Hlm

My guess for year end is the same as Q1.

With the new design of the site, this feature was removed along with the drop down menu. It is currently found at the bottom of the "Forums" page but... I would like to suggest that it is added to the "Unread Posts" page as well since it seems like another very logical spot. Thanks.

Maybe until market close on Friday? What he should have done (or do in the future)... Instead of having that front page popup to register/login, he should have (for a couple of days) a short description and link to this forum. Just a thought. Especially if he could make the popup a one time thing per user. ----edit/added below---- OR just use the top ad banner space for a few days. Either way, I would suggest a slight adjustment to the naming of the thread next time by starting with "CONTEST" For example... CONTEST: Guess the Market Close for Q1 2011 CONTEST: Guess the Market Close for End of Year 2011

Why not.... Q1 SPX 1050 INDU 10200 COMPX 2200

My point being...if you aren't willing to put yourself financially on the line, why should anyone else trust you with their money.

Let's keep this simple. If you really have a winning strategy and are that confident then just take it out on credit (e.g. Credit Card). It should be doable with the amount you say you "need". Then you get to keep everything but the interest and you don't have to deal with another individual.

http://www.babypips.com/school/

Outliers: The Story of Success by Malcolm Gladwell

Very good points Kiwi!! I am trading E/U through MBTrading at this very moment, and the spread has consistently been < 1 pip. They have no need to "play games" because they make their money through commission. Yes, there are bucket shops out there that play games through their quotes and software, but you aren't required to trade through them. As for trading news, one has to remember that we are dealing directly with currency so any scheduled news/figure announcement is going to have a much quicker reaction since the banks will reflect the change on a dime.

I thought I would quickly add my two cents since I started day trading in Forex... As far as needing to see depth, it all depends on ones strategy. Personally, my strategy has no need for depth and/or volume. I just need to know where price is now and where it has been. So this may or may not be an issue. There is the option of going through a broker that does give you quotes without games and just charges you a commission (e.g. MBTrading). There are some great advantages to Forex such as precise money management for those with smaller accounts. It just comes down to what you need and want. But don't believe any blanket statement and always do your own due diligence.

So I see that the first meeting was a bust. For you beginners out there, (imo) THIS BOOK is one of the best for making it in this career...or any competitive one for that matter.

Hey Brownsfan, I've been looking into the same thing for me and some fellow traders that regularly hang out in the current TL chatroom. It really depends on how many people you wish to share with, how often, and do you need the ability for multiple screen shares at the same time (versus a "presenter"). Good resources that I have found.... Web conferencing - Wikipedia, the free encyclopedia Comparison of web conferencing software - Wikipedia, the free encyclopedia I believe that Skype now has screen sharing native with no need for a plugin. Currently DimDim seems to be a very popular service. The free version probably has everything you would need. Also, you can run it on your own server for free if you have one. It seems like their paid version mainly gives you more dedicated resources (runs faster) and some customization. Even with their "Pro" version the cost is almost half of the other popular services (WebEx, OmNoiva, etc).

They now have futures information. Futures Check it out.

In the iTunes application click on "iTunes Store" on the left side. ...then on the right side click "Redeem" under "Quick Links". I used the second one on the list.

Oh no, that would be a lot of effort on your part. I was thinking more along the lines of pulling a simple report that shows all the trades she has taken along the way. Unfortunantely, I don't think FXCM shows the Stop Loss and Take Profit that was in place on exit of trade like MT4 does. However, I am sure just the entry/exit/size would still be helpful to many.

thalestrader- After talking to a few people on the forum, it seems like it would be really helpful if you could post a snapshot of the entries and exits of your daughter's micro account as well. Members could then transfer them over to their charts for a better understanding of what she is actually trading. Now of course I wouldn't ask for this from most traders since it can come across as nosy and impolite, but since it's just a micro account and straight forward simple S/R (no fancy "holy grail") that has found a following...I think it's a legit request that would be beneficial for everyone. Again, there is no negativity associated with this request. It's only for a better understanding and to truly help others.

Nice post. Couldn't you take it as far as one [pure PA trader] having to only use a single tick chart. Anything more is wrapping price into a nice little summarization just like channels, trendlines, etc. Also, going back to the thread title of "what is NOT Price Action"...volume.

Due to my own projects and limited amount of time, I currently do not take on any external programming projects. However, the SierraChart community is very active (check out the forums) and the staff also offers programming. You might want to contact them to see what their terms are.

Using that definition...absolutely (imo). But then again it's only a matter of time until the math freaks and definition police come in to explain the "true" definition of a fractal. Which is why I now use the phrase "fractal like" and usually with heavily/extremely influenced. Life is too short to waste time on semantics.

I don't think they are currently accepting applications for their beta stage, but MBTrading (previously EFXGroup) should be offering MT4 in the near future. With their ECN execution they should be one of the best (if not the best) MT4 brokers out there. You may want to contact them to get more information.

The point of the video is not to quote a specific amount of time. The five years comes from a book (non trading related) that looks at factors that breed success. The main point and underlying truth of the video is that most traders have a very unrealistic idea as to how long it will take. Reminds me of a quote from Thomas Edison.... Many of life's failures are people who did not realize how close they were to success when they gave up.

This is another thread that one must not assume that everyone is on the same page. Much of it depends on... How you define your S/R Expectations at S/R How you define your "time frames" How many "time frames" go into your analysis I don't really see where you are coming from with this comment. Maybe you are trying to force the same sized trends/tfs seen on the ES onto the NQ in a cookie cutter way? You mention that you are doing a study on it right now, I am very interested to see what you come up with. Please let us know. As you should...it's always good to see other peoples views. Not only to help others, but also to help ones self. I have learned so much from having to analyze and answer questions asked about certain aspects of my trading. The one point where everyone should be on the same page is that if one chooses to scale out, it should not be based on emotion. Though it may work for the short-term, it will more than likely hurt you in the long-term.

After reading what I wrote, I realized that this sentence might not have been clear. The odds don't necessarily decrease at the area of S/R...it decrease at the current price as you get closer to the potential S/R. In other words there is a set gradient of probabilities that price moves along. I used the term "necessarily" above because depending on the price action in front of the S/R, there can be changes in the summation of probability at the potential S/R. Hopefully that is a little more clear.

I will reply since I am pretty sure you are talking about me. Also atto already made some good points. A few quick points. Market is made of up different sized trends/swings/etc (fractal "like") To create a high r:r one looking for least resistance through two or more of these. Potential S/R is the area where trends are tested. It's a probabilities game...you don't "know" when the other side will step in. What you can estimate is the higher/lower areas along the way. You talk about one giving room for their trade to move, but don't you use very small stops and will take multiple ones until you hit that large trade (please correct me if I am wrong)? There are always smaller areas above and below your entries where the other side may step in (especially if you are entering on pullbacks). If someone has a very high r:r this is why they many times have to take a few stops before hitting a full target. Maybe an example of what you mean on a chart would be helpful. Odds move in similar waves as price. As price approaches an area of S/R (say an opposite direction trend that needs to fail in order for your trend to continue) the odds decrease that price will continue through. The further price gets on the other side of that area the probabilities increase that it will continue to the next area of S/R. One also has to remember that it's not necessarily a line in the sand. As you move into larger trends, the volatility and deviation increases. For an example let's take the concepts of Value Areas or MP. In very simple terms, there is an 80% chance that price will rotate to the other side of a value area if there is lack of interest found outside the starting side. One can keep taking shorts at rejection outside the value area and potentially keep getting stopped out as price finds little interest back inside and tests outside again. Eventually price may fall to the other side and profit is made though it's not guaranteed by any means...it's just a probability. Another way it can be traded is to take the short at rejection, but take some off on the test back inside with rest at b/e. One will end in profit either way and multiple attempts can be made (profit made during the 20% time). One could also move their stop to net b/e (room for more tests outside w/out being stopped out) and walk away. None are necessarily wrong or right (though there will be differences), what's key is knowing the areas the market is speaking. In my opinion, it's not so much about scaling out or not. It's about understanding the different sized trends you area dealing with and building your money management around them. It's about keeping everything dynamic and letting the market tell you what to do. A few different MM examples... Trail stop (no scale out) based on these areas. Scale out a large portion at first area of S/R and move stop to net b/e (giving much more room). Scale out at every area along the way. A mixture of the above. In the long run, many times the bottom line will be very similar. What's different is the draw down and shape of the PnL curve that creates that bottom line. Good thread we have going here, hopefully it can stay clean and on track.

A few things off the top of my head (not a full list)... Keeping everything dynamic and letting the market tell you what is going on. Trends within trends in a fractal like manner. The problem isn't indicators that average or lag, it's that they don't start and stop at important/logical points. (back to being dynamic) Detachment from the outcome. (what Uli Schmuli said)