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Need a true Teacher Mentor


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Need a true Teacher Mentor

  #61 (permalink)
 
MiniP's Avatar
 MiniP 
USA,USA
Market Wizard
 
Experience: Intermediate
Platform: NinjaTrader
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DavidHP View Post
This type of chart was posted by @tigertrader on this link.


I have a custom Delta Bar Type and I made a similar chart.
I've had it for a very long time.
Thanks to @tigertrader for the reminder.

I think you can look up Delta Volume Chart for information about them.

@tigertrader

Thanks for the info, can't find anything in the download section and everything on NT8 talks about the order flow+ suite

if anyone has a download that's for NT8 please let me know.. found a ton of info for sierra charts but nothing for NT8

-P

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  #62 (permalink)
 
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 tigertrader 
Philly, Pa
Legendary Market Wizard
 
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MiniP View Post
@tigertrader

Thanks for the info, can't find anything in the download section and everything on NT8 talks about the order flow+ suite

if anyone has a download that's for NT8 please let me know.. found a ton of info for sierra charts but nothing for NT8

-P


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  #63 (permalink)
 
MiniP's Avatar
 MiniP 
USA,USA
Market Wizard
 
Experience: Intermediate
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tigertrader View Post

my bad I thought that was just for the Delta at the bottom of the chart, thanks guys

-P

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  #64 (permalink)
 
Joseph Connors's Avatar
 Joseph Connors 
Colorado Springs, CO USA
 
Experience: Intermediate
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madelynnjohnson View Post
TY199

....

... There is one indicator that is a simple one, but enable me to see price action better. It is called Three Bar Reversal and is in the download section at futures.io.

...

All the best,
Madelynn


I can't seem to find the "Three Bar Reversal" in the downloads section. Does it have another name?

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  #65 (permalink)
 Smackalackattack 
Newnan Ga/US
 
Experience: Beginner
Platform: Sierra Chart
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I highly recommend doing Adam Grimes’ course. It’s like 25 hours and it takes you through everything a trader needs (journaling, psychology, market structure, etc., etc,.). Best part is that it is completely free. I would recommended his book as well, it goes very well with the course. The book of course you would have to pay for. And with you trading for a few years, it could potentially fill in some of the holes you may be having with your system/process/plan. Anyways, hopes this can help.

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  #66 (permalink)
 
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 madelynnjohnson 
Laramie, Wyoming
 
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Joseph Connors View Post
I can't seem to find the "Three Bar Reversal" in the downloads section. Does it have another name?

@Joseph Connors

The indicator that I mentioned was in a thread because it had a problem that was fixed. The indicator is named as follows ThreeBarReversalPaint.cs and can be found in a thread named Three Bar Reversal, page 1, post # 4. I'm using it with the latest Ninjatrader 7 version on the Ninjatrader website. It is a .cs file which is easy to install. If you need further help with the .cs file, please let me know. Or you can probably find out info on .cs files at futures.io. When using the indicator put it to False on calculate at close of bar and True to the other options regarding showing all reversals. If you study it you will realize that the candles are showing price action by virtue of color.

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  #67 (permalink)
 
madelynnjohnson's Avatar
 madelynnjohnson 
Laramie, Wyoming
 
Experience: Advanced
Platform: Ninjatrader
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Trading: TF, 6E, ES
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Ty199 View Post
Really need help to learn. I have been trading for about 4 years and lost so much money. I paper trade and did use real money until I finally learned that I am not doing any good loosing my money. I have tried so many set ups, indicators all that stuff but cant get the solid foundation to start with. Im missing something somewhere and have been trying so long to find what it is. I want to learn ! I have to learn ! This is what I want to do... Even after all the lost money, failing and feeling like crap I still have a drive to do it and it has not slowed down. I am not getting something somewhere. Looking for a true person or group to teach me. I dont want to follow someone I want to be on my own after I learn. Recommendations on where to look and start ?

@Ty199 Apparently, there are some on the site that did not realize that I was talking about rudimentarily learning a system. I was NOT espousing going live with the stops I mentioned. And in no was this sophisticated money management. All I was trying to do is give you a plan for learning the mechanics.

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  #68 (permalink)
 nikotron1124 
Anahein+California
 
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Ty199 View Post
Really need help to learn. I have been trading for about 4 years and lost so much money. I paper trade and did use real money until I finally learned that I am not doing any good loosing my money. I have tried so many set ups, indicators all that stuff but cant get the solid foundation to start with. Im missing something somewhere and have been trying so long to find what it is. I want to learn ! I have to learn ! This is what I want to do... Even after all the lost money, failing and feeling like crap I still have a drive to do it and it has not slowed down. I am not getting something somewhere. Looking for a true person or group to teach me. I dont want to follow someone I want to be on my own after I learn. Recommendations on where to look and start ?


Although I am not using any indicators now, I would give you a nice setup to help you get some confidence in "Pulling The Trigger" to place a trade. Just setup the following two indicators on the platform you are using for trading.

1. Use either the MACD, or the PPO depending which one your platform has. If both, then select the PPO (Percent Price Oscillator). The settings for either one are 8, 13, and 9 (for the moving average). If there is a choice, I would select the Exponential, or the Front Weighted type of average.

2. Use the ADX with +DI/-DI and set the period to 10. Use Green color for the +DI and Red color for the -DI and use maybe Blue for the ADX, it really does not matter as long as it is different from +DI/-DI.


Now if you can, place the PPO, or MACD on top of the ADX +DI/-DI and watch for the following to occur. At some point, the PPO moving average will get close to the ADX line. Like the PPO average declining and starting to turn up, while the ADX line rising and starting to turn down. In other words, those two are getting close to each other and then starting to pull apart. Once this happens, watch for a cross of the DI lines and if the +DI (green) line crosses over the -DI (red) line, then this is your signal to go Long what ever you trade. The opposite holds true for going Short. BUT, the signal starts with the ADX and PPO average getting close first and then pulling apart. That's where the trade setup starts.

If for some reason your trading platform does not allow you to place those two indicators in this fashion, then if those two lines mentioned above, instead of coming together they will be pulling apart before they start coming together. I know Ninja Trader lets you place them any way you want, but some platforms (Like Interactive Brokers) place them in alphabetic order with the ADX on top of PPO (or MACD).

This setup can be used on ANY time frame, ANY! So, try it and wish you the very best and remember nothing is 100% in trading, BUT this setup is as close to being a Holy Grail as anything I have seen in my multi year trading career. GOOD LUCK and GOOD PROFITS!

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  #69 (permalink)
Ty199
Joplin, Mo. Jasper
 
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DavidHP View Post
You can use any system that has an edge for you.
The reason I suggested a mostly empty chart with just moving averages is because the exercise is to get screentime in the market of your choice. If you put moving averages on a chart you should understand their purpose. They are to show how extended from the 'average' price is. They give you and idea of the way the market moves above and below average and then returns. (rhythm).

I personally don't take trades from standard moving averages. My trading chart uses anchored VWAP mostly but I have at least one ema/sma on my charts.

Here is a chart I posted in a different thread.
I posted it to show how I was thinking short but the market was saying ??? You are going short when the market keeps bouncing from the 50. What are you thinking.
As you can see, the average shows the market is in a uptrend and shorting was not wise unless it was a scalp at the top of the rhythm waves. (there was more risk to be short)

50 Bounce (ES on 1000 Delta Chart)


First thing I saw was long positions on that chart due to being above the 50 showing bullish at the time. I know ema and sma are are not the same on differant time frames. You prefer a 1000 tick chart ? Im going to have to play stupid here and ask what you mean Delta Chart. I only know Delta as an option term.

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  #70 (permalink)
 
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 Sandpaddict 
Vancouver, Canada
 
Experience: Advanced
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Ty199! Thats MY story. Same evolution. Except futures then penny stocks... forex... then back to futures... everytime loosing tens of thousands. Yet I dont feel like I can give up. Its IN me now. Once you get to a certain point YOU dont need a trading coach! You NEED an ACCOUNTABILITY coach. I have a profitable strategy now that Ive been testing but I need a few thousand trades to verify l got something. So far im CONSISTENT for the first time ever. And it comes with a certain confidence. Ive probably studied every day since I stumbled across trading in 2015. This is MY strategy, like Richard Dennis used to say "I could print my rules on the front page of the news paper and no one would listen." I am still a kindergarten trader but of all the posts here, and some seem dangerous, Mich62 has some REAL traders here. (I have followed Beggs for years) I have my own. He is a day trader. He has hosted here and Im sure Big Mike would agree has contributed something to the trading community that is quite impressive in its own right and is as timeless as it is extensive and concise. I HAVE ZERO AFFILIATION TO ANYTHING TO DO WITH HIM.. but I buy it all and think his video course is possibly the only money you will need to put out as it has EVERYTHING you need and you get a nearly inexhaustible content. He trades almost exclusively on the 5 minute Emini S&P with no indicators other than the 20EMA. One other thing. I spent many years programming easy language in Tradestation. I am not saying it was not a great learning experience but I challenge anyone on here to show you a consistently profitable peice of code. Its NOT that easy. Even less easy trying to let it trade. Btw that trader is Al Brooks of Brookstradingcourse.com

Mich62 View Post
It seems to me that indeed a good solid foundation is missing. As long as you don't have a good foundation all the trying will cost you till someday you may accidentally stumble across something which resonates with you.

So the question is where to get a good foundation? That's where someone with a lot of experience, call it a mentor, can help. Someone who studied the market for a long time and paid his dues. Someone who walk the talk. Preferable someone who has written down his knowledge so it can be studied. How do you know this person is a trader and not an educator without real successful experience? How do you know his methods work? You look at their track record.

For example Peter L. Brandt, trading commodity futures for the intermediate- & longer term. He runs his own hedge fund successfully since long and published his trading record in his book "Diary of a Professional Commodity Trader: Lessons from 21 Weeks of Real Trading".

Or Mark Minervini who won the US championship and is featured in Jack Schwager's Market Wizards together with Pit Bull Marty Schwartz, Linda Raschke and others.

Now Peter Brandt may not resonate with you because of the longer term trading and Mark Minervini not because he trades stocks. Because of these reasons I don't recommend them in particular for you. Nevertheless one will pick up valuable things from their books which one can use in developing one's own personal foundation and trading method. And that's what it's all about, a personal style in tune with one's temperament.

I will name a few "mentors" (with a real trading background, not educators or brokers) who will give you a good foundation for what I think is your preferred way of trading, that is intraday trading using chart reading / price action:

1. Linda Raschke, more than 40 years of experience with a consistent approach (foundation). Traded on the floor (verifiable). Focus on the LBR310 indicator. Watch her videos here on FIO and on YouTube. Search for "Professional Trading Techniques" by Linda Bradford Raschke pdf.

2. Richard Wyckoff developed a great foundation based on support and demand rules. He spent his whole life studying and describing the markets.

He left us with a great legacy (in the form of his books and a course) which, when studied, will make you aware of important eye opening (at least for me) aspects of trading like:

"There are those who think they are studying the market -- what all they are doing is studying what someone said about the market -- not what the market said about itself"

or

"Listen to what the market is saying about others, not what others are saying about the market"

This requires a lot of work & screen time (and the guts to take responsibility). How to analyze a market is one thing. To trade it is something completely different.

Some good resources regarding the Wyckoff method:
- Studies in [AUTOLINK]Tape[/AUTOLINK] Reading. More versions online available. Also named " The Day Traders Bible".
- The Wyckoff Method: A Tutorial
- Richard Wyckoff method.

One can make a living by only trading springs and upthrusts (David Weis in "Trades About to Happen: A Modern Adaptation of the Wyckoff Method").

3. Bob Volman wrote "Forex Price Action Scalping: an in-depth look into the field of professional scalping" on chart reading with clearly defined setups and in-depth view on scalping & price action. He has no verified track record but wrote only two books and doesn't sell anything else so I regard him as a professional trader.

4. Lance Beggs ( YourTradingCoach) offers a course with clearly designed setups. He writes a lot on different aspects of intraday trading on his blog. He has no verified track record but offers a clear, understandable and useful trading approach.

His setups are more or less described in the free e-book " Trading Decision Points" and in the corresponding blog " NiftyNirvana" (see e-books at the bottom). I think the setups in this free e-book can provide a consistent income when trained long enough and it suits one's personality.

At last there is this remarkable fellow under the name Verniman who calls out his ES trades in real time (verifiable but maybe sim). You can follow him every day via Twitter for $30 a month or for free via https://twitter.com/verniman (see blog link there). I think he is a good example of someone who trades his own developed specific method. Maybe difficult to replicate (that should not be the goal) but there is something to learn nevertheless (for example discipline).

Focus on one instrument only, be it MES or MNQ. No internet and no e-mail during trading. Trade live and analyze your trades thoroughly. Think about starting a journal here on FIO for feed back. Good luck.

-Mich

p.s. I am not affiliated with either one mentioned.

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