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: 47,643 since Jun 2009
Thanks: 30,377 given, 89,955 received

12-17-09 2:16 PM - cclsys : PS I mean weekly target is less than 5* dailies.
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12-17-09 2:16 PM - Big Mike : @jinhar: the real question is how does your average winning day compare to your average losing day?
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12-17-09 2:16 PM - jinhar : @solar .. hey !! Hw are u buddy ?
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12-17-09 2:16 PM - cclsys : @jinhar: one technique is to have a weekly target that is less than daily. If you exceed weekly that becomes 'extra money' to risk when going for more on certain days.
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12-17-09 2:16 PM - Big Mike : @jinhar: excellent question, the answer is not so easy
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12-17-09 2:15 PM - Solar1TraderUK : @ Jinhar - Welcome
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12-17-09 2:15 PM - Big Mike : The idea of the Skype group came from this thread (read it later and join later)
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12-17-09 2:15 PM - Solar1TraderUK : @BM yea have been playing gold alot too..
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12-17-09 2:15 PM - cclsys : I didn't know about them.
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12-17-09 2:15 PM - jinhar : @BM i have my daily target of 30ticks on Oil .. so shd i stop after gettin 30 tick target or should i continue trading .. after getting 30ticks .. i trade on sim and i am average arnd 50-80 more ticks each day after my initial 30 ticks ..But somehow i cant seem to trade more live . any suggestions?
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12-17-09 2:14 PM - papa14 : me...in CL
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12-17-09 2:14 PM - Big Mike : How many here are in one of the futures.io (formerly BMT) Skype trading groups?
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12-17-09 2:13 PM - Big Mike : I set my stop high because I feel you must do this in order to stay in a good trade with CL. It is much more volatile than ES. I only want to get stopped when I am wrong.
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12-17-09 2:13 PM - papa14 : @BM, very impressive.....good to know....
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12-17-09 2:13 PM - Big Mike : So even though my initial stop is 24 ticks, my average losing trade is only 12 ticks.
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12-17-09 2:12 PM - cclsys : @Solar: gold has been moving alot recently!
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12-17-09 2:12 PM - Big Mike : @papa14: I ran a NT trading report this afternoon for the trades I called in Skype group in the last week. 17 trades, 65% winners, WL dollar ratio 1:1, up about 120 ticks on CL.
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12-17-09 2:12 PM - Solar1TraderUK : everything else seems slow after youve traded oil
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12-17-09 2:12 PM - cclsys : @BM: makes sense. I am still doing it more on gut from volume. Iffy.
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12-17-09 2:12 PM - Solar1TraderUK : @BM cool, yes i have been addicted to oil lately,, some great moves..
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12-17-09 2:11 PM - Big Mike : @cclsys: I use the bands Yes, I like them a lot. If price comes right up to a band then reverses, I feel it was a stop hunt and I keep the trade on. If it plows through a band, I look to get out.
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12-17-09 2:10 PM - Big Mike : @Solar: I trade CL. I used to trade stocks, and use to trade ES for a very long time. But I've been trading CL almost exclusively for about 5 months.
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12-17-09 2:10 PM - papa14 : @Mike, ah that is the skill I have not mastered....must determine how to do that...keeping losers small keeps money in my pocket
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12-17-09 2:10 PM - cclsys : @BM: do you know how you feel if it's a stop hunt or not?
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12-17-09 2:10 PM - Big Mike : @papa: Because I often take traders near the midline, sometimes the trend is just going to change and stop me out, in which case I sometimes quickly reverse.
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12-17-09 2:09 PM - Big Mike : @papa, if I feel it isn't a stop hunt, then I look to get out. I either exit immediately or I start moving my stop inward (less risk) any opportunity I get, and reduce it down until it gets hit, usually around 10-12 ticks instead of a full stop of 24-26 ticks
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12-17-09 2:09 PM - Big Mike : @papa: ok thx --- if price isn't doing as planned, then I look to see is this a "stop hunt"?
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12-17-09 2:09 PM - Solar1TraderUK : @Big Mike - Sorry im new here, what markets do you trade? To be honest i have a dabble at everyting, from stocks to futures, FX, commodities
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12-17-09 2:08 PM - Big Mike : @papa, for me when I am in a trade, I just look to my chart to tell me what to do. Is price behaving like I had planned?
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12-17-09 2:08 PM - papa14 : @mike, yes cutting the losers
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12-17-09 2:08 PM - Big Mike : @papa, do you mean cut losers off or do you mean I am cutting my winners off too quickly?
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12-17-09 2:07 PM - papa14 : @Big Mike I have watched you over the last few days cut trades short (especially early in the day ) what factors do you consider when deciding to cut it short versus "giving it room to work"
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12-17-09 2:07 PM - Big Mike : Questions on Indicators? Questions on Platforms?
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12-17-09 2:06 PM - nw123 : I see,thanks mike and cclsys
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12-17-09 2:06 PM - Big Mike : @nw: the first is usually about 12-20 ticks on CL, and the 2nd about 30-50 ticks.
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12-17-09 2:06 PM - Big Mike : @nw123: personally I use the Fib Bands to set my targets, so I do use a dynamic target for my 1st and 2nd target with each entry.
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12-17-09 2:06 PM - cclsys : @nw: personally I don't but I like the approach. Don't have the ability to calculate it easily right now
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12-17-09 2:05 PM - Big Mike : @websouth personally I have a max stop of 24 to 26 ticks, but I adjust it per price action and per the Fib Bands on my chart, I rarely take a full stop
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12-17-09 2:05 PM - nw123 : Do you use ATR to determine profit targets and stops?
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12-17-09 2:04 PM - cclsys : I use hard stops for money management
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12-17-09 2:04 PM - websouth : who uses hard stops and what are you using...atr? why?
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12-17-09 2:04 PM - tc12357 : hello
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12-17-09 2:03 PM - Big Mike : Indicators, Trading Platforms, Psychology and Money Management, all open for discussion.
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12-17-09 2:03 PM - Solar1TraderUK : Hello from UK
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12-17-09 2:03 PM - Big Mike : The floor is open, feel free to start asking questions!
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12-17-09 2:02 PM - Big Mike : Hi everyone!
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12-17-09 2:02 PM - Big Mike : Our intention is to hold these Q&A's on a regular basis so we can help fellow traders!
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12-17-09 2:02 PM - Gary :
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12-17-09 2:02 PM - Big Mike : Last time we had quite a few participants. We changed day and time to try to reach a different audience, and our next session will again be at a different date/time to try to reach even more.
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12-17-09 2:01 PM - nw123 : Hello
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12-17-09 2:01 PM - cclsys : hello
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12-17-09 2:01 PM - suchen : hello!
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12-17-09 2:01 PM - Solar1TraderUK : hello
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12-17-09 2:01 PM - websouth : hello
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12-17-09 2:01 PM - papa14 : hello to all
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12-17-09 2:00 PM - Big Mike : To get us going, please say Hello if you are here for the Q&A
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12-17-09 1:59 PM - Big Mike : At the end of the session, I will copy/paste all the text from the Q&A into a thread for later viewing and archiving.
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12-17-09 1:59 PM - websouth :
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12-17-09 1:59 PM - Big Mike : You can ask any questions related to trading, we will try to answer a variety of questions across all topics.
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12-17-09 1:59 PM - Big Mike : Good afternoon everyone and welcome to the second Questions & Answers session
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