Come on bolter....you know those top gun guys....they are always looking around the room wondering who is the best. ....and they keep looking at us!!!!!!!!!!! (*****DISCLAIMER***** To those who are highly sensitive in nature and easily agitated in life...the above statement is meant as humor, and you are allowed to laugh at least once in a while on your WEEKEND OFF from trading)
Would´nt it be great if someone came out with a streamlined programe for serious traders. No bells and whistles, just volume acting on price as the driver. I felt that Trevor was heading in this direction. The problem as I see it is we have an overlap of interest. Serious traders need a serious bullet proof product and serious platform providers need to be all things to all people in order to expand their customer base. It is about time that some body started offering a striped down high speed platform without scans, back testing and all the pretty stuff that attracts newbies. Which ever way you cut the cake, you wind up with verical time lines, horizontal S & R lines and this includes MP, and a fuzzy line that represents momentum. You can throw in a trend line if you want, but quite frankly if you do not have the trend in the back of your head at all times, then you belong in the kiddy pool. Then you need bid / ask volume and a filter for lot numbers, but you need to be careful with this since 100 lots can easily be entered as 5*20 etc. If the auto companies can offer performance versions of their already hi performance vehicles, then why not the platform boys. I am quite serious when I say that I regard the charts as <20% of trading but they are just as important as the other 80%. Most people devote almost 100% of their energy to the charts, leaving next to nothing to the other 80% to which they attach little importance ... in other words, they are seduced by the clever charts. Take a look at the books on trading ie "you only need to be correct 40 - 50% of the time. Are they nuts!! How the hell are you ever going to crank up your lot size on say the ES if you are on a coin toss ... give me a break. Back to MD ...it was heading in a good direction in my opinion and now it has been absorbed.
Mr C - Then you my want to look at TT's XStudy for your needs.....you can use your trade platforms TT feed for the charts (no side data vendor needed)............. http://www.tradingtechnologies.com/xstudy.aspx This would give you a trade platform and simple charting all in one easy to use package.
It comes as part of any brokerage account that is set-up with the new Xtrader7 platform (about $700 per month).
I was agreeing with almost everything you said until the last part. Win rate is but just ONE piece of the trading puzzle. The math behind making money trading is as follows. (Number of Trades * Win % * Avg $Win ) minus (Number of Trades * (Losing %) * Avg $Loss ) There are THREE ways to become profitable and increase how much you make. 1) Increase your Win % 2) Increase your Avg Win ie make $200 vs $150 on winning trades. 3) DECREASE your Avg Loss ie lose $100 instead of $200 on losing trades. Would you rather out of 100 trades be right 70% of the time and make $50 on avg wins and lose $200 on avg loss OR Win 30% of the time but make $300 on your avg win but lose $50 on your avg loss? Clearly Trader B is better as Trader A loses $2,500 and Trader B makes $5,500 ! Now I agree with you in terms that I try harder to find systems and strategies that have high win % as I could never trade a 30% winning system with size! I do agree with you on that. Emotions come into place and I have a high ego and like to be right. It's also nice to trade while calm and with no stress. Once you make money trading and have a system you believe in, trading is a low stress activity as you know you'll make money most days.
That is rediculously expensive considering their charts look so basic and have nothing revolutionary or new to offer.
Well of course the money is for their wondrous execution platform....the best out for "automated" trading imo. Also, these fee's are negotiable with your broker if you trade size. I will put it this way.....a platform fee can be comp'd at certain monthly volume traded totals (just depends on who your broker is and how much they want to work with you). OK.....back to the MD transition software thread.
LF With the greatest of respect, you have been seduced by nonsense. If your entry is based on price/bid, ask you need not risk more than 2 points other wise you are flat and can re enter. Remember, your comms should be around a quarter of a point and your broker is happy to have you onboard. Dont fall for all the hyp rubbish published on the net. Just think this game through. It is ONLY about making money and real money comes from trading lot size. This in turn relies on confidence. Do not allow trades to back up on you in the hope that they will turn. If you are long, dump half your position into the face of the crowd who have now decided to buy on a breakout signal. Do not let the other half back up by more than 2 points Remember, there must be traders out there willing to take the other side of your trade and there are none more willing than the righteous. Good luck
LOL, ok. So you'd rather be the trader who is 70% right but loses 3X more on losers than on his winners? This is what most traders tend to do. Trading involves making money and that is based BOTH on winning percentage and how much you typically make on wins and how much you lose on losses. Don't be ONE dimensional and focus on only ONE part of the trading equation. Many successful money managers and hedge fund traders have win rates less than 50%. So clearly you are totally wrong. You must obviously wonder how this is possible. It's easy their wins are 3 to 5X+ more than their losses. Go read Van Tharp's book "Trade Your Way to Financial Freedom" Position sizing, risk management is KEY. Again win % is just a tiny part of it.