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  • #3,421
  • May 16, 2013 4:29pm May 16, 2013 4:29pm
Quoting Seneca pilot
Bye for now Chris
I wish you the best of luck Chris. You have definitely made a huge impact in my trading method and I have pretty much shaped my current ES trading around your philosophy. There are a few tweaks and minor additions I had set-up to my trading parameter which I found lately to have been really useful but it isn't concrete yet because the sample size is still relatively small. As of now, it is pretty much the same simple method (high, low, close) but I have added daily pivot because it is used a lot by many traders in ES. I am also experimenting with using fibs to project T/P area but it is still in the works. I also included a filter to let me know whether a level will hold or should I skip the trade during NY session. I wanted to share it with you once I have it down so maybe I'll shoot you a PM in the near future and hope you see it.
  • #3,422
  • May 17, 2013 12:26am May 17, 2013 12:26am
I am a long time lurker who has been inspired by you and your thread. I feel my trading has improved because of your promptings.I wish you well because undoubtably you are a decent guy who wants to help others-take care of yourself and your family.
  • #3,423
  • May 17, 2013 3:47am May 17, 2013 3:47am
Quoting Seneca pilot
I am sure that many of you have seen by now that I have made the explorer private again. I have had a two day long conversation with my wife and this has resulted in my decision to remove this thread from my daily routine. My children turn one year in less than a month. We have an ongoing construction project with our new house. We are still trying to fully settle into this house while caring for my wife's elderly parents, raising twins, living life, and trying to maintain a marriage. There will be no website. There will be no live room. There will...


All the best Chris and yes, family is the top priority. 2 little ones at the same time, oh dear.... and if you apply Asian attitude in raising them so that alone requires plenty of your time. Not mentioned the house.

PS: Daily Open line plus once a month NFP system is all needed to make nice monies.
  • #3,424
  • May 17, 2013 5:08am May 17, 2013 5:08am
For EURUSD, it broke the range before London session open and stand firm above previous London close and also open today, a very good RR to long it. Where SL can place under London open and target at previous day high. What do you guys think?
  • #3,425
  • May 17, 2013 9:24am May 17, 2013 9:24am
oh no, I was reading the whole thread and now the OP has gone , I was learning a lot here, hope you doing great man, thanks for the efforts!
  • #3,426
  • May 17, 2013 9:28am May 17, 2013 9:28am
Something for you all to chew on when I am not around.
Attached File(s)
File Type: pdf EmotionFreeTradingBook.pdf   484 KB | 902 downloads
  • #3,427
  • May 17, 2013 10:11am May 17, 2013 10:11am
Quoting Seneca pilot
Something for you all to chew on when I am not around. {image}


thanks!
  • #3,428
  • May 17, 2013 6:48pm May 17, 2013 6:48pm
Quoting Seneca pilot
Something for you all to chew on when I am not around. {image}
As you can see, you still have a large following. Even when you announced you are leaving the thread, the letters of appreciation are still flooding in.

Quoting Seneca pilot
As for auto trading I have done some research and find that it is very hard for a provider to actually collect his or her commission. Again any small profit here would surely not justify the effort.
I agree that it is hard to make money with auto-trade service. The most popular vendor at Myfxbook only got 31 live account subscribers and if you study the terms and conditions, he doesn't make much out of it. The other 665 demo subscribers got on free ride to use the signals without paying. And from TPOTrader's experience, he had to market himself on several other auto-trade/mirroring sites like FXStat, ZuluTrade, Currensee, MT4i, etc. Maybe you can consider a fixed subscription service, like $250/mth to $499/mth. With the estimated 50-90 followers on this thread, it is viable and potentially lucrative business.
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No longer trading forex. Looking for full time job.
  • #3,429
  • May 19, 2013 5:54am May 19, 2013 5:54am
Quoting Seneca pilot
I seem to be talking to myself. If you guys think I am full of it let me know. If you think this stuff is BS let me know. If you aren't interested let me know. If any if this is helping, let me know. I won't continue if no one is interested.
I just bumped into your thread, like it and share your view of clean charts and no confusing ibs. Looking forward to learning your methods and the thinking behind them.

Commercial, multiengine, commercial. Owned and flew an Aztec up the down the Caribbean for years.

Thanks for sharing your thoughts.

Bill
  • #3,430
  • May 19, 2013 7:40am May 19, 2013 7:40am
WOW, what happened in here. it looks like a reality check was made and fantasy dashed.
to the lost followers, this method (post 800) is probably the best ie open range breakout,
study the entry points and develop them to suit your style
study the exit points, I do not personally work off weekly/monthly/daily high/low etc..
trading levels can be very profitable too especially when you catch the trend

The main thing and why most of you lose in here is due to THINKING, you have a couple of winners and then become experts talking about how/why markets are moving, this is bs, trade your triggers and you will go far, good trading to you all and thanks to SP for mentioning nfp once per month, . be good
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #3,431
  • May 19, 2013 3:09pm May 19, 2013 3:09pm
Quoting stevexyg
Cheers Chris, I'm sure you realise you've been a huge help to a lot of people and have created an excellent resource here. Your commitment to the thread has been utterly impressive and though you may feel like you've needlessly distracted yourself from your various trading/life duties please be aware of the immense amount of assistance you have given fellow aspiring traders here. I also agree you are doing the right thing by the sounds of it. Although it's probably going to be very hard to pin down and contain the aspects of your approach that are...
I have to tell you Steve, it wasn't the method that let me down last week. The method performed flawlessly. I let me down. I was explaining my problem to Lee on the phone last week and it came to me rather quickly. I had a bias. I was paying too much attention to the fundamental news and disregarding the price action. Had I simply traded the levels per my plan I would have come out fine and in profit. This happens occasionally. Nobody is perfect and I am the poster child for imperfectness. Whatever your method you can't abandon it in mid stream and start trading your thoughts and ideas.

An important lesson is this; When you see yourself grinding against the market you should stop trading. I immediately went back to my test account as soon as I had those two bad days. I protected my capital and I am in the test account until I get my head straight. I find that distractions like disagreements at home and construction projects start these trading problems and they have to be headed off quickly or they can do major damage to your account and your psychological strength. Taking a break will often cure those problems. Also going back and rereading and reinforcing your trading plan and rules during this down time will help to plug any leaks in the method.

I have identified a new entry based on the session closes we discussed in the thread in my test account. Sometimes losing four or five percent and taking a break can open a new door. In my disgust with my performance over last week I got into the test account and started doing a little digging. I found something and it is testing out well. I will now spend the next two weeks forward testing it in the test account. I think without the problem I had I would never have put the time into this new thing and may not have ever given it its proper due. I will always have the levels that got me here but I also always look for new things and new opportunity. This is a good thing to learn. Take your framework, expand on it, and learn new ways to exploit the holes in the market.

Chris.
  • #3,432
  • May 19, 2013 3:13pm May 19, 2013 3:13pm
Quoting billytt
WOW, what happened in here. it looks like a reality check was made and fantasy dashed. to the lost followers, this method (post 800) is probably the best ie open range breakout, study the entry points and develop them to suit your style study the exit points, I do not personally work off weekly/monthly/daily high/low etc.. trading levels can be very profitable too especially when you catch the trend The main thing and why most of you lose in here is due to THINKING, you have a couple of winners and then become experts talking about how/why markets...
Nothing really happened Billy. I had a couple of bad trading days and took a break. I always warned that my test account was likely to go back to private status as I still always test new things and don't want anyone to be following experimental methods. My wife (reasonably) started to push back pretty hard on the amount of time I was spending to maintain this thread. She also was very much against the extra financial risk of trading other people's money and possibly training others to trade. People get sued daily when their students perform poorly. She doesn't want the exposure and after some soul searching, neither do I.
  • #3,433
  • May 19, 2013 3:21pm May 19, 2013 3:21pm
Quoting wkc
{quote} I just bumped into your thread, like it and share your view of clean charts and no confusing ibs. Looking forward to learning your methods and the thinking behind them. Commercial, multiengine, commercial. Owned and flew an Aztec up the down the Caribbean for years. Thanks for sharing your thoughts. Bill
I always liked Aztecs. I never got to fly one. I have many hours in senecas and twin commanches. Funny thing about the twin commanche and Aztec. Same speed but the commanche burns half the gas. Can't beat the load and short field capability of that thick Aztec wing though. I have a multi commercial with instrument but I never did a single commercial. I have been thinking of adding the single and CFI and spending some weekend time doing a little instruction. Always good to get paid to fly instead of paying.
  • #3,434
  • May 19, 2013 4:10pm May 19, 2013 4:10pm
Hi Seneca, glad to see you back, hope you don't mind an opinion, and i'm sure you are fully aware of this already, but cold eyes on the subject.... awww fuck it, i'll just come out and say it...

your risk to reward is tilted too far one way.... Your hit rate is way over what is required, you just need to hold more of your trades, take a few more b.e hits in return for those big R's...

Just an opinion, sure you will nail it this week anyway
tradewith60
  • #3,435
  • May 19, 2013 5:18pm May 19, 2013 5:18pm
Quoting 60minuteman
Hi Seneca, glad to see you back, hope you don't mind an opinion, and i'm sure you are fully aware of this already, but cold eyes on the subject.... awww fuck it, i'll just come out and say it... your risk to reward is tilted too far one way.... Your hit rate is way over what is required, you just need to hold more of your trades, take a few more b.e hits in return for those big R's... Just an opinion, sure you will nail it this week anyway
Not really back but I will pop in from time to time.

I know what you are saying and I am working on extending my targets. One of the things I have been working on this week is trying to ride a move for more than one day. It is not an easy thing for me to do.
  • #3,436
  • May 19, 2013 5:23pm May 19, 2013 5:23pm
Quoting Seneca pilot
I let me down.
Letting ourselves down is life really. If you study the Bible or the well known sacred or philosophical texts which pre-date that relatively recent publication you see that one central theme is obviously 'the failings of man'. We are weak. Man has been weak for millennia, possibly quarter of a million years and every ancient culture has it's oral traditions that pass down warnings to the next generation about weakness and lack of dicipline. So what that means is you are not the first to let yourself down. We have best intentions yet it's the rare breed that can live by them or act them out day after day after day. Here is a section from trading in the zone (Douglas) which struck me as being very insightful on the matter of abiding by our own rules. (It may partly explain the history of mankind.)


PROBLEM: The willingness to Create Rules
I have not yet encountered a person interested in trading who didn't resist the notion of creating a set of
rules. The resistance isn't always overt. Quite the contrary, it's usually very subtle. We agree on the one
hand that rules make sense, but we really have no intention of doing whatever is being suggested. This
resistance can be intense, and it has a logical source.
Most of the structure in our minds was given to us as a result of our social upbringing and based on
choices made by other people. In other words, it was instilled in our minds, but did not originate in our
minds. This is a very important distinction. In the process of instilling structure, many of our natural
impulses to move, express, and learn about the nature of our existence through our own direct
experience were denied. Many of these denied impulses were never reconciled and still exist inside of
us as frustration, anger, disappointment, guilt, or even hatred. The accumulation of these negative
feelings acts as a force inside our mental environment causing us to resist anything that denies us the
freedom to do and be whatever we want, when we want.

In other words, the very reason we are attracted to trading in the first place—the unlimited freedom of
creative expression—is the same reason we feel a natural resistance to creating the kinds of rules and
boundaries that can appropriately guide our behavior. It's as if we have found a Utopia in which there is
complete freedom, and then someone taps us on the shoulder and says, "Hey, you have to create rules,
and not only that, you also have to have the discipline to abide by them."
The need for rules may make perfect sense, but it can be difficult to generate the motivation to create
these rules when we've been trying to break free of them most of our lives. It usually takes a great deal
of pain and suffering to break down the source of our resistance to establishing and abiding by a trading
regime that is organized, consistent, and reflects prudent money-management guidelines. Now, I'm not
implying that you have to reconcile all of your past frustrations and disappointments to become a
successful trader, because that's not the case. And you certainly don't have to suffer.
I've worked with many traders who have achieved their objectives of consistency and haven't done
anything to reconcile their backlog of denied impulses. However, I am implying that you can't take for
granted how much effort and focus you may have to put into building the kind of mental structure that
compensates for the negative effect denied impulses can have on your ability to establish the skills that
will assure your success as a trader.
  • #3,437
  • May 19, 2013 5:25pm May 19, 2013 5:25pm
Quoting Seneca pilot
One of the things I have been working on this week is trying to ride a move for more than one day. It is not an easy thing for me to do.
You know how to do it, back-test, confidence, feel the force.

Edit: I can re-post the Yoda vid if it may help.
  • #3,438
  • May 19, 2013 6:05pm May 19, 2013 6:05pm
Steve, 'like it. I have rules and I know when I break them that it will probably turn out badly, I allow myself to still even knowing that but with much smaller risk. I tell myself I need to do it as an outlet!
  • #3,439
  • May 19, 2013 7:13pm May 19, 2013 7:13pm
Quoting Seneca pilot
{quote} She also was very much against the extra financial risk of trading other people's money...

If the legal agreement is air tight, the investors have little recourse (esp. if they are accredited). In fact, this is one of the biggest criticisms against the HF and CTA industry. The investors take all the risk, the managers get all the fees.
  • #3,440
  • May 19, 2013 8:54pm May 19, 2013 8:54pm
Just caught up with the comings and goings here. This is what I say -


"It is not the critic who counts: not the man who points out how the strong man stumbles or where the doer of deeds could have done better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly, who errs and comes up short again and again, because there is no effort without error or shortcoming, but who knows the great enthusiasms, the great devotions, who spends himself for a worthy cause; who, at the best, knows, in the end, the triumph of high achievement, and who, at the worst, if he fails, at least he fails while daring greatly, so that his place shall never be with those cold and timid souls who knew neither victory nor defeat."
Teddy Roosevelt (1858 1919)
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