I too would be willing to learn CX. I was thinking about researching your TA thread when I had more time to learn outside work.
I am also in the midst of learning. Quick question: 1. Where can I get a point and figure chart software? I use scottrade right now but they don't have that capability and I didn't want to draw one up for all the stocks I'm watching. 2. Are there any books out there on psychology or cycles that you recommend? 3. Is there a cycle software that is openly available?
CXbby, I have been subscribed to this thread since day one. I remember you started your own technical analysis thread a long time ago, but I believe it got merged with this one at the time. I now wish there was a separate thread for your input as your "market as a whole" analysis sometimes gets lost in the shuffle with those who are interested in particular stocks. I was sold on your abilities as a trader when you shared your "CXbby vs. Professor" story. I'm not sure if many people here are following you closely, but I for sure have been doing so. And I appreciate your input to this thread. You've done one hell of a job explaining your decisions with logical, well-reasoned statements. If the "info session" you speak of will be geared towards complete novices to TA trading, sign me up. I'd like to approach this with a clean state, without any previous bias towards certain techniques.
Here is one that works with Excel and offers a two week trial Point and Figure Charts A more expensive standalone program. Point and Figure <i>Stockcharts</i> offers online plans from a free level that is acceptable to various advanced packages. Stock Charts <hr> I will ask on the best choice for a trader psychology book. Many have praised the <i>Trader Feed</i> blog. Trader Feed Blog <hr> I don't know of any, but I will look around. If you are looking towards that type of analysis, then perhaps this blog might interest you Autospreader's Blog
Cxbby, To be successful in TA don't you have to be at it full time? If one were to learn TA but doesn't have the time to do trades everyday, what's the point? A lot of what you post goes over my head but I can tell you know what you're doing and love it. I'm not shooting down your methods, just trying to get a clearer picture of what it takes to actually succeed in it.
Fantastic response you guys. I am very encouraged and will be mapping out a structured method in starting this, maybe with some help from Mango if he is up for it. Today is OPEX Friday so will be way too busy. Also I have some things coming up this weekend, but by next week I will have some things started. My first goal is just answering some of the questions brought up here. Is TA for me? How often do I have to trade? Why should I use TA? etc etc. One of the other things I really want to delve into before we start the process is what exactly TA is. Beyond the lines and charts. This is one of the most misunderstood areas, and I think I can clear some things up. After that, you can really decide whether this is for you or not. So if you have any questions, now is the time to ask. I will try my best to respond to all of them by next week. Thanks again for speaking up. I will do my best to provide as much value as possible.
Is there a minimum amount of cash that is required to start off with? If so, anyway to substitute the plays with options instead of stocks? I understand the risk/reward is inherently greater but the costs are lower.
What are some of the tools you most frequently use? I follow Stochastics and MACD along with SMA (using 10 and 20). Point and Figure charts also make a lot of sense to me. The other stuff is bit confusing for me, like Elliot's wave theory.
as of right now sunday 730 cst. all the index futures are up huge. should be interesting day tomorrow.
In the next few days I will try to answer some of the questions brought up, and also work out a framework for the learning process, be it a new thread, or maybe a blog site I work on. I don't want to hijack this thread any further. But for now just to update my latest trading, here is an email I sent Mango Sunday night. I post this, and continually update my trading here, because there are plenty of "guru"s online who are hindsight 20/20 in their calls. They always seem to be in the right trades, always the right calls, but ALWAYS after the fact. That is not my schtick. Plenty of people can talk the big talk and analysis the market after the fact. That doesn't help me or you, and simply doesn't put $$$ in our pockets. I am tired of these "experts". You won't ever get that here. The above email was sent on Sunday night, as Mango can confirm. And all my other trades posted on here were the day OF my entry, usually only a few hours after. So I will either be proven right, or wrong. Neither of which matters anyways, as only the process is important. All of the technique, and technicals included in the email I will eventually try to convey to you guys in a structured learning process. So that you will be able to put on the same type of trades in the future. For this particular trade my original stop loss was 1150. After today's trading I am able to follow through with this plan, but with little to no draw down now if I am wrong(due to a nice hold on the Fade until late afternoon). And that is where we get to WHY we use this process to trade: incurring minimal drawdowns when we are wrong is the ONLY way we can start trading with REAL size. Don't worry about all this for now if you are not following. We will get there. EDIT: If you are unfamiliar with the term "fading the open", it simply means Shorting an Up open, or Buying a Down open.
For those of us who are either overly consumed by our day jobs or have time restrictions on our trading...while what you have in here is incredibly interesting from an academic perspective, it isn't actionable (though it is frustrating that i can't take advantage of it). any books that you would suggest i can buy and read on my upcoming vacation? i know it won't hold up to specific advice that you may put forth, but i'd like to make my own way through the learning curve and figure out how to trade it with my own restrictions.
my trades today buy to open nflx 120 put $4. buy to open nflx 115 put $3. I hope to see nflx at 104 in the next 14 days.
Thanks for the comment. I have sold options before as part of a spread trade, but on this speculative trade I placed, I chose to go one way. Nonetheless- I cleared trades today at 6.4 and 9.0 on the 115 and 120 puts. i would say in this case that $3.4 and $5 gains on the premiums was a good rake.
