EliteTrader.com Forums

Fantom Bar(s)

Sat, 04 Feb 2012 01:18:19 EST

hkrahra in the Strategy Design forum:

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Is it possible to wright a script that will show the bar(s) of adjustable height,ahead of the price, so you could know what price would be at the trendline or MA,for e.g.?

Thx

Former Poker player...Where do I start?

Sat, 04 Feb 2012 00:18:05 EST

DuyLe in the Career Trader forum:

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Hey Guys,

I'm a former poker player. After the DOJ cracked down on pokerstars and fulltilt, I'm out of a job. I want to pursue a career in trading for obvious reasons... similar skills set etc... When I was playing poker, I was using 3 monitors running 24 tables of 6 max no limit poker @ 6-,000 -8,000 hands a day. I can intake a lot of information at once, recognize patterns easily, and am very analytical.

Any suggestions on what type of trading I should do? Where I should build a foundation? Coaching? Courses? Etc? I noticed that some established prop firms have training courses but they run from 1k to 10k depending on packages.

There is so much information out there and it seems like 90% of shady? I would really appreciate it if someone could provide me with any type of guidance.

The S&p Has Topped

Sat, 04 Feb 2012 00:13:52 EST

volente_00 in the Trading forum:

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I think we are making a top at 1345-60 in the S&P and am looking for a pullback to 1260-1270.

I will consider my self wrong if we close above 1370.

Education Courses

Sat, 04 Feb 2012 00:03:26 EST

DuyLe in the Prop Firms forum:

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Hello, I'm a former online poker player looking into day trading...

Any recommendations for a newbie? I've been looking around at some of the education courses that some of these prop firms offer and the prices seem ridiculous from $1000 to $10,000 dollar packages...Any one have any experience with these classes?

Thanks!

Building Block Assistance - Regression Model for S&P500

Fri, 03 Feb 2012 21:46:56 EST

bscully27 in the Strategy Design forum:

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I am looking for a basic tutorial / guide on how to take a dataset of S&P500 data to forecast future prices.

I have done regression predictions for one future value but when I start thinking about time series, i'm not sure how to proceed.

Again, any basic step by step guide (link, article, etc) would be much appreciated.

Thank you,

Ben

Market changed Jan 1, 2012

Fri, 03 Feb 2012 21:31:03 EST

ssrrkk in the Strategy Design forum:

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Seems to me, there was another turning point in the markets since the start of the year. This seems to mark another big shift since last August. Now, the daily ranges are a lot smaller, the VIX has fallen below 20, and we are in a bull market. Sure enough one of my algorithms that performed well last year is faltering, and another one suited to bull markets is on an upswing. Anyone else seeing this?

Worst Case Scenarios

Fri, 03 Feb 2012 21:28:03 EST

Ituglobal in the Forex Trading forum:

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FACTS ARE SACRED

ÒPeriods of drawdown occur in every strategy, accept this as fact and move on. Ryan Schofield
ÒThere no such thing as the best trading strategy. For a successful trader its far more important to employ different trading strategies simultaneously. There are good and bad times for every strategy. Frank Hassler

Hello:

While using a strategy in the markets, if we want to be perfectionists and look for all the small pieces, well be overwhelmed by information overload. The optimum way to trade the currency markets, making returns using a speculation method, is to first understand that the awaited results from each trade is random, but over a great number of trades the average profit for each trade would possibly be positive, i.e. trading currency mechanically is a game of randomness with a positive statistical expectancy. As a result, the trader is usually well off not reducing the amount of positions signaled by a particular method, for theres no way to know in advance which orders would bring more profit.

Certainly, historical returns arent a guarantee of the future outcome and bear it in mind that during spectacular changes in the market movements, a technique may generate unwanted results. Even the pros sometimes run with the herd and may be wrong at extreme points. Thats why a trader would wisely decide on a small and safe position sizing and use stops to control risk.

Lets learn some lessons from Mr. Frank. Please lets check the information below and learn some lessons from it.

Frank Hasslers Recent Trading Results:
2001: 58.5%
2002: 179.5%
2003: 81.1%
2004: 46.0%
2005: 25.9%
2006: 9.4%
2007: 85.4%
2008: -9.2%
2009: 113.7%
Number of trades: 422
Maximum drawdown: -42.77%
Hit rate: 55.45%

Lessons from the performance above: 1) It took Mr. Frank about 9 years to make hundreds of percentage. However, this is what most traders want to make in a few months. 2) Despite the fact that the performance above is contrary to the expectation of most traders, the track record is good. The strategy has survived many odds and uncertainties in the markets. 3) There was a very good year like the year 2002, but this didnt make the trader become overconfident to the point of increasing his position sizing irrationally. 4) In the year 2006, Mr. Frank only made a profit of 9.4%. That year must be difficult, though some profit was still made no matter how small. I may even be thankful for 5% profit per year. The safety of my account is the most important. A greedy trader who thought his own account was too small wouldve preferred 10% profit per day rather than close to 10% per year; which was made by Mr. Frank in the year 2006. But this could have resulted in 10% loss per day in a protracted losing streak. 5). There was a bad year like the year 2008 [though certain traders made profits]. While many traders received margin calls or suffered colossal reduction in their accounts, Mr. Frank didnt go down more than -9.2%. This made it easier for him to recover the loss and gain over 100% in the following year. 6). Some greedy traders who hated to use small position sizing because they think their capital was too small wouldve abandoned their strategy for another one or even abandoned trading altogether, because a whole years labor showed an overall loss. They couldnt imagine trading for a whole year without declaring a profit. Without a profit, theyd think trading wasnt for them irrespective of the fact that they made a profit in the past. Mr. Frank was thankful that he didnt go down too much during his bad year. He was thankful for the past blessings and the future hopes. He knew that capital preservation is more important than profits. 7) Mr. Franks maximum drawdown was up to -42.45%: This means hed periods of protracted losses and bad markets. Many a childish trader abandons a good signals generator because of a week or a months losses. Yet Mr. Frank wasnt disheartened or nor did he curse trading or lost hope. Hes an overall winner a survivor that wasnt swallowed by the uncertainties of the markets.

In addition to the lessons mentioned above, an equity curve graph of a vigorously traded account was attached with this article. You can see the results of many winning trades and losing trades, plus how the pips that were gained outnumbered the pips that were lost. There were heavy losses, yet the account has moved up by roughly 40% in 8 months. No matter the strategy you use, losses are inevitable, but an astute trader would stick to his positive expectancy rules (These are constantly mentioned in my articles). This is a fact in trading; and facts are sacred. Your equity curve cant go up in a straight line. It will be characterized by occasional dips followed by a rise in the curve (provided that youre using a positive expectancy system).

What was your worst case scenario? Was it 2% reduction in your account or 20% reduction? Was it 5% reduction in your account or 50% reduction? Was it 7% roll-down or 85% or even a margin call? How many times have you made substantial gains, only to suffer a huge roll-down because a particular market condition wasnt favorable to your strategy? How many margin calls have you received? When would you get out of this?
Are You Part of the Problem or Part of the Solution?
We must recognize a key fact about our conscience, the inner voice that tells us whether our actions are right or wrong. Everyone has such inner voice& but its not necessarily trustworthy. One of the most erroneous trading thoughts is to expect that a foolproof trading system exists somewhere. Are you part of the problem or part of the solution? Those who tell people that trading is easy , depicting a particular system as the Golden Goose strategy, telling people that they need a very short training and telling them about the big profit they can make without risk control measures that work, are clearly part of the problem plaguing the trading world. Those who tell the truth about trading, showing the way out of the deadlock that would be encountered in this profession, depicting risk control as the key to survival and helping people reach their highest trading potential, are vividly a blessing to the trading world.

Are you part of the problem or part of the solution?

This article is concluded with some quotes from Bill Provenzano:

1. ÒIf you perceive every movement of the market as an opportunity, you will drive yourself mad! It is only your High Probability Trades that are your legitimate trading opportunities.

2. ÒYou cant change your past poor trading decisions, behaviors, or outcomes. But you can learn from them to help shape your future success. You can admit that you tend to think with skewed perceptions about outcomes that, in the end, are simply a functional part of your trading system and Trading Business Plan. When you understand that it is human nature to think in these counterfactual ways, you empower yourself to take control of these thoughts and dismiss them as skewed perception. The best part is you dont have to wait four years& The next trading opportunity is just ahead.

3. ÒA successful trading business is built upon the understanding that not every trade will be a winner. In fact, it is possible that a successful Trading Business Plan can include a set of High Probability Trades that either break-even or incur a small loss 50% of the time. And yes, some of those small losses will be generated by stops that are triggered to the tick. Many more of those losses, though, will be generated by market movement that goes significantly.

Your questions and opinions are highly welcome.

Thank you.

With best regards,

Azeez Mustapha

short calls Down 78.95% today!!! is this gamma risks assignments questions!!!11!??

Fri, 03 Feb 2012 17:52:32 EST

ghettotrade in the Options forum:

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SPY
Buy / Sell 134.54 1.86 1.40% $1,395.03 750.0163 $129.05 $3,966.12 4.09% $100,907.19 Edit
SPY Feb 18 '12
$134 Call
Trade 1.70 0.75 78.95% -$525.00 -7 $0.8557 -$616.32 -98.72% -$1,190.00 Edit
Margin Debit -1,464.52 -$1,464.52
Totals $870.03 $96,367.39 $3,349.80 3.44% $98,252.67

Yo when on 17th comes do i get my money sunday? also if on da 17th the call if it was in the moneys and then out of the money by the end do i get the assignment and my money?

internet connection in Istanbul

Fri, 03 Feb 2012 17:35:48 EST

fullblotter in the Career Trader forum:

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Hello,

Has anyone ever daytraded from Istanbul? I mean scalping for a few cents at a time...

What is the internet connection like? Is it fast and stable? Is there a lag?

Thank you

How far will the Euro fall if Greece goes into 'bankruptcy'?

Fri, 03 Feb 2012 14:59:52 EST

tenthousandmen in the Wall St. News forum:

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What is your opinion...

A challenge to any day trader

Fri, 03 Feb 2012 13:13:58 EST

Bear Trader in the Trading forum:

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As a swing/position trader I would destroy any day trader on this forum. $10k mininum any market of your choice. Oh and I would even make it fun and and easy for you guys I would only trade one directional - just Short selling.

We post our live trades and accounts.

Come out and play suckers :D

Free Ride Cash Accounts

Fri, 03 Feb 2012 12:30:46 EST

JSHTrader in the Order Execution forum:

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Can someone clear this up for me.

If i have a cash account with $1000, i buy XYZ at 1.0, gain 10 cents the next day and sell at 1.10 with 1000 shares, i have a 100 profit for a total of $1100.

Now, do I have to wait for that trade to "settle" for 3 days? Or can immediately use that 1100 to buy a new position? Thanks,

MAN Group reached bottom

Fri, 03 Feb 2012 12:29:27 EST

Jonas73 in the Stocks forum:

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UK based hedge fund which lost more than 50% of its market cap since autumn 2011 after they have announced a dramatic outflow of AuM seems to have reached a bottom in january and is now on its way of recovery. Last week it broke out of its downward channel and some people even might see a cup handle pattern since early January. The superior downward trend line is currently slightly below £2 (upside potential of nearly 50%) - until then I don't see any serious limitation. Please let me know your comments!

True Trading Group

Fri, 03 Feb 2012 12:27:49 EST

jackson01 in the Prop Firms forum:

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Hey ET,

I'm posting this today to offer traders a very good deal at a prop firm I'm working at called True Trading Group. They also have a website to check out at TrueTradingGroup.com. Here's what they offer and if your interested, I'd send them an e-mail. I'm not a shrill or an insider or anything... I'm just trying to help traders get the best deal.... here's the e-mail they sent me with there offer and deal....

// We offer 20:1 leverage on your investment //
We current accept contributions of 2.5k for 50k trading capital or 5k for 100k trading capital.

// We provide Sterling Trader Pro and Laser Trading Platforms //
Both of these platforms are state-of-the-art with new feeds, Level 2, heat maps, charts, etc.

// No profit split, you keep 100% //
You keep all your profits and you have the ability to receive your profits at any time via wire transfer or requesting a check. No "once a month" payout, you collect whenever you'd like!

// Very Low Commissions //
All of our traders start off at .003 a share (or 3.00 for every thousand shares). We even offer the opportunity to get lower to .002 and .001 depending on how much volume you do monthly.
We also give traders for ECN rebates for adding liquidity (buying on the bid, selling on the offer) to help make this fee virtually nothing. Retail firms like etrade charge 10 bucks per trade.

// Chat Room and Stock Scanner //
We provide our traders with a chat room with all of our traders and a real time news feed. We also
give our traders the ability to access our stock scanner to see "in play" stocks in real-time along with
many other preferences and more.

// No Exam or License //
Our traders just simply sign up and trade with no license or exam needed.

// Education is Key //
We provide our traders with a education curriculum teaching valuable skills such as reading the tap, technical analysis, price action, and more through our hours of readings and seminars.

// No Capital Lock-up //
If for whatever reason you are not satisfied you can withdraw your funds at any time but, we feel that you'll be very happy with the way we do business and our rates.

So that's basically it. I've been with these guys for about 2 month and I'm very pleased.

Thanks for your time and happy trading. :)
-Jackson01

HW spec

Fri, 03 Feb 2012 12:01:01 EST

zbaj in the Hardware forum:

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Any recommended HW? LCD, PC, ...