MGB: Journal

>I am paper trading now while I watch
>nvda etc. until I learn the ins and
>outs of ecn routing etc

You won't learn the "ins and outs of ecn routing" by paper trading. You will only learn these skills with money on the table -- preferrably a very small amount of money.

Being anal about stops is an excellent idea, but after you hit your stop you still have to get rid of the thousand shares of NVDA while it freight trains against you. Routing skills will save your bacon.

JB
 
>-3500
>
>No comment. I ain't talking about it today.

Sorry to hear it man. I feel for you.

Go enjoy the weekend.

JB

PS: There are ways to learn to trade WITHOUT losing this kind of dough this early.
 
Originally posted by GaretJax
Nobody seems to really describe their trading techniques - Why doesn't anybody want to talk about their setups and what indicators/timeframes they use?
More...

I think settings on most indicators and timeframes are largely irrelevant. As you find those tools you prefer, overtime you will develop an understanding of their relationship to the market.

I feel that what I do is relatively unique and offers me a decided advantage in the market. I would not publicly discuss specifics. Privately, I would not have a problem pointing a trader in a direction I have found profitable. He may find that he is capable of expanding on the idea. I have found general concepts far more valuable than specific techniques.

The other aspect is that over the years when I have talked to new traders, everyone wants to know the specifics or they want me to validate concepts they already have cooking. Every time I discuss the most important aspects of trading (i.e. money management, discipline, etc.) the lights just go out. I don’t think new traders what to hear it or they just can’t relate to significance of what is being conveyed. Even my partner, who I trained, admits to trivializing many of my initial warnings. He lost a significant amount of money and is just now coming back. He had the tools, but he fell into some big traps and he readily admits that he thought it would never happen to him.

The last and most frustrating reason is that many times I have run across traders who think the deserve something from me. Maybe they’re just frustrated, I don’t know, but they’ve definitely got the wrong attitude. I have spent years of my life learning about myself and the markets. When I share something with someone, as my mentor did with me, I want to feel like that person appreciates it whether they think it’s valuable or not. My mentor and other traders told me things that I no longer agree with but you’d better believe I thanked the trading gods that they would share anything with. That’s the way I feel and felt about it.

Finally, it can be very difficult to explain to someone what I do. It is very nuanced and I inevitably forget some important caveat. Hell, I can’t explain it all to my trading partner and we're face to face. I always forget something.
 
MGB,

Listen to me man! Try Ken's room!

Take his free trial week or two. I believe he still offers that. In any event, you'll get the room fee back just trading his calls.

Add his stuff to your playbook. I did. His methods produce CONSISTENT wins for me. Some days a lot, some days a little, occasionally a loss. But consistent wins with minimal risk.

It's not the only way I trade, but it's in my playbook to use at will. He shows you everything from setting up the hardware to identifying potential trade candidates. I actually prefer his method over all the others that I presently use. His way just makes sense to me. It seems to have a reasonable foundation. No crazy use of fancy indicators whose validity is suspect. Just a good solid reasonable approach that consistently scores some profit.

I recall when Ken returned here to apologize for his conduct like man. He admitted his mistakes. Haven't we all made a few in our time? Granted, he does have somewhat of an intense personality, and he runs a tight room. There is no BS or small talk there. It's all trading business! I've benn in a few other rooms where the dialogue gets out of hand and it becomes a waste of time. Not in Ken's room, he's all business.

I recommend him only because he has something good to offer and he's helped me become a better trader. It's not all about making calls in his room, he actually teaches you to trade his style. You'll know why each trade is made, and when to get out because it's no longer valid.

Try the free trial. I don't think you'll be disappointed.

Sorry to here of your loss today.

Better luck Monday.

tradeRX



 
I fully agree with Tymjr's excellent post. It would probably take me a several-hundred page book to discuss all the subtleties of the indicators and trading methodologies I use. Most newbies seem to think that there is some magic indicator or system which you just apply to a chart and voila ----- the money rolls in. Of course, it just isn't so. Trading is a very complex, subtle and nuanced game. And over the years, based on intensive study of price movements and exhaustive testing, I have developed ----- as I think any successful trader must develop ---- my own methods and indicators which I too would never reveal publically ---- the edge they give me is just too great to risk jeopardizing by discussing them in a public forum.
 
Several hundred pages ?

With all due respect, I think for a trader the simpler a system the better. If a strategy cannot be explained in 60 seconds,then it is probably over-complicated, IMO.
 
One of the contributors to the book "Day Trading
On The Edge" discussed how two traders could use
the exact opposite approach: with one buying breakouts
and the other fading them. If they each used discipline
and sound money management, and each was comfortable
with his own style, each could be profitable in the
long run. This was incomprehensible to me in the
beginning, but it makes more sense each day.

-v
 
Dozu, with all due respect I think you have the missed the point of arm and tymr posts. Its not so much that they couldn't explain the methods, its that they could not put THE WAY into words......

PEACE and good trading,
Commisso
 
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