hey man, that was only a joke to upgrade your software from rs7 to rs7.7 man, you went and changed the whole motherboard...
I think what I will try is having a profit target, (probably the last swing high/low) and when it gets hit, scaling out and moving my stop up on the balance. Up until now I have only had a plan for what to do if I was wrong! I'll keep you posted if it helps my bottom line. By the way, I trade the QQQ and E mini S&P. Pete
I`m with those who have a backtested ther system and already know where the best exit is on a historical basis....know your avg winner/avg loser, go for the 2-1 or 3-1 ratio and let the trade happen...no worries mon`
Your system either scalps for the inital impulse push or exits at a fixed target .. or it goes for the big trend of the day, attempting to capitalize off the open and closes near extreme theory. When you have a trend day, your scalp system comes up short. When you have a chop day, your trend system loses money. Scalp systems attempt to extract a small to moderate size from the market every day, essentially having no losing days from high probability impulse moves. Trend systems attempt to catch home run trades, but you will strike out a bunch before hitting one. They are more difficult to trade, since you may lose many in a row and your confidence may waver.. and right then, that one that you were afraid to take is the big one that would covered all those losses. If you missed that one trade, your P&L is severely damaged. It's really easy to see this stuff in hindsight, but you didn't know it was going to trend when you put on the trade, so why worry about it ? Just pick one that is suited for your discipline and financial needs.
I've heard of this condition, which doesn't really have a name associated with it. I guess its fear of success One thing is I know its real, and we've had to deprogram other traders on our desk to resist shooting themselves in the foot every time they defensively closed out their profitable positions early, only to chase them later into a flat or loss for the day. Good thing you're discussing this condition.
Brother Candle, We all must forge ahead. Can't stand in the way of progress. I know you yourself are not using DOS ver. 3.3 (at least I am pretty sure you are not). Keep up with what's current, or get lost in the dust of the past. Always strive to stay ahead of the curve, and always try to keep one foot (at least) on the cutting edge of the future. Candle's "polling" source code has been embedded into Rs version 8.5, as has MrSubliminals self limiting code to control and steer clear of over posting to "chit chat" and arguing with brick walls. Rs8.5 is indeed new, and hopefully improved. While Rs8.5 is officially on the shelves of the major providers, Rs7 will remain a viable (and available) backup for the "purists' among us. After all, it was Rs7 that was first used to crack and isolate some of the more insidious viruses such as Super_Ego and the earlier versions of Thunderbolt. And Rs7 did indeed have a certain degree of bullshit filtering that was able to recognize the value of such miracle popups as Daniel_M, Tampa (after a few glitches), Madison, Vulture, and the many strains of the Publias worm. (this is an abbreviated list... there are so many more gems that Rs7 recognized, but bandwidth limitations prevent version 8.5 from divulging more detail. Suffice it to say that such usual suspects as Marketsurfer, WDGann, and so many others seemed to act as an accelerant to the better parts of whatever Rs7 was able to contribute. And of course, Don Bright, while having controversial impact on all versions of all handles, did indeed tend to make version 7 more than it could have been as a free standing platform. So special thanks to Mr. Bright, and the same must be said of many of the Moderators, such as TriPack, Babak, and so many others. The cooler heads that kept the heat down to manageable levels and prevented the overheating of the co-processors that are built into the RS versions (since these are not purely software upgrades, but do include some hardware to generate the extra processing power required at certain odd hours of the day or night). Candletrader and Fasterpussycat have presented both challenges and some fixes to the new Rs Version. Max401 has also contributed a great deal of material that caused much of the re-programming to be very carefully debugged and tested with even more than Microsoft's slow and steady pre-release evaluation. But so far, the long wait seems to have been worth all the hype. Maybe Rs8.5 will crash, freeze, or self destruct. But so far, so good. If no one has noticed, one of the more evident differences in the "upgrade" is that ver. 8.5 is far more compatible with Max version 401, and interfaces with version 401 quite seamlessly. So far, no conflicts. This may have been simply an IRQ conflict type solution or a more serious incompatibility issue, but the many patches (probably overkill) have indeed been working, and I myself am looking forward to totally smooth integration with version 401, which has been a very steady platform for a very long time. Very stable and very predictable. Conflicts with MSFE/Wild remain a problem, as do certain incompatability issues with Lundy, and a few other minor "bugs". Interfacing with Traderfut2000 has been a sporadic issue and remains a mystery. But Traderfut2000 is rumored to be undergoing an upgrade itself. Aversion to cut and past viruses, while an integral and major part of the earlier Rs version 7, version 8.5 has an improved ability to read ahead and thus stop processing and wasting resources. This was one of the easiest fixes in the new release. When The Guardian is associated with Wild/Msfe, the system goes into "hibernate" almost immediately. However, this does not mean that The Guardian is always ignored. It is an association issue base on the source of the Guardian cut and paste jobs. For example, if Optional777 or Nitro (to name but a tiny sampling) were to cut and paste from the guardian, Rs8.5 will recognize the code, and process it. So there is a bit of AI included in this new version of RS. Overall, Rs8.5 seems to have a higher threshold of tolerance for right of center imbalance issues, and while those handles that will always find a Saturday night full of shooting road signs from their pick up trucks a part of their boot up process, Rs8.5 will recognize these potential threats to civil integration of all systems, and, rather than confront the issues head on, instead will isolate, quarantine and infect these viruses with a universal "fix" that is a major new element of the upgrade. Hope that this version works as anticipated. If not, Rs7 remains functional and available. Only time will tell. Much beta testing was done on 8.5, but until it is in use in the real world for a significant amount of time, there is no way to judge it's true accuracy, stability and efficient use of available resources. So Candle, does this overly simplified explanation answer your question? For the original and much more brief introduction to version 8.5. I suggest you check this out: http://elitetrader.com/vb/showthread.php?s=&threadid=16471 Peace, Rs8.5
no, on the contrary i'm rolling in $$$$$$$$$$$$. i'm having a ball!! CACACHINGO!!!!!!!! HELLO IT'S BANKED!! :-B