next signal to fire (good thing). This first move--that I miss for good reasons--typically works out exceptionally well (had I been in it). This makes me anxious and perhaps not as careful when entering the next trades (bad thing). If the first trade I take doesn't work out, the death spiral frequently starts. Well, today I missed the first trade because it fired before I had a feel for the market today. It was a doosie, would have been a perfect entry/perfect exit. No worries. Another signal came along ~ 20 minutes later. I took that in with good exit points established. So, how do you keep a positive, resourceful attitude from one day to the next? It's more than having a trading plan or wanting to do well or having good intentions. It's an expectation of success. It's a willingness to open oneself to what opportunities are out there. It's an ability to see each trade as a discreet action without influence of previous trades, PnL, or prior signals taken/not taken. Thoughts, recommendations, comments? Thanks, Bam-Bam ================ Trading ain't horseshoes. You miss by a tick, you miss by the world.

Hey BF: I am test driving OEC and overall like what I see. But it's still surprising that some basic infrastructure systems are not in place. How about an ACH setup for account funding transactions? After all, primary functions of a trading account are to put money in or take money out. It is not a convenient thing for me to head down to a bank during banking hours (also RTH). The $25 wire fee is a miniscule but annoying bit as well. I may not visit my mailing address for months at a time, so checks are also not convenient. I'll make this suggestion directly to OEC. The inclusion of this request in your review would be apprepriated, Thank you, Bam-Bam