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

  #761 (permalink)
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Beth, I agree with Mike and Shodson and it is kind of what I was eluding to in one of my prior posts. I have done the exact same thing. I've gone from trying to trade like the Trade The Markets guy ( John Carter), but did not buy his indicators. I used free ones. I've tried the Cycle method like Cunparis from the Emini-Watch.com website, I've used Volume Spread Analysis indicators that I paid a small fortune for and that is not the end of it. I never gave any of them a fair chance. I now know its not about the method or the indicators, but the individual.

D

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shodson View Post
Yeah, I was kind of thinking the same thing. Pick one setup, master it, then look for others. You seem to be a student of all but master of none. No offense to your trading abilities, I'm just making a point with a cliche.

I think, in her defense though, that maybe she hasn't found setups that she's comfortable with or that meet a trading style that she's looking for. I know I've certainly spent several hundred hours "shopping" different setups only to find that they're not what I'm looking for, not because I can't make money at it, rather, it doesn't meet my profile, such as, it requires too much screen time, or too much subjective analysis (like Elliott Wave and Fibs), or requires too quick and exact of an execution, or has good win rates but with poor risk/reward ratios, or has great risk/reward ratios but the win rates are too low, or requires proprietary indicators, etc.

The first setup I committed to was fading gaps, after trading it manually for 6mos and automatically now for 2+ months. I think I have a good handle on how to trade gaps, and I'm content with it, but I want more signals because I only take about 4-7 gap trades a month, so I look for other setups that might give me more frequent signals. Recently I've decided to master the inside bar, when it works best, when it fails the most, in what contexts do they work, the best money mgt strategy to use for them, best instruments and best times of day to trade them, etc.

I think if you're going to be great at anything you have to specialize and focus your efforts, earn a PhD in market profile, or CCIs, pivots, fibs, S/R, volatility squeezs, trend trades, reversals, price action, volume delta, waves, or whatever, but you just need 1 PhD.

Yes Mike and Shodson thanks for your concern and reminder! No worries .. I am still quite focussed on the Inside Bar set up. Seemed like if I follow the news rules, I may have only 2-4 trades a week. At this point, I am not very comfy with Outside Bar set up in view of the SL cushion (close to 50). Am quite interested in Reversal set up and it's more complicated and less frequent as well.

Soooo, to make a living, I am looking for 1-2 new patterns. CCI continuation (incl Zero Line Rejection) maybe the one I am looking for since it aligns with the trend - my preference and not counter-trend trades. Currently Inside Bar works great on CL 15 minutes. No one knows when it may stop doing the same magic. It will not hurt to learn a few more patterns as backup. Having said that, I agree with you both that I only need 1 PhD. I certainly love to master one set up that will be good for all or most markets/instruments "forever". Now that I am still in my learning mode, I don't mind studying more.

A little confession here: I am not as "smart" as I thought I am. It may take me months to understand a simple concept. It's better to start early LOL!

Beth

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David_R View Post
Beth, I agree with Mike and Shodson and it is kind of what I was eluding to in one of my prior posts. I have done the exact same thing. I've gone from trying to trade like the Trade The Markets guy ( John Carter), but did not buy his indicators. I used free ones. I've tried the Cycle method like Cunparis from the Emini-Watch.com website, I've used Volume Spread Analysis indicators that I paid a small fortune for and that is not the end of it. I never gave any of them a fair chance. I now know its not about the method or the indicators, but the individual.

D

Thanks David for your kind sharing. When I was doing directional Options trades, I tried over 5 paid investment advisors. Not only did I lose more than $xx,xxx.00, I paid $xx,xxx.00 for their services too. Then learning how to do Index Options spreads .. almost the same experience .. paid a little less tuition on the services.

Started learning to trade on my own .. went through close to 20 systems (or more) and hundreds of indicators. I'm almost done with indicators as most of them work almost the same except having different facial lifts say dots here and dash there. For risk/reward ratio, ideally at least 1:1 .. I haven't come across one yet .. So, have to start somewhere as I cannot sim-trade and research forever.

Reality 1: No 100% profitable system out there. If someone tries to sell me one, I will Run!

Reality 2: Cannot be a follower of anyone or paid daytrading service vendor. I tried a few and did not work for me.

Reality 3: I must own a system that I am comfortable to trade with on a consistent basis.

Reality 4: Focus .. Discipline .. Consistent .. Responsible .. Humble .. Patient .. I am doing my very best to have them in me on both conscious and subconscious levels.

Reality 5: Talk and Hope not practical. I am doing my very best to visualize and actualize a Successful trader's attributes.

... I can go on forever.

Bottomline: I will focus on mastering what I have .. Be consistently successful .. Make a living!

Beth

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  #764 (permalink)
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wgreenie View Post
Thanks David for your kind sharing. When I was doing directional Options trades, I tried over 5 paid investment advisors. Not only did I lose more than $xx,xxx.00, I paid $xx,xxx.00 for their services too. Then learning how to do Index Options spreads .. almost the same experience .. paid a little less tuition on the services.

Started learning to trade on my own .. went through close to 20 systems (or more) and hundreds of indicators. I'm almost done with indicators as most of them work almost the same except having different facial lifts say dots here and dash there. For risk/reward ratio, ideally at least 1:1 .. I haven't come across one yet .. So, have to start somewhere as I cannot sim-trade and research forever.

Reality 1: No 100% profitable system out there. If someone tries to sell me one, I will Run!

Reality 2: Cannot be a follower of anyone or paid daytrading service vendor. I tried a few and did not work for me.

Reality 3: I must own a system that I am comfortable to trade with on a consistent basis.

Reality 4: Focus .. Discipline .. Consistent .. Responsible .. Humble .. Patient .. I am doing my very best to have them in me on both conscious and subconscious levels.

Reality 5: Talk and Hope not practical. I am doing my very best to visualize and actualize a Successful trader's attributes.

... I can go on forever.

Bottomline: I will focus on mastering what I have .. Be consistently successful .. Make a living!

Beth


Beth,

I hope you don't think anyone is trying to give you a hard time. Its obvious you work hard and are dedicated. My comments to you are my own comments to myself. I completely understand the interest and desire to look at and try different things. As I said I have done and do the same thing.

By the way, with the CCI stuff sent you a number of people are using fibonacci in combination. For example, fibonacciqueen.com (Caroline Boroden) uses the 34 EMA and the 50 and 14 period CCI, but the main aspect of her setups are fib clusters or confluence, symmetry and what she calls a two step or zig zag. The two step could also be referred to as a gartely, but her price ratios may not be exact.

David

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David_R View Post
Beth,

I hope you don't think anyone is trying to give you a hard time. Its obvious you work hard and are dedicated. My comments to you are my own comments to myself. I completely understand the interest and desire to look at and try different things. As I said I have done and do the same thing.

By the way, with the CCI stuff sent you a number of people are using fibonacci in combination. For example, fibonacciqueen.com (Caroline Boroden) uses the 34 EMA and the 50 and 14 period CCI, but the main aspect of her setups are fib clusters or confluence, symmetry and what she calls a two step or zig zag. The two step could also be referred to as a gartely, but her price ratios may not be exact.

David

Hi David

I appreciate very much your comments/sharing + many others' kind alerts/guidance (incl the most recent ones from Mike and Shodson). They're critical to my learning/growth without which I may still be looking for systems/indicators - mostly external and not on myself!

I shared my past experiences because they're great reminders on what I did wrong! I do have pride (lots) and it's challenging to write them out. Guess that will pave my way to be a Humble trader and person .. smile ..

Fib to me is very advanced .. I am aware of the 1/3 .. 1/2 .. 2/3 etc .. that's about it. I requested Fat Tails' amazing indicators months ago .. looked at them for some minutes .. Realized I am not cut for it .. Well ..

Beth

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  #766 (permalink)
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wgreenie View Post
Hi David

I appreciate very much your comments/sharing + many others' kind alerts/guidance (incl the most recent ones from Mike and Shodson). They're critical to my learning/growth without which I may still be looking for systems/indicators - mostly external and not on myself!

I shared my past experiences because they're great reminders on what I did wrong! I do have pride (lots) and it's challenging to write them out. Guess that will pave my way to be a Humble trader and person .. smile ..

Fib to me is very advanced .. I am aware of the 1/3 .. 1/2 .. 2/3 etc .. that's about it. I requested Fat Tails' amazing indicators months ago .. looked at them for some minutes .. Realized I am not cut for it .. Well ..

Beth

Beth,

Others may disagree with me, but I wouldn't say fibs are or need to be advanced or complex. Attached link is to a video of what Carolyn Boroden calls an "Ideal Setup". It is called "Ideal" because everything is in your favor. In the video she will show that price is above the 34ema. The CCI indicators she uses are on the correct side of zero (above or long) and she has fibonacci support. The Fib support she draws shows a 61.8 retracement of the prior up swing and the red lines you see on the chart that say "1.00 APP" is simply the 100% of the distance of the prior corrective declines. In other words, she is measuring the distance in price of the prior corrective declines and then she projects that distance from the current high at the time. APP stands for "Alternate price projection", but that is not important. It is just what they call it in the program she uses. The 100% red lines are what she calls symmetry. She calls it symmetry because she says that when the market moves either up or down the retracements in an uptrend or the rallies in a down trend will be equal or "similar". She says the once the symmetry of a trend is broken the market is likely to reverse. That doesn't mean forever, but a deeper correction may take place. If you notice in the video there are various levels of symmetry because the size of the corrections will vary, but they will be close in size. Anyone of the symmetry levels can act as support. Sorry for babbling. Here is the link. There are other free videos on her site. If you have questions about fibs feel free to ask.
IDEAL SETUP

here is another video that is specifically on symmetry.

http://www.fibonacciqueen.com/public/1051.cfm

D


Last edited by David_R; July 17th, 2010 at 10:43 PM. Reason: added another vid
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David_R View Post
If you have questions about fibs feel free to ask.
IDEAL SETUP

here is another video that is specifically on symmetry.

Dont buck the trend!!!

Thanks David for the additional tips and v-clips (I love them as long as they stay within a hour .. I went through one over 4 hours .. Guess what I did .. FF LOL ..)

Now I have a raincheck (hopefully no expiry date) to ask any Fibs questions .. guess who will respond to my sos!!

Have a Lovely Sun + a Great week ahead.

Beth (grateful)


Last edited by wgreenie; July 18th, 2010 at 06:17 PM.
 
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wgreenie View Post
Thanks David for the additional tips and v-clips (I love them as long as they stay within a hour .. I went across one over 4 hours .. Guess what I did .. FF LOL ..)

Now I have a raincheck (hopefully no expiry date) to ask any Fibs questions .. guess who will respond to my sos!!

Have a Lovely Sun + a Great week ahead.

Beth (grateful)


Beth,

yes, you can have a rain check. There is no time limit on asking questions.

You said you watched a 4 hour video, but you FF. What is FF? :-)

D

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David_R View Post
What is FF? :-)

Always great to have a never-expired raincheck .. thanks David!

FF = Fast Foward. When a v-clip was extremely dry .. and the moderator was talking about "nothing" .. it's the only option else I may ..

Beth

 
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Pre-market Homework for Monday


Here it comes .. The Top and Bottom VPOCs (in bold) are based on Friday's Close @1063.50.

Have a Successful week ahead.

Beth

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