No charts, Indicators, etc. Am I Naive?

November 1st, 2011, 03:53 PM

hey kevv, wild....sure some ppl are a tad stressed right now. By "entry level", i mean the basic download, they keep prompting me to download the standard version of ninja. Time and sales is there, just doesnt fill...i will do some more digging, thanks

November 1st, 2011, 03:59 PM

@kevv..........winner, winner chicken dinner!! remembered the color coded link deal right after i posted....thanks again! now if i can just figure out how to interpret the info....

November 1st, 2011, 06:48 PM

Ha funny , I am making chicken pot pie tonight LoL
I got some tape reading files I will try and dig them up and get em to ya.

November 1st, 2011, 07:33 PM

skinlanta

@ Nasdin94 @ DionysusToast

Nasdin, my buddy set my screen up with 89 ma, 200 ma and pivots, along with the dom to the right....he is teaching me his entry method which has finally proven to be successful after 3 years and some tough financial lessons. im going to replace the dom with the time chart you referenced earlier.

Dionysus, I am firmly behind you re: your analysis of money management. I would ask Cloudy this: if close to 90% of folks are losing money in this endeavour, all the more reason not to do what they are doing, i,e, using charts, indicators, etc. My strategy to watch price and attempt to do exactly the opposite of what the little guys are doing does indeed result in some losers, but my winners tend to be big hitters.

Im going to continue to educate myself on the various charts and determine what works best for me. Thanks for the input , murf

Yes that's a good idea.
Mas do work.
But I doubt indicators.

However, do remember to take note of your Risk:reward ratio in your trades if you want to be consistently profitable.
Make sure that your R:R is at least 1:3 before you take a trade.
If not, ignore that trade.

November 1st, 2011, 08:07 PM

That would great Kevv!! appreciate it.

Nasdin, hes just starting to baby feed me probability stuff...I am starting to become increasingly aware that when it involves real cash u cant just fly by the seat of your pants. Maybe with 500k in the account u can take more chances and get away with it. Again, appreciate the input...murf

November 1st, 2011, 11:16 PM

skinlanta

That would great Kevv!! appreciate it.

Nasdin, hes just starting to baby feed me probability stuff...I am starting to become increasingly aware that when it involves real cash u cant just fly by the seat of your pants. Maybe with 500k in the account u can take more chances and get away with it. Again, appreciate the input...murf

Well I thought you wanted help?
Oh well then, if you want to choose to ignore about the risk to reward ratio and the Money management, go ahead then.

November 2nd, 2011, 06:45 AM

@Nasdin94, I dont understand your post...I was agreeing with you re: risk/reward when i mentioned probability. How in the world do determine your ratios? Do they simply evolve from your trade history or is there a formula? thanks, murf

Jigsaw Trading · November 2nd, 2011, 10:08 PM

Cloudy

Skinlanta and Dionysystoast. Apologies. My questioning and mood was probably too abrasive and mocking in expressing my disbelief. I've never been able to trade without a chart just using news or gut feeling. I have tried a bunch of indicator systems in the past, and have chucked most of them. Thanks for enlightening me about other non-charting methods some professional day traders may use. If you can find a way to trade without charts like reading ticker prices, tape reading, or advanced trade management, more power to you.

Nowadays, I use a combo of watching price action , some candlestick patterns, and pivot lines.
There's a thread here on futures.io (formerly BMT) on the free "better volume 3" indicator for NT7 which I suppose could be used without needing to watch a chart. (creator's website: www.emini-watch.com; also reviewed here on futures.io (formerly BMT)).

No need to apologise.

For what it's worth, I believe that charts are a help on more wiggly markets. The more intra-day swings a market puts in, the more useful a chart is in my opinion.

For me -
charts/volume profile = context
tape/DOM = entry

Still - I have no reason to believe that it is not possible to enter without Tape/DOM.

November 2nd, 2011, 11:26 PM

skinlanta

@ Nasdin94, I dont understand your post...I was agreeing with you re: risk/reward when i mentioned probability. How in the world do determine your ratios? Do they simply evolve from your trade history or is there a formula? thanks, murf

Risk reward ratio is,
The Take profit level for the trade / The stop loss of the trade.

Before you take a trade, calculate where your stop loss is and what level will you exit out of the market for Take Profit.

With good RR (1:3 at least) and money management, you only need a 38% accurate system in order to be successful

Jigsaw Trading · November 3rd, 2011, 12:20 AM

Just be aware that R:R is only potential risk & potential reward.

Let's say you have a 9 point target & 3 point stop. After entry, the market moves 8 points your way. Do you then let it go back & hit your 3 point stop? I'd hope not.

When you look at R:R + % win rate, it's theoretical.

When you actually trade, it's a little more fuzzy than that. There are full wins, full losses and a bunch of other stuff in the middle.

Personally, I don't use R:R at all for the above reasons. If I have a good premise for a trade, I will go with it. When it's no longer good, I will cut it.

There's a good section in the "No BS Daytrading" book. It's along the lines of "Skill will get you into a position, luck dictates how far it runs".

No charts, Indicators, etc. Am I Naive?

Discussion in Traders Hideout

No charts, Indicators, etc. Am I Naive?