Mr. Charts
Legendary member
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Not as a Wallace Arnold air-conditioned coach either, but as one of those dirty rotten evil "vendors", you now have the t2w badge of "shame"
Not as a Wallace Arnold air-conditioned coach either, but as one of those dirty rotten evil "vendors", you now have the t2w badge of "shame"
zupcon
Experienced member
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you now have the t2w badge of "shame"
Unlike some who are vendors but not vendors due to their being more equal than others status
megamuel
Experienced member
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Unlike some who are vendors but not vendors due to their being more equal than others status
LOL! Had to throw that in there didn't you zupcon! Still bitter about that? Haha!
Sam.
Claudia123
Established member
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i am the perfect mentor. Take my advice then do the opposite - you would have done well last week lol!!!!!!!!
Hi all,
There was a great deal of scepticism when Rithmomachia replied to my thread, offering to assist me.
Well, I thought I'd just post some of the communication I have had with him since then, to demonstrate that he IS genuine and wants to help, with no hidden agenda.
Here it is:
Many thanks,
Rob
Originally Posted by Biobob
Hi Barrington,
1. You are a day trader and position trader, trading full time. Does this give you your sole source of income?
A1. It does now, although I am financially secure (very good retirement package) and I trade solely because I want to. Prior to my recent retirement, my trading earned me about 60% on top of my contracted salary.
2. What is your main source of entry/exit signals? Do you trade purely on technical analysis? Or do you use your mathematical modelling skills as well?
A2. (Long answer!) It all depends on "what" and in which sector. In general, I search for a specific pattern which yields my set-up day ... NOT ENTRY ... just possible entry, subject to more analysis. In keeping with my strategy, the set-up day is a day when all the price action falls within the price range of the previous day. These patterns, or set-p days are fairly infrequent. Statistically, they only occur two or three times a month in ANY MARKET. This very infrequency is what makes them so noteworthy. It is important to note that within the strategy I use, these set-up patterns represent a compression of "market belief structures" and NOT mere market activity.
If there are no such set-up days, I don't trade! I refer to days which fall outside my strategy, "black days." The best that these days can offer is a 50/50 chance of winning. As trading is a negative sum gain these odds are unacceptable to me and I am diciplined to avoid the market in such circumstances.
The next day is when further analysis begins, when I am looking for a substantial move in either direction from the mid-point of the set-up day bar/candle ... I prefer to use candles to bar charts ... but either work OK. Obviously, it is vital for me to trade with the trend. To prepare for trading, I calculate the mid-price of the set-up bar and also calculate a "buy-line" and a "sell-line." For the DAX , I use + or - 15 points (minimum) from the mid-line; e.g, a 30 point range between buy and sell lines. There is no way of knowing where the market will open in relation to the mid-line price, but this is of no major concern because I then use several other TA tools to select a low-risk entry point.
There are two basic types of set-up day. The first is a normal day that can be expected to trade over a three-day period. The second, is a set-up day that forms with a higher volume content than the previous day. The latter case contains a greater number of beliefs about the future price trend than that of the preceding bar/candle.
The underlying principle at work, is that if the market is below the mid-line price, then it will have inherent weaknes. If it is above the mid-line price, then there is inherent strength.
The strategy is based upon the fact that there has been a tighter trading range than the previous day, showing that (Market Psychology at work here) the belief structures of the market have become compressed.
As traders tend to place their stops at the extremes of their belief structures, it is at these points that they will either be removed from the market, or join the market in the opposite direction to that of their original beliefs. Because of the tight containment on a trading day, I can expect to see the collapse of belief structures on a reasonably large scale, together with the addition of new belief structures forming. (Important! Note that to reverse the direction of the market, a corresponding collapse in the old and birth in the new direction are necessary.)
The collapse of sufficient numbers of belief structures gives the market momentum and distance of movement. In these circumstances, I would trade the market on the basis of holding my position until it has moved a good distance from the mid-line, and I would expect to take in excess of 90 points, if trading the DAX.
In trading with my strategy, I have learned to use a 3:1 rule; never enter the market unless I expect to take points three times to the value of my stop. Accordingly, I would enter the market under my fixed rule, with a 30 point stop.
On a day that does not fall within my fixed rule criteria, I do not expect to take the excess points, because part of the will have already taken place. The 3:1 rule is still valid, because by using a pre-defined entry strategy, I am always able to enter the market with a fairly tight stop.
3. Are you a discretional trader or mechanical?
A3. Both, depending on what I am trading, but these days mainly discretional. For options I use mechanical.
4. Could you give an indication of your returns, ratio of winning trades to losing trades and largest drawdowns. Obviously, percentage figures will be fine - I wouldn't be so rude to ask for the £figures!!
A4. T.B.A
6. My aim is to trade part time initially - for however long it takes - and then go full time eventually. While trading part time, I will only have limited time available during the day [due to work commitments], but will work in the evenings, so I guess I will be mostly positional trading. Does this lend itself to your trading style/system?
A5. (Rob, you seem to have jumped numbers?)
I was also working whilst trading upto a short while ago which required night trading so it makes sense to me. But it's your trading style/system that needs to be defined ... not mine. (Actually, I still do some night trading in offshore markets.)
7. Your biog says you trade the Dax. I presume this is either futures or options? Do you trade any other indices or forex or commodities?
A6. (not 7 ... I would like a pint of whatever you are on mate!) Yes DOW, FTSE. Forex is where my market employment began.
8. Just out of interest, what data feed do you use and how much is it!!??
A7. Don't see the relevance of the question, but I use two; and yes, the are expensive for a start-up situation.
9. Where abouts are you based geographically? Just thinking about communication. Have you any suggestions?
A8. UK, but we could use a virtual classroom and VNC computer hook-up. We could also make use of the T2W facilities I think ... but I will have to look into that.
And finally,
10. What is your motivation for offering to help me?
A9. Why would I need to be motivated? T2W concepts and aims state "... a forum where like minded traders can discuss and help each other ..." I am also a Tutor/ Lecturer, so why should I not help you if I can? As the advert says .."mabybe it's because you're worth it." If you are asking how much will I charge ... the answer is zilch, nada, nothing.
--------------------------------------------------------------------
I'm really sorry for "probing" in this way, but I think the questions are relevant - and please be assured, they aren't intended to offend.
Answer; none taken.
I look forward to hearing from you.
Regards,
Rob[
There was a great deal of scepticism when Rithmomachia replied to my thread, offering to assist me.
Well, I thought I'd just post some of the communication I have had with him since then, to demonstrate that he IS genuine and wants to help, with no hidden agenda.
Here it is:
Many thanks,
Rob
Originally Posted by Biobob
Hi Barrington,
1. You are a day trader and position trader, trading full time. Does this give you your sole source of income?
A1. It does now, although I am financially secure (very good retirement package) and I trade solely because I want to. Prior to my recent retirement, my trading earned me about 60% on top of my contracted salary.
2. What is your main source of entry/exit signals? Do you trade purely on technical analysis? Or do you use your mathematical modelling skills as well?
A2. (Long answer!) It all depends on "what" and in which sector. In general, I search for a specific pattern which yields my set-up day ... NOT ENTRY ... just possible entry, subject to more analysis. In keeping with my strategy, the set-up day is a day when all the price action falls within the price range of the previous day. These patterns, or set-p days are fairly infrequent. Statistically, they only occur two or three times a month in ANY MARKET. This very infrequency is what makes them so noteworthy. It is important to note that within the strategy I use, these set-up patterns represent a compression of "market belief structures" and NOT mere market activity.
If there are no such set-up days, I don't trade! I refer to days which fall outside my strategy, "black days." The best that these days can offer is a 50/50 chance of winning. As trading is a negative sum gain these odds are unacceptable to me and I am diciplined to avoid the market in such circumstances.
The next day is when further analysis begins, when I am looking for a substantial move in either direction from the mid-point of the set-up day bar/candle ... I prefer to use candles to bar charts ... but either work OK. Obviously, it is vital for me to trade with the trend. To prepare for trading, I calculate the mid-price of the set-up bar and also calculate a "buy-line" and a "sell-line." For the DAX , I use + or - 15 points (minimum) from the mid-line; e.g, a 30 point range between buy and sell lines. There is no way of knowing where the market will open in relation to the mid-line price, but this is of no major concern because I then use several other TA tools to select a low-risk entry point.
There are two basic types of set-up day. The first is a normal day that can be expected to trade over a three-day period. The second, is a set-up day that forms with a higher volume content than the previous day. The latter case contains a greater number of beliefs about the future price trend than that of the preceding bar/candle.
The underlying principle at work, is that if the market is below the mid-line price, then it will have inherent weaknes. If it is above the mid-line price, then there is inherent strength.
The strategy is based upon the fact that there has been a tighter trading range than the previous day, showing that (Market Psychology at work here) the belief structures of the market have become compressed.
As traders tend to place their stops at the extremes of their belief structures, it is at these points that they will either be removed from the market, or join the market in the opposite direction to that of their original beliefs. Because of the tight containment on a trading day, I can expect to see the collapse of belief structures on a reasonably large scale, together with the addition of new belief structures forming. (Important! Note that to reverse the direction of the market, a corresponding collapse in the old and birth in the new direction are necessary.)
The collapse of sufficient numbers of belief structures gives the market momentum and distance of movement. In these circumstances, I would trade the market on the basis of holding my position until it has moved a good distance from the mid-line, and I would expect to take in excess of 90 points, if trading the DAX.
In trading with my strategy, I have learned to use a 3:1 rule; never enter the market unless I expect to take points three times to the value of my stop. Accordingly, I would enter the market under my fixed rule, with a 30 point stop.
On a day that does not fall within my fixed rule criteria, I do not expect to take the excess points, because part of the will have already taken place. The 3:1 rule is still valid, because by using a pre-defined entry strategy, I am always able to enter the market with a fairly tight stop.
3. Are you a discretional trader or mechanical?
A3. Both, depending on what I am trading, but these days mainly discretional. For options I use mechanical.
4. Could you give an indication of your returns, ratio of winning trades to losing trades and largest drawdowns. Obviously, percentage figures will be fine - I wouldn't be so rude to ask for the £figures!!
A4. T.B.A
6. My aim is to trade part time initially - for however long it takes - and then go full time eventually. While trading part time, I will only have limited time available during the day [due to work commitments], but will work in the evenings, so I guess I will be mostly positional trading. Does this lend itself to your trading style/system?
A5. (Rob, you seem to have jumped numbers?)
I was also working whilst trading upto a short while ago which required night trading so it makes sense to me. But it's your trading style/system that needs to be defined ... not mine. (Actually, I still do some night trading in offshore markets.)
7. Your biog says you trade the Dax. I presume this is either futures or options? Do you trade any other indices or forex or commodities?
A6. (not 7 ... I would like a pint of whatever you are on mate!) Yes DOW, FTSE. Forex is where my market employment began.
8. Just out of interest, what data feed do you use and how much is it!!??
A7. Don't see the relevance of the question, but I use two; and yes, the are expensive for a start-up situation.
9. Where abouts are you based geographically? Just thinking about communication. Have you any suggestions?
A8. UK, but we could use a virtual classroom and VNC computer hook-up. We could also make use of the T2W facilities I think ... but I will have to look into that.
And finally,
10. What is your motivation for offering to help me?
A9. Why would I need to be motivated? T2W concepts and aims state "... a forum where like minded traders can discuss and help each other ..." I am also a Tutor/ Lecturer, so why should I not help you if I can? As the advert says .."mabybe it's because you're worth it." If you are asking how much will I charge ... the answer is zilch, nada, nothing.
--------------------------------------------------------------------
I'm really sorry for "probing" in this way, but I think the questions are relevant - and please be assured, they aren't intended to offend.
Answer; none taken.
I look forward to hearing from you.
Regards,
Rob[
Adamus
Experienced member
- Messages
- 1,898
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- 97
What you want to do is find what interests you most about the markets. A bit of passion about what you're doing will push you into going that extra little bit further. So stick with what you find fascinating, and you'll already be half-way to finding your edge.
To give a basic example, I can't stand stocks. Give me futures anyday, or forex. Stocks for whatever reason just bore the pants off me. You know that programme on the BBC about some City bloke who put up a million for newby traders to come in and try to trade? I couldnt be bothered to watch it anymore after I realised they weren't dealing in futures.
To give a basic example, I can't stand stocks. Give me futures anyday, or forex. Stocks for whatever reason just bore the pants off me. You know that programme on the BBC about some City bloke who put up a million for newby traders to come in and try to trade? I couldnt be bothered to watch it anymore after I realised they weren't dealing in futures.
Claudia123
Established member
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- 724
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Adam I totally agree. Forex is for me not stocks way too boring. if you very brave remortgage the house and stick it all into oil - that will triple over next year or so.
