Chat Rooms - Trading oriented...

I agree with Aiki that a chatroom can be a valuable thing. It is training live and while "on the Job"...what I found for myself was that after a time I became more or less distracted by the "calls" as I was working a trade "outside" the rooms calls. And in hindsight, this is how it should progress. The basics of a set up..from scanning to entry/exit/targets ect...and all the market throws at you, can be taught to a new trader in a chatroom. With the infinite number of combinations and issues, the mentorship of an experienced market player can be very valuable.
For myself the goal was never to just get "calls" and try to make a buck. The desire and drive was to "learn why" they were doing those trades, what did they see? What was I was NOT seeing that they did?
For some time I was dumbfounded by easily a good trader moved in and out of positions, or spotted movers, or would hold off in times of congestions (one of the most valuable skills to learn) And it seemed i would never get it.
From the little I know about Brandon and Vadym, (I am new to this site) you won't go wrong spending time with them. I have spent a little time with Brandon in his room. And he is the "real deal". BUT he is only one guy, and he has his own style, and he shares it freely. It is pretty cool that he is doing this for free right now. It is A LOT of work. Try to imagine showing someone something that is as infinitely complicated as the market (if you make it that way) and showing them a path through it, then dealing with all their fears and beliefs that are really only theirs, while walking them through the "mine field" of trading. It can be a place bristling with very cunning people ready to separate you from your money.
As long as you are their (room) looking for the "right" thing. It can be very valuable.NO ONE will ever be abale to "piggyback" another trader and do as well. Somewhere I read you can figure on 30% of the performance. It is one of the conundrums of trading. To a beginner, it seems all you have to do is "go along" with every trade they make and you will be assured of success. If anyone has the same results as a live trader in a room over a month's time or more, I would like to hear of it. It is my belief it just aint gonna happen.
I guess that's why I would encourage any new trader to spend time with other good traders. But look for the education, the training, the maturing of your own abilities. Any good teacher will tell you this I think. WATCHOUT for the ones who sell you "trade with me" and become rich, learn "my" secrets, I have the keys. It's like they create a "fear" of missing out on the secrets, and then play on the "greed" of get rich quickly or easily...it just don't work..the old fear and greed thing is all to easy to fall into. I see it it my junk mail all the time."They" know what to scare you with (fear) and they know what to "entice" you with (greed) easy money.
Trading is the "ultimate trip" if you are just taking it on. I believe their are some really good folks out here who really are willing to share what they know. It is fun for me to watch someone grow, and it is a trip to watch someone go through so many of the same phases I have, or growing pains. It don't come easy.
This has grown quite long I apologize, I appreciate the posts, and I respect the experience and wisdom many of you post here. Let's keep it "up and running":) Jack
 
Originally posted by ProTrader1
:D


PS Ken, if you do take Don's offer, give you a chance to kick chartwiz's butt!

hehe
More...


Hey..........the more the merrier I always say.....come one come all..........I just wonder how many will participate & will Don really use real $$ for trading ...........make the rules, setup the game & let us have some fun.............Chris
 
This whole thread is sooo funny!

You guys spend all your time blasting chat rooms, when all you gotta do is trade with the trend and cut your losses... come on guys, stand back and reflect on this.

I have never paid for a chat room and I never will.. but I respect the free materials and the various postings of the following chatroom vendors:

1) Vadym (3i) of Realitytrader.com for his market insight , sound scalping methodologies, insights on personal development as a trader and fantastic SI articles
2) Tony Oz, for helping me to conceptualise more swingtrading concepts
3) Chartwiz, for his free videos and multi-dimensional time focus on the markets
4) Linda Raschke for her website, books and longstanding contributions to the industry

For what its worth, I find the following guys approaches somewhat questionable:
1) Ken Wolff... from what I can gather he scalps against the immediate trend
2) Jay Yu, unless your objective is to enrich your broker
 
* final, final post, really this time lol *


Ok sure re both inquiries protrader, others...

a) I'll take up Don's offer, and to make sure it's public record etc I'll post my premkt alerts here is fine for a week or two, starting the week of Jan 7th... I'm on vaca this week and next (you can see how a workaholic takes a vacation, still on the pc sigh).. I can post on this thread or another, let me know..

b) Transcripts for all of December, here they are (it's a 370K download):

http://www.daytradinguniversity.com/TTODec2001.zip

(to view, unzip them with winzip.com if you don't have it)
includes many annotated chart links to learn from as well, they should all still be active on my servers for you all to check out.

I hope the transcripts are educational, and show my effort at training people.

Two types of entries I post: one is my daily premarket alert list of 15-20 stocks and their respective triggers, eg EBAY (long trigger short trigger) , with a default stop of .2 on all entries. This means, these are entries that are good for the entire day's trading session, and I'm posting this as our day's trading plan ahead of the open at 9:10am daily, so traders have time to set alerts in their software. We do Not in general enter/exit positions in premkt.

Second type of entries, are all the realtime ones, as well as the trailing stops for positions once in, and reversals/pivots. There's some nice examples in this month's transcripts of those, take a look.

Explaining my shorthand: If I post say EBAY 66.5+ , that means it's a new entry I'm posting, and is a long if/when EBAY gets over 66.5+ later in the session, usually within the upcoming 15-20 mins. Same for shorts, eg ADBE 29.6- means short it if it gets under 29.6- in the time ahead.

ir = intrarange ... eg within the prev day's high/low
b/o = breakout ... b/d = breakdown etc..

Also, breakout daytrading isn't simple, challenges that trouble many new traders include a) how to avoid false breakouts, eg using the filters correctly (like time & sales pressure, trinq/sector rel. strength) and b) chasing breakouts, entering too far into an extended run etc... order routing not optimized so they chase 2 spreads out of market isld fills vs soesing etc etc..

Ok, well hope the transcripts are useful, please take a close careful look at all of them, I've also included chart links for dozens of examples, so you can see chart patterns annotated with my technical notes too on a daily basis.

This is usually just for my traders, but hey it's xmas, so enjoy.

Also, I'd be open to any thoughtful ideas for improving, refining my techniques as explained in the transcripts, it should start to make sense if you read through at least a couple weeks' worth. Any additions, improvements to the techniques are always welcome from you all of course.


have a good one, aloha all -


ken

http://www.daytradinguniversity.com/TTODec2001.zip

(if it's slow to download, most likely a lot of folks trying to get theirs at the same time, so try back later)

-agree there's some good folks to learn from out there, it's helpful to experiment a lot, study different traders' approaches, and learn from the people you feel can teach you the most, eg I show a niche style, "trading the open", preferably breakouts, for quick +1/2 to +1 1/8 max wins on 2- to 10-minute roundtrips for nasdaq tech stocks priced $20-$50 during the 9:30-11:30 am timeframe. That's my specialty - "it's what I do".

Other traders, rooms, have other topics and ideas that they cover, which are likely helpful as well. So, check everyone out, there's some good resources out there.

A Positive Thought: Hopefully everyone can join me in a new years' resolution to Keep ET positive this coming year, to stop the immature flaming and namecalling, it's amazing how some people sound like they regress to high school kid level when they have the anonymity of message board handles to hide behind.

Myself too, I'll try to stop saying that people who say things like noodles cranking popticks pare out .3 weee and 'whos yo daddy' are full of it, (as much as I believe this lol).

Let's try and keep ET positive for the New Year, ok? (hey I can hope right?).




 
I like the sound of that. It has the ring of beautiful simplicity to it.

Start a "Candletrader's TradingTheTrend Journal" and show us what you do to make that 7 figure income!

What do you say? Will you show us what you got?? :)



ProTrader1
 
Originally posted by ProTrader1
I like the sound of that. It has the ring of beautiful simplicity to it.

Start a "Candletrader's TradingTheTrend Journal" and show us what you do to make that 7 figure income!

What do you say? Will you show us what you got?? :)

ProTrader1
More...

Protrader (and any others who are going through the same difficulties / state of confusion as Protrader),

As I have previously alluded to, its simply about identifying a trend on whatever time frame you are trading... higher highs and higher lows when going long.... the most important part is cutting your losses... there is NO magic my friend... the most difficult part is cutting your losses.... don't overcomplicate the fundamentally simple thing that trading is... work on your trading psychology...

http://www.amazon.com/exec/obidos/A...94657/sr=8-1/ref=sr_8_3_1/107-3990860-8970922

The magic strategy doesn't exist within a specific technique, it exists in your ability to approach trading with the correct mentality... that mentality will allow you to
1) trade with the trend
2) run profits
3) cut losses

It is human nature to overcomplicate things or to avoid the crux of the issue... the answer lies within.

Protrader, once you have looked within yourself, and nailed where your trading personality is weak and have worked to eliminate those weaknesses, then you will improve considerably, and be a happier person.

I wish you the best of luck with this Protrader,
Candle

P.S. I highly recommend that you start with the book link given.
 
thx for letting me know, yes you cannot get the chart by directly clicking on the URL's from within the transcripts,

but you can easily access all of the charts that are mentioned, just cut and paste the chart URL link into a browser window and it'll pop right up..

eg highlight the url that's mentioned, and ctrl-c , then ctrl-v into a browser address window, and it'll show up.

as in this one, from the 12_05.htm transcript:
http://www.DaytradingUniversity.com/mximdec5.gif
or
http://www.DaytradingUniversity.com/psftdec5.gif

2-day high breakouts, the only way to go imho :)


ken
 
Man this board has taken on a life of its own.

Now the entire topic of profits and education comes up in an interesting manner with one participant saying: *more or less* "I dont care if people in my chatroom make money, thats not how I gauge my success, I want them to be educated". Maybe I'm missing something here..but what is the point of education if you cant use it productively? I agree that education is important, when someone comes into our room, my goal is that they can figure stuff out and then leave and trade on their own..but the above is maybe a strange way to phrase the emphisis on education.

Brandon
 
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