ok this is going to be one of those long wind post you can skip it but it is kind of interesting, first of thanks for making me #2 right after the leader of all time MM and MM had been around for what? 30y 40y? Anyway the whole thing started when Mike was suddenly super excited about the fractal indicator which sprung from Bill William's mind. So he added a short swing line to the fractal to make it more swing like indicator so now we have a fractal indicator that looks like a swing indicator. The problem is fractal signal lags by 2 bars and that is like all time in the world for a scalper. But it inspired me to add the adjustable swing line to my volstop indicator so not all is lost. Alright part II, recently somebody make an indicator out of AO and AC indicators also by Bill William and that reminded me maybe we can use his AO, AC and volstop as a faster fractal signal. So that is the whole story, you can download AO, AC at ninja site Links and Downloads Manager - Indicators - NinjaTrader Support Forum
ps. look under letter P as in Profitunity for the indicators after you import them.
so we stick with one indicator but then a) do we set it at a smaller interval to get them all including false signals or b) set it at a bigger interval to get less false signals but the waiting is also a pain beside there is no guarantee that it will be a winning signal.
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Utilize the larger time frame to get the general idea of the market, but use your smaller time frame trade triggers, but only on the side of the larger time frame market direction. Go with the current, not against it. Less whipsaws and more overall confidence.
For me, the single most difficult thing about trading is NOT trading, i.e. when to stay out of the market. Sitting in front of the screen NOT trading is pretty dull, waiting for only the best/highest probability setups - but is FAR more profitable.
I think every trader has to seriously ask themself the question: Am I trading to trade, or am I trading to make money? If the latter, put up with the boredom of NOT trading and NOT being in the market a lot of the time and only take the best, highest probability setups.
I have often found it tempting to drill down to really small timeframes/tick moves to get lots of action/trading opportunities. Thing is whenever I have done this, I have ended up transferring money out of my account and into the account of other traders. Then I realise I am better off being bored but profitable rather than excited and poor.
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I open another chart, throw some indicators on it to test them out, and open another DOM set to sim. I have to use another market just to keep the chart markers from interfering in my main chart. But it let's me play around without losing any money.
So to celebrate the 500th download I borrow tro buy/sell zone code and websouth one line trading idea to create B_S_Zone indicator (it's getting hard to have any original idea with so may creative coders on this forum )
now ready at the download section Downloads - Indicators - Big Mike Trading Forum
The following 3 users say Thank You to cory for this post: