Hi Group,
I noticed some talk about blown out accounts and basically
poor money management since this Trading Room started.
A member sent me a booklet on Money Management trading the
ES. This is an article that is well worth reading,
especially for newer traders. Frankly, this could help some
of you avoid blowing out your trading account. And, like the
best things in life, it's free.
It's a Word file, and can be downloaded here-
CLICK HERE TO DOWNLOAD
Good Trading,
Mike Reed
Wednesday, January 28, 2009
Using the Tick Extreme for Confirmation
QUESTION: On the Tick Extreme, in your e-book, it is said the
TE is used to help determine when the edge is gone. How
might I use the TE to determine when the edge is gone?
ANSWER: I'll use this as a confirmation of, say a short at a
downsloped 60ema on the 5 min chart, or vise versa. if there
is a TE while meeting it, it has a better edge for ''instant
gratification''. if there is a price move that 60ema with
TE, and price stays put while the tick falls back towards
zero, then the edge would be gone. Does that make sense? It
can be the same on a move to any other kind of S/R and a TE.
hope this makes sense.
Good trading,
Mike
TE is used to help determine when the edge is gone. How
might I use the TE to determine when the edge is gone?
ANSWER: I'll use this as a confirmation of, say a short at a
downsloped 60ema on the 5 min chart, or vise versa. if there
is a TE while meeting it, it has a better edge for ''instant
gratification''. if there is a price move that 60ema with
TE, and price stays put while the tick falls back towards
zero, then the edge would be gone. Does that make sense? It
can be the same on a move to any other kind of S/R and a TE.
hope this makes sense.
Good trading,
Mike
Monday, January 19, 2009
Live Trading Room - Questions/Comments
Thanks for all of the feedback, and thanks for all of the
very kind things you said. I'll answer a few of the
questions I didn't have a chance to answer just yet.
CT asked:
1) When you say "Scratch the Trade" and we are in a trade,
do we exit at Market?
When I say that, exit right away. The initial hard stop is
currently 1.75 points, and avoid letting the market hit that
if you can. If this is done right we usually are out within
a few ticks from entry.
2) When you say "I'm Flat Here" and we're in a trade, do we
exit at the Market?
I will say that after I have given an exit, so if you are
still in, get out at the market.
A suggestion was made that I move my order entry platform,
Ninja, and my broker feed to the screen you see through
Hotcomm.
I have Hotcomm running on a PC used for charts almost
exclusively, and my trading platform is on a second PC. I
have everything set up the way it works and feels best for
my trading. I'd need to totally rearrange my office to fix
that issue. Also, account numbers are shown through Ninja.
Another trader asked if I could announce the type of trade
under consideration, that it may also prove helpful.
I will do my best. The second week I intend to call out all
"by the book" ("by the book" meaning my e-book) setups as
they are close to setting up, and then the entry area and
manage the trade from there.
One trader asked if I would try to try to modulate my voice
a bit when referring to actual trade. I'll try to do this
going forward.
Several asked if I would put support and resistance lines on
my charts. If I continue beyond this try out, I will put
Support and Resistance lines on charts when trial period is
over.
As far as recording the sessions and uploading parts, I
haven't been doing this, but it is a good idea. A few setups
in the "Read the Greed - LIVE" course are on site already.
I hope this helps as we start again on Tuesday.
Good trading to you all!
regards,
Mike
Your feedback will help to determine what we will do at the
end of this 3-4 week trading room trial.
You are free to post, however, the guidelines in the trading
room apply to the blog as well.
very kind things you said. I'll answer a few of the
questions I didn't have a chance to answer just yet.
CT asked:
1) When you say "Scratch the Trade" and we are in a trade,
do we exit at Market?
When I say that, exit right away. The initial hard stop is
currently 1.75 points, and avoid letting the market hit that
if you can. If this is done right we usually are out within
a few ticks from entry.
2) When you say "I'm Flat Here" and we're in a trade, do we
exit at the Market?
I will say that after I have given an exit, so if you are
still in, get out at the market.
A suggestion was made that I move my order entry platform,
Ninja, and my broker feed to the screen you see through
Hotcomm.
I have Hotcomm running on a PC used for charts almost
exclusively, and my trading platform is on a second PC. I
have everything set up the way it works and feels best for
my trading. I'd need to totally rearrange my office to fix
that issue. Also, account numbers are shown through Ninja.
Another trader asked if I could announce the type of trade
under consideration, that it may also prove helpful.
I will do my best. The second week I intend to call out all
"by the book" ("by the book" meaning my e-book) setups as
they are close to setting up, and then the entry area and
manage the trade from there.
One trader asked if I would try to try to modulate my voice
a bit when referring to actual trade. I'll try to do this
going forward.
Several asked if I would put support and resistance lines on
my charts. If I continue beyond this try out, I will put
Support and Resistance lines on charts when trial period is
over.
As far as recording the sessions and uploading parts, I
haven't been doing this, but it is a good idea. A few setups
in the "Read the Greed - LIVE" course are on site already.
I hope this helps as we start again on Tuesday.
Good trading to you all!
regards,
Mike
Your feedback will help to determine what we will do at the
end of this 3-4 week trading room trial.
You are free to post, however, the guidelines in the trading
room apply to the blog as well.
How I Use the DOM
QUESTION: Mike, I'm using Ninja. When placing orders do you
use the DOM, the chart or do you use the Control centre and
type in the entry and exit values? Thanks.
ANSWER: I use the DOM to place and manage my trades. I
haven't used their charts. My set-up is just as I like it
and don't plan on changing things.
Good Trading,
Mike
use the DOM, the chart or do you use the Control centre and
type in the entry and exit values? Thanks.
ANSWER: I use the DOM to place and manage my trades. I
haven't used their charts. My set-up is just as I like it
and don't plan on changing things.
Good Trading,
Mike
Monday, January 12, 2009
Our First Day in Our Live Trading Room...
Hi Everybody,
Well, our first day of our live trading room trial is over.
So far, we have had alot of really good feedback!
By the way, I'm truly sorry about the confusion on how to
log into our trading room. I was sending out the wrong
instructions. I'm glad to see that despite my mistake, you
got in anyway!
We would like for you to tell us how you think our first day
went, you can reply to this post.
Your feedback will help to determine what we will do at the
end of this 3-4 week trading room trial.
We are tuckered out here, so we'll see you all tomorrow!
Julie
TradeStalker.com
Well, our first day of our live trading room trial is over.
So far, we have had alot of really good feedback!
By the way, I'm truly sorry about the confusion on how to
log into our trading room. I was sending out the wrong
instructions. I'm glad to see that despite my mistake, you
got in anyway!
We would like for you to tell us how you think our first day
went, you can reply to this post.
Your feedback will help to determine what we will do at the
end of this 3-4 week trading room trial.
We are tuckered out here, so we'll see you all tomorrow!
Julie
TradeStalker.com
Sunday, January 11, 2009
Live Trading Room Goals and Objectives
Trading Room Trial: Goals and Objectives
Hello and welcome to the new format we are trying out. After about a year of answering questions on whether or not I would do a live trading room, I've decided to give it a try. So, before we begin, please read the description of how I view this educational trading room working.
1. The objective of the room, for the main part, is to fine tune the intraday updates and let members know what I'm thinking and/or doing during the trading day. I will NOT be answering questions all day, but I will be pointing out trade opportunities so that you will be able to learn how to spot them better yourselves. In addition, I will talk through my entry and exits, as I manage the trades during the day. Usually there are 4-6 good trade set-ups per day. I won't be giving out my quick in-out scalps, but will focus on what appear to be "by the book" set-ups throughout the day.
2. There are several goals for this trial. One is to help members stay on course with the nightly update, and shift gears if necessary. Two is to make a profit of three (3) ES points per day. Three is to help members shorten their learning curve as I talk out loud through trades, good and bad ones. This will *not* be as intense as the trading Camp, but more relaxed and with my total focus on the trading action, not the chat box. When I trade, I'm in my "cave", I'm inviting you into my cave to see how I have been trading for a living for more than 26 years.
3. Unless stated otherwise, when I enter a trade, my initial stop will automatically be placed 1.75 ES points away from entry, and the first target will be placed for 1.75 point gain (one cancels the other). The stop and targets will be adjusted based on volatility and how the market acts after entry.
Sometimes after I enter a trade, and it goes profitable right away, I will scale out rather than cover the whole position on exit. On exits I will make it clear if I'm covering part, or all, of my position. Also, I will often times use a "time stop" if the market doesn't give instant gratification, or isn't working as expected. If, after a second look, the trade still looks valid, I will re-enter quickly. Those are some things to remember and expect when our trading room trial begins.
And please remember.....
TraderStalker.com's Live Trading Room is for educational purposes only. This is not a financial advisory service. Traders assume full liability for all trading risks and outcomes. You assume all risk/liability for all trades that you make. There is substantial risk of loss trading futures. There are no guarantees or certainties in trading. If you are looking for guarantees, trading is not for you.
Hello and welcome to the new format we are trying out. After about a year of answering questions on whether or not I would do a live trading room, I've decided to give it a try. So, before we begin, please read the description of how I view this educational trading room working.
1. The objective of the room, for the main part, is to fine tune the intraday updates and let members know what I'm thinking and/or doing during the trading day. I will NOT be answering questions all day, but I will be pointing out trade opportunities so that you will be able to learn how to spot them better yourselves. In addition, I will talk through my entry and exits, as I manage the trades during the day. Usually there are 4-6 good trade set-ups per day. I won't be giving out my quick in-out scalps, but will focus on what appear to be "by the book" set-ups throughout the day.
2. There are several goals for this trial. One is to help members stay on course with the nightly update, and shift gears if necessary. Two is to make a profit of three (3) ES points per day. Three is to help members shorten their learning curve as I talk out loud through trades, good and bad ones. This will *not* be as intense as the trading Camp, but more relaxed and with my total focus on the trading action, not the chat box. When I trade, I'm in my "cave", I'm inviting you into my cave to see how I have been trading for a living for more than 26 years.
3. Unless stated otherwise, when I enter a trade, my initial stop will automatically be placed 1.75 ES points away from entry, and the first target will be placed for 1.75 point gain (one cancels the other). The stop and targets will be adjusted based on volatility and how the market acts after entry.
Sometimes after I enter a trade, and it goes profitable right away, I will scale out rather than cover the whole position on exit. On exits I will make it clear if I'm covering part, or all, of my position. Also, I will often times use a "time stop" if the market doesn't give instant gratification, or isn't working as expected. If, after a second look, the trade still looks valid, I will re-enter quickly. Those are some things to remember and expect when our trading room trial begins.
And please remember.....
TraderStalker.com's Live Trading Room is for educational purposes only. This is not a financial advisory service. Traders assume full liability for all trading risks and outcomes. You assume all risk/liability for all trades that you make. There is substantial risk of loss trading futures. There are no guarantees or certainties in trading. If you are looking for guarantees, trading is not for you.
Welcome to our Live Trading Room Blog!
We'd like to welcome you to our Live Trading Room Blog!
This is a place for asking questions from other participants
in our live trading room, comparing notes, talking about how
your day went, etc.
Please feel free to post and reply.
Prior to posting, please make sure you have read the post
titled "GUIDELINES-Live Trading Room". Those Guidelines also
apply to this blog.
Good Trading,
Mike and Julie
TradeStalker.com
This is a place for asking questions from other participants
in our live trading room, comparing notes, talking about how
your day went, etc.
Please feel free to post and reply.
Prior to posting, please make sure you have read the post
titled "GUIDELINES-Live Trading Room". Those Guidelines also
apply to this blog.
Good Trading,
Mike and Julie
TradeStalker.com
GUIDELINES - Live Trading Room
Please read our TRADING ROOM GUIDELINES below...
1- Trading room schedule will be as follows: Monday - Friday
9:30am - 11:30am. (Break for lunch from 11:30am - 12:30pm).
Then resume trading from 12:30pm - 3:00pm. These times are
EST (New York Time). Room times may be subject to change.
2- Please do not ask Mike questions in the trading room.
Mike will be calling out his trades, and will not be
answering questions.
3- If you need technical help, please utilize the hotComm
SUPPORT ROOM at www.hotComm.com/support.asp They can help
you online. Click on the graphic on the right hand side of
the webpage when you see 1stWorks logo and the graphic which
reads The SUPPORT ROOM IS OPEN, Click Here to Enter - You do
not need to have hotComm installed or running. HotComm
SUPPORT is open daily from 8:30AM EST to 5:30PM EST. You may
also call SUPPORT at 508-877-0446 or send email to
support@1stworks.com
4- Please do not share the password to the trading room with
ANYONE. IP addresses are logged and we know who should and
should not be in the room.
5-We *want* for you to make friendships in our room. But we
have a code of conduct: Do not cuss, swear, or use God's
name in vain. Do not discuss politics or religion. Do not
use racial slurs. Do not make lewd or lascivious comments.
Do not attack another one's character. Please be polite to
others and show good manners. Treat other's the way that you
would like to be treated. Breaking the conduct code could
mean expulsion from our trading room.
At the end of our 3-4 week trial, you will be notified
whether or not Mike will continue the trading room, go back
to our usual operations, or maybe just make some minor
changes. This all will be completely up to Mike.
If you have any questions, as always, please don't hesitate
to contact us.
We look forward to having you in our live trading room!
To Your Success,
Mike and Julie
TradeStalker.com
1- Trading room schedule will be as follows: Monday - Friday
9:30am - 11:30am. (Break for lunch from 11:30am - 12:30pm).
Then resume trading from 12:30pm - 3:00pm. These times are
EST (New York Time). Room times may be subject to change.
2- Please do not ask Mike questions in the trading room.
Mike will be calling out his trades, and will not be
answering questions.
3- If you need technical help, please utilize the hotComm
SUPPORT ROOM at www.hotComm.com/support.asp They can help
you online. Click on the graphic on the right hand side of
the webpage when you see 1stWorks logo and the graphic which
reads The SUPPORT ROOM IS OPEN, Click Here to Enter - You do
not need to have hotComm installed or running. HotComm
SUPPORT is open daily from 8:30AM EST to 5:30PM EST. You may
also call SUPPORT at 508-877-0446 or send email to
support@1stworks.com
4- Please do not share the password to the trading room with
ANYONE. IP addresses are logged and we know who should and
should not be in the room.
5-We *want* for you to make friendships in our room. But we
have a code of conduct: Do not cuss, swear, or use God's
name in vain. Do not discuss politics or religion. Do not
use racial slurs. Do not make lewd or lascivious comments.
Do not attack another one's character. Please be polite to
others and show good manners. Treat other's the way that you
would like to be treated. Breaking the conduct code could
mean expulsion from our trading room.
At the end of our 3-4 week trial, you will be notified
whether or not Mike will continue the trading room, go back
to our usual operations, or maybe just make some minor
changes. This all will be completely up to Mike.
If you have any questions, as always, please don't hesitate
to contact us.
We look forward to having you in our live trading room!
To Your Success,
Mike and Julie
TradeStalker.com
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