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BMT Q&A chat, Dec 7th 7PM EST

  #8 (permalink)

Site Administrator
Manta, Ecuador
 
Trading Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 47,646 since Jun 2009
Thanks: 30,377 given, 89,977 received

12-07-09 6:20 PM - Dusty909 : As far as data providers go, is Zenfire the best? I am still not clear on what to look for in a futures data provider
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12-07-09 6:20 PM - Riverend : I'm struggiling with the idea of using two contracts. would it be possible to post a Atm strategy using 2 contracts where people could change pl and sl at their own discretion
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12-07-09 6:20 PM - Big Mike : @445: There are some templates, I would have to search around for them, but there has been a lot of discussion and worksheets on it.
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12-07-09 6:20 PM - HOBBIT^33^ : tnx
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12-07-09 6:20 PM - sam028 : @445: and prior stuff here: https://futures.io/free_downloads/ninjatrader/indicators/187-download.html?view
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12-07-09 6:20 PM - Big Mike : @Hobbit: I only trade CL, like 90%, and occasionally ES the rest. I have traded many other instruments in the past, but CL suits me best.
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12-07-09 6:19 PM - sam028 : @445: here: https://futures.io/free_downloads/vip_elite_circle/
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12-07-09 6:19 PM - Big Mike : For instance, CL suits my personality! Much more so than ES.
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12-07-09 6:19 PM - Big Mike : @greg: My advice is to look at several instruments, and find one that suits your personality.
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12-07-09 6:18 PM - Big Mike : @greg: Ok, well then really there are many options for you!
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12-07-09 6:18 PM - 445NDO : and also where can i find the link to futures.io (formerly BMT) Envelope Fib Bands and then prior day high/low/pivots
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12-07-09 6:18 PM - 445NDO : Mike for money management do we have any templates that i can download
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12-07-09 6:18 PM - gregid : I've never traded futures so no thoughts yet
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12-07-09 6:18 PM - HOBBIT^33^ : mike do you trade the 6b,6c
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12-07-09 6:18 PM - Big Mike : @greg: And good that you wish to trade 2 contracts, this is a good plan, much better than one contract, and good that you have thought about the risk percentage.
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12-07-09 6:18 PM - Blz17 : @greg: Off the top of my head take a look at 6B, tick value is only $6.25
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12-07-09 6:17 PM - Big Mike : @greg: Most people would recommend ES probably. What are your personal thoughts with ES?
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12-07-09 6:17 PM - gregid : any advice?
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12-07-09 6:17 PM - Big Mike : Who else has questions? It can be on tech support, it can be on money management, trend following, indicators, everything.
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12-07-09 6:16 PM - gregid : I am looking for right instrument for small account 10-15K with the requirement of at least 2 contracts and not risking more than 2% of the account with those 2 contracts
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12-07-09 6:16 PM - Big Mike : For ES, I use Method3
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12-07-09 6:15 PM - Big Mike : there is no Period for futures.io (formerly BMT)Collective, it is non-adjustable
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12-07-09 6:15 PM - Big Mike : @Steve: For CL, I use MA=futures.io (formerly BMT)CollectiveMA, Seq=Method1
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12-07-09 6:15 PM - SteveM : @Mike: Also what are the properties of the Envelope Expansion Fib Bands you use .........
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12-07-09 6:14 PM - Gary : @445: I know many people who simply use a EMA 20 on a 5 minute chart with CL. Jeff Castille has been doing pretty well also and he has posted many details on the All you Need thread. I personally manually draw lines on my entry chart for areas such as prior week/day high/low to look for price to consolidate or bounce.
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12-07-09 6:14 PM - Big Mike : @445: I use only futures.io (formerly BMT) Envelope Fib Bands and then prior day high/low/pivots, that is it, nothing else.
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12-07-09 6:14 PM - sam028 : @dusty: if your profitable with daily charts, just increase your position size, it's the safer/easier way to get more $$
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12-07-09 6:14 PM - Big Mike : @445: I recomend using as few indicators as possible. Like one or two. The more you have, the more difficult you make it on yourself to be successful. It just adds confusion and adds 'excuses' for why something went poorly. Get rid of all that, get rid of the majority of your indicators.
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12-07-09 6:13 PM - HOBBIT^33^ : ok got it
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12-07-09 6:13 PM - Big Mike : @Steve: 5m is my entry chart and the smallest chart I use. I also have a 60m chart up. That's it 99% of the time, but I do use a daily chart sometimes.
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12-07-09 6:13 PM - SteveM : @Mike: Also what are the properties of the Envelope Expansion Fib Bands you use .........
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12-07-09 6:13 PM - 445NDO : i have ninja trader 6.5 and would love to use it real time and take the benifit of some of the hard working team mates who have worked to creat the awsome indicators
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12-07-09 6:13 PM - Big Mike : @Hobbit: It is most definitely a slow period. As would Overnight also be, but, I think it is still better than trying to force automation.
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12-07-09 6:12 PM - Riverend : @ thnx
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12-07-09 6:12 PM - Big Mike : @Riverend: Read my psychology forum post titled "Big Mike's trading advice", but to summarize, it is my belief 5m represents the largest portion of successful traders (trading similar charts).
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12-07-09 6:12 PM - SteveM : @Mike: I meants any other minutes / hour chart ??
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12-07-09 6:12 PM - 445NDO : what chart indicators would you recommend . Presently i am with TOS and definately can say that their technology in charts is really out dated.
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12-07-09 6:11 PM - SteveM : I meants any other minutes / hour chart ??
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12-07-09 6:11 PM - Big Mike : @SteveM: Do you mean colors and such, Method-X- etc?
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12-07-09 6:11 PM - Gary : @445, I prefer range charts with CL, I use 6R for entry, and then use larger variables of 6 for detecting chop/range bound and areas of support/resistance.
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12-07-09 6:11 PM - Dusty909 : @mike: i am profitable trading the daily charts but would like to increase compounding by a higher trade frequency at a lower timeframe. what markets would you suggest for overnight trading?
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12-07-09 6:11 PM - SteveM : @Mike: Only 5 minutes or anything else to support it ??
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12-07-09 6:10 PM - HOBBIT^33^ : mike why did you say trade on lunch, i thought that was the slow period
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12-07-09 6:10 PM - Big Mike : @445: I also only use one or two indicators. You can find my current setup in the Psychology forum where I am posting actively these days.
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12-07-09 6:10 PM - Riverend : @ Mike Why 5 min
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12-07-09 6:10 PM - Big Mike : @445ndo: I've traded tick, volume, and range charts in the past, but and moved on to exclusively using a 5m.
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12-07-09 6:09 PM - Big Mike : @445ndo: Personally, I only trade a 5m chart.
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12-07-09 6:09 PM - Big Mike : @dusty: However, I advise against it. I think it is better to trade "on lunch" or overnight session than do try automation first to be successful.
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12-07-09 6:08 PM - Big Mike : @dusty: I understand, that is a common reason for automation.
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12-07-09 6:08 PM - Big Mike : @gregid: Yes, he is a unique trader with a lot of very advanced math skills. If 95% of traders lose money, and 5% win, I think sefstrat is even in the less than 1% percentile of those.
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12-07-09 6:08 PM - evroom1 : tx I will find it
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12-07-09 6:07 PM - Big Mike : @evroom: Once this is met, it is all about psychology. I have a long discussion on it in the Psychology forum, I encourage you to participate.
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12-07-09 6:07 PM - SteveM : @Mike What are your Envelope properties of the indicator ..... Please
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12-07-09 6:07 PM - 445NDO : Mike i trade the following : 1) /CL 2) /GC 3) /ES 4) /YM .. I am looking to understand what is the best chart indicators and the timeframe that can help in trading profitably.
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12-07-09 6:07 PM - Big Mike : @evroom: If you are trading an account too small, there is no way to overcome this. You are better to continue working a day job and add money to your account first.
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12-07-09 6:07 PM - evroom1 : done but in the begging had some big losses
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12-07-09 6:07 PM - Dusty909 : @bigmike: i guess my main reason is that I work at a full time job besides, so I would be happy with less than perfect performance as long as it is profitable
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12-07-09 6:07 PM - gregid : @dusty, @Mike I am not going speak for sefstrat but it seems like he is successful with his autmated strategy
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12-07-09 6:06 PM - Big Mike : @evroom1: First, your account needs to be properly funded.
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12-07-09 6:06 PM - Big Mike : @dusty: examine the reasons you want to automate and see if there is another way to achieve those objectives.
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12-07-09 6:06 PM - evroom1 : TX what is your recommendation on how to get over the fear of pulling the trigger
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12-07-09 6:06 PM - Big Mike : @dusty: I tried and tried, and no. Discretion is required in my opinion.
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12-07-09 6:05 PM - Dusty909 : ie. computer places/exits all positions
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12-07-09 6:05 PM - Dusty909 : Is anyone having success with a 100% automated daytrading strategy?
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12-07-09 6:05 PM - SteveM : You go ahead MIke
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12-07-09 6:05 PM - Big Mike : We will be cataloging these questions and answers into a thread for future reference, at the end of the session.
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12-07-09 6:04 PM - Big Mike : Ok everyone, so feel free to begin asking questions
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12-07-09 6:04 PM - 445NDO : well mike i guess you can start and open the session...
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12-07-09 6:04 PM - ntsst3 : checking to see if my chat froze
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12-07-09 6:03 PM - evroom1 : hello
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12-07-09 6:03 PM - Big Mike : Yes, also I know a lot of people have technical questions and we can try to answer them.
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12-07-09 6:03 PM - Pepperdog : Hello
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12-07-09 6:03 PM - Gary : So, one idea I was thinking was something similar to one person discussing their particular setup. Another idea, would be time for general Q&A, or specific subjects like a particular indicator, etc
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12-07-09 6:03 PM - TonyA : hello
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12-07-09 6:02 PM - Big Mike : Ok, so does anyone have any questions on how to use Chat, before we begin?
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12-07-09 6:02 PM - HOBBIT^33^ : sorry mike
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12-07-09 6:02 PM - Gary : Good evening all. I think the purpose of this initial Q&A session should be to determine what everyone is looking for in future events similar to this, and then to figure out how to best present/software wise so it works best for everyone.
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12-07-09 6:02 PM - HOBBIT^33^ : Big Mike Trading Forum - futures.io (formerly BMT) Chatbox
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12-07-09 6:01 PM - Dusty909 : hi
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12-07-09 6:01 PM - 445NDO :
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12-07-09 6:01 PM - Blz17 : hi
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12-07-09 6:01 PM - Big Mike : Hi guys
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12-07-09 6:00 PM - cbratton : Hello
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12-07-09 6:00 PM - sam028 : ping
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12-07-09 6:00 PM - nanobiotech : Hello
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12-07-09 6:00 PM - 445NDO : Hello everyone
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12-07-09 6:00 PM - HOBBIT^33^ : Hello
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12-07-09 6:00 PM - Big Mike : Also please take note the Chatbox is not perfect. If you feel it is not updating/refreshing properly, please reload the entire page.
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12-07-09 5:59 PM - Big Mike : If you would, please say "Hello" if you are here so we can get an idea.
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12-07-09 5:59 PM - Big Mike : I would like to get an idea of how many will be participating this evening, as this is our first session.
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12-07-09 5:59 PM - Big Mike : Good evening everyone. First, let me welcome you and thank you for coming.
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12-07-09 5:58 PM - Tman : good evening Big Mike and good evening everyone, looking forward to this
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12-07-09 5:57 PM - Tman : good evening Big Mike, good evening everyone, looking forward to this
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12-07-09 5:46 PM - Big Mike : ATTENTION: If you are an Unregistered Guest, you will not be able to ask questions. Please click 'Register' to create an account so you can participate.
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12-07-09 5:44 PM - SteveM : This is better. Thanks again Mike
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12-07-09 5:39 PM - Dusty909 : much better, thanks mike
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12-07-09 5:39 PM - Big Mike : I have temporarily increased the size of the chatbox on the main page. You can refresh the page, or if you want a full screen view click on the chatbox link on top right of navbar.
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12-07-09 5:34 PM - SteveM : Thanks Mike
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12-07-09 5:33 PM - Big Mike : Good evening everyone! The Q&A will begin at 7pm EST, which is about 30 minutes from now.

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

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