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Learning to Trade: The Cost Of Tuition
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Learning to Trade: The Cost Of Tuition

  #11 (permalink)
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Mercury View Post
Marcel Link " Trading Without Gambling "

thanks for my only comment so far. i have not read this book, i can skim thru it if you'd like i have become a slow read of books unless a book has a glowing receive it's a little hard to read as my ideology of market action and my indicators have been written and and redefined, as i am not the programming it's hard to get code changes let alone changes in the development of the indicator set up changed.

"Learning to Trade: The Cost Of Tuition"
- a roadmap of my lessons learned as taught by the market
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  #12 (permalink)
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Month of June Post 7

The Cost Of Tuition:
&
Books:
Learning to code the only journal you will ever need. Once you have something starting to take shape it’s time to already know how to code, this I am speaking about from the power of hindsight. I wish I learned coding, I really do. So trust me learn to code, learning another language once you know who to code is easy, all the books are writing for this not teaching newbies to learn to code.

For all of my google searches the very best language to learn from is python. I have created a google group where I have laid out my findings from around the net (yes you can join but you need to email me). The only two books I’ll mention here are free open source python books. “Byte of Python” Python - Notes and Green Tea Press: Free Computer Science Books there are two versions of this book “Think Like a Computer Scientist” as of how it came into being. I whole hearted wish someone would make a C# version of each of these. “Think Like a Computer Scientist” Has a C++ version as well as java. But none of that matters because Ninja Trader 7 is C#.

Since I am in the process of learning to code, as I can cut and paste code. All I can tell you is that understanding the nature of coding is this.
Programs are mainly expressions, that you will compare to other expressions.
It is the nature of your flow statements.

Sidenote: Write out the exercises otherwise why read the book?

Market quip from my notes:
Holy grails can only be traded/coded by you.

Remember all comments, questions, concerns, rantings hijackings, are up for discussion.
Any ribbing, trolling, flaming should be reviewed before posting and then deleted.

"Learning to Trade: The Cost Of Tuition"
- a roadmap of my lessons learned as taught by the market
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  #13 (permalink)
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Month of June Post 8


The Cost Of Tuition:
Supply and Demand vs. Overbought Oversold vs. Compressed Uncompressed

The first two are both very common terms to talk about the market conditions but I do not think they are exactly right from a traders perspective. In my toolbox of indicators needed to extract this information for me was not quick enough to trade with. There was a disconnect, and any disconnect in my trading response means to me that my trading psychology is unbalanced.

This is how I calibrate my psychology, is my trading set up causing me to hesitate, if so eliminating the point of doubt is my solution. I remember the moment I discovered that compression was really what the markets were all about, trending markets and sideways markets both become a Boolean statement of compression.

Price Action was now only one of two things, it checked out on every time frame. micro to macro, there was no thought process only reaction. With this new understanding came a huge refinement my trading set up. A lot of waste was removed, which just made everything simpler still. Simplifying the reaction time to Price Action. remove all doubt. On a side note I was now able to actively follow more markets, using a rather small time frame, which mean to me that I was using a lot less mental energy to detect my trade setups.

Books:
William J. O'Neil has written a few books and runs a newspaper, the books are worth the read but papers are so dated when I think about trading.

Sidenote: The more correct a theory is. The more you’ll find similar ideologies expressed differently.

Market quip from my notes:
The second try can become compression.

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"Learning to Trade: The Cost Of Tuition"
- a roadmap of my lessons learned as taught by the market
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  #14 (permalink)
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Month of June Post 9

The Cost Of Tuition:
The one thing everyone knows about a trending market is higher highs & lower lows, well I also think this concept is outdated there is far to much lag waiting for an extreme on a price bar to be made, there has to be a simply marker of this. Do not get me wrong you need to know how to read high highs and lower lows otherwise any refinement there of would not be understood, this also ties directly into Elliot Wave analysis and Tape Reading.

Example learning to read candlestick bar patterns is a poor way to Tape Read, but it makes complete sense because we hardly use the ticker tape anymore, but in my option it’s to much lag waiting for a bar to set up, than to be followed by whatever pattern to confirm it. To make both processes simple why not just note if the open is supported i.e. price moves on from there. Now Price Action is the confirmation and there is no lag period. It can not get anymore simple than that. In review supported opens removes a lot of waiting to get in, which is ultimately profit.

Books:
I am out of books to recommend, but I know a few of the books previously mentioned can be bought as audio books, I think this is a great way to pass idol time driving running of whatever.

Sidenote: Indicator lag is the worst slippage.

Market quip from my notes:
(highershi/lowerslo, oscillation points)supported opens.

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"Learning to Trade: The Cost Of Tuition"
- a roadmap of my lessons learned as taught by the market
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  #15 (permalink)
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Month of June Post 10

The Cost Of Tuition:
Noise vs. movement is what the market is made up of. The Price Action is what you are tapping into, which is made up of but all the actively trading traders trading that market. This frequency and it’s amplitude is what we are trying to tap into. This is the oscillation of the ohlc bar, using a single daily bar if you look at it this is the map, but as we know a map is not the terrain. Open is always first and close is always last but after that there is hardly any patterns between high and low of the day, I have counted the peaks and valleys of intra day price action and how many different directions changes there are. There is no set pattern, so to me movement is the over all direction of each minor turn during the day, and noise is what gets lost intra bar. Small enough time frame noise becomes movement, but at this scale, discretionary trading is madden. And your indicator set has to be near laggless. But this is were computers come in and do what they do. There is no reason to have cpu’s trading as humans do, what a waste, imo.

(True)Scalping whether by tape reading or an indicator is trading at the level of noise, and day trading is riding the larger movement of the day, which is trend following on the short term side. I used to get caught up in knowing what was a good way of knowing if the market was trending up or down, overall. That is rather pointless now, just use last weeks open and close or high and low, if the market is trading above or below those points that is the trend direction, if it's between them it's sideways. Clean and simple, no worrying, no lag. If your day trading and the market is between the last weeks points, you will need to not have a bias on trade direction and should not try to let the winners ride. There no point, two many traders doing to many different things. Trading off bands/channels would suit you more for the conditions of the market.

Sidenote: Noise > Scalping vs Daytrading < Movement

Market quip from my notes:
Having a bias on market direction meaning only one thing having a lack of profits.

Remember all comments, questions, concerns, rantings hijackings, are up for discussion.
Any ribbing, trolling, flaming should be reviewed before posting and then deleted.

"Learning to Trade: The Cost Of Tuition"
- a roadmap of my lessons learned as taught by the market

Last edited by jupiejupe; June 29th, 2011 at 05:09 AM. Reason: got over writers block
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  #16 (permalink)
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Month of June Post 11

The Cost Of Tuition:
Just as with indicators your strategy is a play on order types. Market, StopOrder, Limit, StopOrder Limit, these are the weapons of choice of your strategy. You should know what they mean backwards and forth and how they would help a strategy lock in more profit. No need to exit a position when placing a protective order will do just fine.

Sidenote:
Your strategy should be refined enough to call stop orders to protect your market orders.

Market quip from my notes:
Is it better to has slippage on never get in the trade?

Remember all comments, questions, concerns, rantings hijackings, are up for discussion.
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"Learning to Trade: The Cost Of Tuition"
- a roadmap of my lessons learned as taught by the market
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  #17 (permalink)
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Nice thread, we have similar taste in literature...

I'm surprised you haven't gotten more response...

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Lornz View Post
Nice thread, we have similar taste in literature...

I'm surprised you haven't gotten more response...

I was thinking the same thing, you have any books that were worth reading?

"Learning to Trade: The Cost Of Tuition"
- a roadmap of my lessons learned as taught by the market
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  #19 (permalink)
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Month of June Post 12

The Cost Of Tuition:
Reusing Indicators to serve your trading ideology. Case and point Heiken Ashi as bar colouring. Personally I love Heiken Ashi filtering system, I think is rather awesome, but it hides far to much price movement as a price bar. It would be far better to only colour the price bar but not change the extremes ends. Or even change the chart background colour to let the trader know which direction the trend is for the time frame they are charting. Using multiple time frames you can adjust Heiken Ashi to fit the price extremes of pivot points, for your order entry trading time frame.

So this has been my view of the markets and how they work. This of course is not how to trade as I do not think that would benefit you but more so, areas of study to learn your own trading system which will benefit you. I didn't have a road map, but I am not sure that would have even helped. Either way Good Luck and hope to do battle with you shortly.
-Jupiter Lovejoy

Remember all comments, questions, concerns, rantings hijackings, are up for discussion.
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- a roadmap of my lessons learned as taught by the market
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  #20 (permalink)
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