check out this section for some up to date books http://www.elitetrader.com/bo/
Can someone help me to use this?
- Thread starter jdkgroup
- Start date
Quote from mephistoII:
I will give you a few DON'Ts and a DO:
DONT'S
1) (based on this post): "Many have been fortunate this past year to receive the help and guidance from a couple very benevolent gentlemen, and the best thing is that their contributions are now archived here on ET: Begin your Journey here"
NO!!! Geez - stay away from anything with Jack Hershey's name on it. Benevolent? He is lost and hopelessly confused. He is a living Rube Goldberg machine
2) Stay away from the misguided "Technical Analysis - try this indicator or that widget" crowds. There is a reason that 90% of people lose their money - they generally follow classica technical analysis. This alone may save you a few yeasr
3) Stay away from people who offer to mentor you for a price, or offer their secret knowledge or systems. If they do offer you some sort of service, ENSURE it is independently tracked (timertrac.com, collective2.com, hulbert, Futurestruth.com, timerdigest.com, strategyrunner.com, striker securities, attain capital, etc.). And even this is no guarantee, but at least it forces them to prove they offer something
4) If someone starts quoting the value of Fib levels or Elliott Wave, then run in the opposite direction! You can be assured they never rigorously tested these many methods, they just fell in love with/became believers without serious proof.
DO:
Listen to those who espouse pure price action, alone. Listen to those who tell you it takes a lot of screen time to learn what prices do. They have much more wisdom than most.
I will give you a few DON'Ts and a DO:
DONT'S
1) (based on this post): "Many have been fortunate this past year to receive the help and guidance from a couple very benevolent gentlemen, and the best thing is that their contributions are now archived here on ET: Begin your Journey here"
NO!!! Geez - stay away from anything with Jack Hershey's name on it. Benevolent? He is lost and hopelessly confused. He is a living Rube Goldberg machine
2) Stay away from the misguided "Technical Analysis - try this indicator or that widget" crowds. There is a reason that 90% of people lose their money - they generally follow classica technical analysis. This alone may save you a few yeasr
3) Stay away from people who offer to mentor you for a price, or offer their secret knowledge or systems. If they do offer you some sort of service, ENSURE it is independently tracked (timertrac.com, collective2.com, hulbert, Futurestruth.com, timerdigest.com, strategyrunner.com, striker securities, attain capital, etc.). And even this is no guarantee, but at least it forces them to prove they offer something
4) If someone starts quoting the value of Fib levels or Elliott Wave, then run in the opposite direction! You can be assured they never rigorously tested these many methods, they just fell in love with/became believers without serious proof.
DO:
Listen to those who espouse pure price action, alone. Listen to those who tell you it takes a lot of screen time to learn what prices do. They have much more wisdom than most.
Quote from rcanfiel:
Quote from mephistoII:
I will give you a few DON'Ts and a DO:
DONT'S
1) (based on this post): "Many have been fortunate this past year to receive the help and guidance from a couple very benevolent gentlemen, and the best thing is that their contributions are now archived here on ET: Begin your Journey here"
NO!!! Geez - stay away from anything with Jack Hershey's name on it. Benevolent? He is lost and hopelessly confused. He is a living Rube Goldberg machine
2) Stay away from the misguided "Technical Analysis - try this indicator or that widget" crowds. There is a reason that 90% of people lose their money - they generally follow classica technical analysis. This alone may save you a few yeasr
3) Stay away from people who offer to mentor you for a price, or offer their secret knowledge or systems. If they do offer you some sort of service, ENSURE it is independently tracked (timertrac.com, collective2.com, hulbert, Futurestruth.com, timerdigest.com, strategyrunner.com, striker securities, attain capital, etc.). And even this is no guarantee, but at least it forces them to prove they offer something
4) If someone starts quoting the value of Fib levels or Elliott Wave, then run in the opposite direction! You can be assured they never rigorously tested these many methods, they just fell in love with/became believers without serious proof.
DO:
Listen to those who espouse pure price action, alone. Listen to those who tell you it takes a lot of screen time to learn what prices do. They have much more wisdom than most.
It's not often that I disagree with a whole post but this is one of those rare occasions (with the exception of tip number 1 which I didn't really understand!)
You asked me to reply to your thread. I recieve similar PM's all the time, so here is my reply.
What you seem to be asking for is a mentor with a trading method they'd share for some reason. Ideally you'd like to understand the basis for the method and look over the shoulder of the mentor to see it in action.
To achieve this goal you'd probably get some value by getting a copy of futurestruth and finding the results of a system that interests you. Contact the system vendor and offer to buy a copy of the system with the caveat that they'd have to mentor you for a period of time so you really understood it.
When you do this you won't really understand anything about trading but you might make a few dollars. You may also find the markets are worthy of some serious intellectual investment. In that case you'd be more likely to hook up with a mentor by offering to work for a CTA as a intern. Many CTA's have a very good understanding of some aspect of the markets.
Good luck and welcome to the journey,
Alan
What you seem to be asking for is a mentor with a trading method they'd share for some reason. Ideally you'd like to understand the basis for the method and look over the shoulder of the mentor to see it in action.
To achieve this goal you'd probably get some value by getting a copy of futurestruth and finding the results of a system that interests you. Contact the system vendor and offer to buy a copy of the system with the caveat that they'd have to mentor you for a period of time so you really understood it.
When you do this you won't really understand anything about trading but you might make a few dollars. You may also find the markets are worthy of some serious intellectual investment. In that case you'd be more likely to hook up with a mentor by offering to work for a CTA as a intern. Many CTA's have a very good understanding of some aspect of the markets.
Good luck and welcome to the journey,
Alan
No one has let me shadow them while trading as of yet...but I have received much helpful advice via posts here & PMs.....I still have much to learn & pratice.
I did attend Don Bright's 3 day class in Vegas, to get a little perspective on trading the equities (I am mostly only trading the ES right now)...I though the class was worth the money & time, and more importantly, met a couple of traders there that I can keep in touch with.
I am still open for suggestions....all input is greatly appreciated.
And I will gladly travel to meet a successful mentor.
I did attend Don Bright's 3 day class in Vegas, to get a little perspective on trading the equities (I am mostly only trading the ES right now)...I though the class was worth the money & time, and more importantly, met a couple of traders there that I can keep in touch with.
I am still open for suggestions....all input is greatly appreciated.
And I will gladly travel to meet a successful mentor.
put up a 240 tic chart on the easiest screen you look at..
put up 10 and 30 year bond futures on the next screen over..
put up usd/jpy...eur/usd gbp/usd...on another screen..
put up the vix...daily...on another screen..
now focus on the 240 tic chart, and watch the price action over multiple sessions, watch for:
1) higher highs
2) lower lows
3) draw tic support/resistance
watch what happens to the price action as the previous support and resistance get violated.
during volatile days its much harder for them not to follow through with the violations.
on a quiet day you will have a tendency for lack of follow through, thus bots are just gunning stops only to reverse.
the summation of those violations creates overall intent...and thats why volatility is important, there is more slippage in the intent..(wider ranges).
thats all there is to it...
now the hardest thing to do....is to maintain stamina in following the 'intent'...meaning reversals to stay inline with intent..
you can overlay MA's...so that they provide another indicator of overall intent.
put up 10 and 30 year bond futures on the next screen over..
put up usd/jpy...eur/usd gbp/usd...on another screen..
put up the vix...daily...on another screen..
now focus on the 240 tic chart, and watch the price action over multiple sessions, watch for:
1) higher highs
2) lower lows
3) draw tic support/resistance
watch what happens to the price action as the previous support and resistance get violated.
during volatile days its much harder for them not to follow through with the violations.
on a quiet day you will have a tendency for lack of follow through, thus bots are just gunning stops only to reverse.
the summation of those violations creates overall intent...and thats why volatility is important, there is more slippage in the intent..(wider ranges).
thats all there is to it...
now the hardest thing to do....is to maintain stamina in following the 'intent'...meaning reversals to stay inline with intent..
you can overlay MA's...so that they provide another indicator of overall intent.
http://www.screencast.com/users/Spectre
if you watch these videos,
some patterns emerge...
1) reversals to stay inline with intent
2) drawing tic support /resistance
3) trendlines/MA's/ as a gross measure..
4) volatility begets profits
5) amplified position sizing ***
*** as the day progresses the overall summation of intent created either a bullish or bearish picture..thus increasing position size at each violation makes up for the cost of reversal..
I would sim trade this technique till your absolutely guaranteed making money every month.
if you don't use stops, the MA's can act as a stop in themselves, basically you stop out at MA violation.
if you watch these videos,
some patterns emerge...
1) reversals to stay inline with intent
2) drawing tic support /resistance
3) trendlines/MA's/ as a gross measure..
4) volatility begets profits
5) amplified position sizing ***
*** as the day progresses the overall summation of intent created either a bullish or bearish picture..thus increasing position size at each violation makes up for the cost of reversal..
I would sim trade this technique till your absolutely guaranteed making money every month.
if you don't use stops, the MA's can act as a stop in themselves, basically you stop out at MA violation.