No, absolutely not. I was referring to the instability of the platform. I wouldn't trust it with my orders. OCO orders are stored locally, which can be extremely hazardous. I did not mean to offend the many NT users on this board.
If you're trading off the DOM, why wouldn't you use X_Trader?
For all other needs, I think CQG is quite sufficient for most retail traders. The data is flawless, and the functionality is vast. But others may have other needs, and will have to take the step up to institutional level platforms.
Let's face it, if you've been trading for 10 years, you should be doing high 6 figures at a minimum. If you're trading futures, which are extremely liquid, you should be making millions after a decade of hard work.
If one has a valid method it is only a matter of time before one has scaled up to a level where such is possible.
If so, why wouldn't you be paying for quality software/data/order routing? It's tax-deductible...
The following user says Thank You to Lornz for this post:
I'm slightly biased here - but I will put in my 2c anyway.
First my disclaimer: I am the person that suggested Big Mike chat to Joel. I am also a software vendor myself and that came about directly because of what Joel taught me. I am not here to plug myself though.
I was tape reading before I came across Joel. Mostly trading stocks on earnings/news, looking for specific setups and confirming with L2/Tape.
Thing is - I knew there was more to it than I was seeing. I saw Joels site and spent a fair amount of time chatting with him on Skype. He didn't do anything for stocks but had stuff for futures, so I took the plunge.
At the time, Joel also had a trading room. I saw Joel trade every day in that room - losers & winners. Overall he was very profitable and was trading 10-20 contracts per trade. He closed the room in the end because it just became too much of a social venue and we were all missing trades.
Anyway - for me, the tape is now the final arbiter of whether I enter or not. It keeps me out of bad trades and some good ones but overall it is a net benefit. Remember that I was using it anyway, I just didn't get some aspects of it. I had a fair idea what I wanted and when I spoke to Joel, I got the impression that he knew what he was talking about.
To be honest, you have to be a bit of a masochist to want to learn this anyway. Even after learning it, you will need to put in many hours of just watching it.
Joel teaches a number of things for me - it was analysis of DOM in conjunction with Time and Sales that was of most interest. This is the intent vs actual. There's a lot in there about the thought processes you should be going through when you see particular things on the DOM vs T&S. You go through the difference between thick & thin markets too and how spoofing differs in different types of markets. In terms of just the tape, you will be learning about the flow of trades, who's in control, results the trades are getting and an overall feel for interest. There's some drills to train yourself to read the tape and you really do need to put time aside and just watch it for 30 minutes a day before you start to get a feel for it. It is very much a combination of left brain/right brain skills.
There are some specific setups he teaches but to be honest I didn't pay a lot of attention to that as I was really more interested in DOM/T&S to take back to my stock trading. Of course, I never did go back to stock trading in the end but that's a different story.
Note also that whilst Joel doesn't teach this, my opinion is that this is a great compliment to GOMI CD and the lessons from the tape reading can be applied on a 'higher level view' with GOMIs CD.
An afternoon trade - still open at the time of posting. Fake reversal setting up at the adjacent swing to the left. Got in before in before I thought the longs would start to puke.
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The following 5 users say Thank You to DionysusToast for this post:
DionyusToast - Wouldn't a full, complete and fair disclosure from you include the fact that when one purchases Joel's products, it includes the T/S indicators that you developed ? Doesn't Joel pass along a fee to you for each indicator he sells for you ? So basically, for every bundle Joel sells, you are directly compensated.
The following 3 users say Thank You to 777n for this post:
It's true that one of the indicators sold at jigsawtrading is included when purchasing one of the bundles from Joel Parker. I believe the other one costs additional money. It would be interesting to know if in the course he uses both and only includes 1 meaning you would have to buy the other one as well.
This is exactly my point. By promoting Joel's product, you were promoting your own indicator without disclosing that. Now you have made it clear that Joel makes nothing off of selling your product. Essentially, you are the one that has a DIRECT interest in this.
In my opinion, and I am sure others would agree, you should have stated up front that you were the direct recipient of anyone who purchase Joel's "Tape Reading Bundle with our new Time & Sales Tool". (since the time and sales tool is yours and you receive the income). But instead, you did not do this.
Full, complete and honest disclosure would have gone a long way and would have made your post, plugging Joel's product/s more credible.
I will state one thing. The T/S indicator you have is a great tool and has once again allowed a trader to get a better measure of the big lot trades. But, I do stand by my original post that Joel Parker's education was fairly empty. The only value I got out of it is this new indicator. The problem is, one doesn't get any useful education to use it that Joel Parker claims in his tape reading program.