Alsi Futures 28Oct10

[SimonPB]

ya, green tomorrow is a buy ..

[john_1]

HG... just by the way what you described in your "system" was actually a detailed discription of your bias.. nothing more nothing less.. and bias is the reason we lose money...it undermines stratrgy ,disipline and effects our ability to make clear evaluations

[#3]

Christos, my point is 100% in line with John's, hence the criticism. Simon's original thread was 'write down your system', HG wrote down his biases for entering a trade, without any thoughts on the consequences of being wrong. So I will criticise, and continue to criticise, because virtually everyone who has been in this business for any particular length of time can easily spot a trader that is on a path of self destruction. I may be overly harsh here, for that I apologise, but HG crashed and burned once, and has not appeared to have applied what he learn't out of that experience to correct the mistakes.

[SimonPB]

john be right .. don't let your thinking get in the way of your trading ..

[SimonPB]

an HG, when thew world comes to an end and the DJ starts it decline to zero .. there will be planty of time to enter a short based on the immediate price action ..

[SimonPB]

nah, your outer circle is just noise and can't be traded .. you have no idea how the price will respond to the noise .. so just trade the price ..

[SimonPB]

when I day trade I use 15 minute candles and have no more then 2 days plus today on the chart ..

[Frogg]

I am intrested to know which stock you guys are day trading as I find that the costs between the strike price and underlying require a fair amount of movement both ways to generate a profit.

[ACEP_]

Simon, where is the source of this chart you use??

[TOPIX]

Until you know yourself, you are no-one HG, maybe your rat brain is out to get you. http://www.thetradingdoctor.com/webinar/YourRatBrainIsOutToGetYou.pdf I also fall foul to my rat brain, but in my trading diary I make a note of every rat brain trade - with the explicit aim to reduce the rat brain trades to zero. Hope this helps

[#11]

I think Simon just let the cat out the bag!(lol) He uses a competing product for his charts?

[#12]

Frogg, you can really only day trade ALSI futures contracts. Your observation regarding the spread on stocks is 100% correct. You are looking for very liquid instruments with very small spreads relative to their average daily trading range, and low trading costs. Currencies are also an option, but I am not sure if it is feasible on OST (I have no experience in this).

[HateGauteng]

Actually, the HG has wiped out twice. The first one was school fees and the second self sabotage.

[#14]

Why not ask maybe a guy like john to help us setting up a model system for trading the alsi.(If he is willing).Inputs from all interested traders.

[TOPIX]

John has published a system not too long ago. And those that took note and followed it are in the moolah now. The big downfall in trading does not lie in the system but in the execution.

[#16]

Maybe John will put it up for us new guys again. Put it on TickerTalk so it stays.

[HateGauteng]

Errr, according to "Not thinking" then all traders are using their "rat brain".

[Mar-11]

simon if they made a share forum for alsi futures, just like they have for other stocks will stay too? any chance of some thing like this happening??

[SimonPB]

thing is .. it is not about the system .. trading is about the head .. get that right and the system part is a breeze .. I was sitting with Riette last month and in 10 minutes we put together a system that has made a thousand points on the ALSI this month ..

[SimonPB]

and before everybody asks herewith the system ..
trade in direction of trend only, use 7 and 21 MA for direction .. then trade engulfing candle on the 15 minute chart (entering only once confirmed, do not pre-empt) .. stop is a fire and forget 50 point trailing stop .. if still in a position at 5pm exit ..