My Mail Server Is Down

Email problem with my server today. It is taking much longer than expected for the repair of the database so far. My guess is that I have to wait til tomorrow before I can check for my email let alone answering emails in the queue.

If you have not seen my reply of your email from last week, it will happen tomorrow.

Site Revision Progress

This week we have completed the move of one set of articles from DaytradingBias.com into a separate website, Essence of Trading. Obviously, the site is for the publishing of the article series bearing the same name. I expected to write more articles for the site whenever I find the right topic.

The original Essence of Trading articles are now redirected to the new site to avoid duplication. So don’t be alerted that you are redirected there. In the meantime, I have the tedious task of reviewing and editing the articles on the new site to make sure they have the correct formatting, etc.

In the future, I will invite other successful professional traders to pen articles for Essence of Trading. Many of my trader friends are not the type who enjoy the spotlight hence don’t hold me responsible when I come up empty handed on this pursuit.

More changes are coming to DaytradingBias.com as we are streamlining the design to prepare for the launch of the new real-time trading signals and trading models.

I will keep you all posted.

Have a nice weekend all!

NeoTicker Blog Site Recovery Near Completion and My Non-Scientific Survey of Trading Platforms

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If all goes well, we will get the NeoTicker blog site back up either this weekend or early next week. There are several things that has to be done first and it takes time to allow the internet to recognize the site. I will post the link to the site here once I can see it from my laptop.

Update: the site is now online, you can access it here

http://newsletter.neoticker.com

I put the question out to my premium members at DaytradingBias.com, asking them what platform do they use for trading. Interestingly, all these fancy rewards given to all these brand name brokerages do not reflect which platform being the most popular ones. It is not a surprise to me because I know all about the dirty secrets behind these magazines and financial media since the days I was purchasing advertisement for NeoTicker years ago.

The one that majority of my subscribers asking me to support is NinjaTrader. The other one mentioned a lot is TradeStation.

Both platforms have decent support with large communities of traders built around them. It is difficult for me at this point to say which one is better when it comes to deploying the trading tools and models I am porting from NeoTicker. I have already opened multiple trading accounts with various brokerages to test drive my trading models on them. A side-by-side comparison will tell us which one is really better in real trading.

One project done. Many more to go.

Have a nice weekend all!

Photo: A baby crab in Maldives. Magnified approx. 10x

Madness with Trading Platform Differences

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A week into testing various trading platforms on live data feed gave my team a nice little surprise. It turns out, the customization around the major retail trading platforms is a lot more work than we thought. This affects not only the indicators (minor issues) but also backtesting results (major issues).

For major retail trading platforms, I am referring to, well, the ones that majority of retail traders are using. So, that includes Tradestation, MultiChart, NinjaTrader, eSignal and MetaTrader. These platforms are the ones I get to open brokerage accounts to test them directly with live data from the brokerages. It turns out, even the minute bars on forex data are so different that we cannot even believe that we are looking at the same symbols in real-time. For other data like Emini S&P, the differences is minimal in terms of real-time streaming but the way how some of the bars are constructed definitely affect decision making from platform to platform.

I lived through such nightmare decades ago when I was switching my trading platform. I did not expect that the same issue still exist today. Maybe I am asking for too much?!

This is a very interesting experience for me but I cam imagine how frustrated many retail traders can be when they switch from one platform to another as they switch from one brokerage to another.

As we grind along the process, I learned that for even a simple indicator like the one for charting STOPD levels will have to be implemented in ways completely different from one platform to another. In long run, this will be nightmare scenario for maintenance of the more complicated indicators and trading systems across multiple platforms. A simple wish to provide cross platform toolsets is now turning into something a lot more complicated.

A challenge that deserves a place in my weekly rant, indeed.

Reviving NeoTicker Blog Site and Updates on Other Projects

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Within several weeks, I am optimistic that the NeoTicker blog site will be restored. The site was hacked through exploits in the older version of WordPress which led to massive email spamming coming off the site. I made an agreement with NeoTicker’s company to oversee the restoration project. So far things are progressing slowly but it will be done very soon. After all, many of the articles I wrote on trading are posted there. It is a valuable resource for not just NeoTicker users but the whole trading community.

After very long deliberation with my team working on the real time trading signals for Emini and Forex, a surprise decision is made. Against my personal prejudice, I will delivery the trading performance reports in Tradestation format. In other words, at least some of my trading models will be backtested and tracked with Tradestation. People who know me probably know why NeoTicker existed in the first place and it was not based on a good experience with using Tradestation.

This also implies that I will offer my indicators and trading code in Tradestation format, in addition to the other ones already supported.

For the ebook Art of Chart Reading, I am waiting for the edited version on the remaining chapters. From there I will have a lot of reading to do to finalize the project. This is going to make my busy schedule even more busy.

For many of you waiting for so long for my forex research and courses, they are progressing slowly. Unlike the web articles, this time they are done in a very different fashion. As I mentioned before, it is now time for me to produce the much more sophisticated materials.

The amount of time and effort necessary to produce a book length course on trading models is exponentially longer than having each chapter being independent article like the ones I wrote for daytradingbias. On this aspect, I totally underestimated the commitment necessary hence slowing everything down so much. Luckily, I am not those people who give up easily. I can see light at the end of the tunnel at this point.

Enough babbling. Back to work.

Belated Happy Easter!

Site Revision Progress and Good News About My Book

Very busy week trying to get many things done for daytradingbias.com

I have been testing various ways to report trading results that is maintenance free (i.e. no manual work) and so far much of the available options are not that satisfactory. Since I am going to introduce several sets of trading signals for various markets, this function is a must-have feature.

I really do not know how to do this right.

I guess keep grinding until I get through this is the only option.

On the other hand, my book Art of Chart Reading is finally go back on track for publishing. A number of revisions to daytradingbias.com relating to Art of Chart Reading will be done soon to match the release of my book. It is a project that is long overdue. I am very happy to see this completed finally.

I am working on several other things in parallel that are closely related to the website. One of them is whether I should make the high-end trading models and indicators available directly on several platforms like Tradestation, MultiCharts and NinjaTrader. I still have not decided on this yet. If any of you have suggestions about this please let me know.

New Direction for My Trading and Services Offered at DaytradingBias.com

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I found someone to take care of my website revision last week. If all goes well can put the project back on track. Not quite what I planned for but then it may be better this way since going forward I will likely offload more site duties to these professionals.

After serious brainstorming and consideration, I will try to roll out several real-time trading signals of my core trading systems. Some of them are designed to work with Forex while the others are mainly for Emini S&P and NQ. I am also in the process of setting up trading accounts to track these systems with real money.

Main obstacle right now is choosing the right brokerage and platform for the automation. This process is way more tedious than I thought. Some brokerages that are my preferred choices do not support open platforms working on many brokerages. I need to find a middle ground for which I can trust both the financial stability of the firm and also the technology. Anyhow, the  process itself will be worth documenting along the way because these models are also (almost) the same systems I will trade in my fund.

What I hope for is that in a few months time, definitely within this year, I will automate all my trading, including my usual day trading of the Eminis. I have mentioned this before of my intention to go all mechanical one day for various reasons. This means that I will give myself more time in pursuit of other things.

Big changes coming. I will keep everyone posted.

Too Much Going on This Week

woman in depression

Lots of things happened this week disrupting my normal schedule, making it difficult to write on the topics I have prepared. So, instead I will just talk about what has happened this week.

First, my website revamp plan on Daytradingbias.com took a big hit when the site designer chose to quit. I was left with a partially completed new site that still takes a lot more work to complete. Hence I have to scramble to find someone else to take on the task. I may as well scrap the partially done design with a completely new one. We’ll see.

Second, a friend from Germany came to Toronto suddenly looking for my late girlfriend. I did not know how to deliver the news to him. Talking about the past is something that still triggers my suppressed emotions. And that this was happening over the Valentine’s week did not help either.

Third, a good friend of mine was served divorce notice by her husband. It is expected all along but choosing this week to deliver the notice is some statement. Talking about evil intentions, this is a prime example how some people’s integrity can be way below average.

Too many things happening at the same time.

Introducing My New Blog Site

imageHere it is, my blog site with its own domain, is now (kind of) ready.

The domain name, TheLawrenceChan.com, was picked because my name has been taken by someone else many years ago. There was an actual website associated with that, based on research by my team through wayback machine until the owner decided to abandon the domain. Since I have chosen to use the name TheLawrenceChan at LinkedIn, I may as well use it as my domain name.

The older content of my blog will still be hosted at DaytradingBias.com because it was a mix of announcements and my random thoughts. I have assigned the task of moving the blog posts from this year into the new site. This process takes time and those older posts will start to appear on the new site slowly.

Travel Schedule

I will be traveling to Asia with multiple stops starting next week into early next year.

This should not affect my newsletter publishing schedule. My real-time commentaries could be affected but I will still try to keep up with the battleplans.

In order to properly assess the current economic situation in Asia, there is no better way than talking to the people there directly. My point is that if Asian countries are heading for a slowdown, the global economy as a whole will not be doing well either. My goal is to shape my overall investment strategy for the next four to five years based on a well rounded review of what is happening now around the world.

One Good Idea Turns Into Reality. What’s Next?

lightbulbi15Earlier this week I prototype an idea called Emini S&P500 Battleplan as suggested by many premium members. It has been very well received. The idea is to post what I see from my charts instead of just describing it in the real-time commentaries before market open. Although it is still very simplistic so far, feedbacks from my members is telling me that they love the idea and it is very helpful for them. Very glad I took the plunge and just made it happen first without worrying about how difficult or how time consuming it can be.

Emini S&P Daily Battleplan

This experience has taught me two things.

First, I need to test out new ideas without worrying too much. I hesitated to do this for months just because I worried too much – like it would take up too much time and that my charts could be too messy to show people. Now that I took a leap of faith to start the project first and see if it can work out, the obstacles are not as big as I first thought. The key is to actually doing it first so that I learn from the process on what the actual requirements are.

Second, listen to my members is very important. They may not know exactly what they need for their trading but when many of them telling me something similar the pattern emerges. My role is to find a way to fulfill what they need and paying attention to what they are asking for is key to achieve this goal.

Having a chart or two makes it much easier to explain what I have in mind. Yes it is actually difficult to post the charts because some of the charts I use actually reside in remote servers. It took some coding magic to allow me to take screenshot from them and now it is as easy as working with charts on my desktop computer.

There are various drawbacks of posting my morning summary before market open in real-time commentaries. For example, people who login after market open may not be able to see my morning summary once many messages have been added.

Now both issues are resolved with the battleplan idea, I have setup a home page for the battleplan posts so that premium members can refer to them when they study the historical charts themselves. This should be very useful in helping traders to understand and develop the thought process in formulating their own plan before the start of a trading day.

Real-Time Custom Market Breadth Chart

Thank you everyone who emailed me to sign up for the alpha testing of the real-time custom market breadth chart. Once it is ready I will email you all with the access information. We are still working out some technical glitches before the alpha release. I will keep you all posted on the progress.

In the meantime, I will write up several articles explaining what these custom market breadth indices can do.

I have already revised the titles to two of my older articles and included them into the Trading with Tick Index series. The two articles, S&P 500 Tick16 and Tick1K and Its Divergence Signals were written long before I started the series hence I never thought of them being part of the series. Now that I am making the custom breadth indices available to our members, it is a good time to add them to the series so that everyone will get a proper introduction on custom tick indices.

Hopefully the real-time custom market breadth chart will be another good idea turning into reality.