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Nirvana Trading Lab
What I'd like the Trading Lab to be
Last Activity 12/18/2014 12:40 PM
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Jim Dean

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Subject : What I'd like the Trading Lab to be
Posted : 3/7/2014 10:51 AM
Post #31084

I thot it might be helpful to start this thread up for participants to make suggestions which, if implemented, would make the TL a valuable use of their time. To get it started, here is the text of the letter that was just sent:
We hold two trading sessions every day. The morning session runs from 8:30am – 11:00am CST and the afternoon session is held from 1:15pm to 2:15pm CST. As we enter our second month of operation we are going to engage the market every day with both of our platforms, OmniTrader and VisualTrader, and we will be utilizing as many of our intraday tools as possible, including:

• The Real Time Strategy Suite
• RT Gap Strategy
• RT Pivot Strategy
• RT Snapback (Reversal) Strategy
• RT Range Strategy
• RT Breakaway Strategy
• The ProfitBands Plug-in
• MarketScans
• RTX-3 Strategy Suite
• Custom OmniLanguage Indicators
• Education on Real Time Trading Methods
• Expanded Tradersource.com materials and experiences
• Comprehensive Trading Log
• … And much more!


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Jim Dean

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Subject : RE: What I'd like the Trading Lab to be
Posted : 3/7/2014 11:03 AM
Post #31085 - In reply to #31084

My guess is that there are three types of people out there who might be "targetted" by the TL venue:

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!
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jarrod

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Subject : RE: What I'd like the Trading Lab to be
Posted : 3/8/2014 1:12 AM
Post #31088 - In reply to #31084

#2 and #3 is what I would like to see more of. I would like to see a set of rules that is actually followed and explained. The reason I say this cause ive seen countless trading rooms where the traders have rules they so called trade by but you never see them trade that way live.
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
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Charlie F.

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Subject : RE: What I'd like the Trading Lab to be
Posted : 3/8/2014 12:32 PM
Post #31090 - In reply to #31084

#2 is my choice so as to make better use of Nirvana products. Just like Jim Dean I have no interest in #1 and hope these type of trades are few and far between. Ideally every trade discussed or taken needs to be related to a Nirvana product or feature...Charlie
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Frank K

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Subject : RE: What I'd like the Trading Lab to be
Posted : 3/8/2014 6:41 PM
Post #31091 - In reply to #31084

Yes, I agree with Jim also and the rest of the users that responded here.

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
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Vinay

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Subject : RE: What I'd like the Trading Lab to be
Posted : 3/8/2014 8:20 PM
Post #31092 - In reply to #31085

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]

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Sodaman

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Subject : RE: What I'd like the Trading Lab to be
Posted : 3/11/2014 7:22 AM
Post #31105 - In reply to #31084

I am a new user, well...new student of Omnitrader and would love to see some rules based entries and exits. I would like to see signals with higher probability taken every time they setup with clearly defined entries and exits using the built in trading plan.
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