Spend several hours this A.M. trying different price-bar types in the hopes of improving on the current price pattern I am trading.
Better 3&2 Line-brake chart distorted the price pattern too much.
4,5,6 Renko bricks eliminated the Double indicator timing confirmation PLUS I don't like the fact that I can not see the wicks; for me, the position of the body relative to the wicks tells me something.
Volume bars of various sizes did nothing to improve the setup.
Went back to 550 tick.
Reflected on everything Big Mike has been saying; added a A.T.R. based trailing stoploss.
Observed that YES!
It improves the chances of initally not geting stopped-out AND keeps you in the trade longer than my arbitrary "pulled out of your ass" 5 tick stoploss.
I have just seen the most amazing article of proof that THIS CAN BE DONE, SUCCESSFULLY AND CONSISTANTLY
It is on another thread called
"PRIMARY SOURCE OF INCOME: HOW MANY HAVE MADE IT"
I HAVE JUST COPIED THE POST HERE. TRUELY AAAAAMMMMMMAAAAAAAAZZZZZZIIIIIINNNNNNGGGGGGGG
QUOTE: I’m one of those traders that are making what some would call big money from trading, $8215 gross profit last week, $7000 the week before, these are average weeks. Here are my broker statements for last week.
& yes I’m consistent only one losing day in the last six weeks.
Please don’t PM me & ask for my method, even if I gave it away most people would still loose money with it
Because it requires you to know how to trade. That means knowing your instrument, knowing what the average daily ranges are & knowing when it is likely to turn. I use indicators, price action & divergence all together.
Some of the indicators on big mikes are great so don’t rubbish them they do help me make money. The price action swing indictor is good especially the ABC patterns it prnts., jeffs cci, is great for trend continuation longs, after the zero line cross. Felton’s indicators are good for divergence counter trend setups. Some of the pivot indicators are helpful.
I spent over 6000 hours before I became consistent, confident & the fear went away.
I offer this as inspiration to keep going forward & learning to struggling traders, many naysayers told me to
Give up & quit in the first 3 years. I always believed I would make it. I’m a believer in you get what you expect.
So expect you will make it, hold the thought, hold the dream & keep practicing in Sim & market replay over & over until you prove to yourself that you have the skill to make it as a trader.
Good luck to all regards
I am on cloud 9 level SHOCK at what I am seeing. Thank You, Thank You, Thank You!!!!!!!!
For the longest time I have been searching for validation/confirmation that THIS CAN BE DONE!
So much so that I had a thread called "ten-thousand in education and still not profitable" over 10,000 saw it and no one could produce the kind of evidence that you just have!!!!!
To it I have started “ten thousand in education finally paying off" however I have not really been able to OWN this statement YET.
I have 6 years/5000 hours at this, tried every ebook, system, course, trading room I could think of. Divergence was the only thing that I could count on, but alas, I could not maintain the precision it requires to make it a profitable play.
Loriley, this is one human being that will forever be in your debt for illuminating the overhang of despair with concrete, evidence based proof that THIS IS REALLY AND TRUELY DO-ABLE!!!!!
I am going to make your broker statements my wallpaper on my PC!!!!!!!!!
Sincerely in awe,
When I first read this post, I said "yeah baby, that's right, I'm the man". Upon reflection I am now reading this post as,"wow, this guy is setting himself up for a world of hurt". I am not qualified to give advice (I am only 54), but you have 6 years/ 5000 hours and everything under the sun. Your new wallpaper? How do you think straight? Well if I was you, and I am not, I would walk away from this trading stuff and forget about it. Talk a break, the rest of the summer off, don't even think about this trading stuff. I say stuff, because you may be at your wits end. The time off will do you good. Forget about it, don't let it occupy space in your head, do something else. Then after a few months, if the trading business still makes sense, come back and start with the basics, and work from there. Even a few months is not enough, but you might know when. Tiberius
The following 3 users say Thank You to Tiberius for this post:
Dude, cool the jets down a bit. Stop believing the hype. Don't get taken in by every shinny thing you see, that has already cost you $10k. Don't get so excited just because some guy says he is making money. Don't believe anything anyone says, until you have proven it for your self. Whether he is making money or not, does not determine whether you will or not. It's great that someone's profit statements is inspiring to you, but as I said before, inspiration +$1.25 will get you a nice cup of coffee. There is a lot of stuff that takes place between inspiration and achievement, that's the stuff you are going to need to figure out.
You do that by choosing a method, and stick to it long enough to know it inside and out. I think any method can make money, if you know it well enough, it's strength, it's weaknesses, what kind of market it is built for, when it works best, when it does not. I mainly trade divergence, but there are certain divergence signals I would not touch with a 10 foot pole, i.e. if some of my traded instruments give me 8 range bars straight up, then give me a divergence signal, I have a rule that says, don't you dare touch that mouse, because I know given that kind of momentum, I'm probably gonna get at least 2 failed divergence signals, before I get one that makes me money. Now, I actually can pretty accurately tell where there is divergence just by looking at price action alone, without any indicators. I can do that now because I stuck with the method for months learning everything about it. Choose a method that fits your personality and which makes sense to you, and stick with it. If you put in the work to get to the point to know it intimately, no matter what method it is, it will make you profitable.
Last edited by monpere; July 23rd, 2011 at 11:35 AM.
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Now hold on... In his original thread, all Bobby asked for was proof in the form of trading statements that someone, anyone, was having success as a retail trader. It's now been clearly shown that it's possible (at least if one clears through Dorman and uses Mirus as their IB) to post such proof without divulging any compromising personal information. Many of us are aware that some vendors are selling "how to trade" information without having achieved much personal success with their own trading. I wonder how many folks are doling out well-meaning advice here on this forum without having achieved much personal success with their own trading? It's a legitimate argument to question how much or how little a given broker statement for a limited period of time proves. But the bottom line is, Bobby asked for proof in the form of broker statements - and received them. Before being promoted to a "Market Wizard" here on the forum, it would be nice if there was a requirement to provide some evidence of successful trading.
The following 2 users say Thank You to timefreedom for this post:
Yes, that question has been answered. Now what? You can get 350 profitable broker statements, they all mean nothing if you yourself are still losing money. Witnessing those statements does not turn your broker statements positive. It goes to prove that, other then satisfying one's curiosity, the answer to that question is irrelevant to the core intent of the original poster, which is to become profitable.
The following user says Thank You to monpere for this post:
Hey, I realize that these numbers posted are staggering, The broker statements have blown me away, but YES, someone in my household saw these statements as well and commented (God knows I mean no intentional disrespect to that trader) that they could easily be created with a word processing program.
O.k there have been over 30,000 views of that post, I propose we take up a collection of funds, I will personally spearhead it. Say, $3,000-5,000 dollars we pay a substantial fee to this trader, then we elect our most trust worthy member to fly out there, and sit right next to our 8k a week trader and witness this live!
bobby, bobby, bobby, from my last post I alluded that you may need psychological assistance. You are beginning to confirm this. It would seem that you have TRUST issues and you also have psychological conflicting views between your conscious and subconscious.
From what I'm seeing from your posts, your conscious wants to believe but your subconscious does not. It would explain after a SUCCESSFUL Trader takes the TIME to show you positive results you first believe but only to sabotage that belief by disbelieving. This would explain why you have your type of trading results.
I think you need to take care of the issues from my last post first before you continue trading....like Stop Drinking, Pay back your 401k, etc.
Just my 1 cent...(the 2 cents has been devalued by the dollar)
"Faith is the substance of things hoped for, the evidence of things not seen." --- "Therefore, I Believe it and I will see it. And every day and in every way, I am healthier, wealthier, and wiser."
The following 2 users say Thank You to rtrade for this post:
Yes, I agree with others. You basically fulfilled the one reason why so many won't do what you were asking. I suggest you sit down, reflect, take some time off, flush out your brain a bit and also maybe see a psyche specialist. This may seem insulting, but it isn't meant to be.
You are all over the place and evident that this obviously impacts your trading.
The following user says Thank You to bluemele for this post:
You are spot on except that for me personally it helps inspire while I struggle to be a profitable discretionary trader. Kind of like if you signed up for a university and there was no limit in sight for graduation. Some people take 20 years, some never, some 2 years, some 2 months.
Some will be happy with an Associates (2 year degree) instead of the Bachelors (Full undergraduate) and be happy with a few hundred bucks a day and live a middle class lifestyle which is great! Others, they want the big money, want to trade 400 contracts a hit and want to make a few million a month.
Seeing someone 'graduate' offers inspiration to those others who have been on the 'slog'.
You are different in that you like mechanical trading and happy with your concept. Others are not or are in the growing stage. You say, "Why not do what I did as it is so obvious?". Good question, but just like wanting to see the statement, not something I guess I can answer.