Buy a good product and then charge extra for previously included items.It was obviously their business model from the start?!Also,learning how to programme isn't too hard in itself.Buy 'visual basic 2005,step by step.' You can learn easily with the included CD.Then 'visual studio 2005 for dummies' is a good companion.Once you get to a reasonable proficiency you're in the driving seat.Tell all the vendors to feck off.
Spydertrader's Jack Hershey Equities Trading Journal III
- Thread starter Spydertrader
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I have two short questions for Spydertrader if he can find a minute.
1) I got hit twice today by stocks retracing namely CRNT and SIGM. Both were basically in conformance with the rules and SIGM was absolutely by the book (I bought at 100% LBDU volume etc). CRNT I thought was breaking out above the upper line of the 30M channel and SIGM was in the middle. As this is not the first time that I have encountered a failed break out I beginning to think that maybe I should buy the retracement rather than buying strength. Have you tried this and if so do you have any guidelines e.g. buy after a 50% pullback?
2) I use a 2% stop and got stopped out twice today (see above). I expect this to happen every now and again and starting last week I sell more quickly if a share price breaks an obvious trend line, which so far has limited losses. However, sometimes there isn't an obvious trend line out there to break if the share price is in the middle of the channel, especially with 30M bars. Spydertrader, you have in the past said more than once that you don't wait around if the market tells you that you got the call wrong, but what kind of signals would cause you to exit before your 2% stop is hit? (Channels excepted.)
Any pointers, however brief, would be very much appreciated.
Suss
1) I got hit twice today by stocks retracing namely CRNT and SIGM. Both were basically in conformance with the rules and SIGM was absolutely by the book (I bought at 100% LBDU volume etc). CRNT I thought was breaking out above the upper line of the 30M channel and SIGM was in the middle. As this is not the first time that I have encountered a failed break out I beginning to think that maybe I should buy the retracement rather than buying strength. Have you tried this and if so do you have any guidelines e.g. buy after a 50% pullback?
2) I use a 2% stop and got stopped out twice today (see above). I expect this to happen every now and again and starting last week I sell more quickly if a share price breaks an obvious trend line, which so far has limited losses. However, sometimes there isn't an obvious trend line out there to break if the share price is in the middle of the channel, especially with 30M bars. Spydertrader, you have in the past said more than once that you don't wait around if the market tells you that you got the call wrong, but what kind of signals would cause you to exit before your 2% stop is hit? (Channels excepted.)
Any pointers, however brief, would be very much appreciated.
Suss
Ultimately, this is an End of Day Method. You enter off the 30 minute charts to make it easier while you learn to enter using Volume and Price as signaled off a daily chart. As is the 'forest level' for beginner futures traders, so too does the 'Beginner Equities' rule set provide an optimum learning environment for understanding the fundamentals. Trying to become the "best at beginner methods" misses the point of the learning process. The three Journals are not three separate methodologies. Rather, they are three separate points in the learning process. As one improves their understanding of how the P-V relationship plays out across all markets and on every time frame, one need not use a 30 minute chart for entry. As to the point of entering off retraces, again, you miss the point of these many pages. Think beyond the step by step instructions, and attempt to understand why the instructions work. Once you understand that (and avoid altering the process based on a relatively few minor set backs compared to the overall body of confirming trades), you'll have the ability to 'see' what must come next at each step of the sequence as it unfolds.
Providing an answer to your question here implies following my tactic of exiting early 'worked' more often than not. In reality, many of the early exit stocks went on to earn phenomenal returns (from which I did not profit). Profitable trading of these methods isn't going to result from tweaking one's stops, altering the entry rule set or looking for signals Intra-bar which provide clues to error. Following this path causes one to 'skip steps' along the way and short changes the learning process. Like dominos falling in a line, one must understand why the P-V relationship works. Only then, can one understand the differences which arise and how these differences influence both price and volume.
To understand more about where I am coming from, all tests I have ever run on automating this process indicate an eight day hold provides the highest rates of return. Anyone out there willing to simply hold for eight days without watching (or caring) how Price and Volume move each day? I know I couldn't, and I've seen the results.
So you see, even I am guilty (from time to time) to try and 'optimize' the process. The difference is, I understand why 8 days works best, I just prefer to take my profit (at a smaller amount) now, rather than, wait for a bigger profit later. For this reason, I now mostly trade futures. There isn't any overnight holds.
- Spydertrader
Would you act on a 'by-the-book' confirmed buy (long) signal in a negative market like we currently experience, or would you stay away and find a good short-setup instead?
How much emphasis do you put on the generel market conditions compared to single stocks?
My BKI chart (with a very nice B2B) for today:
How much emphasis do you put on the generel market conditions compared to single stocks?
My BKI chart (with a very nice B2B) for today:
Hi Munck,
Nice chart. Perhaps you can explain to me how you draw (and define) your R2R and B2B's?
I have read alot about them but actually being able to draw my own, and knowing how they define supply and demand is lost on me...
I'd act on both signals - short and long.
I place very little emphasis on the 'overall' market with respect to buying or selling stocks when using the methods discussed here.
- Spydertrader
Hello all,
I just wanted to say I have been reviewing and taking notes (as per Spyders recomendation) for 2 months now and am currently 1/2 way through journal II..
Most of my questions have been answered as I continue on, but one I havent seen addressed yet is a simple one regarding the inital scan.
Why is $50 the max price? I understand the float issues, and reasoning for other parameters, but it seems like plenty of stocks $50-$100 would behave in a similar cyclical fashion, and allow for more quality candidates.
The only reason I can imagine Is it account size being an issue.
I apologize if I missed an obvious concept here.
I look to implement trading as soon as I get my account up and running and get up to date on journal III..
I just wanted to say I have been reviewing and taking notes (as per Spyders recomendation) for 2 months now and am currently 1/2 way through journal II..
Most of my questions have been answered as I continue on, but one I havent seen addressed yet is a simple one regarding the inital scan.
Why is $50 the max price? I understand the float issues, and reasoning for other parameters, but it seems like plenty of stocks $50-$100 would behave in a similar cyclical fashion, and allow for more quality candidates.
The only reason I can imagine Is it account size being an issue.
I apologize if I missed an obvious concept here.
I look to implement trading as soon as I get my account up and running and get up to date on journal III..
This might sound a bit silly, but the answer is, because those were the instructions given in the Oddiduro Thread.
- Spydertrader
Crap, now I gotta another thread to dissect....
I kid, I kid..
I actually just reviewed 47 pages of it, and saw that Bubba (Jack) instituted the $50 limit, but I didnt see an explanation.
I am not trying to beat a dead horse here, I was just curious the logic behind it.
I will up the limit when I trade the system to $100, until I understand a reason not to I guess.
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