Best Thread How To Make Money Trading The Markets.

[duncanhoo]

I would say so. I don't find so many opportunities each day for this setup. 1 maybe 2 a day if at all.

The best thing i have done so far to improve my trading is document my trades. I've setup Microsoft Access as a trading log and now fill out a form each time i trade. The form has all the expected boxes to fill in but also a dropdown list that asks me what setup i intend to use for the trade. The setups must be pre-defined with documentation before i can use them. If the chart i intend to paste onto the form is not easy to categorise as to which setup it is, then it's not worth trading and i talk myself out of trading it. Discipline still required obviously but if its written down, its harder to lie to yourself.

i should also add that i took richard's course and am trading more than just this setup....

 

[redart]

You must have taken his course in the last few days then?

 

[duncanhoo]

yes end of last week (and over the weekend)...just the video option since my schedule is a bit of an issue.

 

[amit1986]

Plenty of great opportunities today (just in the first hour itself) using this method

 

[Mr. Charts]

Plenty of great opportunities today (just in the first hour itself) using this method

There certainly were !
still are !
Richard

 

[duncanhoo]

I actually hit some too :clap:

was moving so fast on one i hit wrong ticker and executed....

luckily for me the trade ended up working for a tiny gain by the time i got out...

Sometimes it is nice to be lucky...

There certainly were !
still are !
Richard

 

[Mr. Charts]

I actually hit some too :clap:

was moving so fast on one i hit wrong ticker and executed....

luckily for me the trade ended up working for a tiny gain by the time i got out...

Sometimes it is nice to be lucky...

Very well done, Duncan :clap:

"Luck" only plays a tiny part in this business, but the result of that error was lucky
Richard

 

[sir paul]

I would say so. I don't find so many opportunities each day for this setup. 1 maybe 2 a day if at all.

The best thing i have done so far to improve my trading is document my trades. I've setup Microsoft Access as a trading log and now fill out a form each time i trade. The form has all the expected boxes to fill in but also a dropdown list that asks me what setup i intend to use for the trade. The setups must be pre-defined with documentation before i can use them. If the chart i intend to paste onto the form is not easy to categorise as to which setup it is, then it's not worth trading and i talk myself out of trading it. Discipline still required obviously but if its written down, its harder to lie to yourself.

I have used Esignals scanner with good success. It has a pre market scan built in. Also you can find stock movers by using the power scan and rally scan at key times during the day. They do offer a 30 day free trial if you already have Esignal charts. Also read stock websites for news worthy stocks that may show possible set ups.

 

[sir paul]

i should also add that i took richard's course and am trading more than just this setup....

I have also taken Mr. Charts video course and used his alert service. I can tell you I am less then happy with them. The video files are over four years old and not very good for new trading information.

I wonder why there are no new videos on Mr. Charts recent trades? His current videos explain a lot of things like the level I screen which most people already know. Most of the set ups are rarely used because they hardly exist anymore. The setups on this thread are the main ones Mr. Charts trades. As for buying and selling pressure trading, I find it risky because Market Makers can manipulate the level II pressures at the blink of an eye. Trying to read them has always been hard to do because we do not know what their true intentions are. Fake outs are very common.

Mr. Charts alert service is not that great. One may get some scanning information from it, but that is all. He lists stocks every morning and takes off at least one day a week. He sometimes alerts trades before they setup, but I found myself missing most of them because it happens all so fast and I have been trading for over five years. You also have to refesh the alert screen which is a hassle and wastes time.

Mr. Charts prices are high compared to other competitors and you lose money if you buy with US dollars because of the weak dollar. He also requires you buy three months in advance.

 

[coopster]

I have used Esignals scanner with good success. It has a pre market scan built in. Also you can find stock movers by using the power scan and rally scan at key times during the day. They do offer a 30 day free trial if you already have Esignal charts. Also read stock websites for news worthy stocks that may show possible set ups.

I use Trade Ideas as a scanner. I didn't like the E-signal scanners. They seemed a bit clunky and I seemed to lose the window all the time behind charts etc.

I'm in the process of arranging my work so that on some days i can be home for the market open. Hopefully then i'll get more setups appearing when i'm actually at the screen.

 

[duncanhoo]

Hmmm...his videos may not have been a 10 item checklist of how to execute the perfect trade, but I definitely learned alot from them. My career involves making endless presentations and I could recommend fifty ways to improve the video fit and finish. However, the content is all that matters and I feel I got my money's worth.

As for his service - I find it very useful as both an alert but more importantly as a learning tool.

1. I see how he performs and can get a sense for what a best case performance on his methods would be.
2. I get to look at a long history of performance
3. His alerts and scans. I have not profited on an alert but it DOES confirm that at least i am looking in the right places. My first day doing three of my trades mirrored his (of course i did not let them run enough...but that is my problem).

As an aside - today my win ratio was 61% but watched a bunch run after i bailed

I also think that i am getting somewhat hosed on execution paper trading...so maybe i am doing a bit better than i think...

As another aside - i have only traded a couple of the setups referred to in this thread (and dont really think i have it a solid one yet). The rest (bulk) of my trades were other setups from his videos.

I have also taken Mr. Charts video course and used his alert service. I can tell you I am less then happy with them. The video files are over four years old and not very good for new trading information.

I wonder why there are no new videos on Mr. Charts recent trades? His current videos explain a lot of things like the level I screen which most people already know. Most of the set ups are rarely used because they hardly exist anymore. The setups on this thread are the main ones Mr. Charts trades. As for buying and selling pressure trading, I find it risky because Market Makers can manipulate the level II pressures at the blink of an eye. Trying to read them has always been hard to do because we do not know what their true intentions are. Fake outs are very common.

Mr. Charts alert service is not that great. One may get some scanning information from it, but that is all. He lists stocks every morning and takes off at least one day a week. He sometimes alerts trades before they setup, but I found myself missing most of them because it happens all so fast and I have been trading for over five years. You also have to refesh the alert screen which is a hassle and wastes time.

Mr. Charts prices are high compared to other competitors and you lose money if you buy with US dollars because of the weak dollar. He also requires you buy three months in advance.

 

[duncanhoo]

Oh - and I paid in US for both videos and service....making them even more expensive for me.....(and still a satisfied customer).

I have also taken Mr. Charts video course and used his alert service. I can tell you I am less then happy with them. The video files are over four years old and not very good for new trading information.

I wonder why there are no new videos on Mr. Charts recent trades? His current videos explain a lot of things like the level I screen which most people already know. Most of the set ups are rarely used because they hardly exist anymore. The setups on this thread are the main ones Mr. Charts trades. As for buying and selling pressure trading, I find it risky because Market Makers can manipulate the level II pressures at the blink of an eye. Trying to read them has always been hard to do because we do not know what their true intentions are. Fake outs are very common.

Mr. Charts alert service is not that great. One may get some scanning information from it, but that is all. He lists stocks every morning and takes off at least one day a week. He sometimes alerts trades before they setup, but I found myself missing most of them because it happens all so fast and I have been trading for over five years. You also have to refesh the alert screen which is a hassle and wastes time.

Mr. Charts prices are high compared to other competitors and you lose money if you buy with US dollars because of the weak dollar. He also requires you buy three months in advance.

 

[duncanhoo]

I agree on esignal scanners...dont like them that much. I am also trying out esignal and like a lot of it but the scanners are not so easy....perhaps that is also experience.

I think you really only need to trade his stuff first 2 hours and last hour of the day....middle of day is much tougher. I have only been really successful midday on the short side...there are some shorts mid day that just keep on giving

I use Trade Ideas as a scanner. I didn't like the E-signal scanners. They seemed a bit clunky and I seemed to lose the window all the time behind charts etc.

I'm in the process of arranging my work so that on some days i can be home for the market open. Hopefully then i'll get more setups appearing when i'm actually at the screen.

 

[sir paul]

Hmmm...his videos may not have been a 10 item checklist of how to execute the perfect trade, but I definitely learned alot from them. My career involves making endless presentations and I could recommend fifty ways to improve the video fit and finish. However, the content is all that matters and I feel I got my money's worth.

As for his service - I find it very useful as both an alert but more importantly as a learning tool.

1. I see how he performs and can get a sense for what a best case performance on his methods would be.
2. I get to look at a long history of performance
3. His alerts and scans. I have not profited on an alert but it DOES confirm that at least i am looking in the right places. My first day doing three of my trades mirrored his (of course i did not let them run enough...but that is my problem).

As an aside - today my win ratio was 61% but watched a bunch run after i bailed

I also think that i am getting somewhat hosed on execution paper trading...so maybe i am doing a bit better than i think...

As another aside - i have only traded a couple of the setups referred to in this thread (and dont really think i have it a solid one yet). The rest (bulk) of my trades were other setups from his videos.

I am glad you feel you got your moneys worth. But my question is why are there no new video recordings of Mr. Charts recent trades? He would do eveyone a great service by recording his most recent trades. He could even link one to his website for new clients.

Mr. Charts also trades using Interactive Brokers with the Esignal plugin. I tried using that setup and it does not work that well. Sometimes the plugin hangs up and you have to reboot which is not good if you have an open trade.

 

[sir paul]

I agree on esignal scanners...dont like them that much. I am also trying out esignal and like a lot of it but the scanners are not so easy....perhaps that is also experience.

I think you really only need to trade his stuff first 2 hours and last hour of the day....middle of day is much tougher. I have only been really successful midday on the short side...there are some shorts mid day that just keep on giving

Trade Ideas is a better scanner because you can setup custom scans and it is more affordable. Mr. Charts setups do work the best in the first two hours of trading, but the first 15 minutes can be risky.

 

[duncanhoo]

i was actually going to try out tradestation....but i think now i will try trade ideas too. thanks for the tip.

Esignal is good but the options stuff sucks (and i still trade options). Right now i trade in fidelity, analyze in Thinkorswim (options) and paper trade in Thinkorswim. got to find a platform that does it all.

have you checked out the trade analysis section on his site. I know its not video, but they are at least current. Plus he posts some other helpful things he does in there, which I also found to be very valuable.

how is the execution with IB? I have found that i get absolutely lousy equity execution on TOS (i am far from advanced enough to direct my own trades).

I am glad you feel you got your moneys worth. But my question is why are there no new video recordings of Mr. Charts recent trades? He would do eveyone a great service by recording his most recent trades. He could even link one to his website for new clients.

Mr. Charts also trades using Interactive Brokers with the Esignal plugin. I tried using that setup and it does not work that well. Sometimes the plugin hangs up and you have to reboot which is not good if you have an open trade.

 

[DionysusToast]

Mr. Charts prices are high compared to other competitors and you lose money if you buy with US dollars because of the weak dollar. He also requires you buy three months in advance.

Sorry - but I did get a laugh out of this.

So Richard - will you reply to this comment? I DEMAND you respond to these allegations of causing money loss through a weak dollar...

The mind boggles...

 

[amit1986]

I am glad you feel you got your moneys worth. But my question is why are there no new video recordings of Mr. Charts recent trades? He would do eveyone a great service by recording his most recent trades. He could even link one to his website for new clients.

What exactly do you plan on achieving by watching more recent videos? There's absolutely no difference whatsoever in the setups and momentum triggers that he shows in his videos that you can't use in today's markets. I stand testament to that.

It seems people like you are bred purely to complain about anything and everything. If Mr Charts has a live alert website where he mentions, in real time, the stocks he is watching, you'll complain about how YOU can't keep up with his stocks. You also complain about how its a pain to refresh the browser every time. Did you know that there are solutions to both of those problems? Since you seem the type to complain and not try to find solutions to problems, I'll help you out:

1) Buy another screen to keep several charts of your stocks. Or, if you can't afford it, keep scrolling through your watchlist every 5 minutes. Warning: it requires a bit of effort.

2) A quick google will reveal that there are many quick download extensions for Firefox and Chrome that automatically refresh the browser at any given interval set by you. I have mine set to refresh every 12 seconds.

Mr. Charts also trades using Interactive Brokers with the Esignal plugin. I tried using that setup and it does not work that well. Sometimes the plugin hangs up and you have to reboot which is not good if you have an open trade.

I actually ALSO trade with IB and the eSignal plug-in and works brilliantly for me. Executions are fast and very reliable. Plug-in has never hung up for me. If anything, just once or twice a year, eSignal may disconnect. But a simple 10 second relaunch of eSignal and IB's TWS doesn't hurt anyone...

 

[amit1986]

The video files are over four years old and not very good for new trading information.

Absolutely no difference whatsoever. I use his momentum triggers everyday that he shows in his "four years old" videos and they still work nicely. You just have to be aware of the ideal conditions of when to use them, which ONLY comes with experience. No one can teach you that.

Most of the set ups are rarely used because they hardly exist anymore.

Setups are used when they set up - hence the name. 12 setups are designed to give you variety so that you don't "put all your eggs in one basket". Trading is a game of patience. Just because a setup doesn't come often doesn't mean it's obsolete. To be truthful, 80% of this setups happen almost every day. The more common ones (breakouts and reversals) happen more often BECAUSE they are more common. So if a couple of other setups don't occur doesn't mean you're left with nothing. The other setups are much more common, so it makes up for it nicely .

As for buying and selling pressure trading, I find it risky because Market Makers can manipulate the level II pressures at the blink of an eye. Trying to read them has always been hard to do because we do not know what their true intentions are. Fake outs are very common.

Do you want the market to just hand you a boat load of money without putting in any effort? Of course market makers cheat the order book...if you were a market maker and had a large buy order from a hedge fund manager, would you just sit there on your desk hitting the buy button hundreds of times whilst driving the price up?
Trading is a battle - survival of the fittest. If the market makers are too smart for you, then you don't deserve to go up against them. However, through enough experience, you can slowly start to recognize patterns in market maker behavior. How the market maker behaves on trending stocks and at what times of the day. You can then use that experience against the market maker and profit from it. Sitting on your ar$e making up excuses like "level 2 is full of market maker spoofs" is easy, but it's much harder to actually try to put in a bit of effort and have the ball$ to go up against them.

Mr. Charts alert service is not that great. One may get some scanning information from it, but that is all. He lists stocks every morning and takes off at least one day a week. He sometimes alerts trades before they setup, but I found myself missing most of them because it happens all so fast and I have been trading for over five years. You also have to refesh the alert screen which is a hassle and wastes time.

I've already responded to most of the crap in this paragraph in my previous post. Just because you've traded for 5 years (profitably or unprofitably) doesn't mean you're going to an instant hit with a new strategy. Every system takes many months to learn. Your ability to quickly see momentum on level 2 and recognize the chart pattern comes with practice, nothing less. You WILL need to spend hundreds of hours in front of the level 2 screen to QUICKLY determine whether or not there is real momentum. If you're honestly expecting to pick it up within a couple of weeks, you're best of not trading at all.

Mr. Charts prices are high compared to other competitors and you lose money if you buy with US dollars because of the weak dollar. He also requires you buy three months in advance.

DinoToast has covered this complaint perfectly.

 

[sir paul]

What exactly do you plan on achieving by watching more recent videos? There's absolutely no difference whatsoever in the setups and momentum triggers that he shows in his videos that you can't use in today's markets. I stand testament to that.

I would like to see how he trades the high ATR stocks that he has been posting for the last year. He sells video recordings of low ATR stocks that he has traded in the past. He should have a video recording of each setup but instead he has several videos of stocks trading the same "Low of day breakout" setup.