It's surely a sign of success when mediocrates begin to insinuate in a more or less transparent way that you have ulterior motives. Hey, Electric dude, I bet that with your attitude you are one of Jack Hershey's grouppies. Are you saying that what Jack is doing on this board is not because of his gigantic ego? It's only because of that. It's ego coupled with incessant babbling. Hey, dbanks, you made a serious mistake, man. Start acting like Jack, start babbling hours on end and the Electric Savant will be the first one to call you a guru. It's all it takes. And the less comprehensible you are the bigger your fame. BTW, as it was to be expected Magna did not consider Electric Savant's 'contributions' to be off topic. Could you please define what mediocrates means to YOU. Were you implying I am part of a group of folks who are in a state of being mediocre? OR might this be a personal word that you use with a personal definition? I am 44 years old and have not called my fellow traders "dude" in years. As far as the senior trader Jack Hershey, yes I have respect for his writings, but I do not know him personally as you think you do. As far as being a grouppy, yes I am a follower of myself, so yes my ego flairs up too. I have no inside line to the moderators here in Elite....but I am not sure if you are attacking me personally as I think you misspelled a word....which we all do. I do know that personal attacks can be evaluated my the moderators or Magna and they have full discretion. Ask anybody here about me....I do not bash anybody (except FPC LOL). My point with the illustration of the meaning of help, was to drive home how pointless it was to just post numbers and times. What purpose does this serve to Elite traders? Perhaps this is an online way for dbanks to keep a briefcase of his trades and conveniently access them from any computer. Electron, I have requested to be a part of Dbanks purposed chatroom. My illustration was not meant to offend anybody. I put a great deal of thought into my posts and "think" before I write. And I definitely am honest with myself first....then I share..... One helpful benefit that I got was the one point target method that dbanks uses is what I am greatly interested in, and would like his help to learn more. His time in the trade is very compatible with my current trading methodology. His win-rate was interesting, and thats exactly what I need to learn as the his stoploss of 2 points is upside down compared to the target. So his entry method is key to his system. I am a profitable full time trader and make my living from trading the ES. I am looking for short term trading methods to trade in between my longer term signals. I need to get in and out within 30 minutes. Again, I apologize for any offense I have been to others. And I hope Dbanks will contribute more in the chatroom. The chatroom he uses now was too noisy for me, and I hope he decides to form a chatroom and accepts me. Electron, you are my new Guru for the day....do you trade? Michael B.
I use a 1 minute Kwikpop chart to obtain the signal and then I use other parameters to determine if I should take the call. I try to get at least 1 point per trade and not to take more than 2 points as a loss What is a kwikpop chart? Michael B.
I hate to muddy up this journal with my comments but I'd just like to state a couple of things. There are lots of journals, and lots of way to do journals. On the journal quality continuum, I'd rate it from most valuable to least: 1) Teach a methodology & show results & answer questions / provide commentary. 2) Teach a methodology & answer questions / provide commentary. 3) Show results & answer questions / provide commentary. 4) Show results. Most journals fall into category 3, which isn't a bad category. I don't recall having seen many (any) in category 1. The journals in category 4 often have a lot of hype associated with them and these journals tend to burn out quickly.
The problem is that there is a lot of noise in the room (other traders posting) that those who are trying to trade off my calls get to distracted. Dbanks , this really should not be a problem in The mirc rooms because you can configure it to highlight any certain poster who's calls you may be taking . Someone taking your calls would just configure Dbanks posts a different color with sound alarms or whatever .
I have to agree wtih ElectricSavant on this one... If he's really here to help traders, a better description of his methodology should be in order. I cant imagine a trader who simply take calls without some thorough understanding of the system. But that just me and my two cents
that really is you in there? excellent! i've seen your calls, and as with everybody else in the room when i see a call i look at the quote to see if i could get the same price. most of the time your entry appears to be beatable, and since it is pretty clear what sort of profit goal you're (usually) going for, there isn't even a need to wait for the exit signal. it is possible for IRC users to have their IRC client highlight posts by a particular user, and IMO that would be a better way to go than yet another room as there are already too many places to watch. at least for my simple mind.
real question: why should anybody go to all that trouble for no renumeration? especially knowing that chat boards being what they are they WILL attract all sorts of BS from others.
"The members would only be those who can trade at least 10 contracts per trade..." Out of curiosity, I copied dbanks' results from 3/31/03 to 7/31/03 into my Trading Statistics worksheet. If I assume someone trading his method used a constant 10 contracts per trade and IB as their broker paying $2.40 per side, the following results would have occurred in this time period:- Total trades: 824 % Win/Loss: 83% Av. Win/Loss Ratio: 0.88 Profit Factor: 4.19 Expectancy: 0.55 Net Profit: $178,948 Annualized ROE: 1,074% Av. Pts/Day (after Commissions): 4.21 Av. Net profit/Av. Contracts/Day: 210.53 -rcm
Trading Dbanks method would change if using multiple contracts. The 1 point target might be increased for a portion of contracts, utilizing breakeven strategies or a scaling method. Michael B.
Amazing thread. I was very surprised at first whan your journal began. But I am quite sure now that one of my system is similar to yours. There is usually not more than 3 minutes between our signals. I have a signal when bars change colour. I have put on the chart the time of my signals corresponding with your entries. Very similar.