Here’s some details about the columns included:
Expectancy: An average of column K (R Multiple). This formula must be
modified each day to include the latest rows.
Total P&L: Sum of Column J (P&L)
Trade #: Just used for some calculations later…
L/S: Long or Short
QTY: Number of shares
Bought: Purchase price
Sold: Selling price
Initial Risk: Dollars at risk based on the initial stop
Comm: Commission for both sides of the trade. I have it set to calculate based
on the number of shares entered in column E.
P&L: The actual P&L, including commission
R Multiple: P&L divided by the Initial Risk
% Wins: This is calculated by dividing column R (Sum W/L) by column A (Trade
#)
Comments: I use this to list errors made on the trade or anything else worth
noting.
$ at Work: This gives me an idea of how much money was in the position. It’s
simply QTY (column E) divided by Bought (purchase price). Note that this is not
accurate for shorts but it’s close enough for government work.
% P&L: The percentage return for the trade. P&L divided by $ at Work. Again,
not exact for shorts.
Initial % Risk: Just tells me how far my stop was from my entry in percentage
terms.
W/L: Tells whether the trade was a winner (1) or a loser (0). This is used by the
next column, Sum W/L.
Sum W/L: A running total of the W/L column. This is used in the % Wins column.
https://www.quora.com/profile/Sarah-Olney-Ross
All indicators are lagging so it’s important to use other strategies for entries, exits and to
manage your trades. My favourite is the Harmonic Scanner as it is 89% accurate
(independently tested over 100,000 scans. And I like pitchforks. Both have fibonacci built in
and using a combination of the two, I can trade off the pitchfork in the direction of the scan
up until the median point. I only copy scans of a minimum of 80 pips, to give me the best
chance of success. I wait for the scan to solidify by 20 pips and with Shark patterns I wait
until entry point 2 has been hit, or t/p 1. I particularly like the 88.6% fib as it has the
strongest boomerang effect. I also use Quarter theory and the MTFA HUL (I use this for exits
only - which is a lagging indicator…) Apart from that I use a trendline on the 1 min chart for
a precise entry and the 62ema and the 15min ema to help me see in my confirmations if
price is going for a buy or a sell. I use a confirmations checklist for entries and exits and for
entries, all trades I take must have a pitchfork touch. That’s all I use.
https://www.quora.com/profile/Jon-Morgan-28
The Definitive Guide to Point And Figure Charting - Jeremy Du Plessis
Behavioral Finance - Edwin T Burton and Sunit N. Shah
Fibonacci Analysis - Constance Brown
The Art and Science of Technical Analysis - Adam Grimes
Pattern, Price and Time - James A. Hyercyzk
Technical Analysis for the Trading Professional, Second Edition - Constance Brown
The Law of Vibration - Tony Plummer
The Life Cycle Hypothesis - Tony Plummer
Those lines represent a simplified version of harmonic levels described by the one of the
great fathers of technical analysis, WD Gann. This simplified version is called the Murray
Math System.
Few of the books/Author that I will recommend is
1. Lance Beggs 6 volumes
2. Adam Grimes
3. Rayner Teo
4. Anna Coulling
5. Nifty Nirvana blog
6. Yourniftycoach youtube channel
7. Bob Volman price action scalping
To name a few
TopStepTrader
FT71’s youtube
https://www.quora.com/profile/Jon-Morgan-28
1. Quit trading stocks. That’s a fools game. Trading stocks is what I tried at first -
its expensive and you have to pay for privilege to short and day trade. I trade
Forex and Futures - those are designed for day trading.
2. I am a Gann trader - meaning I use time as the primary factor of my trading. I
also don’t care about the news - news to a Gann trader is pointless and its
worthless. All I care about is pattern, price and time.
3. Learn the Ichimoku Kinko Hyo system. Seriously - I am saving some of you a
blown account by telling you this. LEARN IT DAMNIT. Look for books from these
authors: David Linton, Manesh Patel, Karen Pelioulle, Nicole Elliot.
4. The only two indicators I use are the RSI and the Composite Index. Constance
Brown created the Composite Index and it’s… think of the RSI as Windows 3.0 and
the Composite Index as Windows 10. The Composite Index detects divergences
that the RSI can not. Check out any of Connie Browns books - she’s the best damn
analyst and trader living.
5. You really need to think about how realistic it is to be profitable as a trader. Let’s
say you need to make like, $2,000 a month to break even with your bills. There’s
about 20 trading days in a month so you’re looking at needing to make $100 a
day from your trading, minimum. Most people have a problem just breaking even
with their account over a week - but you need to be profitable to make a living as
a trader. Can you do that?
6. For the love of God, stop using 5 minute or 1 minute or tick charts.
7. Candlestick charts are the defacto way to learn and read markets right now, but
they’re actually a kind of very advanced form of technical analysis. I got profitable
using Renko and/or Point & Figure - seriously, its way less stress to use Renko or
Point & Figure charts. Candlesticks stress the hell out of me - well, they did - hell,
they still do. Renko and Point & Figure charts are purely price action - there is no
time involved. It’s boring, but it saves you from acting on your emotions… mostly.
8. Did I mention the Ichimoku System? Learn that damn thing. IT. WILL. MAKE.
YOU. MONEY.
9. To the 19-year old who said my answer was nonsense and that he makes a
living trading… you’re 19 kid, PM me when you’re married and have a family and if
you’re still trading profitably at 33, I’ll buy you a beer.
10. Key to outperforming everyone else and cutting years of stress off your attempt
at trading? Therapy. Dead serious - the more you learn about how you hate
yourself and put yourself down and have these powerful internal defense
mechanisms the more effective you are going to be. I’m serious about this - this
point alone will put you light years ahead of any new trader and most current
traders.
Most of the expert Ichimoku authors and traders (Patel, Pellioule, Linton, Elliot, etc) have a
shared belief that Ichimoku should be used on three timeframes. The common suggestions
are:
Weekly - Daily - 4 hour
Daily - 4 hour - 1 hour
4 hour - 1 hour - 15 min
You can, of course, amend and customize those time frames as you see fit.
A great book to read to get into Gann Analysis and really start an true understanding of his
methods is Complete Stock Market Trading and Forecasting Course by Michael S. Jenkins
