OmniTrader Archives
Nirvana Trading Lab
What I'd like the Trading Lab to be
6 replies, 2158 viewings
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OmniTrader Archives
Nirvana Trading Lab
What I'd like the Trading Lab to be
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Last Activity 12/18/2014 12:40 PM 6 replies, 2158 viewings |
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Jim Dean Sage   Posts: 3022 Joined: 9/21/2006 Location: L'ville, GA  User Profile |
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| Jim Dean Sage Posts: 3022 Joined: 9/21/2006 Location: L'ville, GA User Profile |
1. people that want to learn how to do discretionary trading, using signals from various sources, plus commentary-wisdom, and simple discretionary exit rules - much like the old SW Live. 2. people that want to learn very specifically how to use the plugin strategies that Nirvana sells, pretty much "out of the box" re scans, signals, filters, and trading plans, with a more "mechanical" trading approach. 3. people that want to learn how to truly manage their portfolio, using a multiplicity of tools in a disciplined, by-the-rules fashion, with special attention to position sizing, and portfolio risk management Actually, #3 "should" apply to either #1 or #2 ... so maybe that's the place to start here. My personal belief (and I'm not alone in this :~) is that #3 is *the* most important thing (along with state-of-mind management) for a trader to master, if they are to be successful for years to come. So, I would encourage the TL staff to start working on some serious development of rules and tools that they fully explain and "religiously" apply, regardless of whether their "action" method is #1, #2, or a mix. I, personally, have zero interest (actually, "negative" interest) in #1, since for me, that kind of trading (without clear, firm, measurable rules) is a guaranteed recipe for disaster. So, I hope there is more focus on #2 than on #1. But that's just me ... this thread is intended for others to comment on as well. Please, TL Guys ... don't leave out #3! I realize Nirvana has not as yet fully developed tools for this in OT/VT, but a spreadsheet is easy and could be a regular part of your training agenda. Thanks! | |||
| jarrod New User Posts: 3 Joined: 1/7/2008 User Profile |
I know there has to be some discretion involved and not taking every trade as it shows a signal . But explain why your not and what your looking to confirm it with. What is the strategy actually looking for to fire a signal. Rules need to be posted so people following along can feel confident in trading these methods. Along with proper portfolio allocation methods.Keep a record that's visible for everyone to see portfolio size, trade size, strategy used, allocation method and size etc.. the whole enchilada so to speak. That being said Ive only been your room 1 time so far just got an email on it today.These are some of the things that could make this trading room head and shoulders above the rest out there. Jarrod | |||
| Charlie F. Regular  Posts: 50 Joined: 11/26/2003 Location: Chester, CA User Profile |
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| Frank K Veteran  Posts: 296 Joined: 5/31/2010 Location: New York User Profile |
Also Nirvana Sys needs to obtain third party add-ons incorporated into Omnitrader. Most of there plug-ins and advanced strategies is from Jeff Drake and Jeremy Williams trading methods not to say they are not working. But speaking woth other traders they would like to see more third party strategies. John Bollinger, Steve Nisson, Price Headley, Rahul Mohindar, Steve Bigelow, Chuck Hughes, Greg Capra, Oliver Velez, Dr Stoxx, Michael Mermer, Greg Morris, John Murphy etc... Regards | |||
| Vinay Elite  Posts: 640 Joined: 12/9/2011 Location: Planet Earth User Profile |
Originally written by Jim Dean on 3/7/2014 10:03 PM I, personally, have zero interest (actually, "negative" interest) in #1, since for me, that kind of trading (without clear, firm, measurable rules) is a guaranteed recipe for disaster. So, I hope there is more focus on #2 than on #1. But that's just me ... this thread is intended for others to comment on as well. Jim... I completely disagree with you on this point. I for one have been trading for last 25 years purely on a discretionary basis and far from being a disaster, it has been very rewarding. In fact I am yet to find a purely mechanical system which outperforms the performance which I get from discretionary trading. So please don't dismiss this approach summarily. The problem with discretionary trading is that it can not be documented and explained in a methodical way, so I agree that Nirvana might skip the #1 and concentrate on #2 and #3 as mentioned by many in this thread. They should concentrate mainly on explaining the use of OT/VT and various plugins. Trading, whether discretionary or mechanical has to be learned by taking a plunge in the market with real money. Initially the trader with experience will get the money and the trader with money will get the experience. This is the sad reality of trading. You just can't learn it by reading few books and attending courses. Remember...Those who know do not speak. Those who speak do not know. [Edited by Vinay on 3/8/2014 8:23 PM] | |||
| Sodaman New User Posts: 1 Joined: 3/11/2014 Location: Hollywood, MD User Profile |
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