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NQOOS on pulling the trigger |
August 5, 2004
This text goes with the mp3 file of the class. If you plan on replaying the mp3 multiple times, please download it and play it locally.
6:03 @Buffy2: nqoos is talking and I am typing for him
16:03 @Buffy2: do you keep records of simbroker results that show you are successful or are you fooling yourself and only talking about days you did well and not the others
16:04 @Buffy2: getting over the hesitation on pulling the trigger real time
16:04 @Buffy2: if anyone who is having this problem is willing to step forward nqoos would like to ask some questions to help
16:05 @Buffy2: do you have trouble pulling the trigger RT?
16:05 @Buffy2: nqoos here willing to help anyone
16:06 Muy2: I'm skeered
16:06 @Buffy2: JR has said he has a problem seeing setups and not able to pull trigger
16:07 @Buffy2: one reason is they have not established the confidence in their signal yet
16:07 @Buffy2: if you are not keeping track of your signal everyday then you are missing the opportunity to prove to yourself that your rules and setup works
16:08 @Buffy2: you need the confidence and the way to get the confidence is to keep track of all your trades
16:08 @Buffy2: quality time and screen time will build the confidence along with accurate records
16:08 zippy: I haven't kept record of my trades - I delete them at the end of the playback or sim trading
16:09 @Buffy2: you should print it out and keep track zippy - use the printer icon or record them in a journal maybe with comments on each trade as you review it
16:09 @Buffy2: this can also be this is what I made and this is what I would of made
16:10 @Buffy2: you need to be able to track yourself to know when you are ready to go real time
16:11 bill: Very true
16:11 @Buffy2: many people that spend their trading day in front of the screen drifting in and out of quality and non quality screen time - the highest quality screen time is when you are completely focused
16:11 @Buffy2: that is a trait and ability you must develop
16:11 Randy___NC: yes it is
16:11 @Buffy2: most can not develop this just logging on at open and off at close
16:12 @Buffy2: suggest maybe a one hour period to get used to the focus
16:12 @Buffy2: much is typed onto the screen that has nothing to do with your setup and reading that diverts your focus
16:12 @Buffy2: in time you may be able to develop into that type of trader that can multitask and look and charts and trade different setups
16:13 Termo: I suppose it is the same for those of us that do "stupid trades": impulsive trades that don't conform to one's rules as this is lack of focus too
16:13 @Buffy2: if problem pulling trigger then you are not that type of trader now
16:13 zippy: would you consider echat as a distraction too?
16:13 @Buffy2: the best time to do the one hour is for you to determine
16:13 @Buffy2: pick and hour in the morning and an hour in the afternoon
16:13 rdk: which suggests that for a certain time, people need to shrink echat, turn off ventrilo just to focus for a time, even if that leaves you feeling alone
16:13 @Buffy2: and do not confuse the quality of the screen time
16:14 @Buffy2: is there anyone who can say I am profitable for so many weeks and I can not pull the trigger
16:14 Muy2: I don't want to be alone :-)
16:14 @Buffy2: if you can not tell me this and you have not recorded it for a few months then you are not ready to try yet
16:15 @Buffy2: it is important not to be in a rush to trade with live money
16:15 @Buffy2: doing it too fast when not prepared you will perpetuate the unpreparedness. it can continue for years and years
16:15 @Buffy2: you will be focusing on your trading habits up until now that will make you profitable
16:15 zippy: yes I have been profitable for many weeks on but can not pull the trigger - but I haven't kept record of my trades either
16:16 @Buffy2: zippy has posted her simbroker results many times nqoos
16:16 @Buffy2: there are many great charts on dacharts and I look at them as learning concepts
16:16 rdk: are you saying these people are not becoming profitable nqoos because they are not focusing on sim-broker long enough before going live?
16:17 @Buffy2: eventually you will learn to filter those and make it your own system that will not be exactly like buffy's or mine
16:17 @Buffy2: don't get caught up in all those concepts - stick to your one setup that you are learning to take profitable
16:19 @Buffy2: jr-had I take those trades I would be profitable cause 7 out of 10 maybe would work
16:19 @Buffy2: tks jr for being part of discussion
16:20 @Buffy2: when you are posting these charts are you posting them rt?
16:20 @Buffy2: jr-definitely
16:21 @Buffy2: sometimes I post when I see a slight signal for going in the direction I believe it is going not all work
16:21 @Buffy2: I don't know how fast you are able to do this my suggestion is that you have to divide your time between posting and doing simtrades
16:22 @Buffy2: trying to do the same time is for an advanced trader that is already consistently profitable
16:23 @Buffy2: I have told them nqoos that the fear should be acknowledged but remind yourself of all you have learned and now know how to control losses
16:24 rdk: there is free software out there you can use to simulate -
16:25 pavoni: How long should we have a profitable track record before attempting to trade real $
16:25 @Buffy2: pavoni at least six weeks - it depends on the number of playbacks
16:26 @Buffy2: you have to earn the right to spend your money trading
16:26 @Buffy2: brb
16:26 @Buffy2: can someone type
16:27 scooter: http://www.futures-trader.net/
16:27 p8: I am recording, though not from the beginning, buffy.
16:27 scooter: here is a free simbroker jr if you only trade 1 contract as a position - the trial version is free
16:28 jr01: tx scooter
16:30 troller: Nqoos, don't most people have to loose enough to hurt badly before you really settle down to learn?
16:32 pavoni: your website is www.nqoos.com and you have a new one at www.trading-naked.com ?
16:34 troller: I get bored too on sim.
16:34 rdk: I have same problem troller
16:34 troller: I kept records for a while, but lose concentration
16:36 pavoni: is there anything wrong with using sim at 2x or 3x? or is it best to use it at normal speed?
16:36 rdk: I don't even like simbroker pavoni, it's so unrealistic, I like using ninjtrader to at least handle the spread
16:38 rdk: I just use ninjatrader to make it more real :)
16:39 @Buffy2: maybe we could do a posting of simbroker every night treating it exactly as you would your trading account
16:39 zippy: would you say that we need to have our rules written down and follow them - I have a few rules written but rest are usually in my head
16:39 @Buffy2: I know what you are talking about nqoos
16:39 rdk: I do more short term scalping, so I can sit there all day and make money on sim by taking advantage of the spread... bit at the end of the day, I can multiply # of trades by the spread, and it makes a huge difference... so using ninjatrader works around that for me, then I can believe in my sim results
16:40 @Buffy2: as many do not take me up on sending charts from pb with ? or the pa exercise to learn
16:40 @Buffy2: sounds good rdk
16:41 @Buffy2: there are tl days and mof days and flag days and sling days - it doesn't matter though - there is always entries and money management - different methods would show different profits
16:42 pavoni: does it matter whether we use the sim broker at 2x or 3x or is it best to use it at normal speed ?
16:43 Jasper: I have a hard time sticking to an indicator set (methodology) and TF during the day. Do you have any suggestions about that?
16:44 @Buffy2: when I was talking about simbroker I was referring to using it during the market - there can be value to doing it at 2x and 3x but most of the time should be at reg speed
16:44 @Buffy2: you can speed up and slow down playback
16:45 @Buffy2: I would guess you do not have the results you desire or you get bored both are part of trading
16:45 @Buffy2: you get pd to wait - let the setup come to you - trade with the trend
16:46 dennis: How do you determine the trend? What minute chart?
16:48 Randy___NC: Band on the Range is cool!! :-)
16:49 azule: 9, 30 sma ema wma?
16:49 troller: lol, you described my set-up exactly
16:49 troller: http://www.charts.dacharts.com/2004-08-05/Troller.png
16:50 troller: my biggest problem is that after I am up a little I get too afraid to take anymore trades
16:51 @Buffy2: hear that one all the time - It is the biggest reason newbies give for not going to higher clearer setups time frame
16:52 zippy: "why can't I pull the trigger? " -After listening to you I have come to the conclusion that I am not ready- need to keep records of my trades and take it from here
16:56 jr01: we thought you could just tell us what to do and we go and make 5k tomorrow?
16:57 @ Ensign: The problem is related to you want to 'be right' more than you want to 'make money'.
16:57 @Buffy2: that also Howard
16:58 @ Ensign: Can't get over the fear of being wrong, even though statistically it will all work out so you make money.
16:58 @ Ensign: I liked Pesavento's attitude when I watched him trade.
16:59 @ Ensign: See my report on my visit with him a couple years ago in Trading tips newsletter.
16:59 @ Ensign: let me find the article, 1 moment...June 2002 Newsletter
16:59 @ Ensign: http://www.ensignsoftware.com/tips/tradingtips30.htm#Larry
16:59 @ Ensign: The reason I point out this article and his trading, is not so much his method, but rather his attitude. He would have a plan, and execute it, and then put in his stops and turn his back on the markets and visit with us. Statistically his plan makes money. He was not married to the screen or to the trade. If it worked out, great, if not, that was to be expected some of the time. If the plan was to have the trade on for 35 minutes and achieve a price objective, we would set his alarm clock for 35 minute out to remind himself to see where the market was now.
17:01 @ Ensign: If it had achieved the objective, he would exit.
17:01 @ Ensign: If it had hit the protective stops, he was already out.
17:02 @ Ensign: If it was not yet doing what it was supposed to, he might reevaluate moving the stop, or just bailing and try again later.
17:02 @ Ensign: There was not the emotional attachment that I see many in the chat rooms go through.
17:03 @ Ensign: Too many talk about winning on the current trade, instead of winning overall.
17:03 @ Ensign: Too many beat themselves up with expectations that every trade is a winner, and if not, it must be because they have not considered some new detail that would have changed the decision if the detail had been considered.
17:04 @ Ensign: and thus the process never ends on finding more protective details or inventing more rules and exceptions to the rules.
17:04 @ Ensign: all in an effort of improving profits, but all at the expense of keeping it simple and mentally handleable.
17:05 Termo: thank you nqoos
17:05 zippy: thank you Nqoos
17:05 troller: thanks Nqoos
17:05 rdk: thanks nqoos
17:05 @ Ensign: and one last comment about Larry's methods, was the importance of time....
17:05 @ Ensign: most of what I see going on in the chat rooms is focused on price, whereas Larry focused on time.
17:06 @ Ensign: there is a big difference in that aspect.
17:05 GBT: Thx Tuff Guy!
17:05 optimistic: thanks,very useful
17:05 p8: same to you NQoos, thx
17:06 azule: thx NQoos
17:06 @ Ensign: the folks in many of these chat rooms are very close to the markets trying to scalp a point or two here and there. Larry does not try for the small stuff. if the setup is for 45 minutes or 3 hours of time, so be it. He takes what the market gives for that time period. Often the trades are for 5 to 8 point range instead of the 1-2 points many other are scalping.
17:06 p8: ok, buffy, the recording is 8.5 meg. Is that OK for dacharts?
17:06 optimistic: Buffy, how can I print charts out with a white background
17:06 Randy___NC: Speaking of time... you say your not going to tell us what he's using... In your article.. any hints?
17:06 @Buffy2: yes it is p8
17:07 @Buffy2: thanks for all the comments guys
17:07 p8: hmm, probably too big for my smtp server, lol, could I just ftp it directly to dacharts so that he can take care of it later?
17:08 Randy___NC: If tts not the Time fib ruler is it a Square of 9 derivative?
17:08 @ Ensign: His primary tool was a Neural Net calculation, which was the research behind the tools that eventually ended up in Ensign as the Pesavento Map. So you have the Map study now in Ensign that was not in the program when the article was written. Since our visit we signed cooperation agreements with Larry that enabled us to put some of his tools in Ensign.
17:08 Randy___NC: Yes I see - I like - thx
17:09 @Buffy2: http://www.dacharts.org/archives/2Xbline/Daily%20Playback%20Setups/Daily_Playback_Setup_2004-01-05.htm
17:09 p8: buffy, could I FTP the file directly to dacharts so that scylinx can take care of it later?
17:09 midge: Buffy, while you were gone, NQoos mentioned the following I jotted down (he may have said more but these were what I caught) (1) don't sit at computer from 9:30 to 4:15...can't stay focused that long, (2) no one has to lose money at trading...don't trade real money until consistent at sim trading, & (3) if sim trading too boring, only trade for shorter periods of time so can be fully focused..
17:10 @ Ensign: Crystal ball was the research name when I was working on it, and the released name in Ensign is Pesavento Map.
17:10 @ Ensign: anyway, I will be quiet now.
17:10 @Buffy2: great comments Howard
17:11 gnome: :)
17:11 Randy___NC: On the Map... how long is the look back period for it?
17:14 Randy___NC: Reminds me of some currency markets.. very nice
17:19 @Buffy2: pull down and save on your computer when p8 says it is done - then bandwidth won't be a problem
17:19 gnome: :)