BMT Q&A Session Dec 17th 3PM EST | Feedback and Announcements


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BMT Q&A Session Dec 17th 3PM EST

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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, 89,969 received

Here is the archived chat log from the Thr 12/17/2009 session.

Entries are in reverse order and should be read BOTTOM TO TOP.

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MGC Chatbox EVO DUMP - General channel archives
Big Mike Trading Forum;https://futures.io
December 17th, 2009 03:02 PM
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12-17-09 3:01 PM - Solar1TraderUK : thanks
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12-17-09 3:01 PM - websouth :
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12-17-09 3:00 PM - Big Mike :
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12-17-09 3:00 PM - papa14 : c u all
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12-17-09 3:00 PM - Big Mike : Thank you everyone for the chat, and I look forward to talking to you on the forum and during our next Q&A in January.
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12-17-09 3:00 PM - jinhar : @BM Great job sir ... really appreciate all ur hard work
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12-17-09 3:00 PM - rajafx1 : thanks
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12-17-09 3:00 PM - Big Mike : With your help and the hard work of our Forum Leaders and Moderators, we'll continue growing!
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12-17-09 3:00 PM - nw123 : @BM Thanks!
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12-17-09 2:59 PM - Big Mike : futures.io (formerly BMT) is only six months old and has nearly 2,500 members so far.
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12-17-09 2:59 PM - tc12357 : @Big Mike Thank you!
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12-17-09 2:59 PM - trding4u : real thanks for all and ur open heart for others
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12-17-09 2:59 PM - jharthun : ok, thanks
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12-17-09 2:59 PM - papa14 : @BM, this is by far the best trading site on the web
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12-17-09 2:59 PM - Solar1TraderUK : Thanks for the chat
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12-17-09 2:59 PM - Big Mike : @jharthun: Create a thread, too much to go into here, but can probably be avoided.
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12-17-09 2:58 PM - Big Mike : I hope everyone is enjoying futures.io (formerly BMT) and is actively participating in the forums, helping others, etc. I hope you also recommend fellow traders and friends to join.
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12-17-09 2:58 PM - cclsys : thxs for the chat session.
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12-17-09 2:58 PM - jharthun : It's the same pop-up when your browser crashes. ... encountered an error ... must close ...
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12-17-09 2:58 PM - jinhar : @BM Thanks for all the help
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12-17-09 2:58 PM - Big Mike : The next Q&A session will be after the New Year.
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12-17-09 2:57 PM - trding4u : 1 think we need to learn more from you is about when u quit from a trade to take small loose or when not to take it at all
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12-17-09 2:57 PM - jinhar : @Sam i dont use much indicators so it doesnt matter i just need charts and a stable platform
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12-17-09 2:57 PM - Big Mike : @jharthun: Specifically what 'crashes' ? Hard lock/unresponsive, error message, etc?
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12-17-09 2:57 PM - jinhar : @Sam028 i agree just multicharts has some better options for my need Like workspace tabs and all other small features !!
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12-17-09 2:57 PM - jharthun : My NT crashes a lot when I edit a script. Does anyone know if this could be caused by having too many indicators loaded?
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12-17-09 2:56 PM - Solar1TraderUK : @BM thank you for that,, yeaa automated - i dont want to waste years trying to and giving up
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12-17-09 2:56 PM - Big Mike : -- Any last questions? --
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12-17-09 2:55 PM - Big Mike : @solar: NT in my opinion, but in general I encourage everyone to stay away from automation. Take it from me, the super techie super programmer who tried to automate my way to profitability, it was a huge failure and waste of time and resources.
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12-17-09 2:55 PM - sam028 : @jinhar: NT is more powerful, imho
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12-17-09 2:55 PM - trding4u : yea latest weeks its not but before big time
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12-17-09 2:54 PM - Big Mike : ZigZag and Swing are both useful, but you should be able to replace them with your own mind and spot these high/low areas on your own chart, and do so much faster than the lag incurred from ZigZag or Swing
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12-17-09 2:54 PM - Solar1TraderUK : @BM or anyone, what would be better for automated systems,, MT or NT?
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12-17-09 2:54 PM - jinhar : @Solar i use Multicharts i am no programmer but multicharts work great for me
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12-17-09 2:54 PM - cclsys : "runing" : sounds a little Celtic to me...
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12-17-09 2:54 PM - Solar1TraderUK : Thankyou..
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12-17-09 2:53 PM - trding4u : so u like to short at reis. not to wait in mid. run to get in like i use to use zigzag wait for 2nd run when the runing
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12-17-09 2:53 PM - Big Mike : @solar: NT7 is a big dissapointment in my opinion. I am looking towards MultiCharts 7 personally to replace my charting platform. But still, Ninja is the best as for development (C#)
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12-17-09 2:53 PM - sam028 : @Solar: MT4 is as good as NT6.5, not better not worse
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12-17-09 2:53 PM - Big Mike : @solar: I hate and love Ninja equally. I say why change if you are happy with MT4. For me, as a programmer, I love Ninja because I can make it do whatever I want.
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12-17-09 2:52 PM - jinhar : @BM try cqg if u are not stuck on ninja as ur order platform i use it beautiful platform
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12-17-09 2:52 PM - Big Mike : @jinhar: I will look into it to make sure I am getting a competitive price. But I don't want TT, they filter tick data.
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12-17-09 2:51 PM - Solar1TraderUK : with the release of MT5 and NT7 ,, not sure what to get used to?
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12-17-09 2:51 PM - Big Mike : @jharthun: I have tried all kinds of gap trades and fading, ORB's, etc. They all seem fine to me, I think any of them can be great. The entry/signal/trigger/chart is not what determines success. It's all about money management and psychology, how you react to losses or a bad day, what your strenghts and weaknesses are, etc.
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12-17-09 2:51 PM - jinhar : @nw You are welcome
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12-17-09 2:51 PM - tigerman : Ninja is as good as any
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12-17-09 2:51 PM - rajafx1 : anybody here wants to give one to one training for emini trading
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12-17-09 2:50 PM - nw123 : thanks jinhar and BM
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12-17-09 2:50 PM - Solar1TraderUK : @BM or anyone - I use MT4 for my charting and have done for afew years.. Thinking of moving to Ninja, would this be a good option? Heard quite afew horror stories about Ninja and am reluctant to try it. But alot of futures brokers are partnered with ninja.
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12-17-09 2:50 PM - jinhar : @BM tried Velocity? They charge 4.5$ for ninja with Tt
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12-17-09 2:50 PM - Big Mike : @nw: NT 7 uses all cores for backtesting, yes. Much faster than NT 6.5
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12-17-09 2:50 PM - sam028 : @nw123: the multicore on NT7 is not perfect at all, afaik
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12-17-09 2:49 PM - Big Mike : oh, I thought you couldn't do it simultaneously. Never tried I guess
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12-17-09 2:49 PM - trding4u : i pay like 3.80 rt
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12-17-09 2:49 PM - jharthun : @Big Mike I watch a webinar by brooks (I think) about trading gaps. Looked like a good idea. What do you think about gap trades?
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12-17-09 2:49 PM - tc12357 : @sam, do you mean the price are very different than actual?
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12-17-09 2:49 PM - Big Mike : @nw123: yes, NT 6.5 and NT7 can be run on the same machine, but not simultaneously.
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12-17-09 2:48 PM - websouth : sam
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12-17-09 2:48 PM - jinhar : @Nw .. yes they both can run at a same time .. regarding backtest i dont have any clues ...
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12-17-09 2:48 PM - Big Mike : @websouth: Commissions are always very important. Trading is not a zero sum game afterall. With Amp, I believe I pay something like $7.50 r/t. Much higher than with ES. IB was cheaper than Amp for CL, but I just can't stand IB, so it's a trade off.
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12-17-09 2:48 PM - sam028 : @tc12357: not very reliable
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12-17-09 2:47 PM - tc12357 : How accurate is the replay in NT6.5 for backtest? I have seen forum posts saying the replay is different than actual. Not sure whether it is true.
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12-17-09 2:47 PM - nw123 : Can Ninjatrader 6.5 and beta 7 run at the same time? Also can beta 7 run backtest on multi-core?
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12-17-09 2:47 PM - Big Mike : @jharthun: I was studying inside bars as I was reading Brooks, but haven't found a clear way to utilize them in my setups.
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12-17-09 2:46 PM - Big Mike : -- 15m left on this Q&A, please ask away! --
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12-17-09 2:46 PM - websouth : are broker fees in CL something you need to consider? (another reason to focus on less but quality trades)
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12-17-09 2:46 PM - Solar1TraderUK : @BM thanks
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12-17-09 2:46 PM - jharthun : Does anyone use NR7 or inside bars? How do you use them?
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12-17-09 2:45 PM - Big Mike : I don't trade TF but see no reason why, for me, a 5m/60m setup would change.
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12-17-09 2:45 PM - Big Mike : @solar: 5m is all you need to know the trend for "now" and not trade against it. More times than not, as long as you don't trade against trend, you will be fine. But then I add the 60m to identify major trendlines so I don't take a position straight into a major resistance area.
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12-17-09 2:44 PM - kashman : sorry in advance... if this is not a pertinent forum to ask
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12-17-09 2:44 PM - Big Mike : I only take 2, 3 or 4 trades a day, each trade target is usually about 20-40 ticks averaged out. Whereas many traders that are struggling take 20 trades a day, all kinds of longs and shorts mixed in, with small 8 tick targets. There is a big difference here, and in the end, you have to find what works for you. Not what you think SHOULD work, but what really does work.
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12-17-09 2:43 PM - kashman : Anyone using new version of GomVolumeLader? If yes can someone let us know what the numbers above and below the candles are? they don't match up with the deltas....
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12-17-09 2:43 PM - Solar1TraderUK : @BM thanks,, and to identify trend, would one use the 5min chart or larger TF like 60min?
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12-17-09 2:43 PM - trding4u : what i see also on 5 min. if breaks up the bar first 30 sec. after close after a run that wroks well
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12-17-09 2:43 PM - traderandreas : i have found the only thing that has worked for me is time based charts
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12-17-09 2:43 PM - Big Mike : But, in general, I feel people move to range charts or smaller charts because they got hurt on bigger time frames. They want to minimize pain. A smaller chart is not the right way to handle that.
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12-17-09 2:42 PM - Big Mike : In the end, if you can make your daily nut with range charts, then fine! Whatever works for you is all that matters.
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12-17-09 2:42 PM - Big Mike : They say range charts are so "smooth".
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12-17-09 2:42 PM - Big Mike : Many traders say 5m charts are too big a risk. Huge wicks and tails. Not true I say.
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12-17-09 2:41 PM - Big Mike : @solar: The 20 EMA is magic on a 5m chart. Using it on smaller charts or range charts doesn't do it justice. Why? Because you're driving on a dirt road while everyone else is on the highway. You want to be on the highway too.
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12-17-09 2:40 PM - Big Mike : @david: my advice, delete anything fancy. delete Zero Lag stuff, delete non-standard stuff (I don't want to name anything and hurt peoples feelings). Keep simple stuff, EMA 20, Pivots.
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12-17-09 2:40 PM - jinhar : @Bm do you think reducing number of instruments to just Cl will help me go for more bigger target ? at this moment i trade 4-5 instruments on daily basis
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12-17-09 2:40 PM - traderandreas : Just look at the candles avoid wicky candles
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12-17-09 2:40 PM - Big Mike : @david: great question, on how to know which indicators to keep
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12-17-09 2:40 PM - Solar1TraderUK : @BM thanks,, what timeframe would u use to identify trend with the 20ema?
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12-17-09 2:39 PM - rajafx1 : ok
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12-17-09 2:39 PM - traderandreas : that is from 6pm Australia time
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12-17-09 2:39 PM - traderandreas : @rajafx1 I trade the London market times
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12-17-09 2:39 PM - Big Mike : @solar: too many people say "oh, but when it reverses you miss a 50 tick move as it crosses above the MA". so what. I don't care if I miss a 1,000 tick move and neither should you. Only care about what you catch!
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12-17-09 2:38 PM - traderandreas : I think candles that have short or no wicks tells me more about market sentiment
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12-17-09 2:38 PM - rajafx1 : @trendandareas,,, let me know what specific times you trade
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12-17-09 2:38 PM - Big Mike : @solar: I identify trend using a EMA 20, or more recently my CollectiveMA which is just a combination of popular MA's all rolled up in one. If price is below the MA and the MA is moving lower, trend is down. Very simple stuff.
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12-17-09 2:38 PM - cclsys : @BM. Very good point and that might be the nub of results not being up to what I expect.
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12-17-09 2:37 PM - rajafx1 : that means u r talking about high & low not open & close
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12-17-09 2:37 PM - Solar1TraderUK : @Jinhar,, haha yeaa me and my countrend trades.. i cant seem to ditch em
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12-17-09 2:37 PM - Big Mike : @cclsys: To me I don't see how you can be successful with both a CT and with trend strategy concurrently, they are not in agreement, and will present too many conflciting signals.
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12-17-09 2:37 PM - David_R : Mike, how do you decide which indicators to keep and which to get rid of
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12-17-09 2:37 PM - traderandreas : i use 2min
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12-17-09 2:37 PM - traderandreas : I like candles with out wicks
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12-17-09 2:37 PM - trding4u : but if trend breaks up ur resis. is u can do a long on that?
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12-17-09 2:37 PM - rajafx1 : @trendansareas: ok,,, what time frame u use
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12-17-09 2:37 PM - Big Mike : Do yourself a favor, delete 90% of your indicators, keep it very simple, you will trade much better.
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12-17-09 2:37 PM - traderandreas : *more
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