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

  #1 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,356 given, 83,237 received

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

Hello everyone,

Please mark your calendars for Monday, Dec 7 2009 at 7:00PM EST, and come join us on the chatbox for an open question and answer session. This first session will be one hour long, so you'll want to be on-time!

It is our intention to make such sessions routine going forward, and we'll refine and improve upon them as time goes on.

For the first of our sessions, Monday Dec 7 @ 7PM EST, we'll be allowing any questions regarding trading including but not limited to:

- Platform related
- Indicator related
- Trend following
- Money management
- Psychology
- Technical support

In the event we have a very large turn out, please take note of some proper chatbox etiquette. This will help keep things easier to follow for all involved.

- When responding in chat, please prefix your message with "@username" so we know who your message is intended for. For instance, if I am responding to user sam028, I will put "@sam - blah blah msg here" so it is clear for everyone that what I wrote was in response to something sam asked.

- If you are going to ask a question, please first take a minute to make sure it hasn't already been asked. Just scroll the chatbox to take a peek. Otherwise, ask away!

- If you know the answer to someones question, feel free to respond. Just try to be certain you are right to avoid confusing anyone

At the end of the session, we will create a dump (copy/paste) of the chat log, and put it into a forum thread for future archiving and easy reference.

I look forward to seeing you there!

Last, please feel free to email this post to your friends and invite them to come join us! You must be signed in to the forum to ask a question, so have them register first. It's free

Mike

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

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

The following user says Thank You to Big Mike for this post:
 
  #2 (permalink)
Market Wizard
New Orleans, La (Mardi Gras City)
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: Ninjatrader / Optimus Futures / AmpFutures
Favorite Futures: ES / 6E / 6B / CL
 
DavidHP's Avatar
 
Posts: 1,004 since Aug 2009
Thanks: 803 given, 1,368 received

Why not do the conference via Skype or Free Conference Call?

It would allow for text (on futures.io (formerly BMT)) and voice to address more difficult/long questions?

FWIW

Rejoice in the Thunderstorms of Life . . .
Knowing it's not about Clouds or Wind. . .
But Learning to Dance in the Rain ! ! !
The following user says Thank You to DavidHP for this post:
 
  #3 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,356 given, 83,237 received



DavidHP View Post
Why not do the conference via Skype or Free Conference Call?

It would allow for text (on futures.io (formerly BMT)) and voice to address more difficult/long questions?

FWIW

I just didn't want to manage a super huge Skype call, and I also don't want this to be all about me. I don't want this to be a webinar --- this is more of a Q&A, not a "lesson" or demo.

Going forward, we'll figure out ways to improve it based on the feedback and turn out. We're also implementing a new feature directly related to Questions and Answers in our new site rollout that will make it much easier to both ask and answer common questions.

Hope to see you there

Mike

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

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

 
  #4 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,356 given, 83,237 received

Thank you to everyone that participated!

These next few posts will contain the chat log so it can be referenced in the future. I had to break it up until multiple posts.

We will have another session soon.

Mike

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

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

 
  #5 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,356 given, 83,237 received

** NOTE TIMESTAMPS GO FROM MOST RECENT TO OLDEST, TOP TO BOTTOM **

################################################################################
MGC Chatbox EVO DUMP - General channel archives
Big Mike Trading Forum;https://futures.io
December 7th, 2009 07:11 PM
################################################################################

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12-07-09 7:09 PM - gregid : Thanks guys and good night!
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12-07-09 7:09 PM - mysthars : thanks and have a grt night
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12-07-09 7:09 PM - Blz17 : Thanks Mike
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12-07-09 7:09 PM - TonyA : night
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12-07-09 7:08 PM - SteveM : Have a good night all .......................
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12-07-09 7:08 PM - SteveM : Thanks a ton Mike and every one else for all the useful tips ......................
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12-07-09 7:08 PM - Big Mike : Thank you everyone for participating, and I hope to see you in the forums.
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12-07-09 7:08 PM - deltason : for future i would like to see info on being undercapitalized
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12-07-09 7:08 PM - 445NDO : Thanks again Mike
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12-07-09 7:08 PM - Big Mike : We will announce the next Q&A session sometime soon.
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12-07-09 7:08 PM - TonyA : i enjoyed the responses and especially being pointed into certain areas of the site that i might not have gone to
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12-07-09 7:08 PM - adrian : thanks all
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12-07-09 7:08 PM - Big Mike : I will be taking this chat log and dumping it into a thread for future reference.
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12-07-09 7:07 PM - Big Mike : Ok great, we will try to improve the way it is organized if possible in the future. But overall I think it went well and wasn't too chaotic. I am glad I am a fast typer
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12-07-09 7:07 PM - banbrooke : mike how many users connected to this chat , maybe i can help with hosting with my gotomeeting
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12-07-09 7:07 PM - gfg1 : this was great ty big mike
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12-07-09 7:07 PM - 445NDO : but for future it would be great if we can have a webinar setup and the experts walk us through the setups
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12-07-09 7:07 PM - dennho : maybe once every other week or once a month...
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12-07-09 7:07 PM - HOBBIT^33^ : yes
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12-07-09 7:07 PM - Blz17 : yes, definitely
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12-07-09 7:07 PM - Peter2150 : I didn't jump in but Mike this was excellent
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12-07-09 7:07 PM - deltason : yes, very helpful
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12-07-09 7:07 PM - Big Mike : Should we do this on a routine basis, like each week, every other week, etc?
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12-07-09 7:07 PM - Tman : the hard thing to learn for me was to wait, not try and trade every little turn in the market, wait for the trend to develope, wait for the correction against the trend and trade that
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12-07-09 7:06 PM - dennho : yes please host live Q&A sessions again sometime in the future.
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12-07-09 7:06 PM - 445NDO : yes it was very helpful Mike
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12-07-09 7:06 PM - banbrooke : thanks mike
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12-07-09 7:06 PM - TonyA : sure... fire away
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12-07-09 7:06 PM - dennho : thanks!!!
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12-07-09 7:06 PM - Big Mike : What did you think of this Q&A? Was it useful?
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12-07-09 7:06 PM - deltason : thanks everyone
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12-07-09 7:06 PM - HOBBIT^33^ : thanks mike
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12-07-09 7:06 PM - Big Mike : Can I ask you a few questions now?
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12-07-09 7:06 PM - TonyA : thank you all
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12-07-09 7:06 PM - Big Mike : Thank you everyone for your participation!
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12-07-09 7:06 PM - mysthars : thanks Mike
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12-07-09 7:05 PM - Gary : At least for me it did, PAIN in the form of money loss, helped open my eyes, and forced me to start a journal, track statistics, and stick with my trading plan.
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12-07-09 7:05 PM - dennho : oh yeah? I will have to look into MC.... thanks for answering teh question i thought it was lost in the chat!!
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12-07-09 7:05 PM - Big Mike : @Steve: thank you
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12-07-09 7:05 PM - Big Mike : @ban: Yes, I have many reasons for wanting to trade CL too. BUt I am weary of recommending it to anyone who has not already proved themsleves to be a successful trader, due to the additional risk.
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12-07-09 7:05 PM - Gary : IMHO, Blowing an account is not a requirement, but unfortunately, it takes one of the greatest teachers, PAIN, to help you push thru some of the mental obstacles in your way to profitability.
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12-07-09 7:04 PM - Big Mike : I have looked closely at MultiCharts and exchanged many conversations with the founder of MC, I like it a lot, especially when MC 7.0 comes out
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12-07-09 7:04 PM - deltason : can't trade without $. shouldn't trade without a plan.
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12-07-09 7:04 PM - TonyA : @mike: does trading the 5Min chart have anything to do with it is a universal chart that alot if not most look at
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12-07-09 7:04 PM - roonius : @sam: it could be fatality to youtr trading
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12-07-09 7:04 PM - Big Mike : @dennho: No I am not surprised about the software. I often thought of starting my own trading platform but who am I kidding, I want to trade, the rest of my programming aspirations are just hobbies.
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12-07-09 7:04 PM - sam028 : @hobbit: Hallowing setup was from Websouth I think, or The Wizard
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12-07-09 7:04 PM - HOBBIT^33^ : its on the forum
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12-07-09 7:03 PM - adrian : @Mike - thank you for your excellent responses
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12-07-09 7:03 PM - sam028 : but blowing an account is not a fatality
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12-07-09 7:03 PM - Big Mike : @hobbit: halloween setup? I don't follow
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12-07-09 7:03 PM - HOBBIT^33^ : MIKE YOU HAVE BEEN DOING A GREAT JOB HELPING
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12-07-09 7:03 PM - deltason : i've blown most of my account. don't want to blow th rest.
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12-07-09 7:03 PM - Big Mike : @mysthars: About the same time I switched to a 5m chart is also when I got rid of all my whiz-bang indicators, and focused on using EMA 20 only. I since then replaced EMA 20 with futures.io (formerly BMT)CollectiveMA, which I wont go into details here but I listed why on the thread.
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12-07-09 7:02 PM - Big Mike : @deltason: Few to none -- most traders making millions do not wish to disclose their secrets, and have no interest in mentoring. It takes the right kind of person.
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12-07-09 7:02 PM - 445NDO : mike you are not alone. have blown 2 accounts 50k each = 100k while trading with scottrade ..
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12-07-09 7:01 PM - Big Mike : @soumi71: I believe that a 5m chart is less risky than a 60m, yes. I do not believe that a 6 range chart is less risky than a 5m, however. Maybe each individual stop is smaller, but the combined number of stops for 'no apparent reason' will outweigh the 5m. IMO, naturally
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12-07-09 7:00 PM - deltason : yeah, thanks mike.
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12-07-09 7:00 PM - Big Mike : @adrian: It has been said that more traders that come from a strong Business background and are C-level (CEO, CFO, etc) end up FAILING, because they approach it like they know something others don't, or are better suited/smarter, etc. I fall in this category! It took a long time, a lot of money, and it took soul searching like you cannot believe.
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12-07-09 7:00 PM - SteveM : @Mike: Very well said ................. Thanks
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12-07-09 6:59 PM - Big Mike : @adrian: Since most do not have this kind of money to burn, or time to spend, they end up failing because they thought they could beat the odds, beat the system. They thought they were smarter than the average person.
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12-07-09 6:58 PM - Big Mike : @adrian: If you've read a bunch of trading books, most of them start out "Well, before I was successful, I first blew up two or three accounts, losing $100,000 or etc etc"... that 100k is like tuition, it takes that much money and time before you can learn, for most people.
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12-07-09 6:58 PM - banbrooke : mike this is the reason that i think that the CL is less risky and its easier to trade , what you develop a good trending system you will be able to follow it on any instrument that trend
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12-07-09 6:58 PM - Big Mike : @adrian: Too many traders try to make their living with a undersized account, no day job, and no plan. They approach it like gambling.
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12-07-09 6:57 PM - dennho : Big Mike... do you find it surprsing that there is no perfect software out there... NT has its issues. I use Quote tracker and it has its own set of issues.... where is the "holy grail" of charting software??
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12-07-09 6:57 PM - Big Mike : @adrian: But they fail because of themselves, because of how they approach it, not because it's hard or impossible.
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12-07-09 6:57 PM - deltason : thx big mike
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12-07-09 6:57 PM - Big Mike : @adrian: Very scary, yes?
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12-07-09 6:57 PM - Big Mike : @adrian: Excellent question. Studies say 90-95% of traders fail.
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12-07-09 6:56 PM - deltason : @sam - thanks sam.
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12-07-09 6:56 PM - HOBBIT^33^ : mike i have been looking at your halloween setup, getting to understand it now
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12-07-09 6:56 PM - Big Mike : @deltason: There is no substitute for live trading. Everything looks perfect in hindsight, so there is no perfect answer here. There is a lot of value in studying charts, but there is no substitute for live trading.
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12-07-09 6:55 PM - mysthars : thanks Mike, when you switched, you kept your indicators and method, or you made a new one?
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12-07-09 6:55 PM - deltason : does anybody personally know big traders that trade millions or billions of dollars? if yes, do they mentor? if yes, where do we sign up?
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12-07-09 6:55 PM - Big Mike : @ban: Yes, CL can be trendy while ES seems choppy. I agree. I have very little patience, so CL suits my personality well.
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12-07-09 6:55 PM - soumi71 : @Mike smaller timeframes are less risky because of where the stops are placed
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12-07-09 6:55 PM - Riverend : I have to leave you fine folks. Thanks for the chat. good idea Mike and Mods
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12-07-09 6:55 PM - Big Mike : Here is the post Big Mike's trading advice
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12-07-09 6:55 PM - adrian : @Mike Is it really possible/realistic to trade for a living long term assuming 95% fail? Are the 5% "professionals"?
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12-07-09 6:55 PM - sam028 : @deltason: if you have a look, on a 60m charts for example, of chat have done the news, you'll be surprised that in many cases, their were no impact

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

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

 
  #6 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,356 given, 83,237 received

==========================================================
12-07-09 6:54 PM - Big Mike : @mysthars: Also, moving to a smaller and smaller chart to avoid big losses is the wrong concept. I wrote about this a lot in that post.
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12-07-09 6:54 PM - Big Mike : @mysthars: Last, I felt that 95% of big traders, ones making millions of dollars, these traders are not looking at a 6 range chart! They are looking at 5m and 60m, and daily and bigger. Kind of like 'dress for the job you want, not the job you have'.
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12-07-09 6:54 PM - mysthars : I see, thanks Mike, I'll read your posts
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12-07-09 6:53 PM - Big Mike : @mysthars: Once I learned to get past my initial fear of "long wick and tails" on the 5m charts, I realized how much the chart speaks to me and just makes so much more sense to me than a range chart does.
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12-07-09 6:53 PM - Big Mike : @mysthars: I switched because I felt I could not see "why" a move was happening on a smaller chart. Only on a 5m chart could I see why a move would happen.
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12-07-09 6:53 PM - soumi71 : if market is nice on the 5 min I trail my stop and catch more pts
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12-07-09 6:53 PM - deltason : @bigmike-thx big mike. so is it a good idea or bad idea to look at historical charts to manually test entries and exits without accounting for whether there's news at that time?
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12-07-09 6:53 PM - banbrooke : and the ES is more choppy
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12-07-09 6:52 PM - banbrooke : from what i see the cl is more trendable
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12-07-09 6:52 PM - Big Mike : @mysthars: Well, I went into some detail on why I switched in my psychology post 'big mikes advice'. But briefly:
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12-07-09 6:52 PM - soumi71 : 1 pt stop and 2 pts target
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12-07-09 6:52 PM - soumi71 : I like to trade ES on 350 ticks chart with 8-20-50 MA crossovers
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12-07-09 6:51 PM - sam028 : @ban: the CL's volatility is huge, check a basic daily std deviation of CL vs ES for ex.
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12-07-09 6:51 PM - Big Mike : @deltason: News is more risk because of the additional volatility. You may see a huge spike up followed by a huge spike right back down, all in a matter of seconds. You should follow the trend, not try to make it. Avoid news
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12-07-09 6:51 PM - soumi71 : thx gary
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12-07-09 6:50 PM - Gary : @Soumi, I personally look to trade 8:00-10:30 CST, and then 12:30-1:30. Volume is usually more than enough during these times to get a few setups with a decent size push. Look how many times you can get chopped up or faked out during the almost 2 hour lunch period. Volume drops dramatically after 1:30 CST / pit close. Pre-market can be ok, but not for me.
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12-07-09 6:50 PM - Big Mike : @ban: CL is risky because it has HUGE moves, percentage wise, compared with most instruments. It can move 10 times as far as ES in the same time, which is 10 times more costly.
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12-07-09 6:50 PM - SteveM : @sam: Sorry I did not understand your question
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12-07-09 6:50 PM - mysthars : hi Mike, first thanks you very much for this amazing forum. I wanna ask you why did you switch from range chart to minutes?
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12-07-09 6:50 PM - dennho : try sim trading the CL you will know what I mean!
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12-07-09 6:50 PM - dennho : between 9:30am to 3pm
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12-07-09 6:50 PM - deltason : how come news is more risky?
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12-07-09 6:50 PM - Big Mike : There is a nice thread on CL vs QM, just do a search for it, and learn the differences and advantages, risk/position size, margins, etc.
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12-07-09 6:50 PM - sam028 : @SteveM: or USO (a CL ETF) during cash hours
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12-07-09 6:49 PM - banbrooke : how come the CL is more risky?
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12-07-09 6:49 PM - HOBBIT^33^ : dennho what time frame you trade off of
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12-07-09 6:49 PM - soumi71 : ok thanks Riverend
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12-07-09 6:49 PM - Riverend : @ soumi check Garys times below
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12-07-09 6:49 PM - dennho : Guys... I got my ass kicked trying to trade CL... if you MUST ... try the QM instead! But listen to Mike! CL can be dangerous.
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12-07-09 6:49 PM - SteveM : @Mike: What works good for you works good for me as well ...........
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12-07-09 6:48 PM - Big Mike : SbsRenko is very popular chart.
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12-07-09 6:48 PM - nanobiotech : @Mike -CL pre-market with MedianRenko4
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12-07-09 6:48 PM - Big Mike : Just because a 5m chart works best for me does not mean that there is no other option.
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12-07-09 6:48 PM - gregid : @sam: thanks
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12-07-09 6:48 PM - Big Mike : CL is a very flashy instrument. Looks so good. But it is not for beginners! If you cannot make money on ES over the long term, CL is not for you. PLease!
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12-07-09 6:47 PM - Gary : Similar to River.. CL: 6R entry, 12R/18R and 5 min for larger view for chop detection and areas of s/r.
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12-07-09 6:47 PM - sam028 : @gregid: no european brokers with NT, except IB UK, afaik...
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12-07-09 6:47 PM - adrian : @Mike - 6e (15 range, 4 range, 1hr); cl (20 range, 6 range, 30 min)
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12-07-09 6:47 PM - soumi71 : what are the best times to trade CL ?
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12-07-09 6:47 PM - HOBBIT^33^ : 6b, 4range,6c,4range
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12-07-09 6:47 PM - deltason : @mike on sim - CL, sbs renko, 12tick, 6tick, and 4tick
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12-07-09 6:47 PM - Riverend : and 12 reange anchor
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12-07-09 6:47 PM - dennho : ES, I view the 512 tick chart, 3000 tick, 3 min chart.
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12-07-09 6:47 PM - SteveM : @Mike: I was trading ES and lately am inclined towards 6E .... 5 min chart .... after listening to you .....
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12-07-09 6:46 PM - Riverend : Im learning CL w/6 range charts
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12-07-09 6:46 PM - Big Mike : Everyone -- what instrument do you trade, and what chart size? Would like to know.
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12-07-09 6:46 PM - Gary : IMHO: Very tricky, as with CL it can be bad news, and CL moves down 30 ticks, then up 40, then big dump / 100 ticks down. But, it does often still respect big s/r lines at least the first time it hits em, even during news.
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12-07-09 6:45 PM - SteveM : @Mike: I agree with you on trying to trade with the news. It is purely taking chances and not strategy.
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12-07-09 6:45 PM - gregid : @sam & other Europeans: Do you use any European (UK - especially) brokers (are there any that work with NT?) or are you happy with the ones based in US
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12-07-09 6:45 PM - Big Mike : those orders could be market or limit, but are Buy Stop's and Sell Short Stop's
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12-07-09 6:44 PM - Big Mike : @dennho: it means having both Buy and Sell Short orders ready to go, so when market moves, as it will during news, you get swept into market on one side
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12-07-09 6:44 PM - dennho : by bracketing, does he mean using stop limit orders or limit orders?? I assume stop limit orders.
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12-07-09 6:44 PM - Riverend : @sam sure is. just interested if its been tried over a period of time
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12-07-09 6:43 PM - Big Mike : People that want to trade news, I have to ask why this is? Are the other 6-7 hours of the day not enough? Trading is not gambling! But trading news seems like gambling to me.
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12-07-09 6:43 PM - Big Mike : But, I have a love/hate relationship with Ninja. Mostly hate, lately But, it is still the best.
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12-07-09 6:43 PM - sam028 : @Riverend: like all news bracketing, this is very very dangerous imho
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12-07-09 6:42 PM - Big Mike : I'm also a 'geek', a techie, first and foremost over a 'trader', so one look at the TradeStation platform and I was turned off. It is old and out of date.
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12-07-09 6:42 PM - Gary : @River, tried a few ideas on SIM with mixed results, I would love to find someone who has figured out a way to do it.
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12-07-09 6:42 PM - Big Mike : It is because I am a programmer, and find C# to be so much more powerful.
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12-07-09 6:42 PM - Big Mike : Someone asked why I prefer NinjaTrader over TradeStation...
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12-07-09 6:41 PM - sam028 : no, you're right, but for options and stocks and futures///
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12-07-09 6:41 PM - nanobiotech : @Mike - Cory's VolumeStop indicator - OK I check it out, thanks
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12-07-09 6:41 PM - Riverend : Any one try bracketing CL on inventory news?
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12-07-09 6:41 PM - Big Mike : Approx ~20 minutes left on this chat, if you've been waiting to ask a question, please go ahead
==========================================================
12-07-09 6:41 PM - dennho : I use zenfire w/ ninja trader... quote tracker with IB... gotta be using so much softare and feeds! LOL

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

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

 
  #7 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,356 given, 83,237 received

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12-07-09 6:40 PM - Riverend : Thanks Gary
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12-07-09 6:40 PM - Big Mike : But not everyone agrees (sam)
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12-07-09 6:40 PM - Big Mike : @dennho: Personally, if you are not trading stocks, I would not use IB with Ninja and would opt for Amp or Mirus Futures with Zen Fire.
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12-07-09 6:40 PM - Big Mike : As with any instrument, trading over 'lunch period' is not a good idea unless you are very practiced at it, often the instruments behave differently during this time.
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12-07-09 6:39 PM - Gary : @River, I personally look to trade 8:00-10:30 CST, and then 12:30-1:30. Volume is usually more than enough during these times to get a few setups with a decent size push.
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12-07-09 6:39 PM - Big Mike : @Riverend: I do NOT trade news, but otherwise CL is fine during the cash session.
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12-07-09 6:39 PM - dennho : oh well don't worry... I thnk the IB paper account platform is VERY BUGGY anyways...
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12-07-09 6:39 PM - Big Mike : @Riverend: Volume on CL dramatically changed after Labor Day (approx 9/20), but you can adjust to trade any market with any volume, you just need flexibility.
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12-07-09 6:38 PM - sam028 : @dennho: strange, this is not supposed to happen
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12-07-09 6:38 PM - Riverend : Mike or any CL trader, is there a min. volume level you trade at?
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12-07-09 6:38 PM - dennho : paper account
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12-07-09 6:38 PM - sam028 : @dennho: the demo or the paper account ?
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12-07-09 6:37 PM - Big Mike : @dennho: Check to make sure your account is enabled for real-time quotes. IB's data feed options can be intimidating, it may be that your feed is delayed by 15 minutes.
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12-07-09 6:37 PM - deltason : @sam028, thx for the response. could you elaborate as to why it is harder?
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12-07-09 6:37 PM - Big Mike : The more indicators on your chart, the more reasons you have to trade poorly.
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12-07-09 6:37 PM - sam028 : @deltason: Oanda is supposed to be "not too bad", but unfortunatly, the smaller is your account, the harder it is to make money...
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12-07-09 6:37 PM - Big Mike : @nano: You might also try Cory's VolumeStop indicator if you like Fractals, it is very quick to identify turning points. But, remember that in general I say the fewer indicators the better.
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12-07-09 6:36 PM - adrian : @Mike thanks for response
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12-07-09 6:36 PM - dennho : Hi Mike... I noticed when I use the demo account of IB to trade the 6J or Eur.USD pairs the orders don't get filled immediatly. Why is this?
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12-07-09 6:35 PM - Big Mike : @nano: Fractals is nice, very similiar to Swing in fact, which makes it a natural indicator for identifying swing highs and lows.
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12-07-09 6:35 PM - GilR : Thanks for the info
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12-07-09 6:34 PM - Big Mike : VIP Members are anyone who has Donated to support the community.
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12-07-09 6:34 PM - deltason : hello. has anyone traded forex through Oanda? my account is small and i like the idea of being able to trade microlots
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12-07-09 6:34 PM - Big Mike : @GilR: futures.io (formerly BMT)CollectiveMA is an indicator that is only available for VIP members.
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12-07-09 6:34 PM - gfg1 : np
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12-07-09 6:34 PM - gregid : @sam thanks for the link
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12-07-09 6:34 PM - gregid : @gfg1 - well I am complete newbie to futures so thanks I will check it
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12-07-09 6:33 PM - Big Mike : @adrian: When I traded range charts, I did use buy stops and sell stops quite often to get in the market, but don't do it much anymore on the 5m chart.
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12-07-09 6:33 PM - Big Mike : @adrian: I enter limit orders based on price action. Often my limit order is in several minutes prior to when price tests it, because I know exactly where price will pullback to.
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12-07-09 6:33 PM - Blz17 : @nano: I've used fractal trading on 6B and was successful with it but the stops can be enormous
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12-07-09 6:32 PM - sam028 : @gregid: Russell Index Futures (Russell.com)
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12-07-09 6:32 PM - Big Mike : @Dusty: However, over time I began to realize (in my opinion) that this approach was just an attempt to 'trend follow' when really, a single 5m chart is all I personally needed to make that happen.
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12-07-09 6:32 PM - gfg1 : @gregid, yes there are 10 ticks at $10 per tick to 1 point TF
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12-07-09 6:32 PM - nanobiotech : @Mike – I like the CL in pre-market (less manic) using a medianRenko 4 chart – I use Fractals_Mike(2) [support/resistance lines] + futures.io (formerly BMT)CollectiveMAColor [identifies the trend] and StochRSI(4)[confirms the entry]. My atm has a 10 tick stop which quickly moves to capture 1T profit at +3T, then trails price. Works well with 1 contract but 2 is better. Anyone else like Fractal?
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12-07-09 6:32 PM - Big Mike : @Dusty: When I was trading range charts, I said that MTF (multiple time frames) were an absolutely requirement, and always had a small, medium and large chart.
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12-07-09 6:31 PM - GilR : Hi Mike. Where di I get "MA=futures.io (formerly BMT)CollectiveMA"
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12-07-09 6:31 PM - gregid : @gfg1 - Are you sure - in Instrument Manager default value is 100 for TF?
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12-07-09 6:31 PM - adrian : @Mike Do you enter at a predetermined price via stop entry or enter "at market" when signal occurs?
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12-07-09 6:31 PM - Big Mike : As Gary mentioned at the top of the chat, we can also discuss setups if you like, different peoples Triggers and etc.
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12-07-09 6:31 PM - Dusty909 : What are your thoughts for using multiple timeframes, one for signal and another for entry/trade management?
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12-07-09 6:29 PM - Big Mike : Who else has questions? Any questions related to trading are welcome.
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12-07-09 6:29 PM - sam028 : @gregid: so 100$ point, and TF is very "nervous", so maybe not a good first choice
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12-07-09 6:29 PM - Big Mike : @gregid: It moves well but is slower than most markets. However, the method it uses for tick counting is different than most instruments, it can be hard to understand at first.
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12-07-09 6:29 PM - gregid : @sam, @Mike - thanks
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12-07-09 6:28 PM - gfg1 : gregid: it is $10 per tick on tf
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12-07-09 6:28 PM - Big Mike : @gregid: I did trade ZN for a while, the 10-year note, which I would say is good for a beginner.
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12-07-09 6:28 PM - Big Mike : @gregid: I don't trade the Russel and haven't actually, am not familar with the tick costs
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12-07-09 6:27 PM - sam028 : @Gregid: check NQ, "cheaper" than TF
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12-07-09 6:27 PM - Big Mike : @Dusty: Yes, correct, especially on any non-minute (non-time based) chart, the differenes will be quite huge.
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12-07-09 6:26 PM - gregid : @Mike - I was thinking of starting the TF but let's say stop loss: 7 ticks * 100 per point * 2 contracts = 1400 which is much higher than my 2% = 200. Hence my problem
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12-07-09 6:26 PM - Big Mike : So often, a Runner can make your entire daily goal in one single trade.
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12-07-09 6:26 PM - Big Mike : @TonyA: But basically, I like to have a target based on price action (swing high/low, fib band extension, etc) and then also a runner.
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12-07-09 6:25 PM - Big Mike : @TonyA: In my psychology thread on 'trading advice' I've talked specifically about my ATM.
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12-07-09 6:25 PM - Dusty909 : thx
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12-07-09 6:25 PM - Big Mike : @TonyA: Bravo for recognizing the power of "the free trade". It is an excellent concept.
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12-07-09 6:24 PM - sam028 : @Dusty: right
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12-07-09 6:24 PM - SteveM : @Mike: What do you recommend in terms of charting system. Trader Station or Zen Fire ?
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12-07-09 6:24 PM - Big Mike : There is presently no Zen Fire 64-bit support for instance, and no eSignal either. Only IQfeed.
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12-07-09 6:24 PM - Dusty909 : @mike: ok i see, so that means that close to the end of a bar, data from different providers might look different if the package of ticks doesnt get sent until the next bar, is that correct?
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12-07-09 6:24 PM - Big Mike : However, NinjaTrader 7 adds some complexity to these decisions on data providers....
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12-07-09 6:24 PM - Riverend : Thanks
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12-07-09 6:23 PM - TonyA : @mike: i trade mostly the 6E contract.... 2 contracts ... first target 6 ticks and second 12 ticks and sometimes i trail it with a volatily stop atr 14..... i like this because it gets me into a free trade and there is no stress when the first one is out... i move the stop to scratch and hope it continues.... anythoughts about an other method that may be effective
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12-07-09 6:23 PM - Big Mike : eSignal is also widely regarded as very good. I've personally used eSignal and IQfeed, and would go with eSignal if for some reason you don't want to go with Zen Fire.
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12-07-09 6:23 PM - Riverend : @ max-td the post and link Sam028 provided
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12-07-09 6:23 PM - Big Mike : TT and IB are examples of providers that filter tick data.
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12-07-09 6:23 PM - Gary : @Dusty, I believe Zen-Fire and IB to be two of the most popular here. IB does filter tick data and so often it will appear to lag/move slower than Zen and they definitely have differences, especially when it comes to level II data. I have used both and prefer Zen-Fire.
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12-07-09 6:23 PM - sam028 : @Riverend: but more ATM examples will be nice, as the parameters to use should be very very different from ES to CL to 6E...
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12-07-09 6:23 PM - Big Mike : @Dusty: I use Zen Fire and regard it as "the best". They do not filter data. Filtering means a provider does not send every single tick, but bundles or delays ticks until they reach a certain value (# of ticks, or time based) and sends them all at once.
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12-07-09 6:22 PM - Big Mike : @Riverend, if you have additional questions on ATM's you can use that thread to reply or start a new one, you are not alone and it could benefit many people.
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12-07-09 6:22 PM - Riverend : oh great thanks
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12-07-09 6:22 PM - Big Mike : @Riverend: Yes, ATM's can be tricky at first, no doubt. But using 2 contracts is really important, in my opinion.
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12-07-09 6:21 PM - sam028 : @Riverend: their is one ATM template here: https://futures.io/general-discussion/809-ninjatrader-advanced-trade-management-strategy-ninjaytader.html
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12-07-09 6:21 PM - Big Mike : @445: As sam provided, the VIP downloads are all in one place now, thanks to Sam's help to organize them
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12-07-09 6:21 PM - 445NDO : ok thanks Mike .. looks like i have access now
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12-07-09 6:21 PM - Big Mike : @445: My advice is to participate in one of those threads about money management, or start your own, to solicit additional feedback.
==========================================================

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

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

 
  #8 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,356 given, 83,237 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.

Need help?
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4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

The following user says Thank You to Big Mike for this post:
 
  #9 (permalink)
Elite Member
Perdido Beach, AL
 
Futures Experience: Intermediate
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Posts: 1,150 since Jul 2009
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very cool. sorry I missed it. See everyone on the next one.

 
  #10 (permalink)
Elite Member
Neubrandenburg, Germany
 
Futures Experience: Advanced
Platform: R
Favorite Futures: Stocks
 
wh's Avatar
 
Posts: 538 since Jun 2009
Thanks: 297 given, 480 received


it was a little bit late for me ...

Causality is the relationship between an event (the cause) and a second event (the effect), where the second event is a consequence of the first.

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