I think its unreasonable to think that a trader should stick to trading the same market especially when markets are constantly changing. Also, I don't know what type of method austinp is using but I do know that some of the most profitable traders I know will change markets. I myself trade ER2 and when its throwing a temper tantrum... Either find something else to trade, lower the position size or stay on the sidelines during its temper tantrum price action. In fact, had austinp stayed with ER2 during one of those infamous price action temper tantrum periods... Continue trading it without adapting (position size change, sideline or finding something else to trade), I would then say that's suspicious considering he's suppose to be a veteran trader. Here's another way to explain it. Lets pretend you are using profitably a trend method. You know your method works great on markets that trend and isn't so hot on markets that are range bound. Your favorite market you've been exploiting and other traders have gotten use to seeing you exploit that price action then suddenly the price action stops trending and goes into a range bound price action. You then decide to switch to a different trading instrument you can better exploit until your favorite trading instrument is no longer moody. How is switching markets a suspicious behavior when a change in trading tactics is merited because the trading instrument is temporarily not exploitable via a particular strategy. Further, this also tells me that austinp may not be using different (multiple) methods that allows him to continue trading the same instrument when ever price action does change. Nothing wrong with that as long as he knows when to leave ER2 alone due to the fact he's using one strategy that's appropriate only for a particular type of price action. You also mentioned teaching how to trade. First of all, most fee-based signal calling chat rooms are not actually trying to teach someone to trade... Although some market themselves as being able to do such to attract clients that are newbies. Thus, most (not some) are specifically setup to keep traders dependent (not a good thing) because they only provide signal calls and no education what so ever. Other types of fee-based chat rooms will provide the method(s) used to produce those signal calls but they too fall short of teaching someone how to trade due to the fact that the student does not have the exact same trading tools as the teacher nor does the teacher know the trading environment the student is trading from. http://www.elitetrader.com/vb/showthread.php?s=&threadid=32793&perpage=1&pagenumber=7 http://www.elitetrader.com/vb/showthread.php?s=&threadid=66973&perpage=1&pagenumber=3 Simply, teaching someone how to trade is usually associated with mentoring and I'm under the impression (call it guessing if you want) that the fee-based signal calling room for $500 per month is not mentoring... Those whom have actually used his chat room can correct me if I'm wrong about what's occurring inside the chat room via anything I've discussed at the above links. Furthering my opinion, teaching someone to trade (mentoring) cannot be accomplish online via a chat room no matter how great a method may be and if the signal calling chat room is being marketed as such (teaching someone how to trade)... It's already flawed out of the gate when its purpose should only be there to allow traders to mimic the calls, make some money until they have figured things out on their own so that they no longer need the chat room. As you can see, I'm not a big fan of signal calling chat rooms because most of them market themselves incorrectly and allow traders to think they will learn to trade when in fact they will only learn how to mimic someone's signal calls. Once again, I do not know what austinp offers nor do I know anything about his market approach to trading whatever it is that he's trading. I'm just a little amazed at some of the misinformation floating around in this thread and forum about how a profitable trader should trade. Good night all. Mark
Mark, You sound like a vendor. I still say a professional sticks to trading what she knows. Each market--ES, NQ, ER2, ZC, CR, NG--has a personality of its own. One cannot expect to understand these subtleties if one is constantly flip flopping around. A professional, imo, is a specialist, not in the market making sense, but in the way that she has FOCUS. I still say that Austin is a nice guy, for a vendor, but his videos suggest that he lacks focus. "Jump around" was a great early 90's dance song, but imo a poor way to make a living. Speaking of which...
Mark is a vendor, and an extremely high quality one at that. Not everyone wants to (in fact, most people don't have the ability) to learn trading from scratch, and the only successful trader who is going to teach you is either your family or your boyfriend (you choose ). You makde vendor sound like an intrinsctly bad thing ... and that smacks of more pre-judge-ice, someting I handn't really expected from you SS. Point-in-fact, he gave out some really choice information there ... but you were too busy labelling him a vendor to even notice it.
Vendors who sell trading products/systems absolutely offer a mediocre product, since if they actually had something of substantial value in terms of "edge", they would not sell it for any price. A 1/4 point of edge, compounded, is, well, a lot of money, in the long run. How much? That depends, but certainly more than any pure vendor will ever see. In general, vendors (i.e those who are more vendors than traders) are rainbow merchants who sell dreams of easy money with minimal effort. I always get a kick out of the part-time effort, full-time pay pitch. I say trading is the hardest way I know to make an easy buck, and I am one of the profitable few. I have spent thousands of hours studying the markets (two years of study before I made a single trade). The twenty hours I trade a week might represent part-time work, but the years and years of trial and error add up to overtime. Vendors imo make trading out to be more glamourous than it is. Most people lack the emotional, intellectual, and psychological control necessary to trade for a living. They should not trade, period. It is grunt work, and I have the battle scars to prove it. Trading as a profession is more blue-collar than white-collar. Indeed, I wear blue jeans and boots around town, drive a Honda, and refuse to pay more than I have to for anything. Every dollar I make comes from hard work and discipline. I always get a kick out of pretentious publications like TRADER MONTHLY, with the $100 cigars (George Carlin was right on what those really are!), the Rolex watches, and the penthouse apartments. Benefits of OPM, for sure. Waste of the hard-earned money that comes from trading, also for sure. Best trading (or should I say POSTING?) wishes! I
To group all vendors into the same barrel-o-monkeys shows your own limitations, not those of the occupation (or mine, for that matter). Pretty much like the rest of your postings, consistently across the board. LOL Speaking of which, the guys on the ES Journal thread have me beat by a mile ... and they post while they are trading their instruement of choice, not after.
I'd like to introduce you to stocktrad3r and rcanfiel, ET's other hyperactive yet non-contributing posters. Enjoy your time with them in the ignore penalty box, Mandelbrot/Jimmy Jam/JimeyJam/whatever.
lolz ... This little girl comes here talking trash about vendors and making glittering generalities about trading, then runs away with her tail between her skirt when she can't stand the heat that her own bullshit has generated ... and it's not the first time either. austinp was gentle-man enough to make an offer to the bashers, past, present and future. I see that smilingsynic has choosen to ignore that offer and instead focused on trying to make me the reason why he wants to turn-tail ... anything to escape responsibility, right SS? :eek:
Is this what you found out about coiledmarkets (austinp)... Please clarify considering you've implied you have not used the service nor do you intend to use the service while typing such a message in a thread that's specifically about coiledmarkets. By the way, my old man was a successful floor trader and same with his brother in-law prior to him moving to the FED. I also have other relatives that work in the financial district in jobs related to the markets. In addition, three good friends of mine are successful institutional traders. Further, there are many part time retail traders at ET that work in white collar professions while treating trading as some serious hobby. Thus, my personal experience is in contrast to yours in that trading to me is more of a white collar profession or associated with those in white collar jobs. Simply, the market contains many people that do what they do successfully that's different from someone else route to success. No wrong nor right and after being in this market +20 years... I learn to be careful with generalities concerning trading when I was talking to others that had more market experience than me. Congrats and I wish you continued success... My last post in this thread. Mark