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How I Trade For a Living
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How I Trade For a Living

  #381 (permalink)
Elite Member
London
 
Futures Experience: Intermediate
Platform: Sierra Charts
Broker/Data: CQG
Favorite Futures: ES, CL
 
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S trader View Post
Very well said Narcissus.

Kudos to you Alex, you are doing it really great!
You are showing impressive calmnes, confidence and realtime analysis, and have nice voice to listen to.

NO is for music from my side also
More charts, and everything else is a big thumbs up!

I wasn't requesting Alex turns it into a dj set btw.


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  #382 (permalink)
Membership Temporarily Revoked
Boston, MA
 
Futures Experience: Intermediate
Platform: NT7
Favorite Futures: CL, RB, LE
 
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rocksolid68 View Post
I can add another chart for sure!

I can explain more about losers as well!

Being 18 is ugly?

If you are 18 YO, you have a great head-start on the rest of those older folks whose brains are simply not pliable enough to adapt to new ideas as they used to be, and to adjust the thinking patterns for what the next few years might throw us for a loop in trading.

I envy your youth and potential. Rocksolid, are bits of your brain available for sale, maybe on E-Bay? I was born a couple decades too early, darnit! I want a 40-year handicap! Whaaa!


Last edited by HoopyTrading; October 21st, 2016 at 01:57 PM.
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  #383 (permalink)
Elite Member
Irvine
 
Futures Experience: Beginner
Platform: thinkOrSwim
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Posts: 18 since Oct 2016
Thanks: 11 given, 33 received


I really have found the room helpful, Alex! Hearing your thoughts on the fly helps clue me into things I may want to add into my consideration.

I really wouldn't change much about the room. However, I too would love to see the other charts you look at.

Also, when you enter trades, I would like to hear your plans about risk management... Where your puke point is, etc. That is an area I struggle with in my trades.

Not really a room suggestion, but I was wondering if you could post a summary external factors that you keep an eye on that move the market from the outside. For instance, I've heard you mention things like ECB, OTFs, and various news announcements as something you take into account. I'd like to research those things more, so if you could just post a brief summary of the things "off-chart" that you watch, I'd really appreciate it.

(btw, I would definitely vote no on the music as well.)

Thank you so much for doing this room for free! The fact that your doing it for free just shows that you're just wanting to help others and that makes me trust your thoughts so much more. I really appreciate the time and effort you're putting into it.

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  #384 (permalink)
Elite Member
Miami, FL
 
Futures Experience: Advanced
Platform: NT
Favorite Futures: ES, CL
 
Posts: 124 since May 2013
Thanks: 271 given, 64 received

I really enjoy this room and I'm thankful for your generosity and willingness to provide educational value to this community.

Good:
- I like how you take the time to answer everyone's questions, even if you are not using the same charting platform as others. You still ask around to see if others can help.
- appreciate your calmness and coolness while in a trade, especially if your position is against you or after taking a loss.
- you show maturity and willingness to help.
- today, you did a very good job explaining the locals vs OTF participation. Please keep doing this

Suggestions:
- Knowing your puke point on every trade would be nice
- Display other charts higher than a 2minute
- starting at 9am or before and go over your context and plan of attack. Don't need to wait for others to join the room
- Maybe on every trade, state who is in control of the market, locals vs OTF participation

Excellent job and thank you

wx

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  #385 (permalink)
Elite Member
Toronto,Canada
 
Futures Experience: Beginner
Platform: SC, NT, TOS
Favorite Futures: NQ, CL, ES
 
Posts: 15 since Sep 2015
Thanks: 8 given, 25 received

The room has totally exceeded my expectations. The atmosphere is great, not too much non-trading related chatter, yet we still have laughters quite often. Iíve learnt a lot from various trading journals on the site, and itís very cool to see those traders in the room. Thanks for your generosity to share your knowledge and bringing us together. Answering questions on the fly when you have to keep an eye on the market and manage your trades is no easy task, but you handled every situation with incredible maturity and did a excellent job explaining everything. Itís amazing that you can be so calm during a trade. Yesterday after you entered a trade, it chopped around for a while before it finally going. I tend to be stressed when that happens and end up get out early. But you didnít let it bother you at all. You've also shown incredible discipline to not over trade and hold your winners and let them run. I feel trading psychology is the toughest element new traders need to master, and although I know the concepts such as each individual trade outcomes doesnít matter in the long run, but just knowing the concepts is not the same as living in them. You clearly displayed a ďcarefreeĒ state of mind when you trade. Witnessing you doing it everyday is extremely inspiring, and the impact is more powerful from you than from a trading veteran.

One suggestion from me is in the morning before market open I scramble to finish my to do list, but also donít want to miss your analysis. Maybe you could set a time to start pre-market analysis, say 9.20ish or any time you think best, so we all have a time to shoot for and manage pre-market time more efficiently.

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  #386 (permalink)
Trading Apprentice
Sao Paulo Brasil
 
Futures Experience: Intermediate
Platform: Metatrader,Ensign
Favorite Futures: Forex
 
Posts: 2 since Jul 2012
Thanks: 61 given, 1 received

Top Job

Couldnt make Friday but I agree with NewLevel your room has by far exceeded my expectations ..questions answered pronto even mid trade which is remarkable .
A pre open ETF chart as BobWest mentioned wouldnt do any harm but otherwise top stuff Alex. Having navigated
the murky waters over on the FX side your Room really is a breath of fresh air and your money backs your calls win
or lose not to mention the fact that you are the real ICE CUBE

Excellent stuff Alex .. a great place to learn where the sparks are flying.

Brian

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  #387 (permalink)
Elite Member
London
 
Futures Experience: Intermediate
Platform: Sierra Charts
Broker/Data: CQG
Favorite Futures: ES, CL
 
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bobwest View Post
Generally, it makes sense, with some caveats.

One thing that I would point out, much as @TheShrike said, is that you can't say that the probabilities are 50-50 for an up or down move, just because there are only two possibilities.

If you are in a strong trend, they may be more like 80-20. But really, you don't know until it's over. Just saying it could go either way, so it's equally likely, is not really right.

I don't really want to get very far into this; it has been a very long time since I took the one and only statistics course I ever had, and I didn't really like it anyway. But I'm right about this. You can't assess the weights to give the up or down probability without having a lot of data on similar situations. And in any case, you still won't know until you have the actual outcome. But just, "it could only go one way or the other" does not mean they are equally likely....

(To add to @The Shrike's example of the meteor: jump out of a fifth-story window. There are only two possible outcomes: life or death. But the odds are not the same for both.)

OK, so with that little nit-pick out of the way, I still think the idea, generally, makes sense.

If you scale into a losing position, say a decline, you will be moving your average price lower. If the trade turns out to be correct, and if your stop is not hit, you can do well even on a relatively small bounce, because of the lower basis. But, you do need to be right pretty often. Otherwise, you are just trying the "Martingale" gambling system, which does not typically end well, as @wldman pointed out. (Ref: https://en.wikipedia.org/wiki/Martingale_(betting_system) )

So, I would say that, as in any scaling-in situation, it does have some advantages. Just don't push it too hard, because you can also just lose more. And in any case, do not rely on the (unfortunately) faulty logic that the odds at any time are always 50% in either direction.

Bob.

Isn't the reason martingale being banned from casinos is because it works well? Otherwise am sure they would be encouraging it. And if you have an edge then even better. I get what you mean though.

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  #388 (permalink)
Market Wizard
Duluth MN
 
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rocksolid68's Avatar
 
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It looks like the bearish hypothesis is playing out!

M-PP and YTD +1SD are holding! Market is not ready to go higher yet! Let's see if we can break M-VWAP to the down side. If this happens, I think Brexit lows are in the making

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  #389 (permalink)
Hi Mom!
Bridgeport, Ct
 
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DaxyMcDaxFace View Post
Isn't the reason martingale being banned from casinos is because it works well? Otherwise am sure they would be encouraging it. And if you have an edge then even better. I get what you mean though.

Sent using the futures.io mobile app

I'm sure if you called up your local casino and told them you wanted to drop by and play a martingale system on one of their games they'd welcome you with open arms. The house always has the edge in the casino and if they feel they don't they will refuse your action.

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  #390 (permalink)
Hi Mom!
Bridgeport, Ct
 
Futures Experience: Intermediate
Platform: Sierra
Favorite Futures: Gold, Oil
 
TheShrike's Avatar
 
Posts: 358 since Jun 2012
Thanks: 991 given, 467 received



rocksolid68 View Post
It looks like the bearish hypothesis is playing out!

M-PP and YTD +1SD are holding! Market is not ready to go higher yet! Let's see if we can break M-VWAP to the down side. If this happens, I think Brexit lows are in the making


Caught a bit of that and it turned my day around!

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