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Is it worth trading chop days?
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Created: by Itchymoku Attachments:6

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Is it worth trading chop days?

  #31 (permalink)
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Itchymoku,

Not sure a direct answer like yes or no would be the best answer, but I've been taught to day trade
when the volume is the most and only take the best setups and trade what works for me.....and NOT trade during low volume, day before/after a market holiday. If you naturally gravitate to choppiness, and you make money...do it....if you gravitate to trending markets, then trade the trends. If you don't know the difference, then print out 1000 charts and categorize them by type of day and then study them in your spare time.

If you decide to trade longer time frames, take Big Mike's advice and adjust accordingly. If you're trading 4 tick charts on a volatile instrument, that's pretty tricky. Like Al Brooks says, the 1min. chart is tempting because the high number of trades, but in the long run you'll prob lose money.

Whatever makes you the most money trade that way...

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  #32 (permalink)
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monpere View Post
On man's chop is another man's treasure, I am more profitable on choppy days then on trending days. Guess what? it was by design, given that the markets spend more time ranging then trending, I know I would have many more opportunities daily. I'd rather have singles all week long, then wait all week praying for that one trend day, then be under the gun to squeeze every penny out that trend.

Yes I am aware the market chops more than trends. I spent a lot of time reading market profile and validating it for myself. Dalton I believe quotes non trend 70% of the time.

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  #33 (permalink)
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Idk, I was thinking perhaps most floor traders trade primarily when the market is rallying or used to. That's why I started my other question thread to see how specifically they trade.

https://futures.io/traders-hideout/22465-what-techniques-do-floor-traders-use.html

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  #34 (permalink)
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Itchymoku View Post
Idk, I was thinking perhaps most floor traders trade primarily when the market is rallying or used to. That's why I started my other question thread to see how specifically they trade.

https://futures.io/traders-hideout/22465-what-techniques-do-floor-traders-use.html

Floor traders..........have you been asleep my friend, there are almost no more floor traders period. This market is ruled by bots and HFT, the floor is dead. I was on the floor of the Merc 6 years ago, as a guest, and it was dead then. I stood above the NQ pit there were 10 guys. Even way back then Dennis Dorman told me the floor is dead and that's why he put so much money into Dorman trading and Zen Fire, etc.

I had a chance to talk with a few real floor traders that cleaned up in the 80's. You know what their edge was.........?

They paid less than a buck in commissions and front runned incoming orders, esp if they had buddies that were floor brokers. If you are holding orders totaling 1000 that tell you to sell the ES how hard do you think it would be to step in front of that with your sell order. That was there main edge. Sure some used market profile, the sqwak box, but stop and think. If a bond tick was 31 bucks I think and you paid less than a buck to trade it you could take a lot of educated guesses and scratch trades that retail Joe can't.

Don't take this as me ripping on you at all. I am just trying to give you a dose of reality. You want to be as close to a floor trader as possible then watch everything FT71 has done in his webinars and focus on good order flow tools like jigsaw or the good free ones on this website. Kam at L2ST is pretty good too. He actually trades for a prop firm in England, or did a couple of years ago.

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  #35 (permalink)
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dandxg View Post
Floor traders..........have you been asleep my friend, there are almost no more floor traders period. This market is ruled by bots and HFT, the floor is dead. I was on the floor of the Merc 6 years ago, as a guest, and it was dead then. I stood above the NQ pit there were 10 guys. Even way back then Dennis Dorman told me the floor is dead and that's why he put so much money into Dorman trading and Zen Fire, etc.

Yeah that's why I said "used to". I know what you're talking about after watching that documentary Floored. Thanks for the input though

Floored: Into The Pit - Epic Trader Movie! - YouTube

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  #36 (permalink)
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I think, that in trading is possible everything all is abou sacrifice to achieve it.

Otherwise, my trading method is in fact scalp method, yet i need trend at least before set up. Actually i cant imagine, that i should use ordinaly indicators.

We are what we repeatedly do. Excellence then, is not an act, but a habit.
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  #37 (permalink)
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Since I've been trading rallies or sharp declines I've realized that It's a lot different type of trading. Entries hardly matter at all, The hard part is really deciphering if you're in a rally or just a sharp whip. If you're in a rally pretty much you can expect to get a good expectancy on your trade.
This is working out for me so far , Maybe I'll open a journal on this style if I can keep it up.

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  #38 (permalink)
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Itchymoku View Post
Yeah that's why I said "used to". I know what you're talking about after watching that documentary Floored. Thanks for the input though

Floored: Into The Pit - Epic Trader Movie! - YouTube

Thank you so much for the video!!!

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  #39 (permalink)
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The more I trade I'm starting to see what Mike was getting at in the beginning with trading larger time frames. I've always been somewhat opposed to these because of the amount I could lose and duration of the trade, but I can't avoid it any longer after seeing price movements start to make more sense when I pull myself back. I've started trading 8 tick charts with OHL and previous OHLC and am seeing how price works like a magnet towards different zones. I simply couldn't see this on the 4 range. I can Identify support and resistance levels easier without as much random action. Maybe I'm just seeing things like always, but I can say it was ridiculous how I was trading before knowing this. I was mainly just jumping in when I happened to spot the market was trending without any gauge of the larger picture. I guess one could always argue 8 ticks appears like static to even larger time frames, but I can definitely say the change does bring about a level of clarity.

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  #40 (permalink)
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Time frame and risk dollars do not need to be correlated. Trade smaller size or smarter instrument or market, and bigger time frame, while keeping risk the same.

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