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The PandaWarrior Chronicles
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The PandaWarrior Chronicles

  #21 (permalink)
Elite Member
In the heat
 
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monpere View Post
[/URL]

Have your tried the free DynamicSRlines inticator here on futures.io (formerly BMT)? Looks to be the same principle.

https://futures.io/local_links.php?action=ratelink&linkid=891&catid=19&lpage=1

I have tried those. They are pretty similar and free. I've taken all of it off already though. To much stuff on the screen.

Instead I've added a 36 range chart and hand draw some S/R on that.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #22 (permalink)
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Private Banker View Post
Great video! I'm glad you posted that. Steve Vai is a true Master of his profession and art. Everything he said in this video can be used towards trading. Just insert trader instead of musician and it's extraordinary.

Cheers,
PB

I got it from another poster here on futures.io (formerly BMT)....Attitudetrader I think...can't remember at the moment....but still its an awesome video.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #23 (permalink)
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Markets “trend” only 20% of the time, which of course means they are range-bound or in equilibrium, with little or no serial correlation, the other 80% of the time. Adopting a trend following methodology, by your own admission, is a severely restrictive trading strategy.

You are more than capable of intellectualizing and philosophizing about what is logical and correct in reference to strategy and execution, yet you cannot control your instinctual impulses to do what makes you feel good, rather than what is good for your.trading. It is the eternal struggle between impulse and intellect, and seems very evident in your writings.

While you judge yourself by your trading progress to a great extent, you are overly concerned about the outcome. You prefer to make a trade on a signal from a lagging indicator, rather than on your own intuitive sense , which you have developed from studying price action. In this way you can blame the indicator, when the market does not do what it “supposed” to do, and not yourself. You talk about trading correctly, in the future, but adopt a methodology you know is incorrect in the present.

Most traders allow their emotions to fluctuate with their P&L and the quality of their execution, instead of remaining consistent and even tempered. To combat this tendency, traders need to be prepared at all times. They have to have an idea of what they are going to do, when the market does what it is going to do.

Too much emphasis is placed on initiating the trade ”perfectly” and not on the exit. Don’t try to predict how long the move will be, let the market tell you when to get out. Get out of your longs when you don’t want to be long anymore, not because it feels good to book a profit. Don’t just take small losses, but take optimal losses. Take your loss and get over with it - you’re not always going to get it right.

 
  #24 (permalink)
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San Diego, California
 
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tigertrader View Post
Markets “trend” only 20% of the time, which of course means they are range-bound or in equilibrium, with little or no serial correlation, the other 80% of the time. Adopting a trend following methodology, by your own admission, is a severely restrictive trading strategy.

You are more than capable of intellectualizing and philosophizing about what is logical and correct in reference to strategy and execution, yet you cannot control your instinctual impulses to do what makes you feel good, rather than what is good for your.trading. It is the eternal struggle between impulse and intellect, and seems very evident in your writings.

While you judge yourself by your trading progress to a great extent, you are overly concerned about the outcome. You prefer to make a trade on a signal from a lagging indicator, rather than on your own intuitive sense , which you have developed from studying price action. In this way you can blame the indicator, when the market does not do what it “supposed” to do, and not yourself. You talk about trading correctly, in the future, but adopt a methodology you know is incorrect in the present.

Most traders allow their emotions to fluctuate with their P&L and the quality of their execution, instead of remaining consistent and even tempered. To combat this tendency, traders need to be prepared at all times. They have to have an idea of what they are going to do, when the market does what it is going to do.

Too much emphasis is placed on initiating the trade ”perfectly” and not on the exit. Don’t try to predict how long the move will be, let the market tell you when to get out. Get out of your longs when you don’t want to be long anymore, not because it feels good to book a profit. Don’t just take small losses, but take optimal losses. Take your loss and get over with it - you’re not always going to get it right.

Thanks, TigerTrader.... I didn't want that post to end LOL

 
  #25 (permalink)
Membership Revoked
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tigertrader View Post
Markets “trend” only 20% of the time, which of course means they are range-bound or in equilibrium, with little or no serial correlation, the other 80% of the time. Adopting a trend following methodology, by your own admission, is a severely restrictive trading strategy.

A good post!

But it should be noted that increased trade frequency shouldn't necessarily be a goal. Some people prefer RTM-strategies, others are trend followers... It's the P&L that counts, not the number of trades or time in the market...

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  #26 (permalink)
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Lornz View Post
A good post!

But it should be noted that increased trade frequency shouldn't necessarily be a goal. Some people prefer RTM-strategies, others are trend followers... It's the P&L that counts, not the number of trades or time in the market...

Of course the bottom line is the bottom line. But it's not about trading more, it's about providing yourself with more opportunities to trade and make money. I ‘m not saying that one strategy is better than the other - they each have their limitations. To use a rule based, trend following method, you need a large sample. So you must be diversified and be trading multiple instruments. If you only trade a RTM strategy, then you will not catch the really big moves. So, what I’m saying is you should not limit yourself to either strategy but incorporate both of them into your trading plan. First identify if it’s a range or trend day. In theory you will see 4 trend days and 16 range days in a month, so naturally you will be doing more RTM trading, but it’s those 4 days when you get a trend day, that you can trade more aggressively, pressing and adding to your positions. Incorporating BOTH strategies allows you the flexibility to adjust your strategy to the current conditions in the market.

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  #27 (permalink)
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tigertrader View Post
Of course the bottom line is the bottom line. But it's not about trading more, it's about providing yourself with more opportunities to trade and make money. I ‘m not saying that one strategy is better than the other - they each have their limitations. To use a rule based, trend following method, you need a large sample. So you must be diversified and be trading multiple instruments. If you only trade a RTM strategy, then you will not catch the really big moves. So, what I’m saying is you should not limit yourself to either strategy but incorporate both of them into your trading plan. First identify if it’s a range or trend day. In theory you will see 4 trend days and 16 range days in a month, so naturally you will be doing more RTM trading, but it’s those 4 days when you get a trend day, that you can trade more aggressively, pressing and adding to your positions. Incorporating BOTH strategies allows you the flexibility to adjust your strategy to the current conditions in the market.

How do people identify trend days? I generally don't know it's a trend day, until I look back at the day and realize, hey this was a trend day. Of course this may be because I don't care about trends, given my trading method was designed to take advantage of market phenomena that occur regardless of trend. Just wondering how trend traders predict trend days, in order to capitalize on them.

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  #28 (permalink)
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monpere View Post
How do people identify trend days? I generally don't know it's gonna be a trend day, until I look back at the day and realize, hey this was a trend day. Of course this may be because I don't care about trend days, because my trading method was designed to take advantage of market phenomena that occur regardless of trend. Just wondering how trend traders predict trend days, in order to capitalize on them.

It's not a question of predicting the market, rather than recognizing what it is doing. Knowing where the market is trading relative to that day's VWAP is very helpful in identifying the kind of day you're in.On a strong trending day the market will move away from a steeply sloping VWAP to probe trader interest, and will be accepted. Their will be a relatively wide value area (volume transacted within a wide price band) and the market will continue to stay away from the VWAP.

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  #29 (permalink)
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monpere View Post
How do people identify trend days? I generally don't know it's a trend day, until I look back at the day and realize, hey this was a trend day. Of course this may be because I don't care about trends, given my trading method was designed to take advantage of market phenomena that occur regardless of trend. Just wondering how trend traders predict trend days, in order to capitalize on them.

Fat Tails offered several methodical ways to 'test' to see if the market is trending in his latest webinar:
https://futures.io/elite-circle/12482-webinar-trading-session-indicators-explained-sunday-july-31-2-00-pm-est.html

I think there are many ways you could do it, none of which are perfect naturally.

Mike

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  #30 (permalink)
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Nice trend day. But I got my profits off before the trend really kicked in.

Was long twice for 40 ticks, passed on a couple of trades in the long. I saw them but didn't like the pace of the tape at that point so just passed. They were winners of course but so what. I made a decision to not trade and that is fine.

I'll be watching FatTail's webinar today per Big Mikes suggestion in the last post.

Only 4 trades today. I am really happy about that. It seems the less I trade overall, the better I do.

The big question is this, could I have had more? The answer is yes but I feel pretty comfortable about where I took my trades and how I traded today. I made some decisions early on during the pre-market about what I thought price might do and decided to use 20 tick targets today.

So done early today and glad about it.

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Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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