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The Importance of Patience and Persistence
Overcoming these challenges in TradingView requires a significant investment of time, effort, and patience. The “Ctrl Z,” “Ctrl C,” and “Ctrl V” keys become invaluable tools for navigating the repetitive process of coding and refining strategies. Persistence and a willingness to learn from mistakes are essential qualities for traders looking to succeed in this endeavour.

Skate.
 
Constraints of a platform like TradingView
Programming a trading strategy within the constraints of a platform like TradingView can be daunting, even for experienced traders. The limitations of the free version, the difficulty of translating thoughts into code, debugging challenges, and the need for customisation all contribute to the obstacles faced by traders. However, with dedication, patience, and a willingness to learn, traders can overcome these hurdles and develop robust trading systems that help them achieve their goals.

Skate.
 
In Summary
While TradingView offers powerful tools for developing trading strategies, mastering them has been challenging for me. Managing loops, adapting to new syntax, debugging, and dealing with performance limitations have required a persistent approach. With time and practice, I believe anyone can turn their trading ideas into effective strategies that enhance their trading experience.

I’m Glad I’ve Got This Off My Chest
Explaining what I’ve had to go through to get to this point has been liberating. Now, it’s the perfect time to hop off my soapbox.


Skate.
 
Just when I thought I had nothing more to say…
Jerry Maguire’s passionate cry, “Show me the money!” embodies the drive for tangible results. Similarly, @Richard Dale persistent comment, “Show me the code!” captures the essence of what fuels developers and tech enthusiasts. Both phrases highlight the passion for seeing real, concrete outcomes, whether it’s financial success or functional code. The YouTube video is 1 minute and 23 seconds long.



Skate.
 
Last edited:
No formal education in coding
Maybe not having formal coding experience is a plus for me. Without traditional training, I’m free to think about trading in new and creative ways. This gives me the advantage of developing unique strategies (to me at least) that might not occur to someone with a conventional coding background.

Skate.
 
Skate said:
Why Mention This?
It’s similar to my “Signal Generator,” but today, I want to focus on explaining a “Breakout Strategy,” a favourite of mine. This style of trading has been very kind to me over the years.
Click to expand...

Detailed Overview
I started the day intending to explain my “10-Position Breakout Strategy,” but I got sidetracked and ended up posting what was on my mind at the time. Since I’ve posted enough today, I’ll save my thoughts on "breakout trading" for another day. When I do post about this strategy, I’ll explain some of the actual parameters to give a working overview of a simple trading idea. It took some effort to translate my initial idea into TradingView code, making adjustments along the way. Posting weekly updates on this trading strategy will help determine if it has potential and ensure it can handle various trading environments.

Robust Design
The “10-Position Enhanced Breakout Strategy” is, in my opinion, robust and designed to help traders identify and capitalise on bullish trends while exiting quickly when sentiment turns negative. As I mentioned, I’ll leave this series of posts for another day to avoid overwhelming the thread. Posting too much at once can discourage people from keeping up with what I have to say.

Skate.
 
My Trading code is in my head for now, I manually read charts and trade.

I think when you start using automated systems it overcomplicates things for beginners and it's more suited to intermediate traders.

I've been an avid believer during my entire life that understanding the fundamentals of whatever you want to master is the most important part of the building blocks. If you try to skip this part it shows up in your end results when you start to run into new problems.
 

The Signal Generator Trading System
This hypothetical trading exercise focuses on trading 10 large ASX companies, chosen from a watchlist of 20. Daily buy and sell signals are generated from the 1st of June 2024.

Portfolio Allocation
The Signal Generator Portfolio is diversified across 10 holdings, with each position allocated $10,000, capping the total portfolio value at $100,000. This ongoing exercise aims to provide a clear assessment of the relative performance of this trading strategy.

The system has only two rules
(1) Buy the next day after a "Lime Dot" and
(2) Sell the next day after a "Fuchsia Dot" - what could be simpler?












Skate.
 
Captain_Chaza said:
Please Explain?
Click to expand...

@Captain_Chaza, could you please specify which part of my post you would like me to explain further? This will help me provide a more detailed and helpful response. (It’s footy night tonight, so my responses might be delayed)

Additionally, here are some tips to keep in mind when posting:
1. One-liners leave everyone guessing.
2. Cryptic posts are just as bad, as one-liners.
3. Consider adding value to the discussion.
4. When expressing an alternative view, focus on the issues, not the person.
5. Don’t be repetitive or ask questions that can be answered with a simple “yes” or “no.”
6. Take the time to provide context and explain why you don’t understand something.
7. Avoid following patterns of behaviour that don’t contribute to the conversation, such as demanding evidence from others without offering any in return.

Remember
The goal of this thread is to have a productive and respectful discussion. By asking thoughtful questions, you can help make that happen.

Skate.
 
I am shocked to see you have only ONE holding WBC
What happened to the rest this week?

Is it possible for you to give us more detail
eg The 9 Charts that you culled this week?

I apologive but my attention to detail is Legendary!
 
Captain_Chaza said:
I am shocked to see you have only ONE holding WBC
What happened to the rest this week?

Is it possible for you to give us more detail
eg The 9 Charts that you culled this week?

I apologive but my attention to detail is Legendary!
Click to expand...

Here are the positions sold this week under the “Signal Generator Strategy”:
  • 26-Jul-2024: NAB.AX, TLS.AX, WES.AX
  • 25-Jul-2024: CSL.AX, WOW.AX, CBA.AX
  • 24-Jul-2024: MQG.AX
  • 23-Jul-2024: STO.AX, TLS.AX, WBC.AX
  • 22-Jul-2024: ANZ.AX, FMG.AX
Skate.
 
@TimeISmoney , I 100% agree with this, you must have been a kid like me always asking 'WHY'. It drove others crazy.
 
Skate said:
Here are the positions sold this week under the “Signal Generator Strategy”:
  • 26-Jul-2024: NAB.AX, TLS.AX, WES.AX
  • 25-Jul-2024: CSL.AX, WOW.AX, CBA.AX
  • 24-Jul-2024: MQG.AX
  • 23-Jul-2024: STO.AX, TLS.AX, WBC.AX
  • 22-Jul-2024: ANZ.AX, FMG.AX
Skate.
Click to expand...
All on the OPEN the Next Day I assume or the Day Before??
 
Captain_Chaza said:
All on the OPEN the Next Day I assume or the Day Before?? All positions are placed in the pre-auction to snag the opening price on the very next day after the lime dot (the signal bar)
Click to expand...

@Captain_Chaza, I’ve explained my approach to moving in and out of the market many times before.

# All positions are placed in the pre-auction to snag the opening price on the very next day after the lime dot (the signal bar).

The system has only two rules (What could be simpler?)
1. Buy the next day after a “Lime Dot”
2. Sell the next day after a “Fuchsia Dot”

How the Signal Generator Strategy Works
The rationale for the four dots is that it allows for both anticipatory and confirmatory signals. Using just two colours (green and red) for buy and sell signals might seem logical, but it lacks the necessary lead time for traders to prepare their positions.

1. Lime Dot (Signal Dot)
This serves as the leading indicator, providing advance notice of the upcoming buy signal.

2. Green Dot (Buy Dot)
When the lime dot appears, traders know the green buy signal is coming the next trading day, allowing them to execute their purchase in the pre-auction.

3. Fuchsia Dot (Exit Signal Dot)
Similar to the lime and green dots, the fuchsia dot gives traders a heads-up when to exit a position in the pre-auction to ensure settlement at the opening price.

4. Red Dot (Sell Dot)
This is the final sell signal, confirming that traders should exit their positions on this bar.

Positions Sold This Week Under the “Signal Generator Strategy”
Here are the positions sold this week:

26-Jul-2024: NAB.AX, TLS.AX, WES.AX
25-Jul-2024: CSL.AX, WOW.AX, CBA.AX
24-Jul-2024: MQG.AX
23-Jul-2024: STO.AX, TLS.AX, WBC.AX
22-Jul-2024: ANZ.AX, FMG.AX

Charts
Below are the charts displaying the signal for Monday, July 26, 2024. While I won’t upload all the other charts, rest assured they all follow the same format. The top half of the screen capture features a “Price Chart” with the displayed signals, while the lower half shows the coloured dots that are easy to follow, as described above.

1. NAB.AX,
2. TLS.AX,
3. WES.AX

# 1. NAB




#2. TLS




#3. WES



Skate.
 

@TimeISmoney, thank you for sharing your approach and insights! Understanding the fundamentals is crucial for mastering any skill, including trading. It’s great to hear that you’ve succeeded with manual chart reading and trading.

As this thread is all about sharing ideas and helpful comments from our own experiences to assist others, your perspective is incredibly valuable. The whole reason for this trading thread for beginners is to learn from each other’s journeys.

While systems trading can seem overwhelming for beginners, it can also offer valuable learning opportunities by identifying patterns and trends that might be missed manually. It can save time once you have a solid grasp of the basics.

Ultimately, trading is about finding the right balance and approach that works best for each individual. It’s all about personal preference and learning style. The beauty of trading is that everyone can find their own path.

Skate.
 

This hypothetical trading exercise is designed to trade 10 large ASX companies, selected from a watchlist of 10. The strategy commenced on the 1st of June 2024.

No matter how smart we are or how hard we work, we will inevitably be hit by unforeseen news, circumstances, and developments that we cannot prevent.









Skate.
 
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