You may or may not like Malcolm Gladwell but I felt this was very relevant to trading and decision making in general. Specially in the age of internet research, the information overload usually end-up clouding judgement more than anything else.
EliteTrader has a thread on the video.
Some stories just hit you straight in the gut. Randy Pausch is a PhD from Carnegie Mellon. He recently gave a ‘last lecture’ at Carnegie which was very moving and filled with good advice. Thank you Randy.
Does anyone know what happened to stockwrap.com and SWEC? I was testing out Stockwrap Express Charts (SWEC) a while ago but ran into a few dislikes. I was finally gonna get back to them and see if newer releases was gonna fix things but it seems they have disappeared. I cannot reach stockwrap.com, ayamae.com or smallstocks.au. If anyone has information on the topic, I would like to know. I was just wondering if I should uninstall and forget it or they just ran into temporary problems. The product looked interesting at first glance.
If you all will allow me this brief interruption in the regularly scheduled posts, I would like to pass this message around…
In 1999, I lost my brother-in-law to leukemia, he was only 30 years old and left behind my sister and their one year old daughter. Because of this and because we truly believe we can make a difference, Sonia and I have decided to join a team in the “Relay for Life” of White Plains, taking place around the track of WPHS on June 2nd 2007.
Relay For Life is an overnight event that brings our community together to help support the American Cancer Society and its lifesaving mission to eliminate cancer as a major health problem.
We invite you and your children to join ours or any other team and walk with us on June 2nd (or any other time at a Relay near you). If you can’t join us, please visit the site and make a donation to support our efforts. Either way, you will make a real difference in the lives of people facing cancer – and in the lives of the people who love them. Thank you!
For state fundraising notices and the American Cancer Society’s Privacy Policy, please paste this link into your browser: http://www.cancer.org/docroot/SU/su_0.asp
Follow This Link to visit my personal web page and help me in my efforts to support RFL of White Plains
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If you like to copy and paste, use the following:
http://www.acsevents.org/faf/r.asp?t=4&i=205665&u=205665-172962968&e=1049454146
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Now, without further ado, back to the market and the Dow way past 13,000…
The same people seem to always be winning in different aspects of life. Why is it that someone succesfull in business, seem to have an easier time staying in shape and losing weight? I concluded that the same “key principles” are very portable and apply to various concepts. Here I will attempt to draw parallels between them.
1. Admit you have problem and stop blaming outside influences.
I unwound a bunch of positions I was paper trading and kept the bare minimum in my watch list. For now, I am tracking the symbols from the table below. Most of these where picked up on the triple-screen setup I mentioned earlier.
| Symbol | Last Trade | Change | Volume | ||
|---|---|---|---|---|---|
| KOSP | 1:09PM ET | 44.45 |  0.08 |
0.18% |
328,418 |
| KCI | 1:04PM ET | 27.77 |  0.09 |
0.32% |
313,700 |
| CEO | 12:59PM ET | 89.78 | 0.18 |
0.20% |
89,100 |
| SCVL | 1:07PM ET | 20.62 | 0.23 |
1.10% |
43,122 |
| TUG | 1:03PM ET | 21.94 | 0.14 |
0.64% |
21,600 |
| DWA | 1:03PM ET | 20.35 | 0.25 |
1.21% |
79,900 |
I will be gone on vacation for a week so I will resume my activities on August 21th. On my return, I plan on trying to compare various triple-screens. After the Force Index, I plan on trying a setup using Elder-Ray. On the 21st, I will have only a few days left of TeleChart trial so I have to act quick. Still no news from the good folks at Reuters concerning MetaStock.
Using the previously described setup, I have been making numerus paper trades to try and analyze the results. I am definitely not ready for active trading yet. My probability of for a win [p(W)] was only 0.42. I calculated my Win/Loss ratio value which was negative @ -0.93. I do not mind keeping my p(W) that low, though it would make things harder, but I need to turn profits before I go live. Ideally, I want to know I can cover the costs of some of the tools I will need.
Which is bringing me to a bottleneck because my TeleChart trial expires, it will be more difficult to paper trade and try different scans and pcfs.
Since I cannot find a trial for MetaStock, I may have to buy it for a month to try it. Than decide on the final tool used and subscribe prior to going live to finish setting up my strategy.
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Everybody has to start somewhere right… I am very new to this game but I love technical analysis so far. I have very inspired by several books, including one of favorite “Trading for a Living” by Dr. Alexander Elder. I was also very inspired by current bloggers, mainly Trader Mike who has a wealth of information on his blog and is just a pleasure to read.
I cannot afford to day-trade at the moment because of the PDT regulations so I plan to stay in the swing/positions trading window. Right now I am basically working on scans and PCFs on TC2007 and paper trading them to see what I like and feel confortable with. I may give MetaStock from Equis a try before settling on TeleChart. I want to develop decent scans to find 2-3 good setups which I would hold for 2-4 days. Not a way to make a fortune, just a sideline and a way NOT to lose a fortune.
My current trading account is fairly inactive, I am looking for good exits on some positions I was holding for a while. Once I have everything liquidated, I will transfer the assets to IB to try and save on commissions.
I do not plan on doing this full-time ever.
I am an Electrical Engineer by formation, I currently work as a Unix Systems Administrator and the market and its charts are my hobby. I was heavily inspired by bloggers like Trader Mike and by authors like Dr. Alexander Elder. This is my market blog…
