I didnât explain myself properly. Almost everything I do is automated. I have specific rules for entry and exits dependent on different conditions. I only meant to convey that I assign weight to different inputs based on the market environment much like a system might be programmed for adaptation. My "discretion" is simply a synthesis of the available micro indicators I have at my disposal. I then filter all of that info through a macro indicator, so to speak. If I felt I was capable of programming the process I would. That is not to say it could not be done, I just donât feel Iâm up to the task and I believe it might well be cost prohibitive. I actually trade a system that Iâve designed and I outperform it on some occasions and on others Iâm outperformed. Hopefully, we donât both blow up at the same time. At any rate, Iâm a firm believer that the money management you mention is absolutely essential and that any trader would do well to concretize their strategy as much as possible. I personally keep stats on, categorize, and evaluate all my trades. In this way I can hopefully isolate that which is working from that which is not. I wish the whole conflict between discretionary and mechanized trading would dig itself a hole in the ground and die. Aside from the false dichotomy, the argument completely misses the fact that each offers unique advantages. What are those the discretionary trader asks? The potential to bypass emotion that might negatively impact P/L and the capability to cumulatively evaluate large chunks of information and complex connections. And what are those the system trader asks? The ability to incorporate significant information that can be very difficult to accurately program at this time and the most important reason I can imagine. The act of making judgments about my trading is engaging, challenging, stimulating, and enjoyable when I succeed. All the qualities I would like anything I do to possess. Bye the way, does anyone ever read these long ass posts or are they just washed over?
TraderRX says: >Turok, > >I will start a thread devoted to >revealing my "brilliance". It will >be titled..."BULLS OF STEEL"! > >Stay tuned for more. You just may >learn something! I think you're confused on two points TraderRX: 1. I think your cap gun is actually aimed at Magna rather than me since I have never posted anything that would warrant the above response, let alone referred to your "brilliance" either seriously or sarcastically. 2. You're mistaking me for someone who would take the time to read of your "brilliance" on your promised thread. JB
Advise snipped from Hitman: >cut your size down to 500 shares >personally, I would bring it >down to 300 shares, >CUT DOWN YOUR SIZE! >I also recommend a slower stock. >NVDA is about as tough as it gets . . . >if you can not trade without >worrying about living expenses. >I would suggest stop New traders out there, you CAN'T even imagine the composite value of the above advise. JB
>if you can not trade without >worrying about living expenses. >I would suggest stop Hitman is giving you great advice here, but I don't think it necces means that you have to stop or get another job... But, and this is a huge but, you have to take some serious time to sit down and think about what negative emotions come with approaching a trade wanting, knowing, expecting, or worst yet needing the trade to go your way.... PEACE and good trading, Commisso
Garret: If your serious about suceeding in this game than I would strongly urge you to make sure your tools are up to par.... Datek will not cut if you need fast fills, if you are swing trading than you may be able to get away with it, but there are some DA brokers out there that are comparable to their rates....Terranova has 5$ commissions under (300shares) and Realtick for 60$ a month (after 20trades)...I have extended a line and am teaching someone the ropes, I have him using Terranova and I could not say more about them....I personaly use Tradestation Pro, but if you are just beginning your journey I would say to go with a RT based broker. Understand you are competing against the brightest minds in the world, they are better capatalized and better equipped...you have to do everything you can to assure that your tools can compete! PEACE and good trading, Commisso
Half science, half art, full game . . . Hitman I could not agree with that statement more! PEACE and good trading, Commisso
RX--Haven't spoken to you in a long time but I have a suggestion--I think a better name for your Bulls of steel or CACHINGO thread may be COOCHIE COOCHIE--like Charo--this suits you much better. Everytime you score with nvda-as you do all day long-- yell out COOCHIE COOCHIE.
Tuok says>>> ...for lack of time one can't explore all info in this life for validity so often measure is taken based on who the information came from. Some sources lend more credibility to the info than others. I say>>> The validity or truthfulness of information or a concept stands or falls on its own merit! Only the most foolish dare judge a book by its cover. Now, what you must ask yourself is this ...Am I a rational man, or an emotional prisoner? tradeRX limbo, ROTFLMAO!! (I fell off my chair onto the floor with laughter after reading this!)
TraderRX says: >The validity or truthfulness of information >or a concept stands or falls on its own merit! Excellent canned argument, but misapplied -- no one here has inferred that Ken's website isn't of value. >Only the most foolish dare judge >a book by its cover. Excellent canned argument, but misapplied -- find where the book has been judged (hint..it hasn't). Only the messenger has been judged (and after a quite extensive read I might add). You spout nice little bottled 'wisdom snippets' but you forget to first check them for relevence. I only hope(for your sake) that you are better at applying trading principles. >Now, what you must ask yourself it this... >Am I a rational man, or an emotional prisoner? I am a realist and will wisely budget my research time based on sound principles -- one of which is the credibility of the messenger. Will I miss some good stuff? -- of course...like trading, the search for knowledge is an imperfect journey. Will I be better off in the long term applying the 'messenger filter' rather than listening to every Tom, Dick and TraderRX that comes along? -- to most of us the answer to that one is obvious. JB
For those of you that use IB what data provider/charting software do you use? I am looking at IB/NextTrend which will give me data/charting/screening for $79 a month. TerraNova has realtick at $60 a month after 20 trades and charting as well. Unfortunately there websited isn't very informative so I can't see what the charting does and if they have screening. Any advice? Thanks GaretJax