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  #54372  
Old Feb 8, 2010 12:14pm
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Default IB

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Originally Posted by dobe_r_man View Post
I know there are forums for this, but I'd rather hear from anyone in this group on the subject....
I really like IB's trading platform. Their charting is the biggest pain. I've traded stocks through them but very limited currencies, due to minimum trade size parameters creating asymmetrical leverage on daily/weekly trades...
I'm pretty sure you can open a demo account with them though. I did, but that was a while ago...
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  #54778  
Old Feb 11, 2010 4:48pm
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Originally Posted by SeekingLight View Post
Great, now I feel like supergeek for knowing most price levels by heart.



(Shhh Patrick, don't tell 'em about the s/r as well, just quietly sidle out of the room and nobody will notice..)
You're probably in good company with Rac
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  #54880  
Old Feb 12, 2010 8:26am
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Originally Posted by benji533 View Post
A perfect pin, close withing the prior bar, long nose picking out above all the massive old bar highs. Strong resistance level. Divergence.
Moved my stop to BE at the purple line. Exited on confluence of a major round number + PPZ + TL + 50% fib ret.

Show me any other method that can make you high probability money in a sideways market like this. Any other trader would get killed in this type of market, with no understanding of support and resistance.

[u][b]Took me 3 minutes to get my stop to BE, and 12 minutes to exit, on the...
Awesome Trading Ben!
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  #54885  
Old Feb 12, 2010 8:52am
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Default First target

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Originally Posted by jarroo View Post
...Once a quality setup hits its 1st major target all bets are off on where Price is going to go after that. . . . It served its purpose . . . Its lived its life . . . It all about protecting yourself after that and see if she contiunes to run in your direction.
This is a great quote and really hits home for me. I've been doing some studying on bars reaching their first zone recently. This quote is so true. For me, I want to focus on simply becoming profitable consistently. That means taking only the highest quality setups and managing them the 'safest' way - which simply means to know where the first trouble (target) area is and have a plan for yourself when price reaches it.

I also realize this type of strategy might not yield me huge gains (depending on the action I take at that first target), but that isn't the focus right now. Conversely, look at Storage Pro - correct me if I'm wrong, but it seems he is having some pretty decent success by moving his stop to b/e quickly and then holding for some runners. Many get stopped at b/e, but those few that run for multiple r gains make a big difference. More importantly, he's removing all risk from the trade early on, and then simply letting the market work. Jarroo and James16 trade a similar strategy.

There are always other markets we can apply this trade management strategy to. Doing so will increase opportunities, thus allowing us to be very selective in what setups we take, paying special attention to multiple confluences, round numbers, bar size, location in general, space, etc.

It's interesting how when you take a step back to look at trading strategies with an open mind (without any preconceived notions), little bulbs start lighting the path to clarity. Of course, I must give some credit to Fiji and TiaForex, who have been helping me through this reflective period as well. And of course Mike for submitting his advice on several occasions. The psychology section of the pf has been truly enlightening for me in the last month.

Enjoy your weekend everyone. Take some time away from the charts.

Josh
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  #55078  
Old Feb 15, 2010 4:38pm
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Originally Posted by raczekfx View Post
true

true again.
some people have more talent than others, some people have no talent at all, even though they think they own the world...
IMO, if you're have a mathematical mind,.. are a programmer, dentist, physicist, have PHD in engineering, your chances of succeeding in this business are ultra slim. If you're an HR person, a psychologist, shrink.... you're miles ahead from others.
Seems too simplified to me. I think perseverance can overcome our college educational 'deficiencies' (MS in engineering)...I HAVE AN ULTRA STRONG CHANCE OF SUCCEEDING IN THIS BUSINESS. Maybe I'm an outlier.

I am what I think I am. But that's just me
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  #55150  
Old Feb 16, 2010 7:11am
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Originally Posted by nasir.khan View Post
Completely Agree SC,

Not directed to Jduester, SP or anyone else here.,

When these people arrive at a point where they get to know that the Degrees they have earned by studying their A$$ off for past 16-18 years, Have nothing to do with the trading skills they need to acquire, They need to make a decision, either to screw up and keep mixing the both, or to put down there ego and start learning from ZERO.

This decision would be Pivotal for there future in trading.

P.S: Het SC Long time Bro.
Totally agree Nasir. I'm in the process of realizing that now and it's make a big difference in my mindset and how I go about trading. My education and analytical background have much smaller significance here than originally thought. I'm starting to bring the 'art' into trading instead of treating it solely as 'science.'

Let the chart tell me it's 'story.'

Josh
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  #55152  
Old Feb 16, 2010 7:17am
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Default Bi phasic sleeping

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Originally Posted by bundyraider View Post
Sleeping pattern info...

Anyone here heard of Polyphasic sleeping??

(Most of you would have heard of your circadian rhythm anyway. )

There are three types of sleeping...

Monophasic :-...
Hey Bundy,
I have some experience with this. Eager to read your link. I've been on a bi-phasic schedule for 9 months now, though I'm recently a little torn. I might be going back to a normal 7.5hr night (5 cycles) as I train for a marathon and while I'm only trading d/w charts anyway, so no big need to get up so early.

http://www.stevepavlina.com/forums/h...tml#post346094

Sorry for throwing thread slightly off track

Josh
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  #55233  
Old Feb 17, 2010 7:10am
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Originally Posted by bertie123 View Post
Hi Guys

Just wanted to ask if anyone is seeing some setups developing on the dailies this week or is there a dearth of good PA setups? I don't see much happening at the moment and it's a case of waiting and waiting at the moment. Suppose this is what they call patience and discipline!
Bertie! Hey man. Totally agree here. I'm only live trading d/w charts and haven't had a trade this month yet. I've heard from several people that the charts just aren't providing us good opportunities on the longer tf right now.

But they will in time. This is the time to develop the patience requirement... fighting that urge to trade, fighting those feelings that we must trade to be profitable and to succeed. There are many great quotes but one that I always think of, from Mike, "It's what we do between the great setups that makes the difference.".

If we fill that time taking crappy trades, then the good trades only get our account out of drawdown. If we relax and let the good trades come to us and avoid taking those setups that don't meet our rules, then the good trades can build our account. That's how I look at it anyway. I'd rather take 1-2 strong trades a month and have them win, then take 10 trades and be in drawdown at the end of the month. I know you would too as I know you have great discipline in your trade selection.

I must realize that winning is more important than trading. Sometimes I must wait to win by waiting to trade. I'm realizing that I can't force profitability. It takes time to develop. Additionally, I'm realizing that success is much more than profitability. Taking all the necessary steps and avoiding the potholes is also what makes me a success. Then it simply takes experience to reach profitability.

(I know this is much more than you asked for in your post, but it really helps me to write this stuff out, and maybe it will help others too...)

Josh
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  #55449  
Old Feb 19, 2010 9:45am
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Originally Posted by benji533 View Post
Ok I did not go through all possible pairs, and there are more A++ setups of the past year I won't post, but I have done my best to make you understand what we are looking for.

In general, for me A+++ trades mean A+++ bars at A+++ locations, and A+++ management skills.
You must first understand that A+ trades are different from one trader to another, based on the different management method they are using, account size, psych, and comfort zone. Not ALL my A+ trades, or jarroo's A+ trades would be Mike's A+ trades, simply because we are managing...
Awesome examples Benji. THIS is what this thread is about. Continuous examples with money and entry/exit management suggestions/ideas. Great educational tool here. Keep it up bud. - Josh
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  #55451  
Old Feb 19, 2010 9:48am
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Originally Posted by benji533 View Post
Great post Aaron..

I can say it from experience. I was playing the 5min like a video game and was on my way to double my demo account. But when shifting to real money, man, that's a very different story. The runners I tended to hold, i just closed before they made their first real significant move. I saw a positive $$ on the table...and became emotional and greedy. The losers...They had no effect on me while trading demo. But losing real money, an amount that was a few hours of work for me, seeing it disappear just in less than 5 min, opened...

So true. Been there, done that. Guess we do have very similar stories
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