Hi , I'm new here, I've been studying the informative posts on ET and like lilducks posts alot. You seem to have a good idea on which way the market is going during the day. Like yesterday early on, you called a selloff in the morning. How the heck did you know?? Thats really cool because as hard as i try i can't figure it out. I know that I could play futures and options if I had a good idea of which way to trade, up or down, urr long or short as you guys say. Of course I want to practice without real money first. I don't expect you to give away your secrets but any help would be appreciated. Rodney
What? I have a fan?? Thanks for the comments. Ok you win........ i will tell you my secret: First off... these are the tools i use: eSignal layed out on 4 monitors... nothing too fancy. I subscribe to Closingtrend . com and get the market direction call twice a day. NOTE: If you base your trades solely on what the service calls for.... you will be wiped out. This service alone is a guide.... and nothing more. I purchased several indicators from Tradethemarkets . com .... i also learned alot from them... especially how to read the TICK in relation to price to see moves about to happen. One of their indicators is extremely powerful.... i dont know how much i can talk about other sites, dont wanna get in any hassles with Baron. But i do like their indicators alot. They are custom but run on eSignal charts... which is cool. NOTE: If you base your trades solely on what the indicators say....you will be wiped out. Thirdly... i use market internals to tell me if i should listen to the signals / indicators, or to ignore them. Learning how to interpret mkt internals to know the mkt direction is by far the most difficult thing to learn in trading..... if you can read mkt direction..... you can make money with anybodys techniques or services. Its taken me a long long time to learn how to read the mkt.... and i still have a looong way to go. So...when my indicators, Closingtrends signal, and mkt internals are all in agreement... i make my move! I use the following for mkt internals: VIX TRIN VOLD ADD TICK EPREM Also have a list of the Dow 30 and 14 key sectors up at all times, and a few other minor things i look at. Well thats basically it...... i break those 3 things down in 1/3 parts each. Now... all that together equals 25% of my success..... the other 75% is discipline and having the right mind set. read my thread called "Brand new traders read this" in psychology section if its still there.... explains how i got started and what i went through. Good luck!
Nice post to the new guy, but I strongly disagree about closingtrend.com. I base my trades solely on their forecasts, using protective stops. I also apply common sense such as not trading on options ex. days or in front of pending major economic data. I've had the best 6 months in my 20 plus years of trading. My advice to Rodney is just keep it simple, papertrade until you know you can be successful, and then focus on keeping your losses as small as possible. Good luck. ...Rennick
i just looked at closingtrend.com. The web site looks like it was designed by a 5 yr old in 1994 - the text on the buttons doesn't even render in mozilla.
T It works great on my computer, maybe you need a better browser. The non cookie cutter look of the site with no third party ads is one part I've always liked, the best part though is the new RV I bought with my trading profits in the last 6 months. As Cramer says" MonBack", with the sound of a Brinks truck backing up, BOOYAAA!!!! ...Rennick Boone Pickens out
Yep and thats the way i like it. I just grabbed another quick +13 pts at 3:30 reversal. Normally i wouldnt go long with mkt so bearish... but because of his forecast and mkt internals lighting up a bit.... i took that trade when my indicator (from tradethemarkets.com) went off! $190 for 11 minutes of work... i'll take that anyday. Listen to me..... I want a service that knows about trading .... not marketing! Big difference. Many fancy website are truely worthless once you dig deeper........ I may disagree with Rennick about how much weight to put on this service....but overall its a very very good and I will renew!!
Great info LilDuck, and you too Renick. I checked out the sites you mentioned and they look good , I just signed up for the trial on closingtrend. I'm a gambler, mainly poker, it seems like the edge in trading is better than traditional gambling. I can't wait to start papertrading to see if this stuff really works. Thanks for the help guys, ET rocks!!!