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All you need
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Created: by Jeff Castille Attachments:534

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All you need

  #1651 (permalink)
Elite Member
Northern California
 
Futures Experience: Intermediate
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AR01 View Post
Jeff,
I will consider myself successful when I can stop working for "The Man." I have a day job right now and trade before I go to work. But I am still in SIM mode. I don't consider myself successful yet. I believer my journey has been like many others. "There IS that holy grail indicator. I won't be the 95% because I've been successful at everything else I have ever done." I now consider this a life long learning process and I am excited about the challenge.

So what's the answer Jeff? Do you have a template (rhetorical)

My opinion.....How long does it take?

I look at it like this.....How much money do you want to make......how much education do you need to make that much money?

OK.... some years ago when my son was looking at getting his MBA he noted that the average starting salary of an MBA grad from Harvard was $106,000.00 / year. So how many years of education is required for that salary? Well let's see.....you've got your undergrad work....so 4 year degree....then MBA programs don't want you unless you have some real world work experience (they like to see 4 years)....then the actual MBA program itself ....2 years. So there you have it.....10 years of education and you've got yourself a $106,000/year job.

So.....is the education process for day trading substantially different than it is for an MBA degree? Why would someone who wanted to make $100,000/year spend 10 years getting the education to do it if they could do it for less? This is the lure of trading.....thinking you can take a short cut....get there faster....not have to take the time...money for nothin'...chicks for free... that's the way you do it (no that's a song) anyway I hope you see what I'm saying.

To think that you will be able to earn a CEO's salary without getting a CEO's education is foolish.

So how long does it take? I suppose it is different for everyone but if I had to say a time I think 2-3 years and about $40,000 in "tuition" should do it.

Can you survive the learning curve? Will your money make it till you've figured it out?

Andrew, keep on sim until you have demonstrated to yourself that you have mastered your platform and have developed a trading plan. Then make a case based on your track record why you should start trading live....why it is a good idea to put your hard earned money at risk in the market. If you can not be profitable on sim you will not be profitable live. Don't cheat on the sim. Go small size when you go live.....this is when the real education begins. You've got to have real money on the line to bring the psychological aspect into play.

Good luck my friend......just remember....95% of people who try this fail. Don't be one of them. Don't underestimate the education you need to be successful.

Jeff


Last edited by Jeff Castille; November 7th, 2009 at 02:43 PM.
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  #1652 (permalink)
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record100 View Post
these are mine variation of paint bars. It is variation of TTM trend indicator with the addition of reversal colors. In certain situations it work very well.

Hey Record 100,

Can you tell us a little about these paintbars?

Thanks, Jeff

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  #1653 (permalink)
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Zoethecus View Post
Can you share where you entered these trades and what you saw with the indicators to take them?

Also, are there any other indicators you are using but not shown on these charts?

Enter Long on Blue, Exit on Red
Enter Short on Red, Exit on Blue

The Paintbars are Eco2New. I am not using any other indicators.

I am always IN the market. This way I make sure I dont miss any Big moves. There are generally 5/6 Big moves in a month. Majority of my profit comes from these big moves.

This strategy can work only on a slower chart. There are 2 trades per day on an average.

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  #1654 (permalink)
Market Wizard
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yroyal View Post
Enter Long on Blue, Exit on Red
Enter Short on Red, Exit on Blue

The Paintbars are Eco2New. I am not using any other indicators.

I am always IN the market. This way I make sure I dont miss any Big moves. There are generally 5/6 Big moves in a month. Majority of my profit comes from these big moves.

This strategy can work only on a slower chart. There are 2 trades per day on an average.

always IN is a nice concept. That way you can be done away with a stop loss.

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  #1655 (permalink)
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Thats why I said in my earlier post (#1557)... Put a STOP to your stops ! :-)

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  #1656 (permalink)
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cory View Post
always IN is a nice concept. That way you can be done away with a stop loss.

In that case, this is a perfect candidate for auto-trade. Just set it and forget it.

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  #1657 (permalink)
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yroyal View Post
Enter Long on Blue, Exit on Red
Enter Short on Red, Exit on Blue

The Paintbars are Eco2New. I am not using any other indicators.

I am always IN the market. This way I make sure I dont miss any Big moves. There are generally 5/6 Big moves in a month. Majority of my profit comes from these big moves.

This strategy can work only on a slower chart. There are 2 trades per day on an average.

No StepMAV71?

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  #1658 (permalink)
Elite Member
Northern California
 
Futures Experience: Intermediate
Platform: Ninja Trader
Broker/Data: Amp Futures/ Zen-Fire
Favorite Futures: YM and CL
 
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Posts: 2,119 since Jun 2009
Thanks: 1,785 given, 3,279 received


yroyal View Post
Enter Long on Blue, Exit on Red
Enter Short on Red, Exit on Blue

The Paintbars are Eco2New. I am not using any other indicators.

I am always IN the market. This way I make sure I dont miss any Big moves. There are generally 5/6 Big moves in a month. Majority of my profit comes from these big moves.

This strategy can work only on a slower chart. There are 2 trades per day on an average.


So yRoyal,

Can you tell us a bit more about your rules.......for instance if there is no stop when do you determine to close a losing trade? Perhaps when you get an opposite signal? Do you just press the reverse button? Is this the same for a winning exit? Just curious.

Thanks, Jeff

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  #1659 (permalink)
Membership Revoked
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Futures Experience: Advanced
Platform: NT
 
Posts: 1,149 since Aug 2009
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Jeff Castille View Post
So yRoyal,

Can you tell us a bit more about your rules.......for instance if there is no stop when do you determine to close a losing trade? Perhaps when you get an opposite signal? Do you just press the reverse button? Is this the same for a winning exit? Just curious.

Thanks, Jeff

yroyal, can you also share with us what you consider to be a short range over a long range chart in which you never take a stop? The concept is intriguing to have both day and swing trades although I probably don't have the risk temperment to hold overnight.

I also noticed in a few of your prior charts that a single bar can change color in a trend and then the trend continues. Do you change your position in a quick fashion when this type of thing occurs? Seems like you would if youre only signal is from a bar color change.


Last edited by Zoethecus; November 7th, 2009 at 03:32 PM.
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  #1660 (permalink)
Market Wizard
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Jeff Castille View Post
So yRoyal,

Can you tell us a bit more about your rules.......for instance if there is no stop when do you determine to close a losing trade? Perhaps when you get an opposite signal? Do you just press the reverse button? Is this the same for a winning exit? Just curious.

Thanks, Jeff

my 2cents in the always IN universe there is no losing trade. If one side is losing it means the other side is winning. The market is telling you which side you should be on.

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