Apr 072010

On Tuesday, April 13 at 4:30PM EST we are doing our first of a series of three live webinars sponsored by MarketDelta. This first video is titled, “Avoiding typical retail trading mistakes / learning to trade like a professional”. This will be followed in the coming weeks by “Identifying low risk high probability trading opportunities via price discovery analysis” and “Managing short term entries and exits via order flow analysis”.

Tuesday will also be the official launch of the Discovery Trading Group blog which will bring about a few minor changes. We didn’t anticipate the response we have been getting pre-launch and as such we have decided we need to limit the detailed free information we give about our trading plan and setups each day. We never intended to post our trading plan and post trading analysis pre-market.  Our original plan was to post after market for traders to study and use as a learning tool to “figure out” the simplicity of what we are doing. We quickly determined that there was a lot of interest in providing the commentaries pre-market.

Posting pre-market puts us in an obvious quandary, so we need to limit the number of traders that know our trading plans. As long as only retail traders see it and they don’t number in the thousands we doubt it will be an issue. The ES is just so liquid in the first hour that it would really take some juice to make a dent. Plus, there are too may variables and even if you know our basic plan there is no way to tell exactly where we will choose to enter and/or how we will process new incoming information, etc. Still, we are taking risks by sharing it so we have to do something to limit it at least until we get our “legs” here with the blog, so to speak.

Though we have no interest in making this a commercial enterprise, we have decided we have to at least charge a nominal amount. We honestly had no idea what to charge because any amount seems trivial to the information shared. How to you value over a hundred years of combined experience giving you everything they have? It is like playing a championship team in the Super Bowl and having their playbook before the game. And I’m not trying to hype our stuff here. Just stating a fact. Like I said it isn’t like we are going to make any real money selling it. Anyway, we wanted to find something cheap enough to demonstrate it isn’t about the money, but yet not so cheap that everyone would want it “just because” so to speak. We really want it to be a learning tool and if we get the sense it is being used otherwise we will have to pull the plug. So PLEASE, be honorable and try to respect that we are really going out on a limb.  Speaking of honor, we ask that only small retail traders subscribe. 5 lots and under please.   As long as we have no issues – like seeing our commentaries posted all over the web or seeing big traders front running our spots, we may open membership to additional traders in the future.

As of the date of the official launch – Tuesday,April 13th, only premium members can access the commentaries and trade analysis when they are posted.  Non-premium members can read the EXACT same content after market hours.  Until April 13, we have decided to keep posting our commentaries pre-market. Again, all the blog posts, regardless of when they are posted, are the same materials we generate every day internally and use to trade directly from them ourselves. It really IS our playbook and we hope everyone will enjoy going over them and comparing to their own views and trades.

Once we do the webinars, EVERYONE will know how we trade and how we develop our levels. There are no secrets as you will see. But the commentary on our daily trading plan lays out where we think the trouble spots are and which levels we wouldn’t trade and/or where we think we will hold or break and/or what fundamentals/other markets are pushing/pulling on the trades, etc. and if you know this, you will have a REALLY good idea what we are likely to be executing. We hope that many of you will come by every day and read the posts, run playback and study the day. We only trade the first half hour or hour at the most every day and only take one or two trades so it should be easy to settle in and learn how we do what we do – regardless of when you get it. But for those who would like to use the info in your live trading, we have the limited premium membership option until we fill it up. I urge you to read all the who, what, where, why, how links in the sidebar, but regarding this issue, please go here for more information:

Why we don’t post ahead of the open

Please visit MarketDelta, who has been kind enough to sponsor the webinar events. We use their software exclusively for our charting and they don’t pay us to say that. The product is the best available for those trading volume and order flow and their service is unparalleled. The blog entry announcing the webinar is here:  MarketDelta blog

If you would like to attend the first webinar you need to visit Gotomeeting.com and register. From what Trevor tells us you should try to register early as there is apparently a lot of interest building for the event. Register here

We also hope that you all will interact with each other and discuss concepts relevant to each day. We would like to see both the pre and post trading posts every day will be discussed amongst yourselves and you will all share ideas as we do – both your pre-market views and post trading successes and failures. This really could be a great learning environment for all. But it will be what you make it. We are not going to do much more than we have already or outside this format as we don’tr have the time. But it would be great if you all took it to the next level and turned it into the spot where the REAL traders discuss real stuff. That would be really something I would enjoy seeing and reading myself. We may pop in from time to time on discussions as well when we have the time.

 Posted by at 10:16 am

  5 Responses to “Webinar Series Announcement”

  1. Sorry to leave this comment here… but I could not comment on the “What charts we trade with” area. I downloaded the footprint chart http://www.charthub.com/images/2010/03/29/ES_6PF_Entry_Footprint_2.png and notice that you have two FPBS’s at the bottom of the chart. When I load the chart it shows the information to be an perfect copy. However, in you sample image the number on the top FPBS are different then on the bottom FPBS. Can you tell me why… is my chart leaving something out? If so what is the difference?


    • I’m not sure why that didn’t save right but here is the deal: The entry footprint has a pane at the bottom that I set to plot invisible then I shrink it down so it is gone from view completely. If you go to edit preferences you will see there are two plots, one called ES and the other called ES150. If not, what you want to do is set the size filter in footprint prefs for 150 lots and higher. So the idea is you have a footprint bar statistics indicator for each chart, one for the whole market and the other for the big traders – 150 lots and higher. If they are plotting the same you just need to make sure that filter is on the second plot. I have heard things can be lost in the chart defs on charthub.com. If you have trouble contact MD support. They will know our chart and can help.

    • I might not have made clear that I don’t want to see the actual footprints for the 150 lots – just the stats. But as you may know, the stats (FPBS) are not where the size filter is employed. You have to put that on in the chart itself so this is the only way to accomplish it without cluttering up the chart with two full visible footprint panes plus a FPBS on each one. Hope that makes sense.

  2. I can not find the place to accept the terms and conditions and there is no button to subscribe as it so says. Please advise.

    • Hi Bubba,

      We’re still in start-up mode and are not opening up subscriptions until after our first Webinar which has been rescheduled for Tuesday, April 27th. Until then, we’ll continue to post our commentaries before the S&P cash market open each morning.


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