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-- 25 Years & $100 Million Profits... A to your Q's, Today Only (http://www.elitetrader.com/vb/showthread.php?threadid=113113)
25 Years & $100 Million Profits... A to your Q's, Today Only
Arguing trading is like arguing religion... so I try not to.
Markets are closed today, so I'm offering my humble opinions* in response to your questions on trading issues... today only for all of 2008.
*Warning.. be prepared for lots of "you're full of CRAP" responses
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
This is a serious question, so don't think I am being smart. How do you manage your wife as a full-time trader? My wife looks upon trading as gambling, and as you can imagine, this leads to alot of tension in our relationship which I believe hinders my trading. How do you approach "wife management"?
With all due deference, and with apologies for asking a religious question, do you believe in and profitably employ Fibonacci retracements on an intraday or daily scale? You will of course recognize that it is a trick question.
__________________
Hypostomus Plecostomus (Not an alias)
Hypostomus enthusiastically endorses the products and services offered by E-Signal and Interactive Brokers, and will continue to do so until they pay me to stop.
Re: 25 Years & $100 Million Profits... A to your Q's, Today Only
Quote from gnome:
Arguing trading is like arguing religion... so I try not to.
Markets are closed today, so I'm offering my humble opinions* in response to your questions on trading issues... today only for all of 2008.
*Warning.. be prepared for lots of "you're full of CRAP" responses
What in your opinion is the most profitable type of daytrading (scalping, playing relative strength, pair trading, etc.)?
Thanks.
Re: 25 Years & $100 Million Profits... A to your Q's, Today Only
Quote from gnome:
Arguing trading is like arguing religion... so I try not to.
Markets are closed today, so I'm offering my humble opinions* in response to your questions on trading issues... today only for all of 2008.
*Warning.. be prepared for lots of "you're full of CRAP" responses
Re: Re: 25 Years & $100 Million Profits... A to your Q's, Today Only
Quote from deaddog:
What one piece of advise would you offer to traders who aspire to reach your level of success?
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Serious answer.She's probably right. You aren't going to make it as a highly successful trader.Women like men often have to settle for 2nd or 3rd best or worse in a married partner; so a husband with fantasy ideas for success are a dime a dozen and the little lady is only trying to steer you back to being one of the zillions of employed & useful drones which make up society.
Quote from Div_Arb:
This is a serious question, so don't think I am being smart. How do you manage your wife as a full-time trader? My wife looks upon trading as gambling, and as you can imagine, this leads to alot of tension in our relationship which I believe hinders my trading. How do you approach "wife management"?
Quote from hypostomus:
With all due deference, and with apologies for asking a religious question, do you believe in and profitably employ Fibonacci retracements on an intraday or daily scale? You will of course recognize that it is a trick question.
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Re: Re: 25 Years & $100 Million Profits... A to your Q's, Today Only
Quote from atticus:
How do you manage the gamma risk on a 40-delta American KO barrier option? Thanks.
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from tito:
What in your opinion is the most profitable type of daytrading (scalping, playing relative strength, pair trading, etc.)?
Thanks.
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Thanks, G-nome. The trick was whether or not you felt you could answer candidly. IMO it is very powerful, all the more so because ET don't believe in it. So will they now, because YOU said so, haha?
__________________
Hypostomus Plecostomus (Not an alias)
Hypostomus enthusiastically endorses the products and services offered by E-Signal and Interactive Brokers, and will continue to do so until they pay me to stop.
Being a believer in simple old-fashioned TA myself, would you kindly render an opinion on pivot retracements on intraday and daily scales?
__________________
Hypostomus Plecostomus (Not an alias)
Hypostomus enthusiastically endorses the products and services offered by E-Signal and Interactive Brokers, and will continue to do so until they pay me to stop.
Quote from hypostomus:
Thanks, G-nome. The trick was whether or not you felt you could answer candidly. IMO it is very powerful, all the more so because ET don't believe in it. So will they now, because YOU said so, haha?
Has your methodology changed significantly over the years or do the same principles apply? What was your worst mistake? When was your turning point as a trader?
Thanks for this opportunity.
Quote from Div_Arb:
[B]This is a serious question, so don't think I am being smart. How do you manage your wife as a full-time trader? My wife looks upon trading as gambling, and as you can imagine, this leads to alot of tension in our relationship which I believe hinders my trading. How do you approach "wife management"? [B]
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Re: Re: 25 Years & $100 Million Profits... A to your Q's, Today Only
Quote from atticus:
How do you manage the gamma risk on a 40-delta American KO barrier option? Thanks.
__________________
http://scriabinop23.blogspot.com
Assuming you let your winners run, how do you know when to sell?
Quote from hypostomus:
Thanks, G-nome. The trick was whether or not you felt you could answer candidly. IMO it is very powerful, all the more so because ET don't believe in it. So will they now, because YOU said so, haha?
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from gnome:
*Warning.. be prepared for lots of "you're full of CRAP" responses
Quote from hypostomus:
Being a believer in simple old-fashioned TA myself, would you kindly render an opinion on pivot retracements on intraday and daily scales?
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from 9999:
Has your methodology changed significantly over the years or do the same principles apply? What was your worst mistake? When was your turning point as a trader?
Thanks for this opportunity.
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from armoured saint:
Assuming you let your winners run, how do you know when to sell?
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
If you are a multi-millionaire why do you have almost 5000 posts @ ET.
Shouldn't you have better things to do with your time? This is a serious question.
Quote from powerfade:
Would you characterize your swing entries as
1) based in whole or in part on technical indicators of the type that most people think of - some form of MA, ADX, CCI, or any of the other 'popular' indicators
2) based in whole or in part on those indicators that many noobs don't initially consider like VIX, TRIN, TRIX or on divergences between prices of individual instruments and one or more measures of group performance
3) based solely on analysis of price action as it's represented in charts - essentially, chart reading
4) Got to hell, that's the key to my profitability and I'm not about to tell you what it is.
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from [Proximo]:
If you are a multi-millionaire why do you have almost 5000 posts @ ET.
Shouldn't you have better things to do with your time? This is a serious question.
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
assuming one is a reasonably good trader (not exceptionally good, just reasonably good), how do the profits change as the capital grows?
is this a reasonable breakdown: 100K capital - 100% yearly return, 1M capital - 50% return, 10M - 30%, 50M - 20%?
Quote from gnome:
A few years back, I checked out "calculated pivots" and found them to be non-correlative to market behavior... so I've not considered them since.
__________________
Hypostomus Plecostomus (Not an alias)
Hypostomus enthusiastically endorses the products and services offered by E-Signal and Interactive Brokers, and will continue to do so until they pay me to stop.
Quote from shortie:
assuming one is a reasonably good trader (not exceptionally good, just reasonably good), how do the profits change as the capital grows?
is this a reasonable breakdown: 100K capital - 100% yearly return, 1M capital - 50% return, 10M - 30%, 50M - 20%?
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from hypostomus:
Might I ask for what bar periods you found that to be true? My experience is different.
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
gnome,
What is your favorite low risk trade (gimmick) trade with the least amount of risk/time exposure. e.g. slingshot.
This excludes your present proprietary strategy and would infer to something in the public domain that isn't exploited on a large scale to date.
No such strategy maybe available for public consumption.
No answer is fine.
Peace, health and happiness for the new year,
infolode
What markets do you trade currently and historically?
Are your stops relatively tight or loose /try you keep them out of standard stop running/? Do you place them on obvious places or try "hide" them?
Quote from infolode:
gnome,
What is your favorite low risk trade (gimmick) trade with the least amount of risk/time exposure. e.g. slingshot.
This excludes your present proprietary strategy and would infer to something in the public domain that isn't exploited on a large scale to date.
No such strategy maybe available for public consumption.
No answer is fine.
Peace, health and happiness for the new year,
infolode
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from clacy:
What markets do you trade currently and historically?
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from Pholeuon:
Are your stops relatively tight or loose /try you keep them out of standard stop running/? Do you place them on obvious places or try "hide" them?
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from gnome:
I would say "double bottom" or "double top" any chart time frame
Quote from gnome:
A few years back, I checked out "calculated pivots" and found them to be non-correlative to market behavior... so I've not considered them since.
Quote from forex-forex:
That's sell the "double bottom" and buy the "double top"?
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from hrokling:
Love this answer! I've always suspected this, but never bothered to do the work to prove it.
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from gnome:
....
<.1% had documented returns of 30%/year for 10 years. You could count on your fingers the number of documented track records of 40% from all classes.
20% return unleveraged is excellent work.
Re: 25 Years & $100 Million Profits... A to your Q's, Today Only
Quote from gnome:
Arguing trading is like arguing religion... so I try not to.
Markets are closed today, so I'm offering my humble opinions* in response to your questions on trading issues... today only for all of 2008.
*Warning.. be prepared for lots of "you're full of CRAP" responses
Quote from shortie:
you are talking about money managers (working with >50M I assume) and 20% is excellent for them. what about those with less capital what is considered excellent return for them?
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Re: Re: Re: 25 Years & $100 Million Profits... A to your Q's, Today Only
Quote from scriabinop23:
http://books.google.com/books?id=-5...X_gJ0#PPA314,M1
p.330
sell or buy vanilla options to offset gammas against you.
Hello Gnome,
I am curious to know how big a role discretion plays in your trading style. If discretion does play a role, when do you usually use it?
Thanks
Congratulations on another successful year Gnome.
No questions for you, although I do wonder how you decided on your handle.
I hope you and your family are safe and happy this year and going forward.
Steve
Re: Re: Re: Re: 25 Years & $100 Million Profits... A to your Q's, Today Only
Quote from atticus:
Wrong answer.
__________________
http://scriabinop23.blogspot.com
What's your favorite color?
Quote from [Proximo]:
What's your favorite color?
Re: Re: 25 Years & $100 Million Profits... A to your Q's, Today Only
Quote from Cdntrader:
are you an individual trader? or money manager? what is your annualized return over 25 years? what markets have you traded? what is your strategy? does it differ from market to market? who is your broker? what are your views on the psychology of trading and the relative importance it plays in your success?
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from Trayo:
Hello Gnome,
I am curious to know how big a role discretion plays in your trading style. If discretion does play a role, when do you usually use it?
Thanks
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from gnome:
I trade the ES, Big SP, and mutual funds
Quote from steve46:
Congratulations on another successful year Gnome.
No questions for you, although I do wonder how you decided on your handle.
I hope you and your family are safe and happy this year and going forward.
Steve
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from gnome:
I would say "double bottom" or "double top" any chart time frame
Quote from Businessman:
Is trading the S&Ps harder now than it was 10 or 20 years ago?
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from infolode:
Thanks gnome I like high reliability patterns too under most circumstances. Way to step-up and give back with this Q&A session. In the bigger scheme your insuring your own success for the future.
infolode
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Did you employ option strategies regularly ? If so, any favorite spreads or structural strategies?
I see you like to fish.Anywhere you can recommend for some really hot action? Salt or Fresh water.
Quote from gnome:
OK.. I like this story :>).
Years ago, I was working on a computer slide show presentation about market timing. My Ivy League buddy was at my house one day and asked about it. So I tried to explain about how market psychology was displayed in chart patterns.
He went home and later called me up and suggested I call it G.N.O.M.E.... an acronym for Geometric Norms Of Market Emotion... BRILLIANT! (Guinness beer commercials).
In folklore, the Gnome was the subterranean dwarf (NOT Troll) who guarded the treasure. I also had a client who was an artist and art teacher... she and her husband loved Gnome figurines... had them all over their house. I asked her to draw me a Gnome character I could use for stationery and business cards... I still have the original pen and ink drawing.
It all seemed to fit so well... brings a smile to my face whenever I think a
bout it.
can you post a picture of your trading setup and or screen shot of charts? thanks
Quote from criveratrading:
Did you employ option strategies regularly ? If so, any favorite spreads or structural strategies?
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Outline one strategy which will produce >40% yearly returns.
Quote from jonnyy40:
I see you like to fish.Anywhere you can recommend for some really hot action? Salt or Fresh water.
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from jtnet:
can you post a picture of your trading setup and or screen shot of charts? thanks
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from atticus:
Outline one strategy which will produce >40% yearly returns.
__________________
http://scriabinop23.blogspot.com
Quote from gnome:
I trade the ES, Big SP, and mutual funds
__________________
I'm handing you no blarney
Quote from atticus:
Outline one strategy which will produce >40% yearly returns.
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Hello Gnome,
First of all - thanks for the clarification of the origin of your handle. It is good to know that you are not two feet tall and that you like to wear strange hats and dress funny ... uh, " ... not that there's anything wrong with that ... " :-)
Second, why were you kicked out of the mutual fund families? My background is in stocks, ETFs futures and options (a wee bit) --- I am not familiar with trading mutual funds, so I apologize if this is a dumb question.
Third, is there any reason why your mutual fund strategy (strategies) could not be carried over to closed-end funds?
Thanks, Gnome.
Do you daytrade stocks?
If so what time frames do you like to watch?
Do you use time interval charts or volume interval charts?
Are you having fun drinking some fat tire? So you know I have been trading 9, in 16 more years, do you think I will have hit 100mm in profits? she is in love with this car wont stop talking about it
Quote from nyxtrader:
Are you having fun drinking some fat tire? So you know I have been trading 9, in 16 more years, do you think I will have hit 100mm in profits?
Quote from Thunderdog:
Hi gnome,
Two questions. First, why mutual funds, and what percentage of your overall trading profitability is generated from that activity? And second, why S&P over, say, NQ? Is it a question of liquidity, or simply a matter of preferring how ES and SP move as compared to the other indexes?
Oh, and Happy New Year to everyone.
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from gnome:
I posted one once. You can probably find it with ET Search.. basically 5 horizontal screens.
Immediately displayed at most times are Dow, SP cash, ES, Tick, NQ, Nasdaq and NDX... + data screen and trading apps.
Hi gnome,
You mentioned that you do simple things like buy support at let's say 1500 with a 2 - 3 point stop. You also mentioned that you like to go for larger gains than original stop.
So if you were an intraday trader and set 2 - 3 point stops what is the minimal gain you look for before taking profits, ie: risk 1 to make 2, 3, 4 etc ?
Related to that question, do you believe in setting fixed targets or do you take the 'take what the market gives you approach' which always seems such a weird thing to me since no one really has a clue what the market will give until after the fact.
I have always thought mentally it would be easiest to have fixed targets and not worry how much the market went after you were out since it is all hindsight anyway. I mean mentally it would be much easier and calming to enter a trade with a fixed 2 point stop and a fixed 4 point target and just letting either one hit first not caring if it went 3.75 points in your favour and then came back to stop you out for -2.00 because over time you know that if you win 35% or greater you will be profitable but when you start taking the gain before hand at 3.00 points or 3.50 points that you have to win more than 35% of the time to be profitable since your stops are still at the 2 points.
Sorry for the long post
Cheers
Do you hold over nights, and usually no more than 5 trades a day?
how long do your trades in ES usually last?
thanks again
What's a Fat Tire?
Drink? Cocktail?
Quote from Mad_Alfred:
Hello Gnome,
First of all - thanks for the clarification of the origin of your handle. It is good to know that you are not two feet tall and that you like to wear strange hats and dress funny ... uh, " ... not that there's anything wrong with that ... " :-)
Second, why were you kicked out of the mutual fund families? My background is in stocks, ETFs futures and options (a wee bit) --- I am not familiar with trading mutual funds, so I apologize if this is a dumb question.
Third, is there any reason why your mutual fund strategy (strategies) could not be carried over to closed-end funds?
Thanks, Gnome.
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from baller1069:
Do you daytrade stocks?
If so what time frames do you like to watch?
Do you use time interval charts or volume interval charts?
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from Razor:
Related to that question, do you believe in setting fixed targets or do you take the 'take what the market gives you approach' which always seems such a weird thing to me since no one really has a clue what the market will give until after the fact.
Fat Tire ahhhhhhhh
http://www.newbelgium.com/beers_ft.php
Quote from Razor:
Hi gnome,
You mentioned that you do simple things like buy support at let's say 1500 with a 2 - 3 point stop. You also mentioned that you like to go for larger gains than original stop.
So if you were an intraday trader and set 2 - 3 point stops what is the minimal gain you look for before taking profits, ie: risk 1 to make 2, 3, 4 etc ?
Related to that question, do you believe in setting fixed targets or do you take the 'take what the market gives you approach' which always seems such a weird thing to me since no one really has a clue what the market will give until after the fact.
I have always thought mentally it would be easiest to have fixed targets and not worry how much the market went after you were out since it is all hindsight anyway. I mean mentally it would be much easier and calming to enter a trade with a fixed 2 point stop and a fixed 4 point target and just letting either one hit first not caring if it went 3.75 points in your favour and then came back to stop you out for -2.00 because over time you know that if you win 35% or greater you will be profitable but when you start taking the gain before hand at 3.00 points or 3.50 points that you have to win more than 35% of the time to be profitable since your stops are still at the 2 points.
Sorry for the long post
Cheers
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Hi Gnome,
do you use time based or tick based charts?
cheers
SS
Quote from jtnet:
Do you hold over nights, and usually no more than 5 trades a day?
how long do your trades in ES usually last?
thanks again
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from 9999:
What's a Fat Tire?
Drink? Cocktail?
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from gnome:
1. I always think I need to risk 2-4 ES points... my objective is somewhere around "8 points, minimum"... usually doesn't happen that way, but I think I can envision that on the charts before initiating the position. Also, sometime I see the potential for "50 ES points" and try to play a bias around that.
2. I have no fixed profit targets, other than the approaching S/R.
__________________
I'm handing you no blarney
Quote from screenstruck:
Hi Gnome,
do you use time based or tick based charts?
cheers
SS
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
best chair, for hours of sitting every day?
What is the fastest land mammal
Gnome,
Thank you for this generous gift of time.
May the future bring you continued success.
Thanks for the response
Cheers
Quote from gnome:
1. I always think I need to risk 2-4 ES points... my objective is somewhere around "8 points, minimum"... usually doesn't happen that way, but I think I can envision that on the charts before initiating the position. Also, sometime I see the potential for "50 ES points" and try to play a bias around that.
2. I have no fixed profit targets, other than the approaching S/R.
Quote from Thunderdog:
What has been your approximate % winning trades in 2007, and how does it compare with previous years?
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
it was a pleasure to read this thread, thanks for answering questions. The conclusion as can be surmised are very simple in nature but hard to follow in terms of discipline.
thanx,
chris
__________________
Trade the price action not the price.
Quote from optioncoach:
What is the fastest land mammal
Quote from forex-forex:
Without checking Google I think it's the Cheetah .
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from Spectre2007:
it was a pleasure to read this thread, thanks for answering questions. The conclusion as can be surmised are very simple in nature but hard to follow in terms of discipline.
thanx,
chris
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Whats your opinion on moving averages? Do you use any?
I have to jump in and answer the moving average question...which is I don't believe he uses them too much. Am i right?
Quote from jonnyy40:
I see you like to fish.Anywhere you can recommend for some really hot action? Salt or Fresh water.
__________________
Trade the price action not the price.
How much capital did you start trading with?
Quote from baller1069:
Whats your opinion on moving averages? Do you use any?
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from bandit77:
How much capital did you start trading with?
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from nyxtrader:
I have to jump in and answer the moving average question...which is I don't believe he uses them too much. Am i right?
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from gnome:
I trade the ES, Big SP, and mutual funds
gnome,
Why do you choose to trade the ES over other emini's such as the YM or ER2?
Is it strategy or liquidity considerations?
Thanks and great thread
Quote from ASusilovic:
Thank God ! Still a big SP player here on board !
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
I am still waiting for the question if you scalp or not! LOL
Quote from Nope:
gnome,
Why do you choose to trade the ES over other emini's such as the YM or ER2?
Is it strategy or liquidity considerations?
Thanks and great thread
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from nyxtrader:
I am still waiting for the question if you scalp or not! LOL
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
What information do you use to base your trades? S/R? Patterns? Trend Lines? Anything else?
-Thanks
Quote from tyler19:
What information do you use to base your trades? S/R? Patterns? Trend Lines? Anything else?
-Thanks
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
I'm surprised.. haven't said, "You're full of crap" even once...
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from gnome:
I'm surprised.. haven't said, "You're full of crap" even once...
__________________
I'm handing you no blarney
Quote from gnome:
Scalping is for LOOOOOSERRRRRS... 'cept you.
__________________
I'm handing you no blarney
What do you use to determine support and resistance......old highs and lows, ie: pivot points ?
Cheers
Quote from gnome:
Oh yes... S/R lines... I also keep an eye on Tick extremes to fade (like, who doesn't know to fade a +1300 Tick?) + standard Stochastic pattern lows patterns... all really basic stuff.
1. what was your biggest drawdown? Both in absolute terms and as a % of your account? And what did you do to recover from that?
2. What was the longest period of time where you made no money?
3. what is the average lifespan of a viable trading strategy? is there any strategy that has consistently worked for you your entire trading career?
4. did you ever consider changing professions after a big loss?
5. how much money did you make this year? if you don't want to be specific, then how about a digit range?
do you remember your biggest trade? worst trade?
do you ever get into size where liquidity can be a significant concern?
Quote from Razor:
What do you use to determine support and resistance......old highs and lows, ie: pivot points ?
Cheers
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Cheers
Quote from gnome:
Any of those... trendlines, whatever... trade the obvious first.
Quote from robbie380:
do you remember your biggest trade? worst trade?
do you ever get into size where liquidity can be a significant concern?
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Gnome:
Thanks for your time. If trading sector and index ETF's, do you employ leverage...never, some of the time, all of the time?
Thanks,
what instruments (markets) do you follow when trading ES?
Quote from craigatelite:
Gnome:
Thanks for your time. If trading sector and index ETF's, do you employ leverage...never, some of the time, all of the time?
Thanks,
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from jtnet:
what instruments (markets) do you follow when trading ES?
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Have you at all followed the AHG thread - what are your views on that method?
What is your max risk on a trade? Percentage
just saw you used to be a bowler. i was too before i broke my elbow. where did you bowl at? i bowled at the university of texas. granted, i wasn't amazing but it was good times. do you still bowl? and just curious how old are you now?
Quote from baller1069:
Have you at all followed the AHG thread - what are your views on that method?
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
After all these years and all the money made is trading quite boring?
1) How did you deal with your psychology as you began to trade with bigger size?
2) Are your stops always fixed before and after you enter a trade?
3) Do you build a position when you see a setup? Or do you enter all contracts at once?
4) What type of money management system are you using?
thanks
TG
Quote from xyannix:
What is your max risk on a trade? Percentage
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from quin8670:
After all these years and all the money made is trading quite boring?
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from topguntrader1:
1) How did you deal with your psychology as you began to trade with bigger size?
2) Are your stops always fixed before and after you enter a trade?
3) Do you build a position when you see a setup? Or do you enter all contracts at once?
4) What type of money management system are you using?
thanks
TG
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from topguntrader1:
1) How did you deal with your psychology as you began to trade with bigger size?
2) Are your stops always fixed before and after you enter a trade?
3) Do you build a position when you see a setup? Or do you enter all contracts at once?
4) What type of money management system are you using?
thanks
TG
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Gnome:
In reading all the posts so far, can I deduce that you are not a fan of the Hedge Fund industry?...more specifically, H/F strategies, not H/F profits.
Thanks for the generous offer gnome.
It's a very personalized issue but are there any techniques that you use to emotionally detach yourself from your trading?
"Not liking to lose" gets in my way and my goal for 2008 is to solve that. Having losing trades doesn't bother me as it's part of life, but when i mess up to create a loss it irks me and it affects my trading for a little while. I'm spending a lot of time in the Psych forum as well as reading Michael Douglas and others.
Any tips appreciated.
Quote from robbie380:
just saw you used to be a bowler. i was too before i broke my elbow. where did you bowl at? i bowled at the university of texas. granted, i wasn't amazing but it was good times. do you still bowl? and just curious how old are you now?
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from craigatelite:
Gnome:
In reading all the posts so far, can I deduce that you are not a fan of the Hedge Fund industry?...more specifically, H/F strategies, not H/F profits.
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from gluebunny:
Thanks for the generous offer gnome.
It's a very personalized issue but are there any techniques that you use to emotionally detach yourself from your trading?
"Not liking to lose" gets in my way and my goal for 2008 is to solve that. Having losing trades doesn't bother me as it's part of life, but when i mess up to create a loss it irks me and it affects my trading for a little while. I'm spending a lot of time in the Psych forum as well as reading Michael Douglas and others.
Any tips appreciated.
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
1. Of the current or past ET posters, who are/were your 2 or 3 favorite?
2. Is there any current of past ET poster that you think trades like you? Any published person via a book or magazine article trade like you?
3. If you were suddenly unable to trade due to particular circumstances, and your family and friends asked you to recommend someone to watch over and grow their assets, who would you recommend?
TIA
GF
Gnome,
You've achieved a lot of success, obviously, so let's do this backwards.
What would you say are your weaknesses or areas that you would like to improve?
And then, what strengths do you feel that you possess that have been essential to your success?
Quote from Gary Fox:
1. Of the current or past ET posters, who are/were your 2 or 3 favorite?
2. Is there any current of past ET poster that you think trades like you? Any published person via a book or magazine article trade like you?
3. If you were suddenly unable to trade due to particular circumstances, and your family and friends asked you to recommend someone to watch over and grow their assets, who would you recommend?
TIA
GF
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from Mad_Alfred:
Gnome,
You've achieved a lot of success, obviously, so let's do this backwards.
What would you say are your weaknesses or areas that you would like to improve?
And then, what strengths do you feel that you possess that have been essential to your success?
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
what's your average position size on the ES?
Happy new year to you gnome!
No questions here. Just hoping that close proximity to you here in this series of tubes rubs off a bit.
HI GNOME
thanks for taking the time to post.
how many positions do you have on average at one time ?
with that much money, do you divide a position in to blocks and slowly accumulate some shares over the day or or is liquidity not an issue?
Quote from dumbgai:
HI GNOME
thanks for taking the time to post.
how many positions do you have on average at one time ?
with that much money, do you divide a position in to blocks and slowly accumulate some shares over the day or or is liquidity not an issue?
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from jtnet:
can you post a picture of your trading setup and or screen shot of charts? thanks
Quote from gnome:
I posted one once. You can probably find it with ET Search.. basically 5 horizontal screens.
Immediately displayed at most times are Dow, SP cash, ES, Tick, NQ, Nasdaq and NDX... + data screen and trading apps.
Quote from jtnet:
tried search cant find it in "pictures of trading station"
This is a fantastic thread gnome, thank you.
A few questions.
1) is there a particular day of the week that is best/worst to trade?
2)What is your most effective reason/factor/signal for entering a trade.
3) Do you ever trade in front of important data?
4)How do you trade breaking news, if you already have a position.
Thanks.
Rennick
Quote from gnome:
$25/mo on a bank draft into the Templeton Growth mutual fund.
gnome, I sure hope you broke little maksie from the lapdog thing early on. Otherwise I'm afraid you're in the same boat as me... clingy dog(s) landing on your lap right when markets begin to break a move.
Cozy den, adorable trading partner, way more than enough screens... what else can one ask for than that?
Excellent thread, from one of the best posters ever to grace this forum
Re: 25 Years & $100 Million Profits... A to your Q's, Today Only
At what age did you begin?
How did you begin?
Time to profitability?
What markets do you trade?
Do you use any indicators?
How many of the 100 million do you have now?
....well I could go on. But any on the above will do.
Quote from sim03:
Here you go:
http://www.elitetrader.com/vb/showt...418#post1459418
Quote from rtstrading:
I started with $100/month into 44 Wall Street in 1977.
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from William Rennick:
This is a fantastic thread gnome, thank you.
A few questions.
1) is there a particular day of the week that is best/worst to trade?
2)What is your most effective reason/factor/signal for entering a trade.
3) Do you ever trade in front of important data?
4)How do you trade breaking news, if you already have a position.
Thanks.
Rennick
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Re: Re: 25 Years & $100 Million Profits... A to your Q's, Today Only
Quote from arealpissedgoy:
At what age did you begin?
How did you begin?
Time to profitability?
What markets do you trade?
Do you use any indicators?
How many of the 100 million do you have now?
....well I could go on. But any on the above will do.
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Where is your tip jar?
I have been a struggling trader for a long time and I pretty much given up all hopes for success in trading, but I am going to stick to trading just to see if being persistence would pay off.
It would be great if a successful trader like yourself could give me and other traders like me a bit of guidance and let us know if we are heading the right direction.
Many thanks!
Pension_Admin
Gnome,
Interesting and insightful thread.
Thank you.
My synthesis of gnome's experience/perspective is: He is a classic discretionary trader with a systematic/near-systematic conservative and strict risk management overlay.
And in essence this is the key to successful trading: Strict risk management.
Like we've heard many times - the essence of successful trading is "simple" - perhaps not easy to implement in practice but conceptually VERY SIMPLE.
Quote from Mercor:
Where is your tip jar?
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
gnome: I just PMed you a solicitation for partnership on a automated system I designed, if you are so well capitalized and looking for noncorrelated options.
But... This 100m is net profit, after losses?
__________________
http://scriabinop23.blogspot.com
Quote from Pension_Admin:
I have been a struggling trader for a long time and I pretty much given up all hopes for success in trading, but I am going to stick to trading just to see if being persistence would pay off.
It would be great if a successful trader like yourself could give me and other traders like me a bit of guidance and let us know if we are heading the right direction.
Many thanks!
Pension_Admin
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from scriabinop23:
gnome: I just PMed you a solicitation for partnership on a automated system I designed, if you are so well capitalized and looking for noncorrelated options.
But... This 100m is net profit, after losses?
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from jtnet:
somone making 100mill, trades on folding tables and a cut up table cloth for curtain?
1- How do you deal with the pressures when you first started trading at age 35? What did you do to overcome it?
2- How long did it take you to reach consistent profitability?
3- What was the one thing that took your trading to the next level?
thanks for your invaluable insights
TG
Quote from topguntrader1:
1- How do you deal with the pressures when you first started trading at age 35? What did you do to overcome it?
2- How long did it take you to reach consistent profitability?
3- What was the one thing that took your trading to the next level?
thanks for your invaluable insights
TG
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from jtnet:
somone making 100mill, trades on folding tables and a cut up table cloth for curtain?
Quote from gnome:
You can consider that "net", but for me AND former clients... only a percentage of that stuck to my fingers.
__________________
http://scriabinop23.blogspot.com
Serious quesiton: Do you have a need for an intern this summer?
I have a strong background as a programmer and I'm studying finance in an MBA program (hence the internship search). Importantly, I work hard and follow directions!
Quote from wilburbear:
Sorry you've all been misled by this guy.
Quote from clacy:
Based on gnome's past posts, he strikes me as the type of guy that would live a very conservative life style, regardless of how much money he had. I don't think this picture proves or disproves anything in regards to his success or lack of.
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Great thread, thanks gnome!
do/did you trade IPOs?
what reading material/s or sites do you recommend for IPOs?
do you have any tips or advice for trading IPOs?
what is the average percentage you gain yearly?
Quote from caementarius:
Serious quesiton: Do you have a need for an intern this summer?
I have a strong background as a programmer and I'm studying finance in an MBA program (hence the internship search). Importantly, I work hard and follow directions!
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from jtnet:
somone making 100mill, trades on folding tables and a cut up table cloth for curtain?
Quote from pokerg1:
do/did you trade IPOs?
what reading material/s or sites do you recommend for IPOs?
do you have any tips or advice for trading IPOs?
what is the average percentage you gain yearly?
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
do you advocate buying strength, or weakness?
what is the average percentage you gain yearly and approximately how many trades you make a year?
Hi, I was a daytrader for 4 yrs give or take and realized I may be better off swing trading while working a regular job. I have developed a swing trading methodology which looks very promising and plan to use when I have more capital and time as I'm in grad school now. It basically can trade anything in a strong long term trend.
I'm looking at the money management aspect of it now ....... from what I've read you are in all at once for your positions? Do you ever scale in/out? Why or why not?
Finally what are your thoughts on adding to winners? I'm thinking I can add positions after so much positive equity on a trade and can hold part of a trade for a "home run" which does come w/ trading only instruments in a strong trend.
Any misc advice you can give me before I start swing trading or any other pearls of wisdom you can bestow upon me is greatly appreciated thanks.
Quote from gnome:
The picture? Wife picked those curtains out. We live in a $400-$600/sq ft part of town.. in a house built in the 1930's... adequate for now.
Quote from scriabinop23:
oh then. how many years did you trade near peak account size and what was the amount under management most of the yrs that generated your bulk profit ?
I imagine your account is now much smaller since you aren't trading opm anymore ?? and if thats the case, is recent profitability just as good?
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from ucf_student:
Hi, I was a daytrader for 4 yrs give or take and realized I may be better off swing trading while working a regular job. I have developed a swing trading methodology which looks very promising and plan to use when I have more capital and time as I'm in grad school now. It basically can trade anything in a strong long term trend.
I'm looking at the money management aspect of it now ....... from what I've read you are in all at once for your positions? Do you ever scale in/out? Why or why not?
Finally what are your thoughts on adding to winners? I'm thinking I can add positions after so much positive equity on a trade and can hold part of a trade for a "home run" which does come w/ trading only instruments in a strong trend.
Any misc advice you can give me before I start swing trading or any other pearls of wisdom you can bestow upon me is greatly appreciated thanks.
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
your name faked me
Actually Gnome, I thought your name was a play on the 'gnomes of zurich' and the folklore about them, particularly with your strong opinions about the CB's and monetary devaluation. You and I probably share similar opinions and backgrounds by the way.
Here's my question, coming from someone who has been around a while as well.
#1. With increasing computerization, do you find that dumb, black box systems trading no longer works as well as it used to, or at all? (You remember the gravy days in MA's I am sure) Do you trade a system, but find yourself increasingly overriding it (which is NOT what you are 'supposed' to do)?
#2. With increasing computerization, for a trader with a smaller acct (<1mio USD) if you were to trade individual equities, would you stick to the more thinly traded equities to fly 'under the radar' and avoid the distortions that the big boys can create in the more liquid securities, (particularly for those HF's willing to use leverage)? Or from a practical standpoint do you think the relative lack of liquidity is insufficient to provide you with any 'edge' in that smaller account category?
__________________
ET's self-appointed thread-closer.
What if I have a method I was taught four years ago and have been studying ever since and now understand it.
It is "grey box" and requires judgment but you are aware by the shape of the indicators when it is "safe to take a trade in a given direction.
It trades based on depth of market participation cycles and is very accurate.
The problems lie mostly in psychology.
1) How can I make money and trade while still learning with a small account?
2) When can I quit my day job?
3) How can I find people to partner with me to develop computer code to search for opportunities?
This has tremendous potential and I am wasting it, which is heartbreaking.
I need to find people who recognize how accurate this could be if a computer could search thousands of markets for the right set ups....they are not that rare.
I am in Washington, DC.
Quote from clacy:
You don't have to defent yourself to me. I'll take you at your word...." you don't have to live a flashy lifestyle if you have large amounts of wealth...
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from gnome:
I don't think of myself as having "large amounts of wealth"...
But, I got more than most of you mugs.. and THAT'S what counts...
Quote from gnome:
I don't think of myself as having "large amounts of wealth"...
But, I got more than most of you mugs.. and THAT'S what counts...
Re: your name faked me
Quote from drsteph:
Actually Gnome, I thought your name was a play on the 'gnomes of zurich' and the folklore about them, particularly with your strong opinions about the CB's and monetary devaluation. You and I probably share similar opinions and backgrounds by the way.
Here's my question, coming from someone who has been around a while as well.
#1. With increasing computerization, do you find that dumb, black box systems trading no longer works as well as it used to, or at all? (You remember the gravy days in MA's I am sure) Do you trade a system, but find yourself increasingly overriding it (which is NOT what you are 'supposed' to do)?
#2. With increasing computerization, for a trader with a smaller acct (<1mio USD) if you were to trade individual equities, would you stick to the more thinly traded equities to fly 'under the radar' and avoid the distortions that the big boys can create in the more liquid securities, (particularly for those HF's willing to use leverage)? Or from a practical standpoint do you think the relative lack of liquidity is insufficient to provide you with any 'edge' in that smaller account category?
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from spinn:
What if I have a method I was taught four years ago and have been studying ever since and now understand it.
It is "grey box" and requires judgment but you are aware by the shape of the indicators when it is "safe to take a trade in a given direction.
It trades based on depth of market participation cycles and is very accurate.
The problems lie mostly in psychology.
1) How can I make money and trade while still learning with a small account?
2) When can I quit my day job?
3) How can I find people to partner with me to develop computer code to search for opportunities?
This has tremendous potential and I am wasting it, which is heartbreaking.
I need to find people who recognize how accurate this could be if a computer could search thousands of markets for the right set ups....they are not that rare.
I am in Washington, DC.
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from Htrader:
1. what was your biggest drawdown? Both in absolute terms and as a % of your account? And what did you do to recover from that?
2. What was the longest period of time where you made no money?
3. what is the average lifespan of a viable trading strategy? is there any strategy that has consistently worked for you your entire trading career?
4. did you ever consider changing professions after a big loss?
5. how much money did you make this year? if you don't want to be specific, then how about a digit range?
Quote from Mom0/pH0x:
how do you make LSD?
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Mr. Gnome,
Reading that you follow the Central Banks and such;
Is there any reason why you don't trade FX? Seems like it would be a fertile ground for profits, given the liquidity and the tendency for sustained trends?
Second, kind of the same thing can be said for the domestic interest rate instruments - Bond futures and etc. If you have an opinion on inflation, if you are right half of the time, if you make at least 2x when you are right vs. when you are not - why not partake?
I am assuming you don't only because you haven't mentioned that you are involved in either.
If you do trade these instruments already, never mind ...
Quote from Htrader:
Any reason why you didn't answer any of my questions?
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Reading your posts, seems like you had fun making the money.
Thanks for sharing.
A few people on this board like you, are wealthy traders who know more than some others writing books on trading. I think that is because you'd rather trade than write books.
Point being, this has been extremely informative.
My hat goes off to you.....
Quote from gnome:
I don't think of myself as having "large amounts of wealth"...
But, I got more than most of you mugs.. and THAT'S what counts...
Quote from Mad_Alfred:
Mr. Gnome,
Reading that you follow the Central Banks and such;
Is there any reason why you don't trade FX? Seems like it would be a fertile ground for profits, given the liquidity and the tendency for sustained trends?
Second, kind of the same thing can be said for the domestic interest rate instruments - Bond futures and etc. If you have an opinion on inflation, if you are right half of the time, if you make at least 2x when you are right vs. when you are not - why not partake?
I am assuming you don't only because you haven't mentioned that you are involved in either.
If you do trade these instruments already, never mind ...
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from JSHINV:
"... know more than some others writing books on trading. I think that is because you'd rather trade than write books.
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from Mom0/pH0x:
i don't want to know how to make a bomb or a still, so, now that you are out of the program, how would one who hypothetically wanted who hypothetically wanted to make LSD do so???
Re: Re: your name faked me
Quote from gnome:
1. You already know how much I hate the Gummint, its lies, policies.. etc. and the Central Banks... We're all frickin' doomed, and not politically sophisticated enough to THROW THE BUMS OUT.. just the way they like it...
2. Computerization and concentration of assets has changed the markets. The play now seems to be for shorter term and smaller profits. We have to adapt to that or be left in the dust.
3. I don't believe in "edges". Few of us ever find one, and when we do it's likely to be illegal. Regardless, trade with chart discipline... it's your best shot.
Re: Re: Re: your name faked me
Quote from tyler19:
Will you vote for Ron Paul?
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from gnome:
At 35, I was a smart guy with no job and no money... I lived in a 1 bedroom apartment and drove a VW beetle... I somehow morphed into trading mutual funds and SP futures after that. Considering I started with $25/mo. on a bank draft into Templeton Growth Fund, I'm sometimes taken back as to where all the money came from... compounding??
I never really had to "overcome" anything... I'd figured out certain technical "things" about the market before I started in earnest.
I don't know what the "next level" is... maybe I'll find it soon...
Re: Re: Re: Re: your name faked me
Quote from gnome:
ABSOFRICKIN' LUTELY... He's America's only hope in the '08, election.
Quote from JSHINV:
Reading your posts, seems like you had fun making the money....
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from gnome:
I remember watching my net worth grow to $1Million and what a great feeling it was to "Be a Millionaire".
I also vividly remember the first time I made $1Million for the year. I was sort of giddy for about 6 months!
That was SO GREAT... I wish that all of you experience it during your careers... I mean that!!
Your first girl, car or million.... Thanks for your posts!
Quote from gnome:
Oh, I COULD write a book... but in all honesty, it would be more like a "pamphlet"... you know, "Chaper 1" stuff... the things everyone was in a hurry to get past so they could get on to the good stuff... tsk, tsk.
Bigpipin,
Nice story about your Mom.
Good to see things work out for nice people.
Quote from gnome:
I remember watching my net worth grow to $1Million and what a great feeling it was to "Be a Millionaire".
What great thread. Congrats to Gnome, you seem like a decent guy who had the consistency to make it happen for you. And the money doesnt seemd to have jaded you much or at all.
E.F.
Quote from Pension_Admin:
I think Chapter 1 is actually what most of us struggling traders missed. We were in a hurry to get to the good stuff that we totally ignored it--time and time again.
Would you mind giving us a little summary of what the Chapter 1 of your book will looks like? Thanks!
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from powerfade:
Dammit, now I have to ask. How many years did it take you?
You mentioned you started at age 35...
I am assuming you were profitable after your first 12 months.
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from gnome:
I don't "scale".. I'm playing a point on the charts... that's it.
A scaling style is OK if it fits your psyche.
Quote from powerfade:
gnome, I really need to ask you one more thing here. My biggest problem so far in swing trading has been how to deal with winners. A trade goes your way, let's say 2% of the value of the stock ($50.00 stock goes to $51.00). What now? I have made the mistake of bailing on a retrace to $50.50, only to see it go to $58.00.
So I thought 'scale out, take half off at $51.00'.
But you say you don't scale out, and at the same time you mentioned that you don't really have profit targets.
Now... believe me please, this is not a suggestion that there's any contradiction here. Rather, it's my inability to catch on. So when you say you're playing a chart point...you are watching action around that point and then you will be either 100% out or you will move a stop up?
I guess I would be interested to know how many of your winners are stopped and how many you take off because you don't like the chart action after an upmove.
Hope that makes sense - this is a big deal for me in my trading (head in hands as a stock I was in and in goes parabolic after I get stopped out for a small winner).
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
I think I live nearby. Would you be willing to let me spend a day watching you trade?
Quote from rdg:
I think I live nearby. Would you be willing to let me spend a day watching you trade?
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from gnome:
I hear you. A move from 50 to 51 would never motivate me to "take profits"... for me to buy at 50, I'd have to see a chart potential of maybe 54-60+ and try to give the market breathing room to get there.... then as the market went my way, raise a traling stop. Even that's an artful guess.
Quote from gnome:
The market will give you every opportunity to turn a potential big gain into a small one... coping with that is always an ordeal.
Would you say successful trading is more about avoiding trades than to be proactively seeking trades?
Quote from powerfade:
Ok, thanks, that does help. I think I suffer from the half of the classic backwards noob thinking which says 'Fear losing a small profit (sell a winner) and hope a loser turns into a winner (hold your losers)'.
I have the first part of the disease, but at least I now understand that you don't see a 2% move in the value of the stock as being a satisfactory return on a swing trade. That helps.
Yes... I realize that I haven't seen enough stocks confirm my initial call then retrace almost to the entry point before taking off. It's that retrace that is gut wrenching for me now, as I feel a need to make up some $$ that I lose in noob mistakes.
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Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
size
what size are you trading in the ES currently?
Thanks for all this gnome, congrats on 5000!
Bah, you're no fun ;) Thanks for the thread. Its made some good reading.
Quote from gnome:
You flatter me, but no thank you.
Quote from Pension_Admin:
Would you say successful trading is more about avoiding trades than to be proactively seeking trades?
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from Hedge22:
Thanks for all this gnome, congrats on 5000!
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Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Are you religious, spiritual, or neither?
Quote from gnome:
This is a big issue in my view....
1. Cherry Pick the best trades, trying to avoid potential loss situations, or
2. Trade EVERYTHING reasonable and let stops control losses.
If you're thinking "#1" the market is pretty good at leaving you in the dust.
If you're thinking "#2", you will sometimes get wrung through the Veg-O-Matic when you'd have been better off to just sit on your hands.
I think you have to play this by ear. Both are good and bad at times.
Quote from gnome:
I remember hitting "300" posts... a significant number to a professional bowler, you know.
Now at 5000, perhaps I've said too much.
Now at 5000, perhaps I've said too much.
Never, not possible (laugh)
That said, may I respectfully ask why you've been posting almost non-stop for more than twelve hours straight?
I'm here at the desk due to a kick-(butt) headcold that won't let me sleep, or do much of anything other than look at dead charts while blowing my nose.
Here's hoping you just feel energetic today while the spirit came over you in good stead
Quote from austinp:
Now at 5000, perhaps I've said too much.
Never, not possible (laugh)
That said, may I respectfully ask why you've been posting almost non-stop for more than twelve hours straight?
I'm here at the desk due to a kick-(butt) headcold that won't let me sleep, or do much of anything other than look at dead charts while blowing my nose.
Here's hoping you just feel energetic today while the spirit came over you in good stead
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
size
Quote from krt:
what size are you trading in the ES currently?
Have you ever used the "sqwuak-call" for your s+p futures trading(where you listen to the live broadcast of the trading pit action)????????
Quote from bigpig41:
Have you ever used the "sqwuak-call" for your s+p futures trading(where you listen to the live broadcast of the trading pit action)????????
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Re: size
Quote from krt:
are you not willing to answer this question? i saw it was asked earlier too, so i was just curious.
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Re: size
Quote from krt:
are you not willing to answer this question? i saw it was asked earlier too, so i was just curious.
100 Million in trading Profits, that's impressive!
....what & how did you trade after going over 10 million in profits? and where do you keep your 100 million? i mean...do u invest in stocks or trade or buy bonds or put it in a bank?
Re: Re: size
Quote from gnome:
Why do you care?
Re: size
Quote from krt:
are you not willing to answer this question? i saw it was asked earlier too, so i was just curious.
Re: Re: size
Quote from powerfade:
What difference does it make?
-----------------------------------------------
Did I say only one more question? : )
gnome, do you routinely have to deal with an up market creating problems for your shorts or vice versa? Do you ever wait to enter a position because you expect i.e. an upmove in the overall market so you wait to short? Or do you just get your short on once the chart is telling you to enter?
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Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Re: Re: Re: size
Thanks for taking the time - all the best in 2008.
Re: Re: Re: size
Quote from krt:
as i said i was curious. you've put yourself out there as a highly successful trader, so i wondered how many contracts you are clicking with.
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Very impressive return Gnome. I started with significantly more than you did 22 years ago and have netted a small fraction of what you have mostly due to youthful lack of discipline and greed/ego.
Thanks for the thread. As appreciation for the simple things in life can be temporarily overwhelmed by day to day distractions, so in trading can the simple basics be over shadowed by the latest indicator/strategy and in both cases perspective can be lost. Just as I am thankful to those who remind me not to take the important things in life for granted, I thank you for reminding me of the same thing as it applies to trading. One can never have too many reminders in both instances.
I have one question: Do you think that you would have done significantly better over the years if you had averaged up?
Thanks and best to you and yours in 2008,
Mvic
PS Not at all surprised that such a pragmatist would be a Ron Paul supporter, as am I.
Quote from Mvic:
Very impressive return Gnome. I started with significantly more than you did 22 years ago and have netted a small fraction of what you have mostly due to youthful lack of discipline and greed/ego.
Thanks for the thread. As appreciation for the simple things in life can be temporarily overwhelmed by day to day distractions, so in trading can the simple basics be over shadowed by the latest indicator/strategy and in both cases perspective can be lost. Just as I am thankful to those who remind me not to take the important things in life for granted, I thank you for reminding me of the same thing as it applies to trading. One can never have too many reminders in both instances.
I have one question: Do you think that you would have done better over he years if you had averaged up?
Thanks and best to you and yours in 2008,
Mvic
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Glad to be reminded it can be done.
It is greatly encouraging to me, personally, to hear the insights and comments of someone who has achieved real success trading futures contracts.
I remember when I was a kid I heard the expression "Money talks and bullsh** walks."
I thought, "I don't understand that now but I bet when I am a grown up I will understand what that means."
I'll bet you're acquainted with that expression as well. LOL
Thank you very much for sharing your expertise.
Brennan
Quote from gnome:
I would have done much better if I would have believed in the Fed's money-pump support of the markets and been balls-to-the-walls leveraged and long. That was a relatively new development versus my prior experience, and I never gave it proper respect.
However, that's just "the most recent phase"... someday it will be different and the high-risk long players will likely get slaughtered.... like the the tech players did in 2000-2003. (I know of a couple of stories where investors lost virtually everything "buying the dip and riding it out" that time.)
Re: Re: Re: Re: size
Quote from gnome:
Why don't you post your financial statement. If it's strong enough (don't lie), I may deem you worthy of an answer.
Gnome is starting 2008 with good Karma.
Looks like a great trader and a great guy.
Anek
i saw your location to be denver, so i must ask do you ski or snowboard?
You mentioned ETF's
and how you love them
in what way do you use etf's to now trade your family funds? what time frames do you usually hold the etf's if you are a little bit of a swing trader?
__________________
Aun Aprendo
Re: Re: Re: Re: Re: size
Quote from krt:
your first post didn't mention that financial statments were necessary to ask questions. other questions were answered without financials being posted.
if you don't want to answer it that's fine, but you could have just said that. i didn't realize it was such a big issue for you. i just wondered what kind of size a big trader was throwing around. sorry.
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Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
ding ding ding ding ding!
thanks for sharing g.
Quote from Silentmax:
You mentioned ETF's
and how you love them
in what way do you use etf's to now trade your family funds? what time frames do you usually hold the etf's if you are a little bit of a swing trader?
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Re: Re: Re: Re: Re: size
Quote from krt:
your first post didn't mention that financial statments were necessary to ask questions. other questions were answered without financials being posted.
if you don't want to answer it that's fine, but you could have just said that. i didn't realize it was such a big issue for you. i just wondered what kind of size a big trader was throwing around. sorry.
Quote from krt:
are you not willing to answer this question?
Quote from gnome:
I'm not all that interested in revealing personal information to THOUSANDS of viewers.
Quote from gnome:
Ironic how that worked out... as I gained nortariety from winning parts of the U.S Investing Championships in '94, my assets under management quickly grew to about $60 Million... but the mutual fund managers were soon to be kicking all but the smallest of us guys OUT. (So, if you're lousy and small, you were welcome to stay?)
My profitability has always been streaky... when "I've read it right", I've done great. When not, struggled around flat. I've had 4 years of +100% return on capital, several years of 5-10%... others between. I'd love to be "consistent", but haven't been able to get there... I accepted that.
__________________
http://scriabinop23.blogspot.com
Re: Re: Re: Re: Re: Re: size
Quote from traderNik:
Not the point. The point is you posted this, like a whiny little bitch
The response to this is 'F**k you, Registered-in-2002-and-still-not-profitable-loser'.
It's just that gnome is too polite to say it. I, on the other hand, am not.
The guy spent xx hours on here taking questions and it seems like there were a lot of people who appreciated it. Why not just leave your baseless insinuations at the door?
Hi gnome, you talked about risk management as the most important part of being a sucessful trader. Can you give some specific examples how you do risk management?
1) For example pick a common stock: ebay. Let just assume you think it formed a double top and think it's on the way down to support again, so you buy 1000 shares of ebay at $33.19. Now how do you implement your risk management technique/trades?
2) Also is there ever any chance for an individual investor to buy hot ipo? For example when VMW (vmware) IPOed, everyone knew it's going up with almost 99% certainty but noone could buy it as the shares are all going to the big boys. Are individual investors basically out of luck everytime in a good ipo?
thanks and hny!
Are you a long-term bear on US Equities?
Thanks for the enjoyable reading tonight Gnome. Have a healthy and prosperous 2008. T.
Hey Gnome:
Good thread. I've enjoyed reading it. And before I ask my question, let me just say that you're "da man" when it comes to video cards. You were a huge help to me, I know that. Thanks for that.
You mentioned you use a 4 point stop in the ES (or thereabouts I assume). You also mentioned that you prefer "swing trading" (I think). So let me ask a multipart question: First, when you say "swing trading", I'm assuming you mean multiday trades. But as I understand it, some people think of swing trades as a day trade where they might hold most of, if not all of the day. Which of those would you say would characterize your more typical "swing trade".
And then next, if you're making a multiday type of swing trade, how do you manage to begin with a 4 point stop? My personal experience is that if I'm trying to get on board a somewhat bigger type of move, then I have to take a somewhat bigger type of risk in terms of my stop. Granted, if my timing is excellent, I may have very little drawdown. But then there are those times where the basic idea for the trade is right, but I have some bigger type draw down in the beginning. I'm just thinking that in my case 4 points would have taken me out of alot of good swing trades of the multiday type of variety.
How do you manage to trade with a 4 point stop?
Thanks for your comments.
OldTrader
Very pleasant and insightful read after making it home from festivities today.
Thank you Gnome, and best wishes in the New Year!
Re: Re: Re: Re: Re: Re: size
Quote from gnome:
Sorry, I didn't realize posting your financial statement was such a big issue for you.
Re: Re: Re: Re: Re: Re: Re: size
Quote from krt:
it's posts like this that reaffirm why i don't hardly ever post. i just asked a simple question and it gets all blown out of proportion. i'm done posting on this thread and will go back to just reading.
wow, so you're happy to mention you made $100m in profits and was rated #1 by some service and would be in the bowling hall of fame and have averaged 40% annualized, but when someone asks about your biggest loss or worst year, you say that's too personal? but mentioning the other things isn't too personal?
sounds like this thread is more about stroking your ego than "trading concepts". what does your elite bowling skill have to do with trading concepts?
why are you willing to answer only the questions which boost your ego?
Re: Re: Re: Re: Re: Re: Re: Re: size
Quote from William Rennick:
I think krt was treated a little rough by tradernik. We expect everyone here to treat each other with a certain level of respect, don't be a Schleprock. Now back to gnome's great thread.
Re: Re: Re: Re: Re: Re: size
Hey Gnome, i see somewhere in this big giant thread you made some mention of CA real estate
do you follow CA real estate?
if so, how much more of a drop would you be looking for before you start buying in?
Re: Re: Re: Re: Re: Re: Re: Re: Re: size
Quote from traderNik:
I would tend to agree, a bit harsh, but the spirit of it was righteous. krt asked a question and didn't get an answer. He could have seen that gnome was answering all the questions posed to him. Why not just let it go? By asking 'why won't you answer this question', he's getting in gnome's face. Pure and simple. Gnome probably doesn't even read it that way but I did.
Then gnome did answer (declining), and krt started to engage him in a debate about why he should answer.
Enough already. Drop it. Move on. Read and learn. Don't whine.
I should have just said 'Quit whining about it' and left it at that. My apologies if anyone took offense at my bad language.
Do you usually anticipate a price movement and enter with limit order or jump on a move already underway by using stop/mkt orders?
__________________
Commoda et Confice
Quote from blackjack007:
wow, so you're happy to mention you made $100m in profits and was rated #1 by some service and would be in the bowling hall of fame and have averaged 40% annualized, but when someone asks about your biggest loss or worst year, you say that's too personal? but mentioning the other things isn't too personal?
sounds like this thread is more about stroking your ego than "trading concepts". what does your elite bowling skill have to do with trading concepts?
why are you willing to answer only the questions which boost your ego?
Quote from blackjack007:
when someone asks about your biggest loss or worst year, you say that's too personal?
Quote from gnome:
My profitability has always been streaky... when "I've read it right", I've done great. When not, struggled around flat. I've had 4 years of +100% return on capital, several years of 5-10%... others between. I'd love to be "consistent", but haven't been able to get there...
)
Quote from traderNik:
(Whaddya think, Rennick? Kinder, Gentler?
gnome great thread very generous of you,, can you tell us how you aquired your discipline ,how long did it take?
I had stop discipline right away. I reasoned that I had only one capital base and was unlikely to get another if I blew out.
As far as the "discipline to TAKE risk", I wish I were better even now. But then again, you can't have it both ways. If you're going to be very protective of capital, you can't also be a dynamic risk taker (where the potential for spectacular gains is greater but so is the risk of ruin. The market can be tricky, you know.)
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Wrapping this up.... Here's hoping the '08, campaign will the best yet for us all.
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
thanks much gnome
Great thread. Thanks for your opinions.
Yeah, that risk of ruin thing and not getting another chance always gets me nervous too.
OK. 2008 is here. Let's all go make some coin. P/L starts over this AM.
__________________
ET's self-appointed thread-closer.
Thanks for a wonderful thread, gnome.
Would you care to respond to OldTrader's queries when you've a spare moment? Useful lessons for us all... Thanks.
Quote from OldTrader:
Hey Gnome:
Good thread. I've enjoyed reading it. And before I ask my question, let me just say that you're "da man" when it comes to video cards. You were a huge help to me, I know that. Thanks for that.
You mentioned you use a 4 point stop in the ES (or thereabouts I assume). You also mentioned that you prefer "swing trading" (I think). So let me ask a multipart question: First, when you say "swing trading", I'm assuming you mean multiday trades. But as I understand it, some people think of swing trades as a day trade where they might hold most of, if not all of the day. Which of those would you say would characterize your more typical "swing trade".
And then next, if you're making a multiday type of swing trade, how do you manage to begin with a 4 point stop? My personal experience is that if I'm trying to get on board a somewhat bigger type of move, then I have to take a somewhat bigger type of risk in terms of my stop. Granted, if my timing is excellent, I may have very little drawdown. But then there are those times where the basic idea for the trade is right, but I have some bigger type draw down in the beginning. I'm just thinking that in my case 4 points would have taken me out of alot of good swing trades of the multiday type of variety.
How do you manage to trade with a 4 point stop?
Thanks for your comments.
OldTrader
Ever compare notes with Gil Blake, also a very successful mutual fund trader ?
Thanks for sharing gnome...All best wishes in 2008 & beyond !!!
Swing in both senses. For the ES, trying to play for what appears to be 8 or more points potential... using the ES chart today as an example, let's say Friday's low of 1471 were tested today, bounced, and you bought at 1472. The "reason" for your trade would be "2X bottom with Friday's low" (likely 3X Dow bottom, too). And you know the market has the potential to rebound at least to the swing high of 1484... there's your "8+ points potential", and you'd have to risk a buffer amount for a stop-out.. that could be 4-ish points. And if you get shaken out on (what you hope was) a false downside break... you can put the trade back on.... risking a few points again that your "false break" determination is correct.
Same thing on a bigger scale for a stock, ETF, or mutual fund. Let's say the SPX retests the lows of 1370.. and you buy. You know the market has the potential to rally back to at least the declining tops line (currently 1500), and that such a "swing" move could take several days and maybe a few weeks. So, you try to hang on and hope there isn't too much counter pressure to shake you off.
In neither example would I call it scalping.
Nobody KNOWS anything (except Da Boyz inside at GS). The best you can do is make a strategic play where you perceive the R/R is good enough... then be disciplined about stops.
I cannot emphasize stop discipline enough. Over your career, the market will likely take a half dozen or so SERIOUS shots at taking back all you've made and even breaking you*... just like it did most of the tech buyers in '00-'03. This has to be factored into your overall strategy.
If you're curious... I've dodged most of those bullets myself... but not all of them .... at least not completely.
*meaning the market's going to change, but you may not do so quickly enough.
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from Jaxon:
Ever compare notes with Gil Blake, also a very successful mutual fund trader ?
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Hi gnome,
Thanks for taking the time to answer questions. I see your 24 hours is up, you should request to have the thread closed or you will feel guilty of not answering the questions that will obviously keep getting posted
Cheers
Quote from Razor:
Hi gnome,
Thanks for taking the time to answer questions. I see your 24 hours is up, you should request to have the thread closed or you will feel guilty of not answering the questions that will obviously keep getting posted
Cheers
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Hi there
Missed yesterday due to hangover/self- induced coma :-)
Been toying with some mutual funds ideas myself and wondered what mutual funds do you trade or can one actively trade?
(not too much fees etc)
Gnome,
Great thread.
I only have two questions.
1/ How have you diversified your wealth out of the financial markets? Property? Bonds? Just cash?
and most importantly,
2/ What do you drive?
Quote from Chuck Krug:
Hi there
Missed yesterday due to hangover/self- induced coma :-)
Been toying with some mutual funds ideas myself and wondered what mutual funds do you trade or can one actively trade?
(not too much fees etc)
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from thetrendfollowe:
Gnome,
Great thread.
I only have two questions.
1/ How have you diversified your wealth out of the financial markets? Property? Bonds? Just cash?
and most importantly,
2/ What do you drive?
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
i also have one technical question to ask you, if it's not too late
For intraday trading what type of charting would be more suitable bar/candle charting OR p&f/kagi (generally the
"smoothed" charts).
My personal opinion is that since a 5 minute bar's Open and Close is irrelevant and a lot of signals use these values in their calculations, the p&f chart which only takes into consideration the directional strength would be more suitable.
But, your opinion is highly needed!
__________________
www.thefxadvisor.com | Trading FOREX Support & Resistance Breakouts
Quote from alex.samant:
i also have one technical question to ask you, if it's not too late
For intraday trading what type of charting would be more suitable bar/candle charting OR p&f/kagi (generally the
"smoothed" charts).
My personal opinion is that since a 5 minute bar's Open and Close is irrelevant and a lot of signals use these values in their calculations, the p&f chart which only takes into consideration the directional strength would be more suitable.
But, your opinion is highly needed!
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Quote from gnome:
Oh, I COULD write a book... but in all honesty, it would be more like a "pamphlet"... you know, "Chaper 1" stuff... the things everyone was in a hurry to get past so they could get on to the good stuff... tsk, tsk.
are you serious, have you really made $100 mil in profits ?
And if so, why didn't you stop way sooner ?
Just wanted to thank your for taking the time with such a long involved thread. You are very generous with both time and info. Especially with the info, much more than I would ever be.
It is always interesting to see how other profitable traders do it. (Not that I'm in the same ball park in any way shape or form.) It is always amazing to see how different everyone goes about things, there are still always some uncanny similarities.
I don't think gnome is Freestone. Freestone "won" in 1994, but since he works for O'neil and does CANSLIM I think he won the Stock trading category. Gnome says he won "parts of the 1994 championship" - doesn't have to be the stock one.
Quote from William Rennick:
Your post caused Inspector Rennick to do a little clicking around on the www.
Here are some links to learn about our man gnome. He may have a healthy ego, but it looks like he is indeed a very successful trader, with portfolio. Thanks Gnome, you were very generous to share your insights. You reenforced my belief that simplicity is a beautiful thing.
http://www.traderclub.com/discus/me...rch2220040914am
http://stockcharts.stores.yahoo.net/howtomamoins.html
I don't get it gnome is William O'neal? Or this Freestone who lives ion an $8 mil house and got dumped by some chick? I've learned absolutely nothing in this thread but I never do. I must say aspects of this gnome strike close to home, I like the whole origination of the name which drew fine parallels to how stonedinvesting got it's name (when tech stocks were rolling over people after the crash, I had a blowup of film as a logo of Indiana Jones with the rock rolling behind him... the idea was to get the focus on the rock not the research bong and have cards made up). I'm sure these 2X etf's have made your day for these mutual funds are ZZZZZzzzzzzzzz. I bought Mainstay once and FPA Bond with Rodridegez way back when- they suck. The market roared ahead certain stocks doubled and tripled and we were lucky to get $1-$2 gain a year! Of course I can get that in a day with stocks and that's why I urge you now that you are set in life and can dabble. Start trading stocks. I think it will open you up to your full possibilities which if your writing is any indication, is that of smart and funny guy.
Also I found the paperwork of listing every stock a mutual fund bought and sold, foreign and US and accounting for all those fractional dividends too tedious at IRS time and I disliked the habit of hitting new investors with prior year's capital gains at tax time!
I'm sorry I didn't catch your thread yesterday, I would of asked your opinion of the Quant situation as it stands now. A good idea gone bad? An bad idea period. Just how far should we let HAL take things here- as floor brokers are whisked away and the software barks to itself...I'm not much for systems although they have there place...
~stoney
Re: Re: size
Quote from powerfade:
What difference does it make?
I would think the e-mini market could absorb a couple hundred contract order without much trouble.
Hi, qnome,
Thanks for the thread.
In one reply you mentioned you mostly use double bottom and double top. I don't how long you hold your positions, but since you have made 100 mil, I'd guess you don't do day trading. DBL top and DBL bottom don't happen very often. What do you do if you don't see a double top or bottom for a while. Do you park your money sideline?
How long do you hold your positions?
If you buy at the double bottom, but few day later when it develops, it is not going up as you expected. What do you do? Do you just exit out or go another direction (short).
Thanks,
freewilly
Quote from freewilly:
Hi, qnome,
Thanks for the thread.
In one reply you mentioned you mostly use double bottom and double top. I don't how long you hold your positions, but since you have made 100 mil, I'd guess you don't do day trading. DBL top and DBL bottom don't happen very often. What do you do if you don't see a double top or bottom for a while. Do you park your money sideline?
How long do you hold your positions?
If you buy at the double bottom, but few day later when it develops, it is not going up as you expected. What do you do? Do you just exit out or go another direction (short).
Thanks,
freewilly
__________________
Men are like wine. They start out as grapes, but then it takes a woman to stomp the crap out of them until they're decent enough to have dinner with.
Hi gnome
I read a couple books that say 'the majority' or 'most' of wall street players are pay more attention to fundamentals rather than technical analysis
is that accurate in your opinion?
thanks
Hi, Gnome,
Thanks for answering my question.
Do you do longs more than shorts? For me, I find short is very hard, as when the stock price goes down, the pattern becomes very erratic (to me at least).
Thanks,
freewilly
I've already stated Gnome is a fraud. You can stop asking him questions now.
Quote from wilburbear:
I've already stated Gnome is a fraud. You can stop asking him questions now.
Too bad I couldn't ask questions before.
Gnome : Never had any idea you were such a high roller hehe.
The fact that you have that much money and still took the time to answer my phone call to help me out with my graphics cards is impressive.
Definitely have your ego in check...
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