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  • #2,161
  • Edited 7:52am Sep 8, 2010 7:40am | Edited 7:52am
Quoting stratman
My current trading approach is working well for me. I am very confident that I will be able to sustain my life style from full-time trading ie no need for a day job.

If I'm to continue being part of the wider forex community, I need to find a good win/win scenario. The best I can think of is a situation where I teach a team of traders how to be profitable and I get a small return whenever they make trades (less than 0.5 pips?). This would mean no initial costs to the trader ie the team members would only need to fund a live trading account with...
Hi Strat,
Are you using anything of THV by Cobra or did you find a final personal approach?

I read your last post, It's very nice (and hard) what you want to share with the others. In my opinion, if you teach someone to be economically free you can ask him even 1 pip at trade. 1 pip it's nothing compared at the experience that they can achieve. Obviously not at the beginig or you will kill their efforts
  • #2,162
  • Sep 8, 2010 8:00am Sep 8, 2010 8:00am
THV, stochastics, MA's, TDI, fractals and other indicators are good guides when you are starting out. THV was the first system that gave me a good feel for charts.

As I get more experienced, I use indicators less as I can 'see' clearer what is going on by looking directly at naked candles. My main chart is now completely clear of indicators and my dashboard layout is a summary of information ie no red/green lights. The SMA60 charts are at the bottom of the screen as are stochastics and my linear HA ... they are all there for quick reference.

The H4 and H1 lines are the only visible items on my main chart and I often turn these off as well because I can easily determine them looking just at candles.

Quoting Ultimatus
Thanks for doing the videos Stratman, it's very helpful to see your thought process when trading.

I noticed the THV lights are missing from your MT4 template, have you stopped using this method for your entries?


Oh, and count me in for the trading group!
  • #2,163
  • Sep 8, 2010 8:19am Sep 8, 2010 8:19am
As per the above post ... indicators are good guides to understanding what the main chart is doing.

All the main indicators are derived from calculations made from what's happening on the currency chart. If we can view the currency chart in a way where we have no need for indicators, surely we are better off?

Like driving a car ... when we learn to drive a manual car, we listen to the pitch of the engine or watch a rev counter to know when to change gear. Given enough practice, we can drive a manual vehicle without listening or watching. Think about driving with a loud stereo blaring and no rev counter ... will you struggle? No, you form a habit of when to change gear and it becomes something you no longer really think consciously about.

Quoting vurbileron
Hi Strat,
Are you using anything of THV by Cobra or did you find a final personal approach?
  • #2,164
  • Sep 8, 2010 8:23am Sep 8, 2010 8:23am
Quoting stratman
As per the above post ... indicators are good guides to understanding what the main chart is doing.

All the main indicators are derived from calculations made from what's happening on the currency chart. If we can view the currency chart in a way where we have no need for indicators, surely we are better off?

Like driving a car ... when we learn to drive a manual car, we listen to the pitch of the engine or watch a rev counter to know when to change gear. Given enough practice, we can drive a manual vehicle without listening or watching. Think...
  • #2,165
  • Sep 8, 2010 8:40am Sep 8, 2010 8:40am
Rob;

Please keep me informed of your trading group plans. I would like to be included.

John
  • #2,166
  • Sep 8, 2010 8:46am Sep 8, 2010 8:46am
Mindsphere made the following statement in an email to me today:

Quote
I've come to understand how one can look at price action on many different timeframes to get a clear picture of what is going on. I've been learning to read price action as a story that can reveal what is really going on behind the scenes.

What he says here is what I do. My method is difficult to put into words as my criteria for entries and exits adapts to the unfolding story I see at any instant. There are some sure things like 10 pip stop, enter on pull-back etc but what about things like SMA60 eg does this look like a 'good' bounce off an SMA60 ... how do I quantify a 'good' bounce?

Think about it like this .. if I were able to write a concise set of strict rules for my trading method then I would have a functional description for an EA. I would then trade using my EA.
  • #2,167
  • Sep 8, 2010 9:11am Sep 8, 2010 9:11am
What about this and posible other upgrades? Will we get them?
  • #2,168
  • Sep 8, 2010 11:03am Sep 8, 2010 11:03am
Rob,

Similar here, this is what I currently used (but I put daily & H4 lines instead). 1 more indicator for me, which is the keltner channal. Then nothing else.

Your s/r lines from DB are definitely the best stuff.

Eric




Quoting stratman


The H4 and H1 lines are the only visible items on my main chart and I often turn these off as well because I can easily determine them looking just at candles.
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  • #2,169
  • Sep 8, 2010 12:57pm Sep 8, 2010 12:57pm
Rob,

your thoughts and draft sounding very well. Interest here too

josch
trading is war - life is simple
  • #2,170
  • Sep 8, 2010 3:13pm Sep 8, 2010 3:13pm
Maybe after I finish this software contract

Quoting Noris
What about this and posible other upgrades? Will we get them?
  • #2,171
  • Sep 8, 2010 7:08pm Sep 8, 2010 7:08pm
I too would seriously look into being part of such a team.
  • #2,172
  • Sep 8, 2010 8:06pm Sep 8, 2010 8:06pm
This definately the most generous gesture i have come across. this will enable any body to learn and grow. But definately you need to work it out properly. sincerity of the team will be paramount.
  • #2,173
  • Sep 8, 2010 10:00pm Sep 8, 2010 10:00pm
One thing to throw into the suggestion list Rob is to avoid Skype as a room option for this team idea. The M15 Swinger room is unworkable for most folk out of the US - big delays. The omNovia seems to work fine though it is a paying service.
  • #2,174
  • Edited 1:13am Sep 9, 2010 12:58am | Edited 1:13am
Quoting stratman
Mindsphere made the following statement in an email to me today:



What he says here is what I do....
On my rather looong night-shift trading a completely different instrument I was giving some more thought to this whole concept.

Firstly, on the question of profit-share, the easiest approach is for you to be an IB, stratman. Whether that be at Dukascopy or another broker, it is the easiest way to ensure that you are not short-changed by team members. I'm guessing that was what you were thinking anyway, based on your idea of 0.5 pips per trade. Probably best to offer people a couple of options as Dukascopy has some very stringent registration requirements. I believe ATC Brokers offers an IB service and they've got a good rep and some great spreads (FXCM Whitelabel, heavily discounted - see www.fxintel.com).

Secondly, and most importantly - how could such a team be put together and how could it work? You've acknowledged that trading is as much an art as it is a science. That's what makes teaching it somewhat complicated. It's definitely possible, however, and needs a multi-faceted approach.

Firstly, I think a good start would be to try and break down your trading approach into a few different strategies (assuming there is more than one approach you use). In a closed forum environment you could then post numerous image examples of entry and exit considerations under different thread headings and these could be examined and discussed by the team. A video or two taking people through every single step of each strategy would probably also help greatly. Might I suggest full-screen view as a better option than a small focused area, as it can feel like we are watching the trade through tunnel vision from time to time.

The next step would be for those people to try and trade these strategies wherever they see them, and for them to post up entry and exit screenshots and their trade considerations. You could bolster this forum environment with some group Skype discussions, and some 1-on-1 training for people to improve their entries and try and understand why certain setups are not adequate according to your trading style.

You could limit also initially limit the size of the trading group to a handful, so as to not overburden yourself. As these people gained proficiency and started to show consistent profitability you could open the group to more members, and assign the more promising traders as mentors to the newer members. That way, you could grow a formidable trading group and it would see you benefit greatly from your initial investment of time and effort. You could potentially even organise some sort of profit-share with mentors so that there is mutual benefit going into the future.
  • #2,175
  • Sep 9, 2010 1:30am Sep 9, 2010 1:30am
Just a couple quick points, if I could:

If you go the IB route, it could exclude any US traders. Might be a problem depending on your customer demograph.

Definitely keep in small; no more than you can chew at one time because you know we will be as chewy as a 4 year old gummy bear.
  • #2,176
  • Sep 9, 2010 1:32am Sep 9, 2010 1:32am
Quoting Slack
Just a couple quick points, if I could:

If you go the IB route, it could exclude any US traders. Might be a problem depending on your customer demograph.

Definitely keep in small; no more than you can chew at one time because you know we will be as chewy as a 4 year old gummy bear.
Why would it exclude US traders? As far as I know, Dukascopy and ATC both accept US clients, and would do so through an IB as well.

Edit: Further thought that I wanted to add to my earlier post #2174

One thing that would be great about a trading team that is focused on very specific sorts of trades would be that we could call out setups as we see them forming in the forum or Skype (or similar) chat-room. That would probably help the learning process greatly, as we could hear from stratman in real-time (when he's around) whether or not a certain setup is valid, and if not, why not.
  • #2,177
  • Sep 9, 2010 1:58am Sep 9, 2010 1:58am
Quoting Mindsphere
Why would it exclude US traders? As far as I know, Dukascopy and ATC both accept US clients, and would do so through an IB as well.
True, right now. But, it sounds like CFTC is going to put the hammer down. I hope they don't, but it doesn't look good.
  • #2,178
  • Sep 9, 2010 2:11am Sep 9, 2010 2:11am
Quoting Slack
True, right now. But, it sounds like CFTC is going to put the hammer down. I hope they don't, but it doesn't look good.
Hmm. Compliance for stratman might not be a necessity, however, as he is not based in the US. That said, I'm sure alternative arrangements could be found for US traders if the need arose. Observer login/password for MT4 brokers for example to confirm trade volume.
  • #2,179
  • Sep 9, 2010 2:33am Sep 9, 2010 2:33am
I was an early adopter of your dashboard and have followed your thread (without participating).

I think you are taking a detour by heading down the teaching track. If you spend all your available time only on trading you will reach your goal of full-time trading much quicker.

You have given back more than enough to the forex community with your free indicators, videos and advice.

Continued sales of the dashboard can be sustained with the manual and videos, with minimal input from you.

Those who wish to remain on the Skype trading room to help each other, can do so.

I think you should seriously consider withdrawing from all activities, other than trading, until such time as you've reached your trading goals and have enough discretionary time to indulge your altruistic desire to help others.

Taking on the responsibility for teaching a group people, who will be paying (in whatever way) for the service, is a black hole which will absorb far more time than you at the moment imagine. All that time could be spent trading!

Think of yourself and your family first. Only after that, think of the wider forex community

Best wishes!

Quoting stratman
My current trading approach is working well for me. I am very confident that I will be able to sustain my life style from full-time trading ie no need for a day job.

With that realisation, I have been considering my future plans regards this thread, forex software development and the pipware.com website.

If I'm to continue being part of the wider forex community, I need to find a good win/win scenario. The best I can think of is a situation where I teach a team of traders how to be profitable and I get a small return whenever they make trades...
  • #2,180
  • Sep 9, 2010 5:13am Sep 9, 2010 5:13am
This is a very good point you make

I'm thinking it may be best to 'plan' this but not actually go ahead until I am personally sustaining my family from full-time trading. Then I should have the time to devote to the team. I have really struggled with the committment required for teaching while doing software contracts

Quoting nsteve
I was an early adopter of your dashboard and have followed your thread (without participating).

I think you are taking a detour by heading down the teaching track. If you spend all your available time only on trading you will reach your goal of full-time trading much quicker.

You have given back more than enough to the forex community with your free indicators, videos and advice.

Continued sales of the dashboard can be sustained with the manual and videos, with minimal input from you.

Those who wish to remain on the Skype trading...
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