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Dissecting this morning's bad /ES trade


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Dissecting this morning's bad /ES trade

  #31 (permalink)
piilgard
Copenhagen + Denmark
 
Posts: 14 since Feb 2019
Thanks Given: 8
Thanks Received: 4

piilgard. Don't take it personally. Everyone here is trying to help each other and he is just trying to transfer a bit of wisdom to you in hopes of saving you some grief. (we all would have welcomed some grief relief when we were starting out)


I know. And I know he probably meant well, but it was a poor choice of words imo.

the point others are making and I concur, is that you need to set up a trading platform as soon as possible and start trading on a sim account. The first hurdle you are going to have to overcome is familiarity with the platform operation and setup. It will take quite a while just to be able to execute trades without execution errors to begin with, especially under pressure like in a fast moving market, or unexpected spikes etc. If you have to learn this trading real money you are going to regret it.

I agree. And that's also what I wrote. I'm saving to get the Jigsaw platform, because I want to use their DOM. As far as I can tell, that is one of the best DOMs on the market and through a lot of research, Ive become somewhat familiar with it already - besides from actually trading on it.

My goal is to explore scalping on the DOM, that's why I want the Jigsaw platform. I'm not gonna trade off the graph.

Unfortunately, the jigsaw DOM is not available in a free version. Until then, I'm researching price action, auction-theory, wyckoff, various order types, and so on.. I need to read about that anyway, so I might as well do that, while saving for Jigsaw. Which also provides a live CQG data feed trial so practice with.

You are working towards competing with some of the smartest people on this planet, not to mention the struggle against the institutional program traders, the algo systems written by mathematic PHDs etc.

Actually, my goal is not to compete against them. My goal is to locate and join them. Competing with them is probably the fastest way to lose your money, yes

NOTE: I'm a donkey on this quoting thing, so sorry if it all seems a bit messed up. I put your quotes in black @mbondiett

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  #32 (permalink)
 mbondiett 
Pittsburgh, PA, USA
 
Experience: Beginner
Platform: NinjaTrader
Broker: NinjaTrader Brokerage
Trading: ES
Posts: 23 since Aug 2016
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piilgard View Post
You are working towards competing with some of the smartest people on this planet, not to mention the struggle against the institutional program traders, the algo systems written by mathematic PHDs etc.

Actually, my goal is not to compete against them. My goal is to locate and join them. Competing with them is probably the fastest way to lose your money, yes

NOTE: I'm a donkey on this quoting thing, so sorry if it all seems a bit messed up. I put your quotes in black @mbondiett

Sorry @piilgard, maybe you misunderstand what I meant. We are all competing for ticks in the market place.

First come, first served. Hesitate and that invisible hand grabs those green ticks and turns them red.

Have a good holiday piilgard

“The major work of the world is not done by geniuses. It is done by ordinary people, with balance in their lives, who have learned to work in an extraordinary manner.”
― Gordon B. Hinckley
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  #33 (permalink)
piilgard
Copenhagen + Denmark
 
Posts: 14 since Feb 2019
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Thanks Received: 4



mbondiett View Post
Sorry @piilgard, maybe you misunderstand what I meant. We are all competing for ticks in the market place.

First come, first served. Hesitate and that invisible hand grabs those green ticks and turns them red.

Have a good holiday piilgard

Thanks buddy - you too! And thank you for your input.

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  #34 (permalink)
 Feibel 
Surrey, UK
 
Posts: 215 since Jun 2017

Apologies for the hijack, felt compelled to give an addtional 2c. Offers an additional perspective, Happy Easter.

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  #35 (permalink)
 
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 snax 
Chicago, IL
Legendary Price Action Student
 
Experience: Beginner
Platform: Sierra Chart
Broker: Edge Clear
Trading: MES
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Feibel View Post
Apologies for the hijack, felt compelled to give an addtional 2c. Offers an additional perspective, Happy Easter.

No apology necessary, thank you for sharing!

I intend to research Wyckoff!

tl;dr on my reasoning behind this trade at this time was this was during my first trading phase where I only traded plain chart and watched only price-movement, I took advantage of the price-oscillations I had seen recur over and over from sept-nov. 2018 in sim-trading, I had gotten good at iterating over these price-oscillations and something (a lot of things) got out of whack when I started live-trading. I jumped into live-trading after 4 months of sim, not the best idea but I have no regrets because it exposed flaws that I can work on.

BTW this is something I will definitely come back to as one facet of a broader and more complete trading strategy when market conditions and my own comepetency are ready. trading those price-oscillations can be a very good strategy when you get in sync I feel. But I need to grow before I come back to that.

I think another way one could anticipate this move (in 20/20 hind-sight of course) would have been knowing where previous day's value area was from market-profile perspective, making note that we had previously visited ~2720 level, and knowing that this level was a prime target to re-visit you could even go long earlier in "opening-call" time-period to take advantage of this then play the reversal when absorption occurred ~@2720 due to high number of resting-orders. Once price had re-tested this level, sellers had more confidence. Not to mention the gap opportunity previously mentioned.

Also "climatic" bar looks a lot like the "pinbars" I am constantly seeing that I am always kicking myself for not using them as a signal because I don't trust them yet, but they seem compelling. I am going to read that Al Brooks book "reading price charts bar by bar" after I finish "mind over markets". I take them all with a grain of salt.

I will never give up how I got started, basic price-action that I taught myself, not someone else's system. Then build around it. I think it is important that we let our own ideas generate and evolve. I will never see the market through someone else's eyes, so I should always have my own technique that I understand, then build upon it with all the hard work that others have contributed.

I also think its common to think we're going to "lose some of our magic" when, in the process of learning from others, we adopt ideas and struggle with them, and in the process of improving, we think, we're regressing, I used to think my sim-trading was so effortless. I think is a fallacy, becoming a great trader isn't a straight-line to success, we grow, take a few steps back, then improve if we are dedicated. Take ideas and experiment with them, track them, keep the stuff that stats say can work, discard the stuff you don't like. Always growing!

Cheers friend, and sorry for the rambling!

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Last Updated on April 21, 2019


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