[19:55] <baylie> evening
[19:56] <Dodge> :-)
[19:57] <Jay> hi gang :)
[19:57] <billm> evening traders, jay
[19:57] <wage> hi jay :)
[19:57] <Dodge> Hi Jay---
[19:57] <Jay> grab a drink, a seat, relax
[19:57] <baylie> hi jay
[19:57] <Jay> we'll get started in a few mins :)
[19:57] <wringle> Good eve
[19:58] <baylie> evening wringle
[19:58] <wizbor> roger that...
[19:59] <maxwho> evening all
[20:00] <rvb> good evening jay, traders :-)
[20:00] <INKredible> evening all
[20:01] <niko> good evening knights of the roundtable
[20:01] <INKredible> hey niko
[20:01] <london> just reading up about the knights of the round table on the net, it's motto according to legend was patience, humility and meekness
[20:01] <niko> ink :)
[20:02] <Jay> ok gang :)
[20:02] <Jay> once again welcome everyone to the Roundtable session tonight
[20:02] <Jay> the markets have changed dramatically
[20:02] <london> evening jay
[20:03] <Jay> in rhythm, range and action since last year
[20:03] <Jay> we have 4 of our members tonight
[20:03] <Jay> that will shares their experiences and journey through the learning curve
[20:04] <Jay> basically i will go through each person
[20:04] <Jay> in an interview like format
[20:04] <Jay> pls wait until that is over to ask questions
[20:04] <Jay> it will be a loose session, feel free to add your own experiences and feedback during the q and a
[20:05] <Jay> so without any further adeu
[20:05] <Jay> lets get started with our first trader
[20:05] <Jay> Buk4me
[20:05] <london> big round of applause
[20:05] <Jay> first of all let me add
[20:05] <Jay> i've noticed buk since his first weeks in the pit
[20:05] <Jay> he started off very carefully
[20:05] <Jay> and VERY methodically
[20:05] <Jay> tremendous patience and discipline
[20:06] <Jay> and has evolved to longer time frames
[20:06] <Jay> at his own pace now
[20:06] <Jay> so lets get started
[20:06] <Jay> hi buk :)
[20:06] <buk4me> hi all
[20:06] <niko> hey buk
[20:06] <Dodge> :-)
[20:06] <Jay> buk, please tell us how you got started with daytrading ---- and your early experiences in the learning curve
[20:06] <wage> hi buk
[20:06] <london> buk:-)
[20:06] <billm> buk:)
[20:07] <buk4me> well i got in daytrading back in 1999 not knowing what i was doing
[20:07] <buk4me> after paying alot tuition to the markets i realized there has to be a mehtod to all this maddness
[20:08] <buk4me> so a friend of mine mentioned the underground trader
[20:08] <jt5> :)
[20:08] <buk4me> so i checked it out and did the 2 week free trial
[20:08] <buk4me> once i logged in for the first time i knew this is what i was looking for
[20:09] <buk4me> BAMM it hit me this is my missing ingredient
[20:09] <buk4me> at first it waslike trying to learn a different language
[20:09] <buk4me> but little by little VERY VERY slowly
[20:10] <buk4me> i learned the methods the rules etc..
[20:10] <buk4me> K2 i used jays paper trading idea for 3 months
[20:10] <buk4me> yes 3 months
[20:10] <Jay> was it boring?
[20:10] <buk4me> oh ya
[20:11] <buk4me> but the first i learned from you jay is this
[20:11] <buk4me> K2i would rather be bored than broke
[20:11] <buk4me> sorry about the black
[20:12] <buk4me> its always better to be bored than broke
[20:12] <Jay> what specifically were you watching for 3 months?
[20:12] <buk4me> the stock in everysinglw way
[20:12] <buk4me> upday,downday,strong trend day etc..
[20:13] <buk4me> low volume,good volume etc..
[20:13] <buk4me> just like a hawk
[20:13] <Jay> buk, did you ever feel you were missing out by just watching and papertrading ?
[20:14] <buk4me> yes,but folks THERE ARE NO SHORTCUTS IN THIS GAME
[20:14] <buk4me> ABSOLUTELY NONE
[20:15] <Jay> so after 3 months of watching, you started to dip your toes
[20:15] <buk4me> 1100 shares that it
[20:15] <Jay> did it feel different than paper trading?
[20:15] <buk4me> 100 shares
[20:15] <buk4me> yes it did
[20:15] <buk4me> but
[20:15] <buk4me> you have to dip your toes to know what it feels like
[20:16] <buk4me> you ca nstudy for the test all you want but as you all know when you take the test its a dofferent ball game
[20:17] <Jay> so how did you ADJUST to the transition from paper to real money?
[20:17] <buk4me> but let me add one thing here
[20:17] <buk4me> this game is 90% mentall
[20:17] <buk4me> it wasnt a smooth transition
[20:18] <buk4me> to real money
[20:18] <buk4me> but you have to do it and get it over with
[20:18] <buk4me> you will sweat,yourhreatratee will go up etc.. but you have to overcomethat
[20:18] <buk4me> and with time you will
[20:18] <buk4me> it all about patience
[20:19] <Jay> how long did it take for you to grow more comfortable with more shares once your went to cash trades
[20:19] <buk4me> also thereare plenty of traders that have psycological issues with trading that dont even know it
[20:20] <buk4me> about 3 months
[20:20] <Jay> what stocks did you train on ?
[20:21] <buk4me> most of the problemss traders have have nothing to do with the methods the problem is themselves
[20:21] <buk4me> i trained on amcc
[20:21] <Jay> pls go on buk, sorry to keep interupting you :)
[20:21] <buk4me> np
[20:21] <buk4me> lol
[20:22] <buk4me> so once you realize and addmitt that its you and not the methods then and only then do you even have a chance at this game
[20:23] <Jay> buk, what are the biggest psychological barriers that you had to overcome to let loose
[20:23] <Jay> and play
[20:23] <buk4me> THEFEAR OF FAILURE
[20:23] <buk4me> THINKING ABOUT MY CAPITAL TOO MUCH
[20:24] <Jay> aha!
[20:24] <Jay> how did you overcome that?
[20:24] <buk4me> there is nothing worse than being paralized and cantdo the trade
[20:25] <buk4me> i overcame it by learning from ral
[20:25] <buk4me> i owe most of the stuff i have overcome to ral
[20:25] <buk4me> to dont teach psycology for 30 years andnot know anything
[20:25] <buk4me> he is the man
[20:25] <Jay> :)
[20:26] <Jay> can you share some points that you learned?
[20:26] <buk4me> yes,most traders dont realize that their biggest problem is themselves
[20:28] <Jay> so you changed your attitude
[20:28] <Jay> to not think about a trade in terms of dollar amounts
[20:30] <Jay> thats an interesting point
[20:30] <Jay> festinger 1975 theory of cognitive dissonance
[20:30] <Jay> i've spoken about this several times in the past
[20:31] <Jay> buk makes a good point about the psychological aspects of this game gang
[20:31] <Jay> Stress and anxiety are a big part of the game
[20:31] <Jay> (by the way, buk lost his connection will be back shortly ;)
[20:31] <Jay> there are two ways to reduce stress according to festinger
[20:32] <Jay> and that is a change in ATTITUDE
[20:32] <Jay> or a change in BEHAVIOUR
[20:32] <Jay> think about this
[20:32] <Jay> the biggest challenge in transitioning to real cash
[20:32] <Jay> is fighting that mental stress
[20:32] <Jay> two ways
[20:32] <Jay> changing your attitude, means you stop stressing about the money
[20:32] <Jay> dont think in terms of dollar amounts
[20:33] <Jay> every little tick seen as a $$$ dollar sign up or down
[20:33] <Jay> lol
[20:33] <Jay> think in terms of the game
[20:33] <Jay> keeping score via point gain
[20:33] <Jay> its tough to do
[20:34] <Jay> but you cant think in terms of the money
[20:34] <Jay> think in terms of the gains or pullbacks
[20:34] <Jay> the net gains that you score on each trade
[20:34] <Jay> and pullback off each trade
[20:34] <Jay> as for changing your behavior
[20:34] <Jay> thats simple
[20:34] <Jay> tighten the criteria
[20:35] <Jay> as mentioned earlier
[20:35] <Jay> trading can be as EASY or as DIFFICULT as you make it
[20:35] <Jay> let me explain
[20:35] <Jay> if i were to tell you
[20:35] <Jay> the ONLY trade you will EVER MAKE
[20:35] <Jay> no matter how long you gotta wait
[20:35] <Jay> be it hours to days in between trades
[20:36] <Jay> is a 3 min MA PUP breakout with a n under 50 band stochastics 3 min coil AND a 3min MA uptrend or consolidation PERIOD
[20:36] <Jay> triggered by the 1 min noodles LOWER band coil
[20:36] <Jay> PERIOD
[20:36] <Jay> thats it
[20:36] <Jay> you would outnumber your GREEN to red trades 8 to 1
[20:37] <Jay> 8 to 1
[20:37] <Jay> sounds simple
[20:37] <Jay> it is
[20:37] <Jay> if you KEEP it simple
[20:37] <Jay> the drawback naturally
[20:37] <Jay> is that you dont trade most of the time
[20:37] <Jay> you will have to sit for hours
[20:37] <Jay> not pull the trigger
[20:38] <Jay> and also miss out on other setups
[20:38] <Jay> now if you expanded that
[20:38] <Jay> to consolidation breakouts ONLY with buyside fades and a noodles uptrend
[20:38] <Jay> you open yourself up to more green and also slightly more red
[20:38] <Jay> if you open it up to stochastics 1 min bounce oscillations on countertrend reversal scalps
[20:38] <Jay> more green
[20:38] <Jay> and more possible red
[20:39] <Jay> gap fill breakouts and breakdowns
[20:39] <Jay> more green more red possible
[20:39] <Jay> etc.etc..
[20:39] <Jay> add in high band stoch scalp clips on squeeze peaks
[20:39] <Jay> low band panic overshoots shorts on 5 period pullbacks on noodles slips
[20:39] <Jay> more trades, more green possible but more red possible
[20:39] <Jay> see how that window opens up
[20:39] <Jay> you open yourself up to more opportunities
[20:40] <Jay> but also open up to more red too
[20:40] <sneaky> best philosphy I've heard...ever
[20:40] <Jay> therefore the key
[20:40] <Jay> is to start off NARROW
[20:40] <Jay> and then widen it up
[20:40] <Jay> SLOWLY and incrementally
[20:40] <Jay> because it takes more and more discretion
[20:40] <Jay> as you open up the box
[20:41] <Jay> more opportunities to MAKE and LOSE money
[20:41] <Jay> the problem with newbies in this game
[20:41] <Jay> is they start OFF WIDE
[20:41] <Jay> 50 lane highway
[20:41] <Jay> rofl
[20:41] <Jay> and GET FORCED to narrow
[20:41] <Jay> at the cost of a LOT of AMMO
[20:41] <Jay> and this is the reason
[20:41] <Jay> why it is SO IMPORTANT
[20:41] <Jay> to start off SLOW
[20:42] <london> very true, total ditto
[20:42] <Jay> lets delve into this philosphy some more
[20:42] <Jay> once again
[20:42] <Jay> the weak link
[20:42] <Jay> in all this
[20:43] <Jay> is the trader himself or herself
[20:43] <wizbor> not trading 1 day a week helped me to slow down
[20:43] <Jay> if you knew a pattern that worked 80-90% of the time
[20:43] <Jay> when it set up
[20:43] <Jay> why would you want to trade other patterns?
[20:43] <Jay> if you knew that only trading that one pattern could reap you steady green
[20:43] <Jay> what makes you take on other trades?
[20:43] <sneaky> greed
[20:43] <sbxtr> ego
[20:43] <Jay> good
[20:43] <jt5> human nature
[20:44] <Dodge> boordom--
[20:44] <gruff> boredom
[20:44] <Jay> exactly
[20:44] <jt5> use discipline
[20:44] <Jay> and naturally the possibility of making more GREEN
[20:44] <Jay> sitting in front of a computer 8 hours a day does things to one's discipline
[20:44] <tsgrigsby> or making back some red
[20:44] <Jay> and usually bad things
[20:44] <Jay> wiz very good point
[20:45] <Jay> understand the proportional relationship
[20:45] <Jay> like opening up pandoras box sometimes
[20:45] <Jay> as you widen your criteria
[20:45] <Jay> the more you can make
[20:45] <Jay> and the more you can lose
[20:45] <Jay> when you have a crappy morning
[20:45] <Jay> the thing is NOT to shoot for anything
[20:45] <Jay> but to change you BEHAVIOR
[20:45] <Jay> and tighten it back up again
[20:45] <Jay> to a one lane highway
[20:45] <Jay> two lane highway
[20:46] <Jay> thats the difference
[20:46] <Jay> between MAKING GREEN
[20:46] <Jay> and HOLDING the GREEN at the end of the day
[20:46] <Jay> so if you fall into a slump
[20:46] <Jay> if you fall into some problems
[20:46] <Jay> TIGHTEN UP the LANES
[20:47] <Jay> narrow the criteria
[20:47] <Jay> to the higher probability trades
[20:47] <Jay> and let the lesser probability
[20:47] <Jay> or the riskier probability trades go
[20:47] <Jay> ok gang, poor buk has lost his connection so he will join us when he gets back
[20:48] <Jay> so let's continue here with Wringle
[20:48] <Jay> let me tell you about Wringle :)
[20:48] <Jay> this man has some serious dedication when it comes to FOCUS
[20:48] <Jay> the irony here is that his problem earlier was the lack of focus
[20:49] <Jay> in that he used to jump around to too many stocks catching the peaks and valleys
[20:49] <Jay> now he rips QCOM daily as his main bread and butter
[20:49] <Jay> hi wringle :)
[20:49] <wringle> hello
[20:49] <wringle> he is to right on that opening statement
[20:50] <Jay> wringle, please shares your early experiences with us
[20:50] <wringle> Let me start with how i began ..
[20:50] <wringle> Best thing and the worst thing finding the pit to learn to trade....
[20:51] <buk4me> sorry folks ,major internet problems
[20:51] <wringle> Jay would make calls and i would make money
[20:51] <wringle> I had no real idea what was happening
[20:52] <wringle> So i went from stock to stock on calls
[20:52] <wringle> Reversal time ... I was worried one night about what I would do if jay stoped doing the underground...
[20:53] <wringle> that made me wonder what i was doing not only that i would lose money on calls i had no biz being in
[20:53] <wringle> I was your basic newbie
[20:54] <wringle> I started to lose money and enter trades and I would freeze
[20:55] <wringle> Thats when I had to step back and listen to jay actually listen
[20:55] <wringle> I mean you cant start this and think you read a book ( jays ) watched his video
[20:56] <wringle> I really thought i knew what i was doing .. untill I started to lose money
[20:57] <wringle> .. So i started to follow jays trades
[20:57] <wringle> without money and see what he saw
[20:57] <wringle> may sound funny but i use to trade and say 15 pd what .
[20:58] <Jay> lol
[20:59] <wringle> so i learned all the new language overshoots ... 15 pd etc .. If you look at the traders cheat sheet ..that rocks
[20:59] <wringle> Before he had that out i was using all that info to follow the trades and my new basket stock QCOM
[21:00] <wringle> that was my turnign point a basket stock
[21:01] <Jay> basket stock!
[21:01] <Jay> how long before you started to feel confortable with QCOM wringle?
[21:01] <wringle> it is amazing what a single stock does compared to any other .. QCOM does very specific things
[21:01] <rho> basket stock was my turnaround too
[21:02] <peace> and mine
[21:02] <wringle> I watched qcom for 2 weeks the nstarted on what i thought was a high percent trade for me .. but still i am not 100 percent comfortable
[21:03] <wringle> I traded 1 setup .. just one
[21:03] <Jay> which setup?
[21:04] <Dodge> how many trades a day with that set up?
[21:04] <wringle> 3 ma cross with 13 min trend ,,, always gave you .20
[21:04] <wringle> I would get 2 to 3 trades a day.. and .20 on qcom is a sneeze
[21:05] <wringle> I would lose 1 in 10 and have 9 green according to my JOURNAL
[21:05] <wringle> That is another key to focus ..a JOURNAL
[21:05] <Jay> wow 90% hit rate
[21:06] <wringle> now i only traded post open no deadzone and end of day..
[21:06] <wizbor> yea journel helps define weakness in your personality too
[21:07] <wringle> I have most my losses in deadzone ...
[21:07] <Jay> yes wringle, LIMIT the OPPORTUNITY to LOSE MONEY ! great point
[21:08] <wringle> I now only play jays calls when qcom is dead or just goofy ..
[21:08] <Jay> lol
[21:08] <wringle> I only scalp my average take is between .20 and .50 .. i try for more and i get wacked
[21:09] <Dodge> :-)
[21:09] <Jay> yes wringle, as great as QCOM can be, the clearest path is usually those fast clips, before it gets choppier
[21:10] <wringle> I also have learned that jay is a great indicator ..
[21:10] <Jay> pls explain wringle
[21:11] <wringle> when he is going well .. i normally go well .. why because i learned from him.
[21:12] <wringle> liketoday was tough
[21:12] <Jay> indeed
[21:12] <wringle> stoped trading early why .. i was getting shaken and jays calls did not run like they normally do
[21:13] <Jay> very little followthrough on light volume showed early, good discipline wringle
[21:13] <wringle> yes and your trades also pointed to what the market is doing ...
[21:14] <wringle> I learned one thing from QCOM ... its daily personalility
[21:14] <Jay> a very good point, let me also once again mention that although its a dream to get a .70 clip on QCOM, that usually doesnt happen in one swoop,
instead they are composed of .20 to .30 fast pops which far outnumber anything more that .50 pops
[21:15] <Jay> pls expound on the 'personalit
[21:15] <Jay> '
[21:15] <wringle> I can mostly tell if its strong to one side both sides or just goofy ..
[21:15] <Jay> 'personality' of qcom
[21:16] <Jay> and how do you ADAPT to each of those personalities wringle?
[21:16] <wringle> i also can tell you most the time when its going to run ... it like to drop that .06 to 12 against your position for no reason what so ever ..and pause
[21:16] <wringle> then run
[21:16] <Jay> EXACTLY!
[21:16] <Jay> the spread DROP and POP
[21:17] <Jay> on no volume
[21:17] <buk4me> the personality of each stock changes everyday
[21:17] <Jay> to the teeeeeee
[21:17] <Jay> wringle you nailed it on qcom
[21:17] <Jay> how many other QCOM basket players noticed what wringle just mentioned??
[21:18] <drexel> oh man...so true!!
[21:18] <Jay> they DROP the spread to coil it on no volume ahead of the BIG POPS
[21:18] <wringle> adapting is jus belief your right ..and also know when no matter how right you are if it goes against get out and
[21:18] <wringle> save your CASH!!
[21:19] <Jay> exactly
[21:19] <sneaky> drop the spread means widen or tighten?
[21:19] <wringle> i have improved my personal trading by trying to find what you do not want to see when in a trade.. It helps you get out faster
[21:20] <Jay> means they pull the bids sneaky
[21:20] <sneaky> ty
[21:20] <Dodge> good point
[21:21] <Jay> wringle, what do you do when you clip out QCOM + .40 and it moves another .50 higher on cranks?
[21:21] <wringle> I look a spot i would not want to be in .... say man this is going to do X ... Iwould not want to be long.. or short
[21:21] <Jay> do you care?
[21:21] <Jay> good point wringle, ANTICIPATE ahead of time the scenarios
[21:22] <wringle> truthfully .. sometimes.... but i get reminded painfully to never push your luck
[21:22] <wizbor> wringle does being comfortable with qcom let you pare into bad trades to get out even? or do you always take stops?
[21:22] <Jette> I never care about a run after a trade. Let it go.
[21:23] <wringle> Ill pare in if i can .. or it is the correct thing to do from experiance
[21:23] <wringle> but remeber you have to know the stock .. and know it cold
[21:23] <wringle> or you get wacked
[21:24] <Jay> qcom can act like a slinky depending on the volume and personality for the day, it backfills a lot so allows for paring as long as it holds a
range , very forgiving
[21:24] <wringle> yes but never always try to get even .. try to limit red
[21:25] <Jay> exactly
[21:25] <wizbor> ;-)
[21:25] <Jay> very good wringle :)
[21:25] <niko> nice job wringle...thanks
[21:25] <Jay> thanks for sharing wringle :) let's let buk4me continue with his session and then we'll get boke to speak and then go into question and answer
:)
[21:26] <tsgrigsby> great job thanks wringle
[21:26] <wringle> ok.. One more point ..
[21:26] <drexel> thanks wringle!
[21:26] <shark6> txs wringle
[21:26] <wringle> my second basket stock is the noods :)
[21:26] <taojones> gracias, senor wringle.
[21:26] <sbxtr> goowtg wringle
[21:26] <london> tks wringle
[21:27] <sbxtr> oops,wtg
[21:27] <rvb> very nice wringle
[21:27] <wage> thanks wringle :) very helpful
[21:27] <wringle> welcome ... I am still learning
[21:27] <billm> thx wringle
[21:27] <sbxtr> arent we all
[21:27] <Jay> :)
[21:27] <tsgrigsby> now you're teaching too
[21:27] <buk4me> one of the most important things is that you MUST visualize what would have to happen for you to get out of the trade and what has to happen to keep you in
[21:27] <wringle> teacing makes you a better trader !!
[21:27] <Jette> wringle nice job!
[21:28] <buk4me> k2go through a check list in your head ,thats why the cheet sheet is golden
[21:29] <Jay> buk, i've noticed your taking larger gains out of the market than before
[21:29] <Jay> what has changed in your style?
[21:30] <Jay> to be more patient
[21:30] <buk4me> trust the methods
[21:30] <buk4me> trust your ability
[21:30] <niko> amen buk
[21:30] <buk4me> i used to get wiigled all over the place
[21:31] <buk4me> but then i realized certain wiggle room for every stock
[21:31] <buk4me> each stock has its own wiggle room
[21:31] <buk4me> knoww the supports ,the resistences down cold
[21:31] <Jay> can you give an example of a recent trade where you had the patience to stay in longer than the initial panic and describe what criteria you used to
stay in for the duration
[21:32] <buk4me> not specifically but when you see the sellside apparent through a noodl;es pop ,its a no brainer to hold your ground
[21:33] <buk4me> k2for example you have to give it to the 15pd
[21:33] <buk4me> you must be able to stomach a .30 to .4 cent pop
[21:33] <Jay> and you give the 3 min noodles more emphasis
[21:34] <zag> buk you are referring to short trades, right?
[21:34] <buk4me> the 3 min noodles rules my everything
[21:34] <buk4me> yes zag
[21:35] <buk4me> but knowing thee wiggle room on each individual stock is key
[21:35] <Jay> so the wiggles come as no surprise when they coil on say the 1 min noodles coil
[21:35] <buk4me> just like wringle said the personality of the stock
[21:35] <Jay> because you are already PREPARED to let it wiggle to that 15 period 3 min MA resistance on a downtrend
[21:35] <buk4me> no i expect it now
[21:36] <buk4me> exactly
[21:36] <Jay> and that makes all the difference when it comes to anxiety
[21:36] <Jay> because since you EXPECT and ANTICIPATE it
[21:36] <Jay> it doesnt come as a surprise
[21:36] <Jay> you have no fear
[21:36] <Jay> of it coiling back
[21:36] <buk4me> you better believe it helps,the charts never lie
[21:36] <Jay> excellent
[21:37] <Jay> i've noticed that you are spotting those fades real nice buk
[21:37] <buk4me> my favorite trades are sellsidefades or inverse pups
[21:38] <buk4me> if you are aware of the .6 ressirence on a selldise fade it works like a charm
[21:38] <Jay> oh yes, 3 min noodles stall the 1 min noodles coil pop to 80 band 3 min noodles 50 band mini inv pup triggered by the 1 min noodles peak and slip to
your stocks .60 coil resistance , the 5 period opens up like a trap door sucking in all the bulls.... tasty tasty
[21:39] <buk4me> bingo
[21:39] <Jay> a trap door that just opens up
[21:39] <buk4me> pay day
[21:39] <Jay> big sucking sound, flippin on the switch on the vacuuum
[21:39] <Jay> beautiful
[21:39] <Jay> love those too
[21:39] <buk4me> k2well said
[21:39] <Jay> the nice thing about those
[21:39] <Jay> is the tighter you got that 15 period coming down
[21:40] <Jay> the more confidence you have
[21:40] <buk4me> and of couse the panic of the bulls i love also
[21:40] <Jay> because your stop is not so far away nor the sellers
[21:40] <buk4me> yes
[21:40] <Jay> the wide range inv pups are trickier, like QCOM the other day with a .70 range to the 15 period which eventually narrowed
[21:40] <INKredible> buk, thats a great short!
[21:41] <Jay> so buk, what are your basket stocks now
[21:41] <buk4me> klac and amat
[21:41] <buk4me> it was brcm and amat
[21:41] <buk4me> but brcm is very very very tricky
[21:41] <Jay> klac great great mover in those 50's level
[21:41] <Jay> perfet mover with amat
[21:42] <buk4me> absolutely
[21:42] <Jay> excellent buk, keep up the good work and consistency
[21:42] <buk4me> thanx
[21:42] <Jay> thank you for sharing :)
[21:42] <buk4me> np
[21:42] <billm> thx buk
[21:42] <rvb> tks Buk, very nice
[21:42] <wage> buk, that was great!! thanks
[21:42] <sbxtr> fantastic buk
[21:42] <wizbor> thnx buk!
[21:42] <Jette> thanks, buk! clickity KLAC
[21:42] <niko> thanks buk
[21:42] <martinng> excellent buk
[21:42] <london> tks buk
[21:43] <Jay> ok let me introduce you to BOKE our next guest
[21:43] <Dodge> buk -- nice
[21:43] <Jay> hi boke
[21:44] <boke> hi jay
[21:44] <london> evening boke
[21:44] <Jay> boke, please share with us your learning curve experience
[21:44] <wage> hi boke thanks for taking the time
[21:44] <boke> started in the pit and intrady trading in jan 01, about 14 months ago
[21:45] <boke> initially experienced beginners luck
[21:45] <boke> aka, no fear
[21:45] <boke> then things went south
[21:45] <boke> started reading all the seminar material in the pit
[21:45] <boke> read it all
[21:45] <boke> it's about 6 inches thick if you print it out
[21:46] <boke> read jays boke, ral's manual and recommened books
[21:46] <boke> nison's two books on candle sticks
[21:46] <boke> one that I'd really recommend b/c it augments jay and ral well
[21:46] <boke> trading in the zone by mark douglas
[21:47] <boke> anyway, after the first 90 days, i quit trading and started watching
[21:47] <boke> expensive lesson, but one that I think most new traders make
[21:47] <boke> restarted trading with the goal of breaking even
[21:47] <boke> cover commission etc
[21:48] <boke> that period lasted for about 6 months
[21:48] <boke> and during that time is when i learned to take stops
[21:48] <boke> i keep a sign up every day that says, STOP look to reenter
[21:49] <boke> i picked that up watching luke playing an ipo one day
[21:49] <boke> that ended the red
[21:49] <boke> my next focus was how to stay in trades longer
[21:50] <boke> that is when i started to really focus on ral's methodologies, waves' targets etc
[21:50] <boke> to keep me in trades longer
[21:50] <boke> i watch 1 min, 3 min and 13 minute charts
[21:51] <boke> the synergy between what I learned from jay and ral is what has really been clicking this year
[21:51] <boke> also, if i have a few red days in a row, i stop trading and just watch for a day, the tune up concept jay introduced recently
[21:52] <boke> at first, i couldn't not trade for a whole day
[21:52] <boke> eventually, i learned to watch, watch, watch, then shoot
[21:52] <boke> the only play the best setups approach
[21:53] <boke> the most unexpected thing about the market intraday is learning the possilble behaviors
[21:53] <boke> a wave 3 selloff or rally is stunning the first time you see it
[21:53] <boke> especially if you are on the wrong side of it
[21:54] <boke> today, i am a scalper that keeps some part of the position open depending on the strength of the move, time of the move and trend of the market for the trading
period
[21:54] <boke> today sebl was one of my better trades,
[21:55] <boke> entered when the 1 min stoch went through the 20 band, 3 min were below the 20 but moving, 13 min were also below 20. Stock popped quickly, so i pared 1/2 at .25
[21:55] <boke> i shoot for .20, but if it gets there quick, i'll hold out for alittle more.
[21:56] <boke> if it gets there slow, i may scalp out of the whole position, kinda a feel for the move
[21:56] <boke> if a possible wave 3 exist, i'll hold out to see if it registers and triggers, like the market did today
[21:57] <boke> i've adapted into this approach b/c i wanted to catch more of the bigger moves, but not miss out on the bread and butter scalping
[21:57] <Jay> very nice boke, a hybrid style :)
[21:58] <boke> for a trade journal, which is critical, i use a digial recorder, doesn't distract me much
[21:58] <boke> any Q's on the learning curve?
[21:58] <boke> it was a very rough experience, should have listened better upfront
[21:59] <boke> typical newbie I was:)
[21:59] <Jay> boke, excellent summary
[21:59] <sbxtr> hmm ,good idea the recorder
[21:59] <Jay> a good case of how one can start with my methods and then transition to ral's methods
[21:59] <boke> is working very well, plus portable
[21:59] <Jay> and find a point in between
[21:59] <rvb> boke, what share size do you trade?
[21:59] <boke> 1000
[21:59] <jt5> boke......did u go from paper, too 100,200,300 ....1000....in your shares???
[21:59] <boke> scalp 500 or 700, or 1000
[21:59] <boke> paper to 500
[21:59] <jt5> thx
[21:59] <boke> 500 to 10000
[22:00] <boke> still downsize to 500 somedays or if i am playing a faster stock in a faster market
[22:00] <buk4me> but its depends on the indivudual,i dont recomeend everyone gofrom paper to 500
[22:00] <buk4me> you have to find your comfort zone
[22:00] <wizbor> boke,do you use the shifted EBB for signals?
[22:00] <jt5> good point buk
[22:01] <boke> that is the my next objective to study the shifted ebb, not using it yet
[22:01] <billm> boke: how long did it take to begin to understand rals methods? tia
[22:01] <Jay> yes comfort zone is absolutely key
[22:01] <Jette> it is great to hear abt the variety of successes
[22:01] <boke> ral methods take more effort than most college courses i've taken, but well worth it
[22:01] <Jay> boke :)
[22:01] <buk4me> i agree boke
[22:01] <boke> you need to sign up for his manual project
[22:01] <Jay> boke where would you suggest traders start with ral's methods?
[22:02] <boke> that is well organized and gets your vocablary updated
[22:02] <Jay> what indicators and tools first
[22:02] <sbxtr> well worth the mere pittance it costs
[22:02] <boke> agreed
[22:02] <rvb> this is to all 3, boke, buk4me and wringle: do you have a daily goal? if so, is it in points or $'s and would you be willing to share it with us?
[22:02] <boke> i think you need to learn to scalp first, like the pit guides you
[22:02] <boke> daily goal $1000
[22:03] <wizbor> if i may...i stared with Rals market stucture high and low trigger signals..
[22:03] <boke> stared at 500, upped it once i could consistently make that
[22:03] <boke> 9 of 10 days
[22:03] <buk4me> after slowly climbing the mountain my daily goal is to make$1 total in all my trades
[22:03] <steveb> boke or buck, do you trade futures or currencies or have any plans to ??? tia
[22:03] <buk4me> with either 500 or 1,00o shares
[22:03] <rvb> tks guys
[22:04] <boke> i'm interested in trading futures one day, but that is a way off for me
[22:04] <buk4me> i dont trade currencies or futures yet,butthat is the nextthing on my agenda
[22:04] <boke> to start learning ral, get his manual
[22:04] <sneaky> anyone start with a DG of less that $500?
[22:04] <boke> jay, to be sure to answer your question
[22:04] <wringle> my goal daily is 3 green trades or .60
[22:05] <sneaky> so you dont consider commissions in your goal wringle?
[22:05] <buk4me> yes i started with trying to be green,and then 300 and then 500 and then 1,000 and so on
[22:05] <wringle> on somedays im happy with 250 :)
[22:05] <boke> the understanding of waves is critical to catching the trend (bigger) moves
[22:05] <Jay> well gang , feel free to ask wringle, buk or boke any questions now :)
[22:05] <Jay> yes boke, thats a very interesting point
[22:05] <casino> boke why look at the 1 3 and 13 minute for scalp. why not 1 3 and 5 7 or even 10 minute chart?
[22:05] <sneaky> I have a question about the "one setup only" method
[22:05] <Jay> ral tends to point out when the Wave 3's register
[22:05] <sneaky> VERY INTERSTING
[22:05] <ral> excellant summaries you guys!
[22:05] <wringle> no because comm only count when your over trading
[22:05] <Jay> pay attention to ral in the pit gang with his wave counts especially
[22:05] <sneaky> good point wringle :)
[22:05] <boke> 1 and 3 are the scalp setup as jay teaches, 13 is the context you are trading in
[22:06] <taojones> great info all -thanks!
[22:06] <steveb> once you hit your goal.. do you find it hard to stop for the day?? or do you keep taking good setups??
[22:06] <rvb> can any of you give your opinion (and description) on which stocks make good basket stocks and why?
[22:06] <boke> if you are scalping in 13 minute falling stochastics, you better be quicker and not bother paring
[22:06] <casino> thank you boke
[22:06] <Jay> excellent point boke!
[22:06] <Jette> if you want to consider commish in your dg, just raise the dg by $100 and stop overtrading :{)
[22:06] <wringle> i learned to stop or do quarter lots just to play if you must stopping is best unless you get that ulitmate setup
[22:06] <boke> Depends on how well the market is behaving
[22:07] <buk4me> rvb,amat is great becauseits a market indicatior and klac is great cause it complimants amat perfectly
[22:07] <steveb> thanx
[22:07] <boke> at first, i recommend you stop trading and celebrate
[22:07] <boke> i gave back way to many dgs' early on
[22:07] <sbxtr> heehee
[22:07] <wizbor> lol
[22:07] <sneaky> EXCELLENT points about the commissions guys, THANKS
[22:07] <boke> early on, you get lucky, keep it
[22:07] <steveb> boke, exactly...
[22:07] <zag> my advice to all to get a "share" based commission system instead of a "trade" based one. that will alllow you to pare in and out without worrying about paying too
much
[22:07] <buk4me> every newbie gets lucky,but yougive it all back and more
[22:07] <rvb> how does BRCM compare to QCOM as a basket?
[22:08] <wizbor> Can any of you talk about making the transition from partime to full time trading?
[22:08] <buk4me> being arrogant is the worst thing you can be in this game
[22:08] <boke> i switch based on how the sector is acting.
[22:08] <wringle> wiz .. fulltime and making money as your only income ..
[22:08] <boke> good to watch the sox when trading brcm
[22:08] <wizbor> yes
[22:08] <boke> if brcm rally
[22:08] <boke> rallies w/o the sox, it makes for a good short
[22:09] <billm> buk: whats the one thing that helped cure the paralysis??? tia
[22:09] <rvb> boke, interesting
[22:09] <boke> stocks get faster as they go up in price
[22:09] <sneaky> If I want to just start looking for ONE setup and ONE ONLY during the day, I should rule out the open because trends are not established and MA are very wide,
CORRECT?
[22:09] <wringle> my transition was hard asa nails
[22:09] <buk4me> rals psycological seminars and learning more about myself
[22:09] <boke> so qcom @ 40, more similar to brcm now
[22:09] <wizbor> wringle, did you have a years worth of income set asside..etc..
[22:10] <Jay> exactly, price has a LOT to do with it, QCOM moved a lot nice in the 50's than it does in the low 40's and hi 30's
[22:10] <taojones> which ecns/routing do you find yourselves using (1 most of the time?)
[22:10] <wringle> wiz make sure you can make it with out income for 6 months
[22:10] <buk4me> newbies dont ever be ina hurry ,the market is not going anywhere
[22:10] <zag> sneaky in my book open trades are high risk. but that is for me.
[22:10] <buk4me> take it slow ,learn ,learn,learn
[22:10] <boke> isld is the preference, but if stopping out, whoever i can get:)
[22:11] <Jay> amen to that buk
[22:11] <sneaky> zag THANK YOU...wringle do you agree about the OPEN?
[22:11] <taojones> thx boke
[22:11] <boke> capital is like blood, if you cut yourself, you wouldn't watch it bleed to see if it heals
[22:11] <wringle> yes
[22:11] <sneaky> :)
[22:11] <boke> i am very protective of capital these days, i use the blood visual to keep my viligence up
[22:11] <london> do any of you restrict trades to just longs over the 15 and shorts under 15 and do you take account of the net opening market priceas further confirmation
[22:11] <buk4me> arrogance,gamblers mentality,will dround you eventually its just a matter of time
[22:11] <Jay> good analogy boke
[22:11] <taojones> great saying, boke
[22:11] <buk4me> a slow death
[22:12] <jt5> good one!!!!!.......blood!!!.....I like that one
[22:12] <sneaky> ditto on london's q
[22:12] <boke> londer do you mean 15 pd?
[22:12] <sbxtr> london,ral has a simialr filter
[22:12] <london> yes
[22:12] <sbxtr> he useed a 13 period ma shifted to the right 3
[22:12] <boke> another one to think about is the more you learn about trading, the more you realize you don't know
[22:12] <buk4me> the 3 shift is a awesome tool to use
[22:13] <buk4me> amen boke
[22:13] <boke> in the begginning, it is impossible to see the depth
[22:13] <Dodge> boke -- lol
[22:13] <rvb> what broker do you use to get a 3-shift?
[22:13] <buk4me> as soon as you learn a little you realize how much you really didnt know
[22:13] <boke> cyber has 3 shift now
[22:13] <rvb> boke, really?
[22:13] <Jette> you use it on CyBer, boke?
[22:13] <rvb> how do I set that up?
[22:14] <boke> i favor the long side if the market is up from the open and the short side if it is down
[22:14] <Jay> this is good stuff gang :) and just think, the public thinks stock movements are RANDOM, flip a coin --- what we've done is turn what is perceived as
RANDOM into a science --- gambling into SPECULATION with the probabilities
[22:14] <boke> if i am long in a market that is down from the open, i am using a acounter trend scalping approach
[22:14] <peace> ral ∓mp;mp; jay, may i ask why you guys do this? i am so appreciative, but jay you talk about yourself trading again and ral you tell us we should be doing something
else with our time
[22:14] <buk4me> memorize the cheat sheet
[22:15] <Jay> lol peace
[22:15] <boke> what i like about ral and jay, that is hard to find, is they don't bs you
[22:15] <sneaky> but Jay might yell at you though, lol
[22:15] <sbxtr> no upside down verticle heree
[22:15] <steveb> tough love lol
[22:15] <wage> lol
[22:15] <peace> oh yea, he can yell
[22:16] <INKredible> no "to the moon"!
[22:16] <sneaky> I appreciate it it Jay :)
[22:16] <buk4me> imo trading is a combination of science and art,you have to be a artist and trust the science of themethods
[22:16] <Jette> w h o knows how weak a stock is? lol peace don't encourage them
[22:16] <boke> i also watch GSCO alot on level two on brcm
[22:16] <sneaky> good point buk
[22:16] <Jay> peace, long story, but ral and i met in another chatroom where people were getting screwed for lack of a better word, traders never had a chance to
make it, we created a place where those who really wanted it could meet us 1/2 way and at least have a true fighting chance in this game
[22:16] <ral> well the thing I have always liked doing the most is teaching...so I was teaching people to be analysts for many years and now I like teaching trading...
[22:16] <boke> gsco not real active on most days, but when they are, it has proven to be a good lead
[22:17] <INKredible> Ral, see dcc please
[22:17] <buk4me> jay your service is by far the best imo
[22:17] <ral> so undergroundtrader gives me an opportunity to do what I love to do....
[22:17] <buk4me> amen jay
[22:17] <Dodge> Jay - that 's been a long transition--- lol
[22:17] <wage> i cant thank you 2 enough jay ∓mp;mp; ral
[22:17] <sbxtr> ditto
[22:17] <boke> you have to meet them 1/2 way, takes a major effort and investment of time
[22:17] <boke> if you are not willing to invest the time, save your money, you will lose, no exceptions
[22:17] <Jay> two years ago, everyone and their uncle had a chatroom
[22:17] <Jay> through the bear market
[22:17] <Jay> not many ones left
[22:17] <buk4me> thoudands of hours is the only way to besucsesfull
[22:17] <Jay> our people have survived
[22:18] <wage> i can finally say someday im not going to pay some other day traders house payment
[22:18] <sbxtr> heehee
[22:18] <wringle> this room is a great place to learn !!
[22:18] <sneaky> So, best method to start with is...3 min MA PUP breakout on mid to low band noodles, 3 min noodles in an MA and STOCH uptrend, 1 min noodles coil trigger for a scalp,
right?
[22:18] <niko> a toast - to Jay and Ral.....two of the finest mentors a trader can ever have....thank you for your service
[22:18] <Jay> like cockroaches throug the ice age
[22:18] <Jay> hehe..
[22:18] <buk4me> absolutely niko
[22:18] <Jay> tho often imitated, NEVER duplicated
[22:18] <sneaky> is that right Jay?
[22:18] <sbxtr> *clink*
[22:18] <buk4me> standing ovation for ral and jay,give it up everybody
[22:18] <wringle> CHEER
[22:18] <sbxtr> \o/
[22:19] <Dodge> :-)
[22:19] <niko> i'm standing on my chair doing the WAVE
[22:19] <jt5> clapping out loud!!!!!!
[22:19] <Jay> the bottom line is that the few that do make it proportionately compared to the crowd
[22:19] <arky> thank you indeed, very insightful..buk , wringle..boke ∓mp;mp; jay : )
[22:19] <Jay> will go on
[22:19] <wage> clink clink cobble cobble burp thanks guys
[22:19] <buk4me> we all knowwe wouldnt be where we are if it wasnt for jay and ral
[22:19] <Jette> hear hear Snipers of the Round Table!!! \o/
[22:19] <Jay> and become big
[22:19] <Jay> in this game
[22:19] <Jay> and we want to be a part of that
[22:19] <Jay> there are/were and will be a lot of other chatrooms around
[22:19] <Jay> try them
[22:19] <boke> here here
[22:19] <Jay> and see whats out there gang
[22:19] <wizbor> what the MOST valuable thing ive learned here is to become self efficient....Thanks yoyu Jay and Ral
[22:19] <Jay> take the free trials
[22:19] <Jay> etc.. etc..
[22:19] <Jay> what works best for you
[22:20] <sneaky> Trading Nirvana here...good, GOOD stuff..thank you all sooo much!
[22:20] <Jay> but the bottom line, is that we want to give you a chance and fighting chance in this game
[22:20] <Jay> not just trade alerts
[22:20] <buk4me> there is thepit and then evrything else
[22:20] <Jay> teach a man to fish
[22:20] <arky> Ihave done that Jay, I keep coming back to you :)
[22:20] <peace> diggin' the underground!
[22:20] <Jay> the greatest thing for us is to see the success stories out there amongst you
[22:20] <boke> you cannot create experience, you must undergo it.
[22:20] <jt5> I don't remember how I found the pit..........but you guys are changing our lives.........THX!!!!!!
[22:20] <Jay> i love going back in the logs
[22:21] <Jay> and seeing how traders have evolved
[22:21] <boke> that is what makes the trading learning curve so fatal
[22:21] <Jay> become wiser, smarter and more experienced
[22:21] <Jay> its an amazing thing
[22:21] <Jay> and we are proud to be part of it
[22:21] <jt5> memory loss..........I found it in a glossary of another day trading book :)
[22:21] <Jay> temper that hunger with discipline
[22:21] <buk4me> jay i looked at some of my notes from trades of 6 months ago and it was comical how much i didnt know
[22:21] <Jay> the journey is the reward ;)
[22:22] <Jay> arky, welcome back :)
[22:22] <boke> think like a sniper, lots of watching, few shots:)
[22:22] <wringle> jay is our scout and he can direct our fire after you learn to shoot :)
[22:22] <arky> thx jay :)
[22:22] <buk4me> arky ,just make sure you dont makethesame misteke again,you know you will regreat it,lol
[22:22] <Jones> do you guys have a formated layout for a journal?
[22:22] <wage> put rocks under my butt not to get to comfy
[22:22] <Jay> well gang, i want to thank buk, wringle and boke for sharing their stories with us :)
[22:22] <Jay> truly inspirational :)
[22:22] <rvb> tks to all of you, boke, buk4me and wringle, nice to read your stories
[22:23] <tsgrigsby> thanks guys
[22:23] <Jay> let their experiences help you
[22:23] <Jay> synergy in the markets
[22:23] <boke> thanks for the opportunity to share it jay and ral
[22:23] <Jay> synergy in the pit :)
[22:23] <niko> thanks for the roundtable jay and ral....and thanks wringle, boke and buk for your insight :)
[22:23] <Jette> great seminar! thanks buk, wringle and boke!
[22:23] <peace> one thing that hepled me when i joined was dcc'ing other members, and the openess to share info was great, synergy works for all
[22:23] <Jay> and thanks to all of you for making this place feel like home :)
[22:23] <drexel> excellent guys!
[22:23] <wage> yes thanks you all really appreciate your taking the time
[22:23] <Dodge> lolrof
[22:24] <wage> lol
[22:24] <billm> thx to all who shared, jay and ral, very much appreciate your efforts
[22:24] <wringle> you are all welcome and any one can dcc me and ill respond unless busy
[22:24] <london> tks jay and the knights
[22:24] <sneaky> ditto :)
[22:24] <sneaky> Love this place...true HOME for trading
[22:24] <buk4me> feel free to dc me during the market if you have any questions
[22:24] <sneaky> Thank you ALL
[22:24] <wage> wow that was really great thanks jay ∓mp;mp; ral
[22:24] <niko> i'll take you up on that buk
[22:24] <london> my home brew style of trading is due to jay and all in the pit, tks again all
[22:24] <Jay> thanks everyone :))
[22:24] <wage> yep true home sneaky
[22:25] <Jay> feel free to hang out and chat, see you all bright n early tommorrow morning
[22:25] <Jay> by the way
[22:25] <Jay> what was amat's range today in the post market?
[22:25] <Jay> hmmm?
[22:25] <wizbor> london...you got home brew and you holding out on us?
[22:25] <rvb> amat ended up afterhours
[22:25] <wage> jay you really have no idea how much your doing for this family of 4 :)
[22:25] <london> lol wiz
[22:25] <jt5> thats great wage!!!!!
[22:25] <wizbor> :-)
[22:25] <peace> was just gonna ask that jay, had to leave early :)
[22:25] <sbxtr> oh good
[22:25] <wage> :)
[22:26] <ral> thanks all..see you in the morning....
[22:26] <Jay> eventually so look for that 44.60 x 45.60 range until something breaks ;)
[22:26] <sbxtr> nite ral
[22:26] <wringle> yes and my kids always ask where other kids dads are .. think im home to much :)
[22:26] <Jay> thanks ral :)
[22:26] <billm> amat was as low as 44.20 to 44.80
[22:26] <peace> g'nite ral
[22:26] <wizbor> wringle..lol
[22:26] <ral> Venezuela decides to float its currency
[22:26] <Jette> AMAT high 43's to 45 overshoot
[22:26] <wringle> thats the true greatness of trading for a living ... family time
[22:27] <martinng> amat range back to 45.30, unbelievable
[22:27] <Jette> AMAT impressive, rethinking KLAC shorts near term
[22:27] <wizbor> aggreed....
[22:27] <sneaky> Good night everyone...eyes burning...wife steaming, lol
[22:27] <wizbor> ntap ran to 17.50 when i left it ah
[22:28] <Jay> ok gang, have a relaaxing evening, see you all bright n early and invigorated :)
[22:28] <INKredible> hope all those floating currencies don't drown
[22:28] <rvb> tks jay :-)
[22:28] <Jette> thanks Jay
[22:28] <sbxtr> hope we dont drown in floating currencies
[22:28] <london> tks jay, gn all
[22:28] <wage> thxs jay
[22:28] <Dodge> Thanks Jay---
[22:28] <wage> bye all
[22:28] <arky> eyes blurry here as well, gn all, and thanks again!
[22:28] <INKredible> sbxtr, gmta!
[22:29] <wizbor> cyas all...cheers!..*hic
[22:29] <Jay> gnight :)
[22:29] <Jay> pooof