I'm the most consistent trader in the world

slapshot · Jan 29, 2003

Quote from Gordon Gekko:

can you explain how you determined this ORB? aren't ORBs based on a time frame? for example, say the high and low after 30 minutes is the range. so when you say it "happened later than usual".. how did you determine the range and breakout? just curious..

thanks

Hi Gordon,

Yes, the Opening Range is usually determined (at least how I was taught by a Pro) by the first 20 to 40 mins of regular session.

You'll notice that the market traded inside this same range, without breaking up or down, for quite a while after that time frame.

In other words, it took a real long time to break out of the initial range established by the open - about 2 extra hours.

I have included a chart for you 'cause you are a good guy.

Paul

Gordon Gekko · Jan 29, 2003

Quote from slapshot:

I have included a chart for you 'cause you are a good guy.

Paul

hehe thanks!

it all makes sense now.

Corallus · Jan 30, 2003

I just wanted to thank all of those who responded to my thread and provided honest feedback, most recently,

shaq48
Ron In-a-sauna
Db
macal425
slapshot
musicman
Ice
Dantheman
Quiet1

Ice, I really enjoyed your very comprehensive post. Thanks for taking the time to type that all out

Here's to getting into the 'surgical' zone!!! Cheers.

When things are rocking, will listen to WDRV, a classic rock station in Chicago and crank up the volume. This my 'surgical' zone. Things are "operating" as planned; all the preparation and analysis is coming to fruition! The music then keeps me focused and also reminds me "if it's not broken, don't fix it" (i.e. let the profit(s) RUN)!

Wappers2 · Jan 30, 2003

Quote from Corallus:

Well, I average 5 trades per day. I have two trade setups:

1. buying support/selling resistance
2. trades based on a mechanical system that I developed
(I admit that I do not follow the system as I should, my
psychology is ruled by fear of loss, but I am not greedy)

Personal Observation: I always take my stop losses, but I exit profitable positions way too quickly.

Keep trying dude, u WILL succeed, unless u give up...

limitdown · Jan 30, 2003

Quote from Corallus:

Here's a chart from today.
Notice how the first trade could have been a killer if I hadn't gotten stopped out.

with a chart like that, its a wonder that you didn't loose more money.

there are a number of classes that review the DMI, but one thing that I heard was consistent about DMI is that it is not a singular index to use for trading, and especially for day trading.

could you vary your software and indices to tune it for real time trading?

or, perhaps, could you use a swing trading "fundamental" approach and "fortitude" to hold a position longer and not be "tricked" into covering when you really meant to hold longer.

limitdown · Jan 30, 2003

Quote from slapshot:

Hi Gordon,

Yes, the Opening Range is usually determined (at least how I was taught by a Pro) by the first 20 to 40 mins of regular session.

You'll notice that the market traded inside this same range, without breaking up or down, for quite a while after that time frame.

In other words, it took a real long time to break out of the initial range established by the open - about 2 extra hours.

I have included a chart for you 'cause you are a good guy.

Paul

the way you know that ORB's work is whether you make money or not. ORB's work for floor traders who have virtually nil costs. ORB's work less accurately the further you are away from that local marketplace.

Its almost like the paradox of seeing the forest floor and then stepping back 3 miles and seeing the entire forest, with no choice of a breakpoint inbetween.

ORB's and other similar concepts are reference indicators of a continuation or breakout. If there's a constantant mashing around all day inbetween the ORB high and OIRB low, then we would normally characterize that day as a worthless trading day.

perspective is the key to that indicator

Lightningsmurf · Jan 30, 2003

Corallus, Did you post that last chart using TS6? If so, how did you annotate the chart?

harrytrader · Jan 30, 2003

You try to scalp with a stop for a mammouth swinger this is incoherent framework

Quote from Corallus:

Db, you and ddefina are absolutely right. I cut my profits short. I'll take stops as large as 5 ES points (although my typical loser is -2 or -3 points), but when I have a 0.50 or 0.75 point gain dangling in front of me like a carrot in front of a rabbit, I snap it up...only to watch it later go all the way to my intended target more often than not. This is even what I do when my system is not telling me to exit the position yet. Also, I freak out when there is a reaction. I do not weather retracements well. Even on days where I have 4 out of 5 winners, I often end up negative because my winners are small and my one loss is too big. It's a purely psychological issue for me. My system works well, averaging 3.75 ES points per day in backtesting (and I also got similar results during one full month of real-time paper trading...I took December off--no real $$--to paper trade my system).

Thanks for your responses

I'm thinking about making an appointment with a psychologist. Even if it's not a trading psychologist, I think a lot of the same issues that pertain to everyday life also pertain to the trading arena. Specifically, I need help controlling my fear response.

limitdown · Jan 30, 2003

Quote from harrytrader:

You try to scalp with a stop for a mammouth swinger this is incoherent framework

Perhaps the market is We.
Perhaps the market is Us.
Perhaps the market is our epherial self.

Perhaps its just the fact that by the time all trades are posted based on a triggering event, it actually launches its own event, and secondary wave and terciary waves, and counter waves to those waves. Perhaps that perpetual motion is what "dynamic market theory" really is in fact.

Perhaps....

Corallus · Jan 30, 2003

--------------------------------------------------------------------------------

Quote from harrytrader:

You try to scalp with a stop for a mammouth swinger this is incoherent framework

--------------------------------------------------------------------------------

Honestly, I am not trying to be a scalper. I'm trying to go for the larger intra-day swings, but I have a bad habit of exiting too soon.

Quote from limitdown:

Perhaps the market is We.
Perhaps the market is Us.
Perhaps the market is our epherial self.

Perhaps its just the fact that by the time all trades are posted based on a triggering event, it actually launches its own event, and secondary wave and terciary waves, and counter waves to those waves. Perhaps that perpetual motion is what "dynamic market theory" really is in fact.

Perhaps....

Sorry, you lost me there.

Quote from lightningsmurf:

Corallus, Did you post that last chart using TS6? If so, how did you annotate the chart?

No, I was using QuoteTracker. The annotations were done using Adobe Photoshop.

_______________________________

Since we are waxing philosophical, I'll close with a profound philosophical quote:

"So try not to see something in particular; try not to achieve anything special. You already have everything in your own pure quality. If you understand this ultimate fact, there is no fear. There may be some difficulty, of course, but there is no fear. If people have difficulty without being aware of the difficulty, that is true difficulty. They may appear very confident, they may think they are making a big effort in the right direction, but without knowing it, what they do comes out of fear. Something may vanish for them. But if your effort is in the right direction, then there is no fear of losing anything. Even if it is in the wrong direction, if you are aware of that, you will not be deluded. There is nothing to lose. There is only the constant pure quality of the right practice."

- Shunryu Suzuki

I'm the most consistent trader in the world

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