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Looking for a trader partner
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Looking for a trader partner

  #11 (permalink)
Trading Apprentice
Delray beach, FL USA
 
Futures Experience: Intermediate
Platform: mt4
Favorite Futures: eur/usd
 
Posts: 20 since Sep 2011
Thanks: 12 given, 6 received

The room Id like to construct.....

Hi all. To answer Adamus question, I dont want anything with skype or text, I want a live room with live charts and sound. We would obviosly have 2 groups melded together...at least at first. One are the tire kickers who just want to check it out and will leave after a couple of days. Then we will get the committed guys who will patiently let all the "weak step sisters" get bored and leave and we can get maybe 5 or 10 of us that just hang out in the room and trade together. It wouldnt matter at first if we all used a completely different method. Why? Because we'd all be able to kep tabs on each other and obviously we would all switch to the method that worked best, helping the room to tweak and adjust it even further along the way. We need a moderator, a researcher of stats, a programmer or 2, a backtester, etc. Plenty of room for anyone and everyone. We could give each person a 30 day trial and then vote on who gets to stay. We can even charge a small monthly fee to keep out the "undesirables". No rush. I am still in the research phase. Im trying to switch from equities to futures and that in and of itself is very time consuming and there are a million platforms and software sellers out there to sift thru. So far I'm with Ninja for my charts.

Marc

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  #12 (permalink)
Trading Apprentice
Delray beach, FL USA
 
Futures Experience: Intermediate
Platform: mt4
Favorite Futures: eur/usd
 
Posts: 20 since Sep 2011
Thanks: 12 given, 6 received

Seems all the big traders have support.

Starting with Market Wizards and reading the interviews of the biggest and best traders right down here to the trading rooms that canot possibly be run and marketed and manned by just one person, it seems to me that having a team, employees, mentors or whatever you choose to call them...........is the most common denominator in becoming not only a winning trader but especially a big time trader. I personally would not like to be sitting in my own apartment all alone when my system goes down as I am hitting the buy button and my trade goes up over 100 ticks and I get locked out when I am at a level of trading many contracts, would you?

So much for the "glamour" of the traders lifestyle. It all sounds good, but the biggest secret I can admit to in my 10+ year trading career is that being alone during frustrating moments does not end when the trade or even the day is over. You can lose your taste for trading for weeks............maybe months, maybe longer. Try having your biggest drawdown of the year and then lose your mother in a car accident the same month. Then a month later you stop talking to your best friend of over 30 years. It happened to me over 18 months ago and only now am I getting the feeling back to trade. There are certain anti-social beings who will be happy traders sitting in a room or office alone eveery day, day after day. The rest of us have got quite a shock coming if you do not have supportive people by your side on your journey.

Brian Tracy the psychologist and life-coach said that 80% of your happiness comes in the company of other human beings. Now how does trading alone with no mentors, partners or protege's fit with that????

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  #13 (permalink)
Trading Apprentice
Delray beach, FL USA
 
Futures Experience: Intermediate
Platform: mt4
Favorite Futures: eur/usd
 
Posts: 20 since Sep 2011
Thanks: 12 given, 6 received

Heart attack anyone?


I remember being in a trading room for futures called EOT PRO and there was about 20 of us in the room(I hate rooms where they keep you in the dark as to how many people you are with all day. I think that's a red flag.) when the moderator and head trader said excuse me guys, I have to take a call. And he came back and told him his friend came back and told him that a trader in a prop room just had a heart attack trying to scalp a very tight range morning market) and I remember thinking, imagine if that happened to you and you were alone trading. Jeez! And this guy I think was in his 30's. I wonder if anyone will ever do studies to show how traders age and deteriorate when trading alone as compared to having a "positive " team atmosphere? Im not trying to be depressing, just that there are so few winning traders to begin with, who would want to belong to such an elite group and have no one who can verify they see you do it?

To me it would be like being Babe Ruth and playing in a batting cage by yourself all day.

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  #14 (permalink)
Trading Apprentice
Delray beach, FL USA
 
Futures Experience: Intermediate
Platform: mt4
Favorite Futures: eur/usd
 
Posts: 20 since Sep 2011
Thanks: 12 given, 6 received

Prop rooms....

I got taken for a good bit of cash by a prop room that just went out of business and the owner was a best selling author and writer. This was recently.(Under 2 years) I think most of us who fall for trading room scams and prop room scams would never do it if they had a small group of people to trade with where one or 2 guys were already winning traders or at least could show them how to become one! People admit to doing all kinds of foolish things in trading. Why does no one ever admit to being unmotivated or bored or even lonely when they are stuck in a room all day by themself? I wonder what the drug and alcohol usage is in this business?

Another thing, what if you finally back and forward test a methodology that turns out to look like a golden system and you lost your motivation to do it. Im almost at that point now. Plus if you are single, how is one suppose to meet women as a trader? You cant! Am I scaring a few of you now? Good! This is no free lunch. And personally I think the guys who manage the most money are not the best traders. They just lucked out and got a job at a big firm. The smartest traders just might have spent years alone before they could even hire a staff.

BTW.....never join a prop room that has any penalties or hidden fees. Dont get me started on the prop room scams out there. A prop room is any trading room that makes you put up your own money to "supposedly" mingle with the firms money to give you leverage. Who is monitoring those firms? As of now....no one!

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The following user says Thank You to Marc V for this post:
 
  #15 (permalink)
Trading Apprentice
HATTIESBURG
 
Futures Experience: Advanced
Platform: NT, MC
Broker/Data: IB
Favorite Futures: currency, futures or forex and oil...es some
 
stone97's Avatar
 
Posts: 17 since Oct 2011
Thanks: 19 given, 8 received


Marc V View Post
Hi all. To answer Adamus question, I dont want anything with skype or text, I want a live room with live charts and sound. We would obviosly have 2 groups melded together...at least at first. One are the tire kickers who just want to check it out and will leave after a couple of days. Then we will get the committed guys who will patiently let all the "weak step sisters" get bored and leave and we can get maybe 5 or 10 of us that just hang out in the room and trade together. It wouldnt matter at first if we all used a completely different method. Why? Because we'd all be able to kep tabs on each other and obviously we would all switch to the method that worked best, helping the room to tweak and adjust it even further along the way. We need a moderator, a researcher of stats, a programmer or 2, a backtester, etc. Plenty of room for anyone and everyone. We could give each person a 30 day trial and then vote on who gets to stay. We can even charge a small monthly fee to keep out the "undesirables". No rush. I am still in the research phase. Im trying to switch from equities to futures and that in and of itself is very time consuming and there are a million platforms and software sellers out there to sift thru. So far I'm with Ninja for my charts.

Marc

Mark I was under the impression you were looking for several like minded traders to share ideas and trades with in live time. In reading what you are describing looks like it becomes a job and at some point real quick would get in the way of trading....sharing trades and setups in real time is a great idea and I subscribe to that, a room for the public...well there are enough of them out there now and from what I read they are not so impressive. Just my thoughts.

Chuck

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  #16 (permalink)
Trading Apprentice
Delray beach, FL USA
 
Futures Experience: Intermediate
Platform: mt4
Favorite Futures: eur/usd
 
Posts: 20 since Sep 2011
Thanks: 12 given, 6 received

60 min chart is golden for knowing if you are extended.

Hi Chuck,

Well sure, we would have to get to know each other on this form first, but no, I ultimately want to go to stage 2 which would be to have a live trading room (at least 2-3 hrs. a day to start to compare trades) and then stage 3 which would be to trade together live. But everyone interested could stop at stage 2 or 3 depending on thier preference. And if we got a really sharp group that didnt waste a lot of time in their posts, we could trade ideas here also . For example, I find in the spot Forex, if you look at any 60 min chart with a 20 sma on it, any trade where the moving average is not touching price or more than 1/2 inch from the average is a bad trade as price at 60 min likes to stick to the average like glue. Can anyone confirm this with me. I have studied it for months now and find that any long trade is negated regardless how far above the moving average it is or what kind of candle it is, if its too far away from the moving average line. I have found monster setups on a 15 min chart that just went sideways for 2-3 hours until price and moving average touched or came close to it. This has been the best overbought/oversold indicator I have seen yet. Lets start with that. Anyone? On a rare occassion that price gets away from the average, its for so many fewere bars than a 15 or even a 5 or 2 min bar(if trading equities) it actually pays to just wait till convergence occurs! Can anyone show me any examples of where they took a good trade when the 60 min was already an inch or more above the MA, and it ran for them? Im not talking scalping. Im talking minimum 30 pip or more winners.

Scenario 2- With a 3 pip spread on average, what is the minimum projected winner you should be going for to be able to stay ahead? I say 30 is bare minimum. Look what that adds up to in % terms per trade! It is why scalpers cannot win in spot Forex and even in futures add up what the spread you gave away on every trade you did all year came out to. Bet even if you are a winner it ate up 40% or more of your profits if you scalp. Am I correct?

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  #17 (permalink)
 Vendor: www.traderwerks.com 
Taipei Taiwan
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: Optimus
Favorite Futures: TW
 
Posts: 693 since Jun 2009
Thanks: 440 given, 440 received


Marc V View Post
For example, I find in the spot Forex, if you look at any 60 min chart with a 20 sma on it, any trade where the moving average is not touching price or more than 1/2 inch from the average is a bad trade as price at 60 min likes to stick to the average like glue.

Hi Marc,
What do you mean by '1/2 inch' ?

TW

Math. A gateway drug to reality.
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  #18 (permalink)
Trading Apprentice
HATTIESBURG
 
Futures Experience: Advanced
Platform: NT, MC
Broker/Data: IB
Favorite Futures: currency, futures or forex and oil...es some
 
stone97's Avatar
 
Posts: 17 since Oct 2011
Thanks: 19 given, 8 received


Marc V View Post
Hi Chuck,

Well sure, we would have to get to know each other on this form first, but no, I ultimately want to go to stage 2 which would be to have a live trading room (at least 2-3 hrs. a day to start to compare trades) and then stage 3 which would be to trade together live. But everyone interested could stop at stage 2 or 3 depending on thier preference. And if we got a really sharp group that didnt waste a lot of time in their posts, we could trade ideas here also . For example, I find in the spot Forex, if you look at any 60 min chart with a 20 sma on it, any trade where the moving average is not touching price or more than 1/2 inch from the average is a bad trade as price at 60 min likes to stick to the average like glue. Can anyone confirm this with me. I have studied it for months now and find that any long trade is negated regardless how far above the moving average it is or what kind of candle it is, if its too far away from the moving average line. I have found monster setups on a 15 min chart that just went sideways for 2-3 hours until price and moving average touched or came close to it. This has been the best overbought/oversold indicator I have seen yet. Lets start with that. Anyone? On a rare occassion that price gets away from the average, its for so many fewere bars than a 15 or even a 5 or 2 min bar(if trading equities) it actually pays to just wait till convergence occurs! Can anyone show me any examples of where they took a good trade when the 60 min was already an inch or more above the MA, and it ran for them? Im not talking scalping. Im talking minimum 30 pip or more winners.

Scenario 2- With a 3 pip spread on average, what is the minimum projected winner you should be going for to be able to stay ahead? I say 30 is bare minimum. Look what that adds up to in % terms per trade! It is why scalpers cannot win in spot Forex and even in futures add up what the spread you gave away on every trade you did all year came out to. Bet even if you are a winner it ate up 40% or more of your profits if you scalp. Am I correct?

Mark, I'll have to go look at the first and to see what that configuration looks like, but on the second issue, I don't think you are likely to ever find a true scalper who's working on a 3 pip spread, more like 1/2 to 1.

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  #19 (permalink)
Trading Apprentice
HATTIESBURG
 
Futures Experience: Advanced
Platform: NT, MC
Broker/Data: IB
Favorite Futures: currency, futures or forex and oil...es some
 
stone97's Avatar
 
Posts: 17 since Oct 2011
Thanks: 19 given, 8 received


stone97 View Post
Mark, I'll have to go look at the first and to see what that configuration looks like, but on the second issue, I don't think you are likely to ever find a true scalper who's working on a 3 pip spread, more like 1/2 to 1.

Mark, concerning the 20sma and the 60 minute chart....some of the best trades show up at the extreme over bought and over sold which will both put you in excess of your 1/2 inch above or below the price action. Now from what I gather from your post you are looking for a valid buy trade above the price action. These do happen and when they do there are no indicators that bear good fruit as a rule as they are a result of some important, unexpected information that effects the currency in question....aka the NFP out this Friday morning. If it's way out of line, you will see what you have not seen yet.

In a normal calm market the 20sma tracks price very well and yet it provides no useful information that I have found. This true of all price charts. Personally I use the 34 period exponential ma with currencies and find it better to track price action.

One other thing I've noticed about ma and price action. The longer the ma stays above or below the price action, the more significant the event that produced it. In time they will always come back together, it is telling if price comes back or if the ma comes to meet up with the new high/low price.

Just some observations

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  #20 (permalink)
Trading Apprentice
Delray beach, FL USA
 
Futures Experience: Intermediate
Platform: mt4
Favorite Futures: eur/usd
 
Posts: 20 since Sep 2011
Thanks: 12 given, 6 received

Hello K TRADER


Hi KTRADER,

So what do you trade, what time frames, and what can you bring to the table? What ideas or systems are you currently working with? Tell us more about yourself. How can we invite you to join an elite group who will be bonded together for life like brothers on 1 or 2 sentences? -)


Marc

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