Using @Pex

[Wanderer]

I only have to finish some "cleaning" work but as I wrote earlier it must be postponed a little bit (I think till tomorrow).

I like very much the LogikWand with one exception. It makes difficult to draw a lines on the chart, (for example the Fibonacci levels) because of intensive refreshing...

 

I've noticed that. Rather annoying. Try separating the 2 on different charts. And on the line chart set your lines to "All Charts" in the line properties. And they will show up on the other charts if you have "Show Global Objects" set in Data Properties. Or maybe a faster display adapter and monitor (higher refresh). I hope to upgrade mine to professional grade soon.

 

W.

[Wanderer]

Until I get Resistance and Support lines that have a manual start and stop time I am going to take them off my chart. We need that indicator, that will plot OHLC for Daily, Weekly and Monthly. Fat Tails version works great but requires its own template settings. Lets see if we can find a different one. I'm still looking. No body is writing them because Fat Tail's version covers it all so well. (sigh)

 

W.

[Wanderer]

A word of caution. I reversed the colors on the Range indicator, green for red and vice-a-versa. It made more sense to me like that.

 

W.

[Wanderer]

Current Chart. Waiting for a Breakout and Retest. Or Reversal and Retest. Premarket volume is substantially higher than prior two days.

 

http://content.screencast.com/users/WanderingIntheField/folders/Default/media/7410d200-290d-49d8-a323-26d52e364874/2014-08-15_1912.png

[Wanderer]

Price Action is just mulling around in the Value Area. Where I don't take trades as a rule. I am not expecting much on a Friday and after 2 consecutive slow days. I will watch for a little while then call it a night. I am in Asian time zone. The kids are in bed and my wife is waiting for me.

 

There are also a lot of volume nodes developing in the Volume histogram that just spells trouble. Too many places where you can get fouled up.

 

We can only get the money when Mr. Market is willing to give it up. :) Not when we want or need it. We have to watch for that 20% of the time when the odds are in our favor.

 

http://content.screencast.com/users/WanderingIntheField/folders/Default/media/7dd83fdb-7c51-42fd-a9bb-2e16d6c5735e/2014-08-15_2158.png

[SecretTrader]

I would only trade Binaries with nadex as they are members of the CFTC. I trade using the scanner but I have heard IGmarkets is the same as nadex so you try and test if the scanner works with IG markets.

 

This scanner from Apex probably only works with Nadex, right?

 

It seems the only good choice to trade binaries for non US citizens is IG Markets, do you know if there is a similar tool available for IG Markets?

 

EDIT:

 

just read Wanderers post before, maybe it is not good at all to trade Binaries with anything else than Nadex.

 

thx Wanderer

[SecretTrader]

That's correct. I am definitely not tackling Binaries now. I think if I become good at trading futures with this system then I will be in a position to win in Binaries. I only know enough about Binaries now to know that they have some big advantages for the Retail Trader, and that it is a formidable undertaking in itself. Nadex claims to be designed for the Retail trader.

 

So, are you setup yet? :) Are you using the Volume Wand? It finds the areas where whales are likely to feed.

 

W

 

Oh, and thanks for the update on the Wand. I'm going to update now.

 

Binaries are good for the retail customer who does not have much money to start off with. We all have good strategies that will give us the edge in probability but that means nothing if you don't have proper Risk management. In order to trade futures properly with risk management, you would need at least $10,000. With Binaries you can start off with $500 and work your way up to an account size that would allow you to trade futures.

[Wanderer]

See everyone on Monday morning/evening. I will show the standard Apex charts then too. We will see which one works best, theirs or mine.

 

Have a good weekend.

 

Ciao, W.

[Wanderer]

Binaries are good for the retail customer who does not have much money to start off with. We all have good strategies that will give us the edge in probability but that means nothing if you don't have proper Risk management. In order to trade futures properly with risk management, you would need at least $10,000. With Binaries you can start off with $500 and work your way up to an account size that would allow you to trade futures.

 

A traders must always be reminding themselves, 90+% of the people who trade lose money. If you don't, you will join them.

 

So WHY do so many lose money to the markets?!

 

Are they unintelligent. No, a lot of really smart people lose money in the markets.

 

Are they unlucky? Luck works for and against you. You can't be unlucky forever.

 

Are they under capitalized? Lots of people lose big money.

 

Are they under educated? PhD's lose money in the markets too.

 

But we know from the grim statistic, that overwhelmingly, people lose money to the markets. So what makes us special, that we should be able to beat this statistic. The markets are there not as a source of income for the masses, but as a vehicle to take money from the masses. The most dangerous thing you can do in trading is underestimate the odds against you.

 

Remember, 90+% of people lose money trading the markets. So now ask yourself, why would you be in that 10% of people who take money out of the market. What is your edge over the 90% who give money to the market. If anybody can do it, why are so few actually doing it? The quickest way to lose money to the markets is to underestimate the odds against you.

 

To win in trading you must foster every conceivable edge in your favor. If you forget this you will end up on the wrong side of the statistics.

 

Good luck, W.

Edited August 16, 2014 by Wanderer

[SecretTrader]

http://content.screencast.com/users/arandhawa23/folders/Jing/media/7cd15a92-093e-4316-b5c4-232b9bfba20c/2014-08-15_1134.png

 

A trade I am in currently. 3 Scenarios can go with this trade.

1. The Trade goes against me and the Binary goes from being ITM to ATM so about a $29 loss

2. The market does not reach my take profit point but still Expires ITM so a profit of about $21

3. The market moves to my profit point and I take a profit of $16

 

In the image on the left, I am using the stop trigger function which is for free. This allows me to set my trades and move onto the next trade and avoid having to monitor my trades.

 

I will post the trade results at 12PM EST.

[SecretTrader]

12PM EST and the Binary has expired ITM.

 

http://content.screencast.com/users/arandhawa23/folders/Jing/media/22f6568b-3015-42d2-9d57-a6b00bd1c229/2014-08-15_1208.png

 

I just held this binary till it expired since the binary moved Deep ITM and there was no bid price since it was so close to the end of the hour. Made a $21 profit on a single contract.

[⭐ AndyS]

Have either of you tried trading bull spreads? Any feedback?

Thanks

[SecretTrader]

Have either of you tried trading bull spreads? Any feedback?

Thanks

 

I trade bull spreads in order to hedge myself in futures. Bull Spreads have capped risk so i would buy/sell 10 for each 1 future contract I trade.

 

Watch this: https://www.youtube.com/watch?v=HfL_1m3U278

[Wanderer]

I started this thread to teach and learn how to trade futures using the @pex system.

 

You should create your own thread to show how you became a successful Binary trader in 1 month. That's no small feat. It took the designer of the @pex system years. I am sure everyone will want to learn how. You should be making a fortune.

 

You are not the first to come here and post a lot of charts and make a lot of claims. Which anyone can do. Being profitable over time is another task altogether. I expect that as soon as you have your indicators you will be gone. In any case good luck and drop us a note from the Bahamas when you've made your first million.

 

Thanks, W.

[SecretTrader]

I started this thread to teach and learn how to trade futures using the @pex system.

 

You should create your own thread to show how you became a successful Binary trader in 1 month. That's no small feat. It took the designer of the @pex system years. I am sure everyone will want to learn how. You should be making a fortune.

 

You are not the first to come here and post a lot of charts and make a lot of claims. Which anyone can do. Being profitable over time is another task altogether. I expect that as soon as you have your indicators you will be gone. In any case good luck and drop us a note from the Bahamas when you've made your first million.

 

Thanks, W.

 

What is the point of such hatred? I am just trying to help the community out. I didn't have to post the Apex indicators, I am happy paying and will continue to pay for them. Only reason I posted them up was because I have downloaded indicators from the website and though it was my duty to give in return. In the other thread people asked me to post in this thread educating the community on binaries. I don't have to do this, it serves no benefit to me.

 

We all are here to benefit from each other and such hatred and arrogance serves no purpose.

[Wanderer]

Again, I'd like to reiterate the task at hand.

 

Reality:

 

90+% people lose money trading the markets.

The markets are designed to take money from the masses. Not as a source of income for them.

The 90+% are approaching the market in the same way and making the same mistakes.

The 10+% approach the markets differently and are not doing what the 90+% do.

 

Our approach:

 

Don't think like the 90+%

Don't do what the 90+% do.

 

Success:

 

Success is defined as making money in the markets over time. Nothing else matters. If an approach makes money over time, it is valid. I don't care what it is.

 

Rules:

 

This thread is for those who want to learn and are willing to share what they know. Reciprocity.

Any distraction from that task is not welcome and those posters will be shown the door.

 

I will continue with this endeavor even if I am the only one.

 

And I welcome the veteran traders to participate. We need your experience. I am glad to have you here.

 

(admis,elishar,FloridaTrader,laser1000it,LisaAkira,newbie0101,Traderbeauty,yamantaka)

 

Thanks, W.

[Wanderer]

What is the point of such hatred? I am just trying to help the community out. I didn't have to post the Apex indicators, I am happy paying and will continue to pay for them. Only reason I posted them up was because I have downloaded indicators from the website and though it was my duty to give in return. In the other thread people asked me to post in this thread educating the community on binaries. I don't have to do this, it serves no benefit to me.

 

We all are here to benefit from each other and such hatred and arrogance serves no purpose.

 

Then we all welcome you to create your own thread. It does not make sense to have two different trading discussions in the same thread. Isn't that reasonable?

 

W.

 

And just for accuracy. The indicators you posted were incomplete. I posted the rest of them that made this possible.

[Wanderer]

Now, on to the real work at hand.

 

For the sake of transparency, I wish to disclose that I am not a profitable trader. I have not lost money but neither have I made any over time. So what I will present is based on years of studying trading and a successful career.

 

So how do we become part of the 10% club?

 

I think first we should think about how people become part of the 90% club.

 

They underestimate how formidable a task it is. I have been successful in my career, and I can tell you from experience, trading is no small endeavor. It is by far the most difficult task I have undertaken.

 

They don't understand the nature of the markets. The markets exist to extract money from the masses.

 

The psychology of the markets. The 90+% club underestimates the power of the emotions of fear and greed. They are your worst enemies in trading and the markets are experts at exploiting those weaknesses. Keep in mind that we are competing with PhD's who have been taking money from people like you and me for decades. To underestimate the effect of that is probably the fastest way to the 90+% club.

 

Inferior technologies. Using the best trading technologies available to us is paramount.

 

Remember, as retail traders we must exploit every conceivable advantage to give us an edge.

 

Becoming part of the 10% is entirely doable. They have weaknesses and we can exploit them. But it will be no easy task. We must work together.

 

Thanks, W.

Edited August 16, 2014 by Wanderer

[Wanderer]

Hats off to you man. Also, 90% traders fail due to their EGO as well. Why don't you post your equity curve over the years if you're such a "professional".

 

Also, if you completed the toolkit, why hadn't you earlier posted it up then? Selfish interests? think so.

 

I am going to ask you one more time to stop interfering in my thread and create your own.

 

@FloridaTrader

[Wanderer]

I wish to add to my list of how people become part of the 90+%

 

If 90+% people fail, and we know they do, then probably 90+% of what is being taught is wrong. Trading gurus who teach and are demonstrably profitable are as rare as hen's teeth. I can think only of one, Tim Morge. So we are going to assume then that unless we have tested something and know first-hand that it is true, we will assume it is not. So everything we say is true in trading will have to be demonstrably true. Not something we were taught by someone who in all likelihood was not a successful trader. (Remember, successful is making money over time).

 

W.

[⭐ AndyS]

I like ST's posts. He is showing trades and does not seem to try to "sell' anything or become the new guru. I don't understand the attack Wanderer!

Andy

[Wanderer]

So how do we protect ourselves from the defeating emotion of Greed?

 

Set a realistic goal for your trading. How much do you need to make a living trading. Not how much do you want. That is greed. But how much do you need.

 

Perhaps we should think of it as a percentage of the capital you are working with, 10% a day. So if you are working with $1,000 then your daily goal should be $100. When you've made $100 you stop trading. It doesn't mean you exit a profitable trade at $100. It just means that when you reach 10% or more of your account you stop trading for the day.

 

With $1,000 you can only trade 1 TF contract ($500 margin at Amp Futures). That leaves $500 as cushion for your account. You must have sufficient cushion in your margin. That will be important when we come to the fear component of trading. 2 contracts would require $1,500.

 

Don't underestimate the importance of trading within your means. Again, it speaks to the fear and should not be underestimated.

 

The psychology of trading is where people are weakest because they underestimate its power and effect on them. And the markets are experts at exploiting fear. They have been doing it for a long time. To think one is just going to walk up and start taking money from these people over time is foolish. They are taking millions of dollars out of the markets every day for a reason.

 

When one takes away from the markets the power of greed and fear then they have taken away their primary weapon against us. To underestimate this is become a member of the 90+% club.

 

W.

 

If you are new to trading and don't have a trading account yet, then work in sim with an amount that you anticipate having. Be conservative and realistic.

Edited August 18, 2014 by Wanderer
addendum

[Wanderer]

I like ST's posts. He is showing trades and does not seem to try to "sell' anything or become the new guru. I don't understand the attack Wanderer!

Andy

 

I am not going to waste anymore time with distractions. The two of you are welcome to create your own thread. This one is mine. We are here to learn how to trade futures successfully. Anything else is unwelcome. I hope you will participate.

 

Thanks, W.

[Wanderer]

And the number 1 reason 90+% people fail in trading.

 

An unwillingness to follow rules.

 

Don't be one of them. Do you have the SELF discipline to follow your own rules? Do you think the Market Makers are following a strict set of rules? Or are they following their emotions? Think about it. It will determine if you are successful are not.

 

Following your own rules is a requirement to participate in this project. Don't say one thing, then do another. We can help each other be consistent in this by subjecting our self-made trading rules to the scrutiny of the group.

 

W.

Edited August 16, 2014 by Wanderer

[Wanderer]

So how do we protect ourselves from the defeating emotion of Fear?

 

Greed is a desire for inordinate gain. Fear is an aversion to inordinate loss.

 

Fear is the mind killer. It will make you hesitate in doing what your rules dictate that you do. And that will make you lose money. The Market Makers knows this and count on it. They exploit this by stopping out as many people as they can before they make the move they must in order to profit. So while we are wondering what happened and what to do next and whether our account can stand another loss, our opportunity to profit proceeds without us.

 

Remember:

 

The market gives money about 20% of the time. It has to. Otherwise no one would play the game.

 

The market takes money about 80% of the time. That is why they are taking so much money out of the market everyday from people like you and me.

 

So to win we have to differentiate between when the market is giving and when it is taking. And have the self discipline to only trade the market when it is giving. Greed drives people to trade when the market is taking money. This is where they give back the money they made when the market was giving. And then some.

 

Playing the Market Makers game only when the odds are in our favor is one of the ways we beat them. We don't play the game when it does not benefit us to do so. Picking our fights carefully (trading only when the market gives) is how a smaller opponent defeats are much larger opponent. It is an advantage that only greed and fear can take from us. Don't let it.

 

So what are the various sources of fear? And how exactly do we defeat it?

 

W