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BMT Q&A Session Dec 17th 3PM EST
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BMT Q&A Session Dec 17th 3PM 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: 29,352 given, 83,231 received

BMT Q&A Session Dec 17th 3PM EST

Hello everyone,

Please mark your calendars for Thursday, Dec 17 2009 at 3:00PM EST, and come join us on the chatbox for an open question and answer session. This is our second session, and will be one hour long like the first.

It is our intention to make such sessions routine going forward, and we'll refine and improve upon them as time goes on. This will likely be the last session until after the New Year.

For this, our second session, we will run it much like the first since I expect the different time frame will attract a different group of traders who were unable to attend the first chat. So, on Thursday Dec 17 @ 3PM 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!

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.

Reply With Quote
 
  #2 (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: 29,352 given, 83,231 received

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

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

################################################################################
MGC Chatbox EVO DUMP - General channel archives
Big Mike Trading Forum;https://futures.io
December 17th, 2009 03:02 PM
################################################################################

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

Reply With Quote
 
  #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: 29,352 given, 83,231 received


12-17-09 2:36 PM - traderandreas : on the 6E no kore than 5 ticks
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12-17-09 2:36 PM - Big Mike : @traderandreas: yes, people add more and more indicators to help them "filter" out bad trades. In reality, they are making it that much harder to trade well! Confusing signals, or worse, they start to blame their interpretation of the indicators, second guess themsleves, etc.
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12-17-09 2:36 PM - jinhar : @Solar .. stop thinking abt counter trends and u will find ur trend .. told u so many times :P ..
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12-17-09 2:36 PM - rajafx1 : @trendandareas...what exactly tick size is medium size candle
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12-17-09 2:36 PM - Solar1TraderUK : which way its going,, i do tend to go both way in a trade, trend and counter trend
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12-17-09 2:36 PM - traderandreas : opposite for buys
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12-17-09 2:35 PM - Big Mike : @trding4u: my stops are dictated by price action and my chart. My initial stop is 24 ticks usually, anything larger and I pass on the trade. The stop has to be on the other side of the nearest band or swing high/low.
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12-17-09 2:35 PM - traderandreas : it is simple but it works
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12-17-09 2:35 PM - traderandreas : What works for me is with the trend find a medium size candle and if it is bearish sell at the low of this candle
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12-17-09 2:35 PM - Solar1TraderUK : @BM how would one identify a trend?
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12-17-09 2:35 PM - Big Mike : Too often traders keep moving down to smaller and smaller charts, to minimize the "hurt" of a stop. It's the wrong move in my opinion. I trade only with trend, but even for CT traders I think you must clearly know the direction of the market in order to CT properly.
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12-17-09 2:35 PM - cclsys : @BM: good question. I alternate between being a 'trender' and a 'counter-trender' and that is often problematic.
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12-17-09 2:34 PM - trding4u : to t2 its the hard point
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12-17-09 2:34 PM - Big Mike : If you are still struggling with identifying trend, then you need to step back to a larger chart.
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12-17-09 2:34 PM - David_R : I look at volume as the fuel that moves the market like gas is to a car.
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12-17-09 2:34 PM - Big Mike : How many of you can identify the trend of a market and be confident you are right most the time?
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12-17-09 2:34 PM - cclsys : @ta: I also always have BetterVolume 2 with paintbars and they are part of my subconscious view of price action now.
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12-17-09 2:33 PM - traderandreas : i think price action with out indicators works better
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12-17-09 2:33 PM - trding4u : mike is the stops based on a rulle or on chart u have few kind stops i think
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12-17-09 2:33 PM - David_R : Just because volume is low doesn't mean price can't rise. It may not be sustainable though.
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12-17-09 2:33 PM - kashman : Thanks Mike...that is really helpful insight..
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12-17-09 2:33 PM - Big Mike : personally, I do not use bar-by-bar volume in my trade decisions
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12-17-09 2:33 PM - cclsys : @ta: yes, I am using the Dvalue histograms to confirm key SR levels; I think that's my main 'indicator' now.
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12-17-09 2:33 PM - Big Mike : but seems he forgot.
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12-17-09 2:33 PM - Big Mike : @traderandreas: if cunparis would join us, he can talk about volume extensively.
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12-17-09 2:33 PM - traderandreas : I have noticed price rising on low volume when it should be halting
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12-17-09 2:32 PM - cclsys : @ traderandreas: I have found volume analysis productively hyper-confusing but I'm not giving up on it yet!
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12-17-09 2:32 PM - Big Mike : @kash: so in this scenario, I would never get in waiting for a pb all the way back to the midline, so I take pb right to the outer edge of the 1st band.
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12-17-09 2:32 PM - traderandreas : is any one using volume analysis heavily in your decision making?
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12-17-09 2:32 PM - Big Mike : @kashman: I decide a trend is very strong if on the 5m price has not retraced to the midline in very long time. Brooks calls it a 2HM.
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12-17-09 2:32 PM - traderandreas : I have found voulme analysis confusing and counter productive
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12-17-09 2:31 PM - Big Mike : @kashman: I look at two charts, 5m and 60m. 60m for big picture trend lines, and 5m for entries and exits.
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12-17-09 2:31 PM - papa14 : @BM, but you put your intial stop 24 ticks beyond but if the price moves thru the midband, you are quick to cut. Did I get that right?
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12-17-09 2:31 PM - cclsys : @BM: but the indexes are the least volatile of most of the futures markets (most of the time). But if that is what you learn on, many of the others seem super-wild.
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12-17-09 2:31 PM - kashman : Mike - One more question on the trend...So how do you decide trend is "very strong"? do you look a longer term timeframes too?
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12-17-09 2:31 PM - rajafx1 : thanks Jinhar
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12-17-09 2:30 PM - Big Mike : money management is key. not indicators, not the instrument, money management and your discpline
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12-17-09 2:30 PM - traderandreas : Thanks Mike
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12-17-09 2:30 PM - Big Mike : @papa: I enter on touch, otherwise it's too late 90% of the time, if you wait for momentum to build to the upside it's already moved 15 ticks away from the midband.
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12-17-09 2:30 PM - jinhar : @rajafx1 .. i am sorry i still havent posted anything here ..
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12-17-09 2:29 PM - rajafx1 : @jinhar, do you link to your posts in this forum
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12-17-09 2:29 PM - Big Mike : @traderandreas: no it doesn't really. I would probably recommend 6E over CL for those hours.
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12-17-09 2:29 PM - jinhar : @rajafx1 i trade with simple high low patterns . use oscillators for divergences .. the only thing that works for me is money management trading crude also my stops are 10-15 ticks and targets arnd 20-30 ticks
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12-17-09 2:29 PM - papa14 : @BM, on a pb to your midband, do you enter as it touches the midband or when it starts moving in your intended direction?
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12-17-09 2:29 PM - Big Mike : The other day CL moved 125 ticks in the same time ES moved 17 ticks. CL is $10/tick, ES 12.50/tick
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12-17-09 2:28 PM - Big Mike : @kashman: that pullback to that area happens very often, so I take them more times than not. Otherwise, if the trend is super strong, I take trades as they pullback to the outer region of the first band. That is my limit, if it is not within the 1st band, it's a no trade zone for me -- too much risk, my stop would have to be too big.
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12-17-09 2:28 PM - traderandreas : Thanks Mike, do you know if it moves well during the european market session
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12-17-09 2:27 PM - Big Mike : @kashman: I only trade with trend. If I trade anything else it was a mistake Yes, one of my primary signals is a pullback to the midline of the fib band. I have a limit order sitting and waiting for such a move.
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12-17-09 2:27 PM - jinhar : @cclsys i dont knw abt top 1% .. just i wanna imprve my trading and for that i have found this great place . i worked on all major issues i had before joining this forum .. the last one is remaining is this one .. if i can control this then it can all work out very well for me
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12-17-09 2:27 PM - papa14 : Cl not only moves, it can move very, very fast
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12-17-09 2:27 PM - rajafx1 : @jinhar, what is your trading strategy
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12-17-09 2:27 PM - Big Mike : @traderandreas: I trade CL 9am to 1pm EST
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12-17-09 2:26 PM - Big Mike : @solar: CL is a blessing and a curse. For me, I love it, much more than ES, and I make much more money. Why? CL plays to my strengths and weaknesses perfectly, in a positive way. But it's a very dangerous instrument for the beginner, and it seems like you can make so much, but you can lose much more
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12-17-09 2:26 PM - traderandreas : USA market hours or european?
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12-17-09 2:25 PM - cclsys : @jinhar: if you can consistently keep making your 30 ticks a day, you are already in the top 1% of the trading population.
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12-17-09 2:25 PM - kashman : Mike - About trend...I followed you in the CL trade room..and you took quite a few nice trades on pull backs to Fib bands.. How do you decide which band? is there a quantitative way just your experience
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12-17-09 2:25 PM - traderandreas : what are the best times to trade the CL?
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12-17-09 2:25 PM - cclsys : @papa. I'll take a look.
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12-17-09 2:25 PM - jinhar : @BM i have tried swing trading.. i will try to increase position size .. but then that i cant do much because it will break my moneymanagement rule .. so the only option for me is to take more trades .. which again i fail to do ..!!! So i need to work on that issue .
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12-17-09 2:25 PM - cclsys : second that last post by BM.
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12-17-09 2:25 PM - papa14 : @CL, did you see the volatility this morning....it was incredible
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12-17-09 2:25 PM - Big Mike : Don't get bogged down wanting more more more, usually this is a gamblers attitude, not a traders.
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12-17-09 2:24 PM - Big Mike : @jinhar: why view it as negative? if your losing days are not greater than your winning days, and you can increase position size and hit 30 tick winners, then you should be worrying about where to put all your money and not worrying about how to trade
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12-17-09 2:24 PM - cclsys : I don't get it with the CL business. It looks like a typical market to me, although I haven't traded it.
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12-17-09 2:23 PM - Big Mike : @jinhar: if you are long term profitable right now and find yourself putting on boredom trades, I would just say increase position size, you wont be as bored. Or trade a second strategy like a long term swing at the same time as your intraday trades. But these should only come after you've mastered your first plan.
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12-17-09 2:23 PM - Solar1TraderUK : CL is the daddy
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12-17-09 2:23 PM - traderandreas : any body trading the 6E here?
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12-17-09 2:23 PM - cclsys : @BM: I'll go back and look at it again.
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12-17-09 2:23 PM - kashman : ok...thanks!
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12-17-09 2:22 PM - Big Mike : @cclsys: one of my last psychology posts talks about identifying and working to eliminate your worst 5% of losing days, and how huge of a positive impact doing so has on the average traders bottom line.
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12-17-09 2:22 PM - jinhar : @cclsys .. the only prb is dat trading is all i can do ... i trade multiple instruments .. but again in all i cant seem to pass my daily target .. when i knw i can get twice more .. then wad m already doin . that too at very small risk
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12-17-09 2:22 PM - Big Mike : @kashman: Minimum $25,000 to trade CL, and minimum 2 years experience trading other markets successfully is what I would recommend before trading CL. CL IS NOT FOR BEGINNERS! Please! No!
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12-17-09 2:21 PM - cclsys : @BM: am a little stuck on that one right now.
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12-17-09 2:21 PM - cclsys : @jinhar: sounds like you are doing very well. There is always more, but what's that in the larger picture?
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12-17-09 2:21 PM - Big Mike : @jinhar: is that 85% winners vs losers in trades, or 0.85:1 win loss dollar ratio? The dollar ratio is all that maters, not the win percentage in # of trades
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12-17-09 2:20 PM - jinhar : I meant i can't
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12-17-09 2:20 PM - Solar1TraderUK : Thanks
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12-17-09 2:20 PM - Big Mike : @cclsys: first you have to identify the issue, and if you have identified this as a problem area, that's good! Now the question becomes what steps you are taking in order to change that behavior and keep your winning days equal to or larger than your losing days. I'm not talking about # of winning days vs # of losing days, I'm talking $ won vs $ lost.
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12-17-09 2:20 PM - jinhar : I have tried increasing multiple lots .. it doesnt make a difference i still hit 30ticks .. but the real problem is i can go for more .. i just watch the charts and take sim trades .. which work out really well each and every single day
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12-17-09 2:19 PM - cclsys : @BM: yup, that's why I have a hard time with the 'anti-revenge trade' logic. It makes sense if you are going for $$ out of pure emotion, but generally speaking I think a day-trader should walk away each day with either BE or at least a little positive.
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12-17-09 2:19 PM - kashman : Mike - What do you recommend for the $$ amounts to trade volatile markets like CL and TF?
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12-17-09 2:19 PM - Big Mike : @solar: I use Amp and Zen Fire. I've not had any problems with Amp, and definitely recommend Zen Fire. I've used eSignal, IQfeed and IB, Zen Fire is the best.
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12-17-09 2:18 PM - jinhar : @BM i have a daily stop loss of 30tick for the day .. Once i hit that i stop trading and once i hit 30 in positive i stop .. and for last 3 months m havin win/loss ration of more then 85%
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12-17-09 2:18 PM - Big Mike : Most traders have a real hard time keeping their winning days larger than their losing days. This is all in your head, it can be done, and in fact it must be done in order to be successful long term.
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12-17-09 2:18 PM - Solar1TraderUK : @BM Mike what brokerage u trade with? or recommend?
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12-17-09 2:18 PM - cclsys : @BM: that's the problem that I have not yet overcome - the big losing days..
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12-17-09 2:17 PM - Big Mike : @jinhar: but if you find that one bad losing day wipes out multiple winning days, then clearly increasing position size is not going to help, but only hurt.
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12-17-09 2:17 PM - Solar1TraderUK : @Jinhar Good thanks
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12-17-09 2:17 PM - Big Mike : @jinhar: If you have weeks of journal entries showing your average winning days are bigger or equal (but not less than) your averaging losing day, then I would say sure why not, stop @ 30 ticks and just increase position size.
==========================================================

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)
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  #4 (permalink)
Site Administrator
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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
==========================================================

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.

Reply With Quote
The following user says Thank You to Big Mike for this post:
 
  #5 (permalink)
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Hey Big Mike .. Thanks for posting them quickly .. !! ..

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