Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

fintrans

Pivot Points - John F. Carter

Recommended Posts

I wonder if anyone is trading by his setups? Not only for pivots but also gap trading and scalping. I finished reading his book but i wonder if those setups really work.

 

he is using few different setups. The ones i liked the most are

 

1) gap trading (fading the opening gaps)

 

2) fading the pivot points on choppy day markets

 

3) using squeeze indicator

 

Share your experiences

 

thx

Share this post


Link to post
Share on other sites
I wonder if anyone is trading by his setups? Not only for pivots but also gap trading and scalping. I finished reading his book but i wonder if those setups really work.

....

 

Share your experiences

 

thx

 

if his setup "works", then the thousands of people who bought the book would be multi-millionaires by now, and their friends and families would buy/borrow the book, and they too, would become fantastic traders... and leaving everybody envy. Hahahah.

Share this post


Link to post
Share on other sites
if his setup "works", then the thousands of people who bought the book would be multi-millionaires by now, and their friends and families would buy/borrow the book, and they too, would become fantastic traders... and leaving everybody envy. Hahahah.

 

So does the fact that they are not millionares (which btw, some of them can be but u dont know) make all the setups false?

 

U are only party correct but mostly this kind of reasoning is wrong.

 

Still if his setups do work they need to be properly applied and in right market conditions. Not many people can do that.

 

The fact is that his setups seem to have some good logic behind so i was interested if anyone had any profit using them and perhaps if anyone made some adjustments to make them even better.

Share this post


Link to post
Share on other sites
So does the fact that they are not millionares (which btw, some of them can be but u dont know) make all the setups false?

 

U are only party correct but mostly this kind of reasoning is wrong.

 

Still if his setups do work they need to be properly applied and in right market conditions. Not many people can do that.

 

The fact is that his setups seem to have some good logic behind so i was interested if anyone had any profit using them and perhaps if anyone made some adjustments to make them even better.

 

that's wishful thinking... that's what drives the vendor business.

 

keep trying.

 

good luck.

Share this post


Link to post
Share on other sites
that's wishful thinking... that's what drives the vendor business.

 

keep trying.

 

good luck.

 

well that might be...BUT

 

are u basically saying that all setups in all books that are for sale are completly useless and crap? :crap:

Share this post


Link to post
Share on other sites
well that might be...BUT

 

are u basically saying that all setups in all books that are for sale are completly useless and crap? :crap:

 

That was neither the word, nor the spirit, of what was conveyed.

Share this post


Link to post
Share on other sites
That was neither the word, nor the spirit, of what was conveyed.

 

Well, you said "if people who bought the book would be multi-millionaires by now, and their friends"

 

This is just pointless statement becouse same reasoning can be applied to any book or any setup on any forum online.

 

I was wondering if anyone actually tried them and what are their experiences.

Share this post


Link to post
Share on other sites

Still if his setups do work they need to be properly applied and in right market conditions. Not many people can do that.

 

I second that. Most people miss this idea. It's similar to saying, "If trading worked, traders would all be rich." There is a reason most fail, but it doesn't mean trading doesn't work. Similarly, for any given system or trading method.

 

Best of luck in your trading.

Share this post


Link to post
Share on other sites

We seem to be off of Pivot Points and on to Carter on general...

Well my $.02: his book is more useful to a new trader from the business angle, ie; trade plans, trade management, and some nuggets in the foreword. Let's face it: entries are a dime a dozen- more like a gross. And yes,he has some. I used to subscribe to his freebie newsletter, mostly to keep in virtual touch with what other traders were thinking for the day, as a reality check for what is a pretty solitary profession. But you'll notice he is kind of discretionary in real life with his squeezes for example, if you follow him for a while. "The Squeeze" is a volatility breakout system of which there are many. Periods of low volatility are often followed by high, and vice versa. This is his attempt to standardize the phenomenon, and capitalize on it. IMHO they are more effective on long term charts than 5m charts. I'm personally partial to weekly pivots for some of the reasons that Fat Tails points out. I can see at a glance where price is in context of the previous week. But I'm a candlestick/ SR guy at heart so I always gotta manage my trades. I can't make hard-fast rules for pivots because ultimately Price is my master.

Share this post


Link to post
Share on other sites

Great Video,

 

However, I can not find the link or lead of any sort for the particular "Pivot Point Indicator" described in the video for MT4.

Any help obtaining this indicator would be greatly appreciated.

Share this post


Link to post
Share on other sites
Great Video,

 

However, I can not find the link or lead of any sort for the particular "Pivot Point Indicator" described in the video for MT4.

Any help obtaining this indicator would be greatly appreciated.

 

what do you publish?

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • I'm pretty sure that a Russian resident would say that recessions are real today. Their prime interest rate is 21%, their corporate military contractors are threatening to file bankruptcy, and sticks of butter are kept under lock and key in their grocery stores because shoplifters are stealing it in bulk so they can resell it on the black market. A downturn is cyclical until it turns into a collapse. I really don't think anyone will be buying-into this mess.😬
    • Well said. This principle is highly analogous to trading. Any human can easily click buy or sell when they "feel" that price is about to go up or down. The problem with feeling, commonly referred to as "instinctive" trading, is that it cannot be quantified. And because it cannot be quantified, it cannot be empirically tested. Instinctive trading has the lowest barrier to entry and therefore returns the lowest reward. As this is true for most things in life, this comes as no surprise. Unfortunately, the lowest barrier to entry is attractive to new traders for obvious reasons. This actually applied to me decades ago.🤭   It's only human nature to seek the highest amount of reward in exchange for the lowest amount of work. In fact, I often say that there is massive gray area between efficiency and laziness. Fortunately, losing for a living inspired me to investigate the work of Wall Street quants who refer to us as "fishfood" or "cannonfodder." Although I knew that we as retail traders cannot exploit execution rebates or queues like quants do, I learned that we can engage in automated scalp, swing, and trend trading. The thermonuclear caveat here, is that I had no idea how to write code (or program) trading algorithms. So I gravitated toward interface-based algorithm builders that required no coding knowledge (see human nature, aforementioned). In retrospect, I should never have traded code written by builder software because it's buggy and inefficient. However, my paid subscription to the builder software allowed me to view the underlying source code of the generated trading algo--which was written in MQL language. Due to a lack of customization in the builder software, I inevitably found myself editing the code. This led me to coding research which, in turn, led me to abandoning the builder software and coding custom algo's from scratch. Fast forward to the present, I can now code several trading strategies per day across 2 different platforms. Considering how inefficient manual backtesting is, coding is a huge advantage. When a new trading concept hits me, I can write the algo, backtest it, and optimize it within an hour or so--across multiple exchanges and symbols, and cycle through hundreds of different settings for each input. And then I get pages upon pages of performance metrics with the best settings pre-highlighted. Having said all of this, I am by no means an advanced programmer. IMHO, advanced programmers write API gateways, construct their own custom trading platforms, use high end computers with field programmable gateway array chips, and set up shop in close proximity to the exchanges. In any event, a considerable amount of work is required just to get toward the top of the "fishfood"/"cannonfodder" pool. Another advantage of coding is that it forces me to write trade entry and exit conditions (triggers) in black & white, thereby causing me to think microscopically about my precise trade trigger conditions. For example, I have to decide whether the algo should track the slope, angle, and level of each bar price and indicator to be used. Typing a hard number like 50 degrees of angle into code is a lot different than merely looking at a chart myself and saying, that's close enough.  Code doesn't acknowledge "maybe" nor "feelings." Either the math (code) works (is profitable) or doesn't work (is a loser). It doesn't get angry, sad, nor overly optimistic. And it can trade virtually 24 hours per day, 5 days per week. If you learn to code, you'll eventually reach a point where coding an algo that trades as you intended provides its own sense of accomplishment. Soon after, making money in the market merely becomes a side effect of your new job--coding. This is how I compete, at least for now, in this wide world of trading. I highly recommend it.  
    • VRA Vera Bradley stock watch, pull back to 5.08 support area at https://stockconsultant.com/?VRA
    • MU Micron stock watch, pull back to 102.83 gap support area with high trade quality at https://stockconsultant.com/?MU
    • ACLX Arcellx stock watch, trending at 84.6 support area with bullish indicators at https://stockconsultant.com/?ACLX
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.