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Stating The Obvious and The Quest For Wisdom

  • #341
  • Mar 14, 2010 1:07pm Mar 14, 2010 1:07pm
Quoting chatzi
I got a feed and parsed it so it drew the stops and options on my Ninjatrader chart. I also developed my own client to view the news items as the interface of my source was not my liking. See pic.
That's definitely helpful. Although it takes me a couple minutes still nice I suppose.
  • #342
  • Mar 14, 2010 1:10pm Mar 14, 2010 1:10pm
Quoting Deusomega
That's definitely helpful. Although it takes me a couple minutes still nice I suppose.
lol Im a programmer so if I can get the pc to something I will. lol
  • #343
  • Mar 14, 2010 1:11pm Mar 14, 2010 1:11pm
Quoting chatzi
lol Im a programmer so if I can get the pc to something I will. lol
Definitely a good skillset to have . What is your favorite Clint movie?
  • #344
  • Mar 14, 2010 1:23pm Mar 14, 2010 1:23pm
Quoting Deusomega
Definitely a good skillset to have . What is your favorite Clint movie?
I love the spaghetti westerns. TG TB TU. He has made some excellent recent ones also, great Director also.
  • #345
  • Mar 14, 2010 1:28pm Mar 14, 2010 1:28pm
Quoting chatzi
I love the spaghetti westerns. TG TB TU. He has made some excellent recent ones also, great Director also.
Yeah great movie. I liked Pale Rider and Hang Em High too. All of his westerns are great.
  • #346
  • Mar 14, 2010 1:35pm Mar 14, 2010 1:35pm
Hi guys,

Nice thread you have here. Thanks to all of you for sharing your thougths.

I did a google search and came up to those 2 videos below.
The guy (don't know if it's the same guy in the 2 videos) looks like an order flow scalper.

Inserted Video


http://www.screencast.com/users/Orde...2-5831215e25d7

It also seems that the guy don't need to know the "WHY" Darkstar talked about. It is just by watching the order book.

Maybe, if one trades longer term, like Darkstar, then the WHY is much more relevant to antecipate what kind of orders and where they are placed, so that you can position yourself in the market accordingly.

And in this case, the answers to "WHY" may rely on such factors as options levels, open interest, fundies, important technical S/R zones, etc...


Best,
Luso

P.S. - I have no interest on linking to those videos. If it is against the rules, please delete them.
  • #347
  • Mar 14, 2010 1:47pm Mar 14, 2010 1:47pm
Quoting Luso
It is just by watching the order book.
Isn't the disadvantage that forex is an OTC, there's no meaningful DOM. DS seems to be suggesting there's a way of simulating DOM.
  • #348
  • Mar 14, 2010 1:53pm Mar 14, 2010 1:53pm
Quoting pipmutt
Isn't the disadvantage that forex is an OTC, there's no DOM.
I don't know if ebs has an order book or if it is relevant in some pairs.
I don't know if watching the futures markets order book is relevant.

I never did it. So I don't know.

I am sure that understanding order flow is and will help me with my trading. I think it will help any discretionary trader.

Best
  • #349
  • Mar 14, 2010 1:56pm Mar 14, 2010 1:56pm
If I had to summarize the point of this thread, it would come down to the old Chinese proverb:

Quote
Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime.


I have posted enough information on this forum to take someone from novice trader to profitable professional, but you still have to be the one to cast your line in the river.

Every one of you can become a fisherman, but you need to accept that the first step in the process is NOT someone handing you a fish. You NEED to starve. You NEED to feel the frustration of little nibbles that get away. You NEED to cast your line repeatedly with no result.

It's only after failing over and over and over again will you learn how the tiny bobs and ticks at the tip of your pole can signal what the fish are doing. Your frustrations will allow you to get into the mind of the fish and learn to think about their motivations and fears so that you can predict when they are ready to strike.

There are a thousand subtle factors that separate a fisherman from a guy with a pole and a lure. Every one of them must be learned through experience at the waters edge. The fisherman may be able to point out where you’re making a mistake (because he has already made them) but there is no fisherman who can wave his magic pole and make YOU a fisherman overnight. It takes work, it takes pain, and it takes YOU being the one to accept both as the cost of becoming a great fisherman.

In the beginning of this thread, Scotty was explaining all the subtle mechanics of catching fish, but he felt he wasn't catching any because he needed a special lure. The problem wasn't that he needed another lure, he already had everything he needed, he just needed to close his eyes and fish.

Scotty decided a long time ago that he wanted to learn how to fish. After years of hard work, he has become a fisherman. Now the choice is if you want to follow in his footsteps or go out begging for a fish.
  • #350
  • Mar 14, 2010 2:02pm Mar 14, 2010 2:02pm
wtf? all that sounds too painful. I don't even like fish. they're full of PCB's anyway.


Inserted Video
"If The Fool persists in his Folly he will become wise." - William Blake
  • #351
  • Mar 14, 2010 2:14pm Mar 14, 2010 2:14pm
Quoting Darkstar
If I had to summarize the point of this thread, it would come down to the old Chinese proverb:



I have posted enough information on this forum to take someone from novice trader to profitable professional, but you still have to be the one to cast your line in the river.

[color=black][font=Verdana]Every...
Just one question DS, if we the IFR data, and have it on our charts, and we watch how price reacts around areas and overtime develop a strategy based on this, is that a good direction to learn?

Does the expiry cut off time matter? (10am EST)?

Thanks for all your post.

Chatzi
  • #352
  • Mar 14, 2010 2:21pm Mar 14, 2010 2:21pm
Quoting chatzi
Just one question DS, if we the IFR data, and have it on our charts, and we watch how price reacts around areas and overtime develop a strategy based on this, is that a good direction to learn?

Does the expiry cut off time matter? (10am EST)?

Thanks for all your post.

Chatzi
This is down to you to work out.
Living the adventure in my head.
  • #353
  • Mar 14, 2010 2:26pm Mar 14, 2010 2:26pm
Quoting Leonlorenzo
This is down to you to work out.
Just wanted a push in the right direction. I am planning to write a order flow simulator to better visualise how orders effect price and different configurations (i.e. lots of stops or limits orders.) Of course it will be a simplified model but I think it might be useful to get a concrete understanding. I will share it on here.
  • #354
  • Mar 14, 2010 2:28pm Mar 14, 2010 2:28pm
OK, this is the last helpful video I am going to post. I do not want to detract from the gravitas of this thread. But the message I am about to impart is offered far too infrequently on this forum:

If you have been seriously trying to trade fx (or anything else) for anything more than 2-3 years and you are STILL not making money, it is time for you to think about giving up. Get a job already and count your blessings if you did not lose most or all of: your life's savings, your wife, your home, your health, etc.

Inserted Video
"If The Fool persists in his Folly he will become wise." - William Blake
  • #355
  • Mar 14, 2010 2:42pm Mar 14, 2010 2:42pm
Left the thread a few hours ago and come back to see all the depated.

You are doing the same mistake as the newcomers in this industry no wonder you didn't grasp any sort of feelings about what Darkstar is talking.

Why do you guys need to overcomplicate thinks, you guys are focusing in the wrong direction instead to be more concerned of what matter.

this thread is going definitely in the wrong direction ,sorry for saying that please don't take it personal.

And is a lot of preconception about all this stuff,if anyone is seriously enough and treat is like a business would see some lights moment through this journey

if you believe in yourself,have dedication and never quit,you will be a winner at the end

PS: those are purely my judgements so you can agree/disagree with it
  • #356
  • Mar 14, 2010 2:44pm Mar 14, 2010 2:44pm
Quoting The Fool
OK, this is the last helpful video I am going to post. I do not want to detract from the gravitas of this thread. But the message I am about to impart is offered far too infrequently on this forum:

If you have been seriously trying to trade fx (or anything else) for anything more than 2-3 years and you are STILL not making money, it is time for you to think about giving up. Get a job already and count your blessings if you did not lose most or all of: your life's savings, your wife, your home, your health, etc.

http://www.youtube.com/watch?v=gu8JI_XY0Qk...

Guess when you say "If you have been seriously trying to trade fx (or anything else) for anything more than 2-3 years and you are STILL not making money, it is time for you to think about giving up." you are contradicting your signature "If The Fool persists in his Folly he will become wise." - William Blake

James16 says it took him 8 years. How much time did it take you, Darkstar, to become consistently profitable?

A link to an old thread here in FF
http://www.forexfactory.com/showthread.php?t=10852

Best
  • #357
  • Mar 14, 2010 2:49pm Mar 14, 2010 2:49pm
Quoting The Fool
OK, this is the last helpful video I am going to post. I do not want to detract from the gravitas of this thread. But the message I am about to impart is offered far too infrequently on this forum:

If you have been seriously trying to trade fx (or anything else) for anything more than 2-3 years and you are STILL not making money, it is time for you to think about giving up. Get a job already and count your blessings if you did not lose most or all of: your life's savings, your wife, your home, your health, etc.

http://www.youtube.com/watch?v=gu8JI_XY0Qk...
Tell that to all the Market Wizards who were losing for over 5 years but then became extremely profitable. With money management and proper demoing you needn't lose much at all.
  • #358
  • Mar 14, 2010 3:00pm Mar 14, 2010 3:00pm
Quoting The Fool
OK, this is the last helpful video I am going to post.
I tried the lesbo course but it don't work 'cos I still ain't one. Guess I need a fish, or a rod, or something.....




http://www.cartoonstock.com/lowres/hsc3138l.jpg
  • #359
  • Mar 14, 2010 3:14pm Mar 14, 2010 3:14pm
Quoting Luso
James16 says it took him 8 years. How much time did it take you, Darkstar, to become consistently profitable?
How many try and NEVER succeed? We all know the oft-quoted percentages.

If you are not making money trading, ask yourself: "Do I really have the aptitude for this?" 8 years would buy a ton of education in a vocation that would pay steadily and give a person a sense of fulfillment.

Friend of mine in Seattle, typical example. Got a 2-year ultrasound degree and went to work at it in his 20's. Worked hard, pulled lots of overtime, made 6-figures, year in year out. Didn't blow it daytrading, but bought/sold real estate - rental houses, has 10 or so now I think, most paid for. He's 50 now, doesn't have to work.

Just "stating the obvious": speculative trading is not easy & it's not for everyone. If the "fool" persists in his folly (of trying to trade, without success) then he may become "wise" - and leave it for something that DOES work.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #360
  • Mar 14, 2010 3:53pm Mar 14, 2010 3:53pm
Quoting The Fool
How many try and NEVER succeed? We all know the oft-quoted percentages.

If you are not making money trading, ask yourself: "Do I really have the aptitude for this?" 8 years would buy a ton of education in a vocation that would pay steadily and give a person a sense of fulfillment.

Friend of mine in Seattle, typical example. Got a 2-year ultrasound degree and went to work at it in his 20's. Worked hard, pulled lots of overtime, made 6-figures, year in year out. Didn't blow it daytrading, but bought/sold real estate - rental houses, has...
If you demo or use micro lots, and still work until you become profitable then there is no harm in it. Why do you have to blow everything.
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