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Beth's Journey to Make Her Millions
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Beth's Journey to Make Her Millions

  #1101 (permalink)
Market Wizard
virginia
 
Futures Experience: Intermediate
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cory's Avatar
 
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she is on the right path, only 2 lines left on a chart.

more on OR trading
http://www.esnips.com/doc/1ab137c2-bb8d-49b6-9074-e401a368c162/Trading-The-10-Oclock-Bulls-Geoff-Bysshe

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  #1102 (permalink)
 Vendor: www.ezcolortrading.com 
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Gary View Post
Beth,

It would seem you are changing methods, techniques, strategies, indicators, etc, on a daily/weekly basis. How can you get comfortable with anything if you don't stick with a chart(s) for any extended period of time? I think you could pick almost any of the methods you have looked it, and if you stuck with it long enough, created your own plan around it, and built confidence on a system, you could make money with the method.

What is it about the previous methods that tells you that you could not do well with them? How are you judging them so quickly?

Gary

Hi Gary

Thanks for your tips and reminder.

For the systems/indicators/methods/strategies I've come across so far, I classified them as follows:

1. Too complicated - Out of reach for me. I usually put them aside until I tripped over them again. For example, Jeff's CCI indicators/set up when I first read his thread in Apr/May. I can appreciate and understand them when I re-visited them in Jul. They're in my tool box for future consideration.

2. Short-listed ones - Kwik Pop (Nov to Jan), The Wizard's Hopping Clouds (Dec to Mar), Market Profile and Perry's (Apr to Aug), and Inside Bar (Jun to Jul). These were the systems I spent an average of 16 hours everyday (if not more) looking and thinking of them. Unfortunately, with the exception of the Inside Bar and Market Profile ones, the remaining three have been too challenging for me when all or most of the entry requirements have to align. Either my heart or fingers or eyes cannot cope with them as some switched back and forth .. sigh ..

3. Nice-to-have ones - They're useful like the Price Action Swing with all the goodies incl alert and fib lines/extension etc. Yet I don't understand how to make good use of them!

Soooo, I am starting with something simple such as Open Range breakout and Fade the Extreme (based on the Initial Balance). They're also simple enough to be automated either as an indicator or strategy. For the past 18 months, my petite heart has been extremely stressed. My Doctor has already given me a warning. I better adjust my lifestyle to a more active one, ie not spending almost 24/7 in front of computers.

With health at stake, I'm still doing my very best to find a way out. No one knows how hard it is when there's no one to turn to.

Note to the visitors: Don't learn from me!!

Beth

Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
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  #1103 (permalink)
Elite Member
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Beth - as the saying goes "Health before wealth!" You are wise to listen to your doctor and take a break.

Take care,
gulabv

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  #1104 (permalink)
Trading Apprentice
Montreal
 
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Hi Beth,

with so many hours in front of the computer, you have a clue at why I chose my avatar from the 'body world exhibit'

looking at all the methods you have tried so far, I don't see simple pure price action.

You could just use Fractal_Big mike swing indicator and play the breakouts.
Its amazing to see the swings are the same whatever chart you use.

You already know that price action is about making a new high and retracing back to support 'you always find retrace buyers at support'
then price go back to test the high and if it fails, it will break the last support and go the the level under it so price action = level to level trading.


Have you read the 'ALL YOU NEED' thread from Jeff?
have you tried many chart types ? min,tick,volume,range ?
have you tried many time frame?

See you in the trading room

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  #1105 (permalink)
 Vendor: www.ezcolortrading.com 
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PiCoTrader View Post
Hi Beth,

with so many hours in front of the computer, you have a clue at why I chose my avatar from the 'body world exhibit'

looking at all the methods you have tried so far, I don't see simple pure price action.

You could just use Fractal_Big mike swing indicator and play the breakouts.
Its amazing to see the swings are the same whatever chart you use.

You already know that price action is about making a new high and retracing back to support 'you always find retrace buyers at support'
then price go back to test the high and if it fails, it will break the last support and go the the level under it so price action = level to level trading.


Have you read the 'ALL YOU NEED' thread from Jeff?
have you tried many chart types ? min,tick,volume,range ?
have you tried many time frame?

See you in the trading room

Hi PicoTrader

Thanks for sharing the Fractal set up with me. Bill Williams' Chaos system was the first set up I came across and learned in May 2009. I read his 3 books + some of his 15-day training materials. I have not traded it long enough before starting my system/indicator search. Yes, I like its simplicity, ie placing 1 or 2 ticks below or above the Down/Up fractal. I do have a trading friend who is using it. I admire his diligence and faith in placing the Sell/Buy stop orders .. no sweat .. no stress.

Jeff's All You Need thread was the first thread I read when I discovered the Big Mike Forum in Dec. I read it almost 3 times. So far, I have tried min (1, 3, 5, 15, 30 and 60), tick (150 and 750 for TF, 133 for YM), volume (7500 and 3350 for ES, 550 and 750 for YM), and range (Regular, Range Alt, Median Renko and Better Renko).

Based on the number of hours (days and nights) in front of computer, I should consider a blank avatar .. no flesh and bone left LOL! I see an urgent need to divert my attention. Used to be a smiley and these days it's challenging to gather enough strength for a baby smile. Trading (same for life) should be simple. Maybe I have gone too far and complicate things.

Have a Successful day and Happy Ticks!

Beth

Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
 
  #1106 (permalink)
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Go back to the basics, an indicator is not going to make you successful.

I think blowing up accounts is the first part of becoming a profitable trader :-)

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  #1107 (permalink)
Elite Member
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MetalTrade View Post
Go back to the basics, an indicator is not going to make you successful.

I think blowing up accounts is the first part of becoming a profitable trader :-)


The problem is that after having blown up an account, it is still by far more likely that one will blow up the next account as well. To become profitable a number of steps is required.

https://futures.io/traders-hideout/1454-38-steps-trading.html

Can you locate yourself on this scale? Everybody thinks that he or she is around step 30, just about to make it. But unfortunately this is not true for most of us. I think that there are not 38 but 3 steps:


Three steps

(1) Know your tools and markets: Trade mechanics, order types, markets, technical indicators, statistics, news releases, market hours, trading times, etc.

(2) Have a system with an edge that fits your personality and pain threshold.

(3) Control your behavioural patterns. Unlearn your habits step by step. Try to learn new habits which are compatible with your goals. Review and continously improve your capabilities, hence the importance of feedback by a mentor or at least your trading journal, if you want to be your own mentor.


Behavioural patterns are the most difficult barrier to overcome

(1) is just about trading skills. It can be learned and is a question of effort.

(2) is about knowledge. There are enough profitable systems available on this forum. Just pick one of those.

(3) is the key. At least 95% of the traders who blew up their account did so, because they did not follow their own rules. This is what makes a mentor or - in case of self-mentoring - the books of Brett Steenbarger or Mark Douglas so valuable.

So it is all about unlearning habits and creating new ones. Few traders are really willing to do this.


Last edited by Fat Tails; September 24th, 2010 at 05:31 PM.
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  #1108 (permalink)
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Thanks Cory! I read it last night/this morning. Filled some of my missing gaps (not just OR) LOL!

Enjoy a Great weekend everyone.

Beth

Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
 
  #1109 (permalink)
 Vendor: www.ezcolortrading.com 
Cambridge, Ontario
 
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Favorite Futures: 6E
 
Posts: 1,773 since Dec 2009
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Jeff Castille View Post
http://trading-naked.com/library/[Trading]-Stocks-&-Commodities-Toby-Crabel-ORB-articles.pdf
You might find this interesting......

Hi Jeff

My eyes were too sleepy after going through the one suggested by Cory after midnight ooooo

Today so far am still trying to locate a bug in my OR breakout Short strategy .. no luck yet. Will get to Crabel this weekend. Thank you!

Oh, Nelson dragged me out of my chair and we had a nice dim sum lunch. Plus (Attention The Wizard) we bought a box of mooncakes. It's been 3 years since we had any. Last time was home-made. Yes, I helped my girlfriend making some and got 4. Certainly they tasted better ..

We have an Indian summer today (over 30 degr C) and possibly weekend too.

Take care everyone.

Beth

Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
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  #1110 (permalink)
Membership Revoked
 
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Fat Tails View Post
Can you locate yourself on this scale? Everybody thinks that he or she is around step 30, just about to make it. But unfortunately this is not true for most of us. I think that there are not 38 but 3 steps:

Nice list, thanks, this week I was at 33.

I hope I'll stay at 33 :-)


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