| BillJohnson |
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Gold User, Member, Platinum User, TeleChart
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| Registered User |
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| Unsure |
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| Thursday, October 7, 2004 |
| Tuesday, June 4, 2013 10:22:01 PM |
16
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I am attempting to code in one of Larry Connors' ETF strategies. The %b Strategy calls for looking for an ETF where the %b closes under 0.2 for 3 consecutive days. Searching for those ETFs where %b is under 0.2 today is simple enough but how do you scan for those that closed under that level for the previous 2 days? Also, why doesn't the Version 12 PCF coding box provide the assistance that previous versions provided? Thanks.
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I am so glad that you are continuing to support StockFinder. While Version 12 is nice, it does not compare to StockFinder in overall capabilities. And, regarding the statement by your people that customers did not want a more complex program like StockFinder, I find Version 12 to be far more complex. Of course, the lack of a printed users manual is a factor.
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Thanks. I missed the obvious. StockFinder is so powerful. I really enjoy this product.
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I am trying to program StockFnder 5 for Connor's %B Strategy. What I need to program involves the lower Bollinger Band. I need to program realcode for the following condition:
%b must close under 0.2 for 3 days in a row
Can Realcode check for conditions on the lower bollinger band? Can it look back for a period of 3 days?
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I am trying to program the following into Realcode but I keep getting errors. Can you assist, please?
RSI drops for three days in a row
RSI on day 1 is less than 60
This is part of a Connors' ETF strategy that I am trying to code into StockFinder.
Thanks for your help.
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Has anybody created a custom indicator for Keltner Channels in TC2000?
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I have read Elder's books (all excellent) and even attended one of his workshops. He is not nearly as methodical in person as his books would imply.
The point that I would like to emphasize is “discipline.” I have tried many "trading plan" strategies and I have not found any that I have been really happy with. The important thing, however, is to carefully design a strategy that you believe has a positive expectation. You then follow that strategy religiously. You are going to reevaluate your strategy frequently. If you trade frequently, you need to reevaluate every week or so. If you trade less frequently, do the analysis every six weeks or so. When you start evaluating your bad trades, you will wonder “Why did I ever put on that position?” The screen shots and notes about your emotions will help to clear things up.
You must plan every aspect of the trade – selection, setup, entry, and exits. Always make your plan before you enter the trade. Believe it or not, the entry price is only one of the relevant decisions that you will make.
My trading plan begins with the following:
1. Date
2. Emotional notes: Am I focused? Confused? Did I have an argument with my wife? These notes may seem irrelevant but six months from now you will probably wonder why you took certain positions. Reviewing these emotional notes could show you that you were just not focused on the market at the time.
3. An image of the TC2000 chart when you took the position. This should be the chart that made you enter the market.
4. Strategy: What is your strategy? Is this a breakout? A “Pristine Buy Setup”? Whatever --- Just indicate what prompted you do take this position.
One you are in the trade, you must set several exits. The ones that I use are:
1. Target: If everything goes well, under what conditions will I get out? It could be a profit target or it could be signs of a trend reversal. Be precise and be objective. An idiot should be able to tell if your position has reached the target.
2. Stop Loss: How much am I willing to lose? I have a calculated figure for me (between 0.5-2% of my account size). I also consider the average daily fluctuation in price. If the normal daily price swing could cause me to lose more than my maximum acceptable loss, I will not enter that trade. Remember – the deal of the year comes about once a week. You have over 8000 stocks to chose from and you DO NOT have to trade today.
3. Time Target: There is always an opportunity cost to consider. Why tie your money up in a stock that is going nowhere? I will generally give it two weeks. If it hasn’t begun to do what I expect by then, I close the position.
I maintain an Excel spreadsheet where I track daily performance for all of my equity positions. It is a simple spreadsheet with the following information:
Date, Symbol, Sector
For the date I open the position, I record:
Open, High, Low, Close, Volume, Number of Shares Purchased, Cost/share, Total Amount, Reward/Risk Ratio
I then use Excel to calculate:
Max Loss, Stop Loss, Break even, Target, Reward: Risk Ratio
On the date of the purchase, I record Today’s Close, the point where I will set Trailing Stop.
As the stock moves in my direction, I will adjust the trailing stop. It will be only a few cents each time but this adds up.
I also record my real/paper profits/losses. When I exit a position, I will record the exit price and make a copy of the chart when I made the exit decision. Record more detail than you think that you will need. You can easily erase it if you don’t need it. If you do not record it, you can’t use it later.
Every day, I make the decision about staying in. If the stock has hit my target or stop loss, I will exit. If it is rising, I will set a trailing stop alert at the previous day’s low. Otherwise, I will look at it and decide if the movement shows any potential of going where I want. None of the stocks that I have purchased in the past month ever hit my stop loss. Many, however, did not go the direction that I wanted for two weeks. You must try to remove your emotions from the trade. If you are at all like me, you can do serious damage to your account in short order.
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A stock always has the potential of rising further but if you worry about catching it at the top, you will end up losing a lot more than you gain. If you notice the stock is beginning to hestitate, there is nothing wrong with taking your profit. In you realy aren't sure, you could take your profit and immediately buy back your position. That "insurance" will cost you about $14 ($7 twice). It may sound dumb but if the stock reverses, you could lose a lot more than $14 real quick. Cheap insurance.
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I recall that I viewed a MACD Video by you on Dec. 19. I can't seem to find it now. Do you remember the video? If so, is it still available for viewing?
Thanks.
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I have used that site and it has the individual reports available. The problem is that they are on a day-to-day basis.
Perhaps an example will be appropriate. Nick (Sir Aussie) was knighted on Aug. 1, 2000. Subsequent references to him point to that day. Assume that you want to track his contributions. How would you know that he also provided valuable submissions on
Feb 6, 2001
March 30, 2001
June 5, 2001
Oct 2, 2001
Feb 5, 2002
Feb 12, 2002
April 26, 2002
Aug 13, 2002
Dec 2, 2003
Etc. ???
Sir Aussie is not the most prolific contributor but he does illustrate the point. As I try to improve my trading skills, I find it extremely beneficial to study the work of others. In Don's reports, he usually notes only the original contribution date. That is great but I feel that it is kind of like pointing to an author's FIRST work. Hopefully, these Knights improve with time. Show me their later works! What have they done recently? That is why I find my reference volume of notes so valuable.
Trader Bill
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