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BMT Q&A chat, Dec 7th 7PM EST

  #5 (permalink)

Site Administrator
Manta, Ecuador
 
Trading Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 47,647 since Jun 2009
Thanks: 30,377 given, 89,984 received

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MGC Chatbox EVO DUMP - General channel archives
Big Mike Trading Forum;https://futures.io
December 7th, 2009 07:11 PM
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12-07-09 7:09 PM - gregid : Thanks guys and good night!
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12-07-09 7:09 PM - mysthars : thanks and have a grt night
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12-07-09 7:09 PM - Blz17 : Thanks Mike
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12-07-09 7:09 PM - TonyA : night
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12-07-09 7:08 PM - SteveM : Have a good night all .......................
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12-07-09 7:08 PM - SteveM : Thanks a ton Mike and every one else for all the useful tips ......................
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12-07-09 7:08 PM - Big Mike : Thank you everyone for participating, and I hope to see you in the forums.
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12-07-09 7:08 PM - deltason : for future i would like to see info on being undercapitalized
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12-07-09 7:08 PM - 445NDO : Thanks again Mike
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12-07-09 7:08 PM - Big Mike : We will announce the next Q&A session sometime soon.
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12-07-09 7:08 PM - TonyA : i enjoyed the responses and especially being pointed into certain areas of the site that i might not have gone to
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12-07-09 7:08 PM - adrian : thanks all
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12-07-09 7:08 PM - Big Mike : I will be taking this chat log and dumping it into a thread for future reference.
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12-07-09 7:07 PM - Big Mike : Ok great, we will try to improve the way it is organized if possible in the future. But overall I think it went well and wasn't too chaotic. I am glad I am a fast typer
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12-07-09 7:07 PM - banbrooke : mike how many users connected to this chat , maybe i can help with hosting with my gotomeeting
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12-07-09 7:07 PM - gfg1 : this was great ty big mike
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12-07-09 7:07 PM - 445NDO : but for future it would be great if we can have a webinar setup and the experts walk us through the setups
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12-07-09 7:07 PM - dennho : maybe once every other week or once a month...
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12-07-09 7:07 PM - HOBBIT^33^ : yes
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12-07-09 7:07 PM - Blz17 : yes, definitely
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12-07-09 7:07 PM - Peter2150 : I didn't jump in but Mike this was excellent
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12-07-09 7:07 PM - deltason : yes, very helpful
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12-07-09 7:07 PM - Big Mike : Should we do this on a routine basis, like each week, every other week, etc?
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12-07-09 7:07 PM - Tman : the hard thing to learn for me was to wait, not try and trade every little turn in the market, wait for the trend to develope, wait for the correction against the trend and trade that
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12-07-09 7:06 PM - dennho : yes please host live Q&A sessions again sometime in the future.
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12-07-09 7:06 PM - 445NDO : yes it was very helpful Mike
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12-07-09 7:06 PM - banbrooke : thanks mike
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12-07-09 7:06 PM - TonyA : sure... fire away
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12-07-09 7:06 PM - dennho : thanks!!!
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12-07-09 7:06 PM - Big Mike : What did you think of this Q&A? Was it useful?
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12-07-09 7:06 PM - deltason : thanks everyone
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12-07-09 7:06 PM - HOBBIT^33^ : thanks mike
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12-07-09 7:06 PM - Big Mike : Can I ask you a few questions now?
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12-07-09 7:06 PM - TonyA : thank you all
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12-07-09 7:06 PM - Big Mike : Thank you everyone for your participation!
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12-07-09 7:06 PM - mysthars : thanks Mike
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12-07-09 7:05 PM - Gary : At least for me it did, PAIN in the form of money loss, helped open my eyes, and forced me to start a journal, track statistics, and stick with my trading plan.
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12-07-09 7:05 PM - dennho : oh yeah? I will have to look into MC.... thanks for answering teh question i thought it was lost in the chat!!
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12-07-09 7:05 PM - Big Mike : @Steve: thank you
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12-07-09 7:05 PM - Big Mike : @ban: Yes, I have many reasons for wanting to trade CL too. BUt I am weary of recommending it to anyone who has not already proved themsleves to be a successful trader, due to the additional risk.
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12-07-09 7:05 PM - Gary : IMHO, Blowing an account is not a requirement, but unfortunately, it takes one of the greatest teachers, PAIN, to help you push thru some of the mental obstacles in your way to profitability.
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12-07-09 7:04 PM - Big Mike : I have looked closely at MultiCharts and exchanged many conversations with the founder of MC, I like it a lot, especially when MC 7.0 comes out
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12-07-09 7:04 PM - deltason : can't trade without $. shouldn't trade without a plan.
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12-07-09 7:04 PM - TonyA : @mike: does trading the 5Min chart have anything to do with it is a universal chart that alot if not most look at
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12-07-09 7:04 PM - roonius : @sam: it could be fatality to youtr trading
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12-07-09 7:04 PM - Big Mike : @dennho: No I am not surprised about the software. I often thought of starting my own trading platform but who am I kidding, I want to trade, the rest of my programming aspirations are just hobbies.
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12-07-09 7:04 PM - sam028 : @hobbit: Hallowing setup was from Websouth I think, or The Wizard
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12-07-09 7:04 PM - HOBBIT^33^ : its on the forum
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12-07-09 7:03 PM - adrian : @Mike - thank you for your excellent responses
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12-07-09 7:03 PM - sam028 : but blowing an account is not a fatality
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12-07-09 7:03 PM - Big Mike : @hobbit: halloween setup? I don't follow
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12-07-09 7:03 PM - HOBBIT^33^ : MIKE YOU HAVE BEEN DOING A GREAT JOB HELPING
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12-07-09 7:03 PM - deltason : i've blown most of my account. don't want to blow th rest.
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12-07-09 7:03 PM - Big Mike : @mysthars: About the same time I switched to a 5m chart is also when I got rid of all my whiz-bang indicators, and focused on using EMA 20 only. I since then replaced EMA 20 with futures.io (formerly BMT)CollectiveMA, which I wont go into details here but I listed why on the thread.
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12-07-09 7:02 PM - Big Mike : @deltason: Few to none -- most traders making millions do not wish to disclose their secrets, and have no interest in mentoring. It takes the right kind of person.
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12-07-09 7:02 PM - 445NDO : mike you are not alone. have blown 2 accounts 50k each = 100k while trading with scottrade ..
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12-07-09 7:01 PM - Big Mike : @soumi71: I believe that a 5m chart is less risky than a 60m, yes. I do not believe that a 6 range chart is less risky than a 5m, however. Maybe each individual stop is smaller, but the combined number of stops for 'no apparent reason' will outweigh the 5m. IMO, naturally
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12-07-09 7:00 PM - deltason : yeah, thanks mike.
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12-07-09 7:00 PM - Big Mike : @adrian: It has been said that more traders that come from a strong Business background and are C-level (CEO, CFO, etc) end up FAILING, because they approach it like they know something others don't, or are better suited/smarter, etc. I fall in this category! It took a long time, a lot of money, and it took soul searching like you cannot believe.
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12-07-09 7:00 PM - SteveM : @Mike: Very well said ................. Thanks
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12-07-09 6:59 PM - Big Mike : @adrian: Since most do not have this kind of money to burn, or time to spend, they end up failing because they thought they could beat the odds, beat the system. They thought they were smarter than the average person.
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12-07-09 6:58 PM - Big Mike : @adrian: If you've read a bunch of trading books, most of them start out "Well, before I was successful, I first blew up two or three accounts, losing $100,000 or etc etc"... that 100k is like tuition, it takes that much money and time before you can learn, for most people.
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12-07-09 6:58 PM - banbrooke : mike this is the reason that i think that the CL is less risky and its easier to trade , what you develop a good trending system you will be able to follow it on any instrument that trend
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12-07-09 6:58 PM - Big Mike : @adrian: Too many traders try to make their living with a undersized account, no day job, and no plan. They approach it like gambling.
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12-07-09 6:57 PM - dennho : Big Mike... do you find it surprsing that there is no perfect software out there... NT has its issues. I use Quote tracker and it has its own set of issues.... where is the "holy grail" of charting software??
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12-07-09 6:57 PM - Big Mike : @adrian: But they fail because of themselves, because of how they approach it, not because it's hard or impossible.
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12-07-09 6:57 PM - deltason : thx big mike
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12-07-09 6:57 PM - Big Mike : @adrian: Very scary, yes?
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12-07-09 6:57 PM - Big Mike : @adrian: Excellent question. Studies say 90-95% of traders fail.
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12-07-09 6:56 PM - deltason : @sam - thanks sam.
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12-07-09 6:56 PM - HOBBIT^33^ : mike i have been looking at your halloween setup, getting to understand it now
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12-07-09 6:56 PM - Big Mike : @deltason: There is no substitute for live trading. Everything looks perfect in hindsight, so there is no perfect answer here. There is a lot of value in studying charts, but there is no substitute for live trading.
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12-07-09 6:55 PM - mysthars : thanks Mike, when you switched, you kept your indicators and method, or you made a new one?
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12-07-09 6:55 PM - deltason : does anybody personally know big traders that trade millions or billions of dollars? if yes, do they mentor? if yes, where do we sign up?
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12-07-09 6:55 PM - Big Mike : @ban: Yes, CL can be trendy while ES seems choppy. I agree. I have very little patience, so CL suits my personality well.
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12-07-09 6:55 PM - soumi71 : @Mike smaller timeframes are less risky because of where the stops are placed
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12-07-09 6:55 PM - Riverend : I have to leave you fine folks. Thanks for the chat. good idea Mike and Mods
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12-07-09 6:55 PM - Big Mike : Here is the post Big Mike's trading advice
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12-07-09 6:55 PM - adrian : @Mike Is it really possible/realistic to trade for a living long term assuming 95% fail? Are the 5% "professionals"?
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12-07-09 6:55 PM - sam028 : @deltason: if you have a look, on a 60m charts for example, of chat have done the news, you'll be surprised that in many cases, their were no impact

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