Your going to hate this brutal post

Yes , Computers are stupid and I love them. I haven't been able to program or backtest a strategy that beats Alex's discretionary trading yet. And I know most of his rules. It annoys the **** out of me.

A simple panic line break on the 15m chart has been working exceptionally well lately.

CajunSniper / Puretick.com Administrator-Trader
 
<i>"It annoys the **** out of me"</i>

Why do you feel that way?

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Dose of reality: unless it's a straight trend day, money can be made going long or short. When price action bobs up & down in sideways swing fashion, there is opportunity for profit long and short.

No method or system is capable of capturing everything. Any method or system is designed to "see" specific setups = patterns in a market where odds of repeated success exist.

Computer programmed systems see black & white. Discretionary traders see the entire spectrum of gray, from black to white. Only a tiny fraction of retail traders have all skills AND resources needed to code functional automated systems.
 
<i>"Most compulsive gamblers will answer yes to at least seven of these questions.

...Answering no to every question means you're kidding yourself. We've all had a problem with at least a couple of the above conditions.

But it's okay if it makes you feel better that you're not gambling because of some unconscious need to scorn vices and a conscious need to believe you have no ego and are smarter than the market in running your so-called trading "business."</i>

At one point or another in my career, I could answer "yes" to at least 15 of those questions. Who ever said trading isn't a form of gambling, anyway?

<b>http://www.elitetrader.com/vb/showthread.php?s=&postid=1391597#post1391597</b>

A post in this thread explains how several favorable odds "edges" were identified and exploited on Friday. A whole bunch of us will do the same thing again this week in group fashion. You can count on that.

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We as traders are all betting against "the house". Just like any other professional gambler, you either learn to beat the house or fold up and go home.

Financial markets are all to some degree highly inefficient "houses". They are much easier to beat than any casino or racetrack. Does that mean it's easy? Hell no. Possible? Hell yes.
 
I probably feel that way because I like many traders just want to press a 'go' button and have a program start making money for me. I have other reasons then wanting to go play tennis though. Im usually pretty busy teaching or helping out a user in our room that I may miss good setups. This will get worse the more customers we have. So if I can emulate Alex's method in an auto trade system I will. I'm sure I'll be able to, but it may take thousands of lines of code, not one simple formula.

I have not met any profitable auto traders in my life yet. They have all been discretionary traders and some make tens of thousands per day.

A solution would be to hire someone to take calls and other requests during the day so I can keep making $ trading. But I want to remain as personable as I can with each user.

CajunSniper / Puretick.com Administrator-Trader
 
<i>"Im usually pretty busy teaching or helping out a user in our room that I may miss good setups. This will get worse the more customers we have."</i>

100 clients in you room paying $300 monthly is, of course, $30k monthly gross revenue. Sounds great to most... it is a lot of money.

Then the time comes where trading 20-lot emini contracts yields $20k <b>weekly</b> income. One missed trade = four figures lost. Then you'll have a new set of decisions to make :)
 
Austin,

$30k monthly gross revenue. Sounds great to most... it is a lot of money.
More...

Yes true but you have to remember I'm not the owner of PureTick.com so I'm not getting a big chunk of that money. Plus if I just sat here and answered phones all day and didn't trade I'd feel like a fraud and failure inside. I love trading and will keep doing it. If I ever get to the point where I have to stop trading I'll give up my co-admin position at puretick. I'm sure someone would love it. I'm working on a few programs to automate tasks that I do.

Alex doesn't really need the money. Bear and I were the ones who talked him in to starting a site that would blow the others out of the water. I think he wanted to be a professor. I can tell by the way he talks to our users/students.
We wanted to start newbiedaytrader.com but decided on puretick.. easier..shorter etc.

CajunSniper / Puretick.com Administrator-Trader
 
Quote from austinp:

<i>"Most compulsive gamblers will answer yes to at least seven of these questions.

...Answering no to every question means you're kidding yourself. We've all had a problem with at least a couple of the above conditions.

But it's okay if it makes you feel better that you're not gambling because of some unconscious need to scorn vices and a conscious need to believe you have no ego and are smarter than the market in running your so-called trading "business."</i>

At one point or another in my career, I could answer "yes" to at least 15 of those questions. Who ever said trading isn't a form of gambling, anyway?

<b>http://www.elitetrader.com/vb/showthread.php?s=&postid=1391597#post1391597</b>

A post in this thread explains how several favorable odds "edges" were identified and exploited on Friday. A whole bunch of us will do the same thing again this week in group fashion. You can count on that.

*

We as traders are all betting against "the house". Just like any other professional gambler, you either learn to beat the house or fold up and go home.

Financial markets are all to some degree highly inefficient "houses". They are much easier to beat than any casino or racetrack. Does that mean it's easy? Hell no. Possible? Hell yes.
More...

I'm afraid I have to disagree. The "house" is not the market and traders are not betting against it; they are betting against each other each and every time someone buys and sells. The market has no built in edge like a casino or racetrack and it is not inefficient. It is random. The market is odds neutral.
 
<i>"I'm afraid I have to disagree. The "house" is not the market and traders are not betting against it; they are betting against each other each and every time someone buys and sells. The market has no built in edge like a casino or racetrack and it is not inefficient. It is random. The market is odds neutral."</i>

In which case you personally have no hope for success as a trader. You are affirming there is no possible advantage or edge. I respect your personal view of the market, and concur 100%
 
It surprises me how more people aren't angry with the brokers who charge inflated commissions. I never see any thread regarding that. True, its just a cost of doing business but these guys make money every time. They take their cut/rake regardless of if you have a winning trade or a loser.

CajunSniper / Puretick.com Administrator-Trader
 
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