Webinar: FuturesTrader71 (FT71) on Risk, Sizing, Scaling and Trade Management - Psychology and Money Management | futures io social day trading
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Webinar: FuturesTrader71 (FT71) on Risk, Sizing, Scaling and Trade Management
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Created: by Big Mike Attachments:5

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Webinar: FuturesTrader71 (FT71) on Risk, Sizing, Scaling and Trade Management

  #121 (permalink)
Elite Member
Bedford, UK
 
Futures Experience: Beginner
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keymoo's Avatar
 
Posts: 129 since Mar 2012
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I've just watched the webinar and really enjoyed it, thanks so much to @FuturesTrader71 for taking the time to do it. I have a question on price risk vs. information risk, but created a new thread to discuss it, I would appreciate your views: https://futures.io/psychology-money-management/19185-ft71s-price-risk-vs-information-risk-argument.html This thread seems too cluttered and I wanted to keep one topic from this webinar in one place.


Last edited by keymoo; April 8th, 2012 at 05:04 AM. Reason: spelling
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  #122 (permalink)
Elite Member
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Posts: 129 since Mar 2012
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Sorry to keep spamming this thread, but the webinar raised an issue with me that I haven't found a solution for, as yet. I created a new thread for that and it's directly related to what @FuturesTrader71 was talking about. If you have time I would appreciate it if you could have a look: https://futures.io/psychology-money-management/19186-risk-management-approach-best.html

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  #123 (permalink)
Error-prone
Bundeburg
 
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Watched the video today. Excellent. Thanks to FuturesTrader71 and BigMike.

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  #124 (permalink)
 Vendor: www.futurestrader71.com 
Chicago, IL, USA
 
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Platform: S5 Trader, IQFeed, IRT
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TI Anon View Post
In FT's example one of the 14 trades in the 2 contract 5-tick stop/5-tick winner + 5-tick stop/10-tick winner, had only a "1" tick loss not 10 ticks as the other losers. This went against the rules he stated at the start and would change his expectancy, perhaps even moving it to break even or a loss. (This is a good example of critical examination and due diligence)

The rules weren't changed at all. There was a fill for 5 ticks which left 1 contract that stopped out at -5 ticks but given the thin product, the stop ran through and lost a tick.

Here is how it went: 2 contract in position, 1 scaled for 5 ticks (+5 ticks gain), 1 stopped out for 6 ticks because the market (Russell 2000 mini) skipped the stop by a tick (which for anyone who trades the Russell knows that this is a common occurrence). Thanks for the due diligence though.

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  #125 (permalink)
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Big Mike's Avatar
 
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Please let me know what specific items you would like to see FT71 discuss for his next webinar.

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.
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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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  #126 (permalink)
Market Wizard
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jonc View Post
The best part of this webinar for me was the coin toss and taking a trade based on it but I was hoping it could be more extensive.

Do you guys know of any other sources which make a similar study or experiment?

Before I waste the time creating a strategy,
has anyone created a strategy to accomplish the coin toss trading?

Tks

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Knowing it's not about Clouds or Wind. . .
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  #127 (permalink)
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DavidHP View Post
Before I waste the time creating a strategy,
has anyone created a strategy to accomplish the coin toss trading?

Tks

Not exactly coin tosses, but may be useful:

https://futures.io/elite-circle/16206-educated-randomness.html

https://futures.io/elite-circle/19156-random-data-generator.html

https://futures.io/elite-automated-ninjatrader-trading/2649-erratic-method-random-entries.html

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.

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  #128 (permalink)
Market Wizard
New Orleans, La (Mardi Gras City)
 
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DavidHP's Avatar
 
Posts: 1,002 since Aug 2009
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I've not tested this yet so it may not be error free.

Here are the parameters as outlined in the Video.

Flip a coin.
Heads go long
Tails go short.
(this is accomplished by a random class in NT Script)
A trade is taken either short or long as indicated by the random generator.

Once a trade is initiated, a 5 Tick stop is added and two targets.
One target at 5 Ticks profit.
One target at 10 Ticks profit.

When the trade closes either win or loss and is flat,
the script waits 30 seconds.
Then another trade is generated by a coin flip.

This continues until the Sample Size is completed. (Default 30 trades)

The number of contracts traded, targets, stops, sample size and time to wait can be configured by the user.

Rejoice in the Thunderstorms of Life . . .
Knowing it's not about Clouds or Wind. . .
But Learning to Dance in the Rain ! ! !
Attached Files
Register to download File Type: zip CoinToss.zip (2.1 KB, 21 views)
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  #129 (permalink)
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Posts: 46,240 since Jun 2009
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DavidHP View Post
I've not tested this yet so it may not be error free.

Thanks for coding this. Consider creating a new thread, so this does not get lost and is easy to find in the future.

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
 
  #130 (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: 1,002 since Aug 2009
Thanks: 803 given, 1,367 received


Please use the indicator in this thread.

The one on this thread should be used:
https://futures.io/psychology-money-management/19803-coin-toss-experiment-strategy.html#post217159
(Post #7 unless someone revises it later)

Rejoice in the Thunderstorms of Life . . .
Knowing it's not about Clouds or Wind. . .
But Learning to Dance in the Rain ! ! !
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