Stalker...you can download a free screen capture program here. It is the "ScreenHunter 4.0 Free" download. Works great. http://www.wisdom-soft.com/downloads/downloadfiles.htm
Great wisdom icarus618. This is a business that takes months/years to become confident with what you are doing. Everyone needs to develop skills at their own pace and patience/discipline is the key. IE. It's very hard to watch price take off in the direction you thought it would go and not be in the trade. You then think to yourself - "If I don't chase this, it may be 2 or 3 more hours before I see a good entry". Everyone has that feeling of missing out on the action. I've become a much better trader when I quit looking for the excitement and made it as boring as I could. Hoping and wishing has no place in this business. Losing a few bucks on a good trade is laughable...losing (or winning) money on a bad trade - get up from the computer and go for a walk. Once again icarus618....great quote. ps. Not sure why Jack says it only takes a few weeks to be doing 10 contracts. That kind of talk actually frustrates the people trying to learn. The 75K/year thing is another stinger.
Jack uses $2000 per ES contract. Beginners use 1 contract to start. Using SCT, make 4 pts/day/contract; that's $200/day/contract and $1000/week/contract. Add 1 contract every $2,000, and one gets to 10 contracts in no time. Not everyone has a Jack watching over their shoulder while they trade and to make up any losses while learning, so for most people learning alone via cyberspace the above formula is quite challenging. What the formula does, however, is expand a person's conciousness to be more in tune with what is available. ET has enough a-tick-a-day types to balance things out. There are more modest ways to learn as a beginner and they are chronicled in several places. A simple way would be to start with $10,000, use 1 contract and trade only fast pace trends until the account is doubled; take out the original capital, use 1 contract to double the account again and take out another $10,000 and spend it on a non-essential. Then start again with 1 contract and add 1 contract for every $4000 (full margin) until you get to 10 contracts. What you learn is that you can do quite well without ever moving beyond the beginner level and you bust a lot of myths along the way. As things turn out, while succeeding as a beginner a person sees many more opportunities to trade. Why not refine what is done to become more effective and efficient? It is a natural growth. There are people here beyond the beginner level who want Jack to put down the whole nine yards regarding SCT. There are also people who are working to just get the job done at a minimum level. My personal view is that being supportive of other people's efforts to learn has many benefits. This thread is a good example.
So true. Trying to get to SCT right out of the gate is not the preferred route. This is a society of wanting it all right now. (ie: The savings rate in the US is now a negative number) Simply put, getting a consistent 2 points a day and you will be rich. Be happy with 2 points. When you become so confident that you can make 2 points on any given day, then allow yourself to explore more opportunities. Along your journey, having the mindset of knowing you can make 2 points on any given day removes most of the pressure from this occupation. Doing 2 points a day with 10 contracts and your making a cool 1/4 million a year.
How realistic is it to work up to trade 50 contracts using this method. Using market orders are fills as quick as with trading 1or 2 lots? What dangers if any are there in trading this size at normal volume levels - other than technical ones such as ib feed going down? it seems that many traders who are successful never increase their lot size beyond say 5 on the basis of perceived risks. Why is this? I assume they aren't trading size because of self-imposed limitations and an exaggerated fear of black swan event type risk. Is this reasonable or does trading the es get more difficult as you add size?
Hi all, I have been reading the posts. This is coming to be real pay dirt. Around coming up to page 110 there are some really great comments and greater Q's. Let me post the following to cover some bases. SAT and staff are under the gun with the commencement of Medicare D. It simply is the beginning of CMS handing over the reins to the private sector. We have been trained as of Thursday PM and CMS failed to approve the materials and documentation in time for publication. SAT feels we have as WSJ commented a product the hits the spot. Our lead base is showing commissionables on first 30 seminars of 64 this month as being in the low 6 digits so I have to keep on the ball leading the market penetration. Our walk ins equal our leads so we are going to be very busy. Hypo something can serve as a terrific example. there are two points you all can come to understand by reading what and where he screwed up. Point one is simply the fact that he does not get the four independent segments of the routine repeated mental process of monitoring, analysis, decision making and acting all about the time known as NOW. he mixes together as a hoge poge peices of each of the four independent mental processes that are done in a sequence independently of each other. to be sure a finished mental product is carry from the former to the latter always after COMPLETING the prior and BEFORE begining the latter. This is a devistating misconception. Second he does not understand sweeping at all. See all the clues he proffers. Those who have responded to him have used a good reason. The reason is it helps others by the example that was put on the table. the original sweep chart has about 10 pages of text. the chart alone represents about 400 pages of deductive reasoning. Both are distillations that become evident by simply following lines down the shart using one colr for a while then swtching colors. The 44 things he thinks he has found are other than nodes and the lines are other than links. What is going on in monitoring is an elegant real time bound statement of the efficacy of the two part Boolean statement of the P, V relation. Notice, I am beginning the segway into the second point I will make for the Benefit of SCT practitioners. I am pragmatically announcing and making conscious all the varied aspects of the the Boolean statements. Here you get to see the orthagonality of two separate statements where one demands precision and the other does not. The imprecision one is the one that ENABLES you to make money materially, practically and hugely. You get to be EFFECTIVE and EFFICIENT. What these words mean is screaming at you as you gain the routine that is the definition of discipline. the routine in monitoring is to do the sufficient and ONLY the sufficient in order that you can return to the BEGINNING of the examination yet one more time AFTER you have stopped monitoring and gone through three other designated parts of the routine. To be clear these are: anayysis,decision making and acting. to make money your principle conscious repeated action is to "conti8nue" (the Boolean word) which means in trading to HOLD. The most important single thing to do in trading is to hold when THE MARKET TELLS YOU TO HOLD. Hypo has never had this experience once in his life. You have it thousands of times in a week. there are 81 bars. you are monitoring them. you get to do medium and fine parts of the sweep ONLY when you are at the ends of a bar that is at the end of a period of CONTINUATION. DOM 5 levels. Summations of levels. The display of the four basic trading strategies. You cannot imagine what I could tell you. You cannot. I only ask you to become conscious of all there is to say. I KNOW what happens when the sweep chart is used with the fluidity of riding a bycycle. I wrote a 2 hour piece I lost. I will dictate it and have it transscribed. It eeals with page 34 of a display pic. it deals with Don's four points. it deals with four well other known ET principals contributions and just what the potential transition is for each. Largely it was a response to how to create invincible paradigms to solve problems. In trading, you become efficient by using sufficiency. You become effective by extraction by largely continuing the extraction and then seamlessly tacking with a perfect angular velocity that allows you to take double the proceeds at a turning point (leaving nothing on the table and beginning to extract at the the last full oppotunity. Sweeping is a serial process and NOT a concurrent multivariable consideration. The sweep chart is a "linear" model and not a quant model. ONCE A POSSIBILITY IS BLOCKED WHEN END EFFECTS ARE REQUIRED TO BE UNDER CONSIDERATION, THAT POSSIBILITY IS NO LONGER A CONSIDERATION. Making money is a "migration" problem and not any other. There is NO possibility the the market can "jump' mathematically speaking. There is a discussionon consulting elsewhere. You are reading a PS and M&A person who has a reputation based upon measured performance whose math looks like 4 +1 = 15 in 12 to 18 months. I am the one whose paradigms, etc provide the other 10 units. That is 1 hour contact per week and all other required time in prep. The contact means "Start doing what is in this report, NOW. You can do SCT quite well. the learning curve is as stated "impossible" if you do it your way as do the B people. Right after "impossible" comes a feeling that cannot be avoided. It is a feeling of making the peak or landing 500 miles later on a shore line after canoeing glacial melt for two weeks. You KNOW you are THERE. You have four separate honed intellectual prossess that are each different and grooving. HYPO has zero of these. One of them comes from not having to reach for an unknown truth. Aonther comes from learning to tack flawlessly on the smoothed waters that sails cast on to your shadow in the lee sans the quarter wave. decisiding that you are ready and right is actually without thought but "just a complete" feeling. Monitoring is short and sweet and a total surmise of knowing sufficiency; it is like not wetting your brush with either a wash or substance of watercolor to make another but unneccary stroke. You have expressed the moment of sufficientcy to move on to the truths of the market, fully known and available to compare. As you surmount the peak, you get to know you know. You are vested. You can guide. You are your guide from this point on. Expertise comes from getting to the peak each time there is a peak to climb. Bagging peaks is a college delight, we know that. We carried a pinball machine for the pic at the top. You have an equity curve that shows peak bagging. Your effectivenss and efficience come easier as time passes. you cannot even remember "impossible" anymore because you are soo efective and efficient with your mind. Mak is staying relaxed. What he is really doing is adding iteratively more skills and experience by letting achieved skills operate effortlessly. It is difficult to explain how to land aglider in a cross wind twice the ship sailing velocity. But you do land because the dtails are automatic. After you get to the skill peak needed, you go into the realm of automatic. This is the world of sufficiency sencing and unsummoned truths giving you analytical super skills; decions "flow" and you tack with an angular velocity that is critically damped. You are at choise to operate ahead of the market vocally. You can actually express yourself to others. I have, by using many many methodical ways enabled people to begin to realize their potential. "impossible" just goes away after a while. the other posts around 110 that I have not overtly covered by reference are buried in this. The overlapped colored charts are very important to do for a few days. try that drill by getting it straight on the weekend and then doing it during the day. If anything can be called "telegraphing", this is it. I think there is a blank chart for DJXX in MSN. I don't know how some of the DJXX stuff got used right off ofr ES but it is just fine. Some of that stuff is pre E minis...lol. I will try to dig up some old 300 point moves (3 to 5 concecutive prints on the DJXX)
icarus Thanks for all of your most recent posts. they are very much to the point. i feel that a person has to make a plan to work for excellence. the measurement of that attainment is something I state arbitrarily in terms of going form 1 contract to 10 contracts by using the capital that has been extracted. the market is definitely making it available. It is definitely extractable. So far we have laid down for use the annotating to overtly bound the contemporary possibilities. This affords us a complex of truths to evaluate NOW over and over and over. By sleeping on the solid and continuous effort, a person gets mentally organized. Then begins the job of learning what sufficiency means. Thoroughness is a rite of passage. Tempering thoroughness with sufficiency lets us look between the cracks and reshape brutal fixed routines into fluid way to turn black and white into technicolor which is way beyond the shades of grey. The gaussains and the intercomparisons of the 5 and 2 minute fratals on two separate but parallel markets with differing types of players allows us to begin to see how technicolored things are even more refracted to spread their signals as in phoresis done with fields. We will work our way done to seeing the audience of trading. the DOM and its many forms does this. we want to "know" the strategies of the four skilled sets of operators. as front runners we need particularly to know when being pushed is over and a reorientation is beginning. We also need to be "smooth" and not anything related to being hyper. Thanks again for adding the binding glue to this thread. A lot of players on the dream team are raking it in at this point. What you do settles a lot of "roughness". the potential of the markets, greatly exceeds what we need to support any given lifestyle. so the payoff on this is much more than extracting money.
There´s one thing I´ve found that I have problems with. It´s easy to find point 1-2-3 for the "smaller" channels, you just take 1st, 2nd and 3rd bar, no problem. But when you want to draw "bigger" channels it´s not as easy. You find that there are lots of possible point 1-2-3. I attached a chart with some trendlines drawn through possible point one and three to show what I mean. How do the rest of you deal with this? Is there some more or less objective way to determine wich 1-2-3 that is most valid? /Stalker