[b]OLD SCHOOL TRADERS rules and strategies (PIT also welcome)[/b]

Spydertrader,
Yours duly noted thank you !
Yes, I'm focused on 1 market now.
I wish I could trade ES, but due to account size (I have normal broker with standard CME/CBOT margins) I can not trade ES now, that's why I've focused on grains as they has tight bid/ask spread, good liquidity.
I wish I could trade ES (as I have more or less normal strategy for that), but if I'm not complete moron I shall become good on grains as well.
I had advice to trade to trade 10 years Treasuries and also cattle and hogs, but not quite "understand" that markets.
So, anyway, I have now other way out except to trade good, because due to life circumstances I'm forced to trade for living.
I'm not going to give up, because from my life experience I know 1 simple thing if you want to succeed in something you have to : work hard and find good teacher who can point on your mistakes or help you to get mind thinking in right direction. Besides that I'm enjoy trading as challenge to personality, its minuses and pluses.
Thank you also for that link I will carefully read that.

Krgds,
Andrew


Quote from Spydertrader:

Start by focusing on the futures markets between the hours of 8:30 AM and 3:15 PM (Chicago Time). Stick with one market (for now), and after you have learned to 'see' that which the market has provided, apply that which you have learned onto any market you choose. Use an ES 5 minute chart (with Price and Volume only) to learn. This discussion might provide you some additional guidance.

Good journey to you.

- Spydertrader
More...
 
Great phrase
"
this thread will not teach you to trade. If you are looking for a canned set of rules for entry and exit, look elsewhere. However, this thread will teach you to learn how to teach yourself to trade using the only tools you’ll ever need – a chart and your own brain.
"
 
I'm enjoying this thread. Thanks for starting it. It's a shame though that we have to sift through the flamers and malcontents to get to the constructive discussion.

Anyway, I found these sentences from Jeff to be the most valuable points made on this thread:

"If you want my "old school" advice it would be - trade. Let me take your money for a while until you start to understand how I work and then you can start taking the money from those asking for free advice."

This is how the world order of Trading works. While you are learning, you pay your tuition to the successful traders (in the form of your losses) until you finally become one of them and begin to take money from the newest newbies who filled in the ranks behind you.

Best of luck.
 
Sean,
thank you for kind words.
Yes, that thread is made to be place for Old School rules and strategies sharing and placing.
If you note in some my previous posts something already done and I will continue my research and posting here.
I need to help to myself and if that thread then will help to anybody else in bad life circumstances, who are honest person, but struggling and forced to trade for living I will be really glad.
Tomorrow I will post here my strategy which shows some important market levels.
Also tomorrow or 1 day later I will start to post here some my conclusions about Old School traders, making which more and more concrete and clear many things become clear.
I will also try to search for trading technology history in order to re-create conditions in which "Old" traders worked.
For example, Pit traders which are direct "children" of Old Traders nowadays and still has some of their feature, not using at all or just at small extent charts when trading :)
As to "empty" posts I have fun with them :D from my business background which is quite solid I know that only real losers or small clerks can write such posts.
+ Not agree about that style of learning which is more popular amongst weak traders as they need newcomers who only they can win, it's like with losers in sport. Great athlete will help to newcomer - he don't afraid competition, because the whole world between him and newcomer + he knows he continue to move up and he wiser anyway. That's it :)
Trading is tough business and I sure that real professionals in such serious business are also great personalities.

Krgds,
Andrew



Quote from Sean McLaughlin:

I'm enjoying this thread. Thanks for starting it. It's a shame though that we have to sift through the flamers and malcontents to get to the constructive discussion.

Anyway, I found these sentences from Jeff to be the most valuable points made on this thread:

"If you want my "old school" advice it would be - trade. Let me take your money for a while until you start to understand how I work and then you can start taking the money from those asking for free advice."

This is how the world order of Trading works. While you are learning, you pay your tuition to the successful traders (in the form of your losses) until you finally become one of them and begin to take money from the newest newbies who filled in the ranks behind you.

Best of luck.
More...
 
Quote from Andrewagain:

NoDoji,
I already searching for the book you've recommended, have you also heard about books of John Hills ?
Krgds,
Andrew
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No, I havent. Al Brooks' book will keep me busy for months. I read several pages, then watch in real time how the many patterns he describes play out. Seeing patterns on a static chart (after the fact) and watching them form in real time are very different, as looking at a storyboard is quite different from watching a movie.

I think what makes day trading difficult is that you have to be able to quickly see a variety of pictures painted by, and stories told by, the price action, one embedded within another. I used to often enter a trade, watch it run counter to my expectations, then suddenly see that I missed the bigger picture, one that the crowd was following thereby providing momentum in a different direction.

Al Brooks' book is helping me see pictures within pictures, and focus carefully on my time frame, with confirmation from larger time frames and longer stories providing the highest probability that price will move as expected.
 
NoDoji,
clear, quite common problem you've described.
How do you think may be it could be solved, at least at the beginning, just by picking 1 or 2 most reliable set ups and trading only them ?
I guess I will start read that book since tomorrow, we can discuss it if you wish or not against.
Krgds,
Andrew

Quote from NoDoji:

No, I havent. Al Brooks' book will keep me busy for months. I read several pages, then watch in real time how the many patterns he describes play out. Seeing patterns on a static chart (after the fact) and watching them form in real time are very different, as looking at a storyboard is quite different from watching a movie.

I think what makes day trading difficult is that you have to be able to quickly see a variety of pictures painted by, and stories told by, the price action, one embedded within another. I used to often enter a trade, watch it run counter to my expectations, then suddenly see that I missed the bigger picture, one that the crowd was following thereby providing momentum in a different direction.

Al Brooks' book is helping me see pictures within pictures, and focus carefully on my time frame, with confirmation from larger time frames and longer stories providing the highest probability that price will move as expected.
More...
 
Quote from Andrewagain:

How do you think may be it could be solved, at least at the beginning, just by picking 1 or 2 most reliable set ups and trading only them ?
More...

I think this is key to the path of long term profitability.

It seems the days I have the least trades (1 or 2), I have the greatest gains.
 
NoDoji,
I came to the same conclusion, that if to trade more then 4-6 trades per day the probability of positive day result could decrease (for newcomer).
Also from pure statistical stand point as much "shoots" and often you do as sharp they should be, because probability of mistake increases with quantity of actions.
It's like when you shoot using tommy gun or sniper rifle.
Not keeping in mind possible overtrading and just usual tiredness.
Good to see the same opinion.
Ok, I will start read that book and will write you my ideas here or may be questions.
+ if you do 1-2 trades seems you do them say in the best part of the RTH, somewhere at the morning, avoid lunch time, and some, if any before closing range starts with all his madness sometimes.
So, apart from reliable and high probability set ups you are increasing your chances even more picking "right time" besides all that mentioned hereabove.

Krgds,
Andrew


Quote from NoDoji:

I think this is key to the path of long term profitability.

It seems the days I have the least trades (1 or 2), I have the greatest gains.
More...
 
Quote from Andrewagain:

+ if you do 1-2 trades seems you do them say in the best part of the RTH, somewhere at the morning, avoid lunch time, and some, if any before closing range starts with all his madness sometimes.
More...

This should be one of the Ten Commandments of trading

:)
 
NoDoji,
You are 100% correct.
as to me, I just can not see any good reason to trade lunch chop and moments when somebody with crazy speed closing their positions and logic almost absent,

so apart from lunch time, trading very opening and very closing is like trading gaps, it's more gambling, however I know great guy how trading opening gaps very successfully. It's about each personality as well.
I like plan and trade plan in that case you can fix your mistakes, if any, and improve them, if more gambling style exists in addition to your mistakes you should keep in mind "mistakes in degree of chance" so it becomes too complicated for me :D

P.s. I'm really enjoying talking to you
Krgds,
Andrew

Quote from NoDoji:

This should be one of the Ten Commandments of trading

:)
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