NexusFi: Find Your Edge


Home Menu

 





Account been approved! Going to have my first day of tradingthis week LA


Discussion in Traders Hideout

Updated
      Top Posters
    1. looks_one budfox with 47 posts (10 thanks)
    2. looks_two Big Mike with 15 posts (23 thanks)
    3. looks_3 PandaWarrior with 13 posts (42 thanks)
    4. looks_4 TheDude with 12 posts (8 thanks)
      Best Posters
    1. looks_one tigertrader with 7.4 thanks per post
    2. looks_two josh with 4.9 thanks per post
    3. looks_3 PandaWarrior with 3.2 thanks per post
    4. looks_4 Big Mike with 1.5 thanks per post
    1. trending_up 44,109 views
    2. thumb_up 281 thanks given
    3. group 34 followers
    1. forum 187 posts
    2. attach_file 2 attachments




 
Search this Thread

Account been approved! Going to have my first day of tradingthis week LA

  #71 (permalink)
 budfox 
Toronto
 
Experience: Beginner
Platform: Sierra
Broker: MB
Trading: ES
Posts: 313 since Jun 2013


Big Mike View Post
A good place to start would be to go back and look at all the advice you got begging you to not do what you were doing, but you chose to ignore.

Do not trade CL. Trade micro's only, limit yourself to 2 trades per day. Read this thread front to back:



Also watch these webinars on how to generate a trading plan you have confidence in:







https://nexusfi.com/webinars/may30_2012/futurestrader71_review/

https://nexusfi.com/webinars/mar22_2012/futurestrader71_risk_trading_probabilities/

Mike

How long have you been trading the ES?

maybe I will trade the junior CL the QM.......glanced over your thread on that.

Thanks.

Started this thread Reply With Quote

Can you help answer these questions
from other members on NexusFi?
NT7 Indicator Script Troubleshooting - Camarilla Pivots
NinjaTrader
Deepmoney LLM
Elite Quantitative GenAI/LLM
ZombieSqueeze
Platforms and Indicators
Are there any eval firms that allow you to sink to your …
Traders Hideout
Better Renko Gaps
The Elite Circle
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Get funded firms 2023/2024 - Any recommendations or word …
61 thanks
Funded Trader platforms
39 thanks
NexusFi site changelog and issues/problem reporting
26 thanks
The Program
18 thanks
Battlestations: Show us your trading desks!
18 thanks
  #72 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
Developer
Swing Trader
 
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
Duration: Weeks
Posts: 50,396 since Jun 2009
Thanks Given: 33,172
Thanks Received: 101,537


budfox View Post
How long have you been trading the ES?

I started trading ES about 6 or 7 years ago, after over 10 years of swing trading equities.

Mike

We're here to help: just ask the community or contact our Help Desk

Quick Links: Change your Username or Register as a Vendor
Searching for trading reviews? Review this list
Lifetime Elite Membership: Sign-up for only $149 USD
Exclusive money saving offers from our Site Sponsors: Browse Offers
Report problems with the site: Using the NexusFi changelog thread
Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
  #73 (permalink)
 
lrfsdad's Avatar
 lrfsdad 
milwaukee,wi, usa
 
Experience: Intermediate
Platform: Mobile TWS & mobile TOS. Dough.com
Broker: IB, TOS, FXCM
Trading: futures and options. looking into forex
Posts: 186 since Nov 2012
Thanks Given: 302
Thanks Received: 161



budfox View Post
The Truth:

i hope guys are happy: I not only blew my account once, twice.....but recently six times!

Everytime I blew my account, I added like 100 to top it up. then tried to trade again. Generally I would last about a month before blowing the account.


I am coming to you hoping for positive suggestions. But I know there will be individuals with low character who will just laugh.

On the positive side, I have backtested my system over the past two months and May and the average MAE is 0.5 per a trade. I video record all trades and the end of every week I go over them noting the reasons I failed. I have manually backtested my system using excel (very time consuming, but it will be very hard backtest on Ninja)

Then I use this feedback to adjust my "Rules" and trading steps. Every losing trade I learn. I don't even bother going over the winning trades.

I will demo trade for another week, and after four successful (consecutive) trades in sim, I will put on my armour and go back to the frontline.

I am also considering trading the CL (but I am assuming the skill requried and margin is too high for me).

Good for you @budfox for admitting defeat and seeking advice. Not many people have the balls to do so.

IMO, you are owed a "thanks" from everyone that predicted your demise cause you fessed up to it and admitted they were right. You didn't run and hide, never to post again

Visit my NexusFi Trade Journal Reply With Quote
  #74 (permalink)
 
DarkPoolTrading's Avatar
 DarkPoolTrading   is a Vendor
 
Posts: 1,036 since May 2012
Thanks Given: 1,244
Thanks Received: 1,326


budfox View Post
The Truth:

i hope guys are happy: I not only blew my account once, twice.....but recently six times!

Everytime I blew my account, I added like 100 to top it up. then tried to trade again. Generally I would last about a month before blowing the account.


I am coming to you hoping for positive suggestions. But I know there will be individuals with low character who will just laugh.

On the positive side, I have backtested my system over the past two months and May and the average MAE is 0.5 per a trade. I video record all trades and the end of every week I go over them noting the reasons I failed. I have manually backtested my system using excel (very time consuming, but it will be very hard backtest on Ninja)

Then I use this feedback to adjust my "Rules" and trading steps. Every losing trade I learn. I don't even bother going over the winning trades.

I will demo trade for another week, and after four successful (consecutive) trades in sim, I will put on my armour and go back to the frontline.

I am also considering trading the CL (but I am assuming the skill requried and margin is too high for me).

As Big Mike already suggested, you received excellent advise in the threads you initially started but chose to ignore. There was no magical predictions being made. You're simply not the first person to approach trading like you did, and you certainly wont be the last. What matters now is,...will you go back and read every single post from your threads and actually listen?

Some suggestions:
  • Trade micro forex or micro futures. To start off with, your goal is NOT to make money. Your goal is to NOT LOSE money while you go through the learning curve. This is a hard pill to swallow. At this stage, you really are not trying to make money. Just survive the learning curve.
  • Accept that this is going to take you a LONG time. Each lesson in trading is hard earned, as you have just realized.
  • Learn how the markets work. Dont just dive head first into trying to make a profitable system. Why do markets move? How do different time frames affect the market? Do you notice any repeatable patterns, what is causing them? Markets are fractal, have you observed this for yourself? What is your belief about what drives markets intraday, swing etc?
  • Focus on risk and money management
  • Be careful of using indicators early on. They certainly have their place for some, but if your only focus is on indicators at this stage, then you're not learning to read the market, you're learning to wait till squiggly lines cross. Add indicators later if you feel the need to at that point.
Good luck. Do it right this time round. Take it slow. Learn. Heed advice. Lose the ego, lose the sarcasm.

Diversification is the only free lunch
Follow me on Twitter Reply With Quote
Thanked by:
  #75 (permalink)
 fourtiwinks 
Singapore
 
Experience: Beginner
Posts: 206 since Jun 2011
Thanks Given: 526
Thanks Received: 201


budfox View Post
...i hope guys are happy... But I know there will be individuals with low character who will just laugh...

@lrfsdad, do you really think so?

Just two of his statements tell me otherwise. I will definitely avoid this thread from now on..

Reply With Quote
  #76 (permalink)
 budfox 
Toronto
 
Experience: Beginner
Platform: Sierra
Broker: MB
Trading: ES
Posts: 313 since Jun 2013


lrfsdad View Post
Good for you @budfox for admitting defeat and seeking advice. Not many people have the balls to do so.

IMO, you are owed a "thanks" from everyone that predicted your demise cause you fessed up to it and admitted they were right. You didn't run and hide, never to post again

The point of this whole thread is that I am willing to do whatever it takes to be a successful trader . I already finished business school - so I don't have any money to pay/waste on "trading school" or a vendor, have to pay off the student loans.

Started this thread Reply With Quote
  #77 (permalink)
 budfox 
Toronto
 
Experience: Beginner
Platform: Sierra
Broker: MB
Trading: ES
Posts: 313 since Jun 2013


DarkPoolTrading View Post
As Big Mike already suggested, you received excellent advise in the threads you initially started but chose to ignore. There was no magical predictions being made. You're simply not the first person to approach trading like you did, and you certainly wont be the last. What matters now is,...will you go back and read every single post from your threads and actually listen?

Some suggestions:
  • Trade micro forex or micro futures. To start off with, your goal is NOT to make money. Your goal is to NOT LOSE money while you go through the learning curve. This is a hard pill to swallow. At this stage, you really are not trying to make money. Just survive the learning curve.
  • Accept that this is going to take you a LONG time. Each lesson in trading is hard earned, as you have just realized.
  • Learn how the markets work. Dont just dive head first into trying to make a profitable system. Why do markets move? How do different time frames affect the market? Do you notice any repeatable patterns, what is causing them? Markets are fractal, have you observed this for yourself? What is your belief about what drives markets intraday, swing etc?
  • Focus on risk and money management
  • Be careful of using indicators early on. They certainly have their place for some, but if your only focus is on indicators at this stage, then you're not learning to read the market, you're learning to wait till squiggly lines cross. Add indicators later if you feel the need to at that point.
Good luck. Do it right this time round. Take it slow. Learn. Heed advice. Lose the ego, lose the sarcasm.




What you mean by markets are fractal?

Pondering over those questions you posed......

How do I go about learning to "read" the market? this is what I will try to figure out over the next couple of days.

Thank You DP.

Started this thread Reply With Quote
  #78 (permalink)
 
DarkPoolTrading's Avatar
 DarkPoolTrading   is a Vendor
 
Posts: 1,036 since May 2012
Thanks Given: 1,244
Thanks Received: 1,326


budfox View Post
What you mean by markets are fractal?

Pondering over those questions you posed......

How do I go about learning to "read" the market? this is what I will try to figure out over the next couple of days.

Thank You DP.

By fractal I mean that if I were to show you the following charts, each with their price and time info removed I can almost guarantee you would not be able to tell me which is which:
- 5 minute chart spanning 1 day
- 60 minute chart spanning 1 week
- Daily chart spanning a few months
etc...

Markets are fractal in nature meaning that the eb and flow occurs in a similar fashion across timeframes. This is an important concept to understand. It implies that if you become too obsessed with a ridiculously small timeframe chart, you lose awareness of the higher timeframe activity. Be aware of what the market is trying to do. Dont just choose to trade 5 minute charts because someone else is. Do 5 minute charts suit your schedule, risk limits, personality and trading style?

Reading the market is something that comes with screen time, experience and never ending learning. Personally I would recommend pulling up a naked chart (ie: no indicators, just price bars and possibly volume), and watch how the market moves for a few weeks. Make notes about your observations. You will start to notice predictable behavior. Why is it predicable? What is the market actually trying to do when these things happen?

You may want to investigate auction market theory. This is one view of how financial markets operate. Ultimately you need to determine a set of beliefs about how markets move. Whether that be auction market theory, support/resistance, Wyckoff, whatever. How do you believe markets move? (hint: it has nothing to do with squiggly lines crossing)

Don't try to blindly copy someone else's trading style. Being aware of and incorporating certain parts of someone's method into your own is one thing. But trying to outright copy it is a huge mistake in my opinion. Learn from more experienced traders, dont copy. This comes back to your beliefs about how markets operate. You likely dont have any real beliefs yet. No problem, we all start somewhere. But over time you will start to develop these beliefs, and spending all your time trying to copy trading methods built around other peoples beliefs will not help you.

This probably all sounds like a huge waste of time. Why can't you just throw up a few indicators and start making money. Sure,...that's one route you could go. These suggestions are just my opinion as a discretionary trader. Learning to really interpret what the market is trying to do, understanding market structure, will I believe ultimately shorten the learning curve.

If this was easy, everyone would be doing it.

Diversification is the only free lunch
Follow me on Twitter Reply With Quote
  #79 (permalink)
Albnd
Rome, Italy
 
Posts: 62 since Feb 2012
Thanks Given: 27
Thanks Received: 28


DarkPoolTrading View Post
Lose the ego, lose the sarcasm.

Definitely the best advice.

Reply With Quote
  #80 (permalink)
TheDude
london
 
Posts: 165 since Jan 2012
Thanks Given: 43
Thanks Received: 162



budfox View Post

On the positive side, I have backtested my system over the past two months and May and the average MAE is 0.5 per a trade. I video record all trades and the end of every week I go over them noting the reasons I failed. I have manually backtested my system using excel (very time consuming, but it will be very hard backtest on Ninja)

Then I use this feedback to adjust my "Rules" and trading steps. Every losing trade I learn. I don't even bother going over the winning trades.

I am also considering trading the CL (but I am assuming the skill requried and margin is too high for me).

Here are some problems as I see them:

1. You're focusing on the negative. Dont. ie you are focusing/studying your losers. Focus instead on your winners. Currently you are reinforcing the negative. Try to learn what you are doing right, not what you are doing wrong. Typical pop-psychology mumbo-jumbo about 'learning from your mistakes'. It's bull. It's only useful advise for complete novices.

2. Dont go adjusting your 'rules' too often. In fact, throw your rules out. Develop guidelines and boundaries by all means. You need to think in terms of probabilities, not hard rules.

3. CL. JMO, this isnt really a great market for daytraders. Its expensive and too volatile. Greed usually draws people to this market and they get killed. Professionals tend to spread it, never trade it outright. Try ES or the treasuries. Learn to trade something slower and less volatile.

4. Dont spend too long in research on the internet or backtesting. You'll get more benefit actually watching those recordings if the market isnt open. Be careful who you take advise from.

Reply With Quote




Last Updated on June 7, 2014


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts