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My MES Live Account Journal (OneUp)

  #141 (permalink)
 
Massive l's Avatar
 Massive l 
OR/USA
Legendary /NQ Trader
 
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tr8d3r View Post
@kingjelly Based on my understanding there are only few software's that allowed you to executed multiple accounts.

Volfix has a Master Slave function that allows you to trade your primary as well as sub accounts from single DOM.

I also overheard that ATAS can do it too, but i can't confirm that.

you can do this on thinkorswim as well by linking accounts. I have 3 linked to each other.

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  #142 (permalink)
 
bobwest's Avatar
 bobwest 
Western Florida
Site Moderator
 
Experience: Advanced
Platform: Sierra Chart
Trading: ES, YM
Frequency: Several times daily
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sstheo View Post
Thanks for asking. And I hope I don't let you down too much...

As you may know I upgraded the live MES Capital account from $50k to $150k by going through a new evaluation. Unfortunately, the upgraded account was short lived. However, I am very close to passing what should be my final OneUp evaluation and so I should have a new $150k MES Capital account next week.

Why was the live account short-lived? I will be very candid with my 4 contributing factors: (1) The market is super-bullish because of Fed comments on rates, and I keep trying to short an "overbought" situation. This has been going on for 6 months, and we just made a new high today even. I maintain it is unsustainable, but I must be humble enough to admit that I am wrong. Just wrong. (2) I still take more risks than I should, and the larger account allowed me to get away with it - until it didn't. (3) I am in a chat room with some really great traders who have new and profitable ways of looking at the market, and I have been a bit distracted from my regular plan. They look at TPO charts and Volume Profile, and I am finding it fascinating. They take fewer trades and make more cash. (4) I also got distracted by trying the evaluation from a new company called LeeLoo. LeeLoo has fewer rules than MES has on its live accounts, so I have been trying that. But I am coming to realize that any time you are working on Plan B, even a backup plan, then Plan A will suffer.

All four reasons may be significant, but they don't excuse my failure to hold on to that account. I should have been more careful.

Good for you for being forthright about the issues. Any of them could certainly affect anyone.

Of the four, I think #3 may be especially dangerous. It would be for me, anyway: when I get into some new way to look at the market or at trading, it complicates things and makes them worse, at least for a while. The more fascinating the new stuff seems, the more it sucks me in. It's a real problem, because we do want to grow, but more things to look at can mean more confusion, and can throw off something that is working.

I hope you can work it all out. Good luck with your new efforts.

Bob.

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  #143 (permalink)
 
sstheo's Avatar
 sstheo 
Holladay, Utah, USA
 
Experience: Intermediate
Platform: Multicharts
Broker: AMP/CQG
Trading: MES, MYM, MNQ, M2K
Posts: 285 since Oct 2012
Thanks Given: 198
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Massive l View Post
you can do this on thinkorswim as well by linking accounts. I have 3 linked to each other.

Great to know. Thanks.

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  #144 (permalink)
 
sstheo's Avatar
 sstheo 
Holladay, Utah, USA
 
Experience: Intermediate
Platform: Multicharts
Broker: AMP/CQG
Trading: MES, MYM, MNQ, M2K
Posts: 285 since Oct 2012
Thanks Given: 198
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forexvert View Post
wow really? were they a scam?

LeeLoo is a respectable company. But the TEMPORARILY stopped accepting new applicants so they could better take care of the current evaluees and live traders.

It looks like the "we are full" message has now been removed.

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  #145 (permalink)
 techa 
Wilmington, NC
 
Experience: Beginner
Platform: Infinity Futures, TOS
Trading: ES, MES
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sstheo View Post
The micros indeed have more slippage and significantly more transaction costs (about 50% higher). But they are good vehicles to get some practice under LIVE conditions. But the goal is strictly to get to the regular Emini's asap.

You must find a system that works for you to be profitable. The fact that you are on FIO suggests that you have had SOME success in the past. I really think you should save your money and get on SIM until you feel you have an edge and can add 50% to the account balance of the sim account. There is no point in spending any more money on anything until you can see a path before you. Once you increase the balance on the sim to 50% higher, then you will be ready. (As long as you do it through consistent growth and don't take too much risk.) Try to add 2% to the balance each day.

Alternatively, I think you could try to do this (which would approximate what I am doing), which is scalping... Get back on the micros and use only 1 contract, and try to safely make $20 per day. If you lose $40, then STOP for the day. Shoot for $5 targets. Use $10 emergency stops but try to get out even faster if you sense things starting to fall apart on the trade.

If instead you prefer to really let things run in a trend, then use two time frames and only short if the larger timeframe is down, and only go long if the larger timeframe is up. A simple MA cross system can get you in trouble if you are not careful, but you can experiment with this and Support and Resitance lines.

Finally, start watching lots of videos on YouTube and here on FIO. There are hundreds of great traders willing to share their knowledge without trying to sell you something. Find that edge.


Still on paper with your suggestions.
1. Just wondering if my $20 daily target should have fees factored in? (my all in r/t fees are 2.04 for micro es). I have been keeping a separate data sheet as if I am trading the full /ES and when scalping the fees there are so much less impactful (4.90). Adding 50% to my MES sim account seems like it would take forever if fees are factored in.

2. "Use $10 emergency stops but try to get out even faster if you sense things starting to fall apart on the trade." This is such a double-edged sword as it can stop me out of a winning trade. I really struggle with how soon do I bail? 4 ticks, 5? Sooner? Why not then just set a 5 tick emergency stop instead of 8? On the larger contract it makes so much sense but on the MES all I can think about is that dang fee compounding two more ticks to my loss.

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  #146 (permalink)
 
sstheo's Avatar
 sstheo 
Holladay, Utah, USA
 
Experience: Intermediate
Platform: Multicharts
Broker: AMP/CQG
Trading: MES, MYM, MNQ, M2K
Posts: 285 since Oct 2012
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techa View Post
Still on paper with your suggestions.
1. Just wondering if my $20 daily target should have fees factored in? (my all in r/t fees are 2.04 for micro es). I have been keeping a separate data sheet as if I am trading the full /ES and when scalping the fees there are so much less impactful (4.90). Adding 50% to my MES sim account seems like it would take forever if fees are factored in.

2. "Use $10 emergency stops but try to get out even faster if you sense things starting to fall apart on the trade." This is such a double-edged sword as it can stop me out of a winning trade. I really struggle with how soon do I bail? 4 ticks, 5? Sooner? Why not then just set a 5 tick emergency stop instead of 8? On the larger contract it makes so much sense but on the MES all I can think about is that dang fee compounding two more ticks to my loss.


1. At $2.04 your costs are more than double what Amp and Ninja are charging, which is around $.80 RT. Change brokerages and try again.

2. Stops are a challenge for sure. The market conditions are changing hourly. Only you know your risk tolerance, but whipsaw is real, and if stops are too tight you will get crushed. I recommend using an ATR indicator or a Parbolic SAR and making sure your stop is outside boundary of the trend indication. Here is a "SuperTrend" indicator that could work as a "stop and reverse." Here is another:

Please follow my new Micro journal if you are not already. I am more likely to comment on the micros there than in this journal. See my signature line below for the link.


.

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  #147 (permalink)
 techa 
Wilmington, NC
 
Experience: Beginner
Platform: Infinity Futures, TOS
Trading: ES, MES
Posts: 75 since Apr 2019
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sstheo View Post
1. At $2.04 your costs are more than double what Amp and Ninja are charging, which is around $.80 RT. Change brokerages and try again.

2. Stops are a challenge for sure. The market conditions are changing hourly. Only you know your risk tolerance, but whipsaw is real, and if stops are too tight you will get crushed. I recommend using an ATR indicator or a Parbolic SAR and making sure your stop is outside boundary of the trend indication. Here is a "SuperTrend" indicator that could work as a "stop and reverse." Here is another:

Please follow my new Micro journal if you are not already. I am more likely to comment on the micros there than in this journal. See my signature line below for the link.


.

Reading your journal now and reaching out to AMP. I feel like if I stay at IF, I will be tempted to move to full es before I'm ready (in order to "save" on fees) and take a beating! Thank you again for all of your help!!!

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  #148 (permalink)
jhonsotto
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Massive l View Post
you can do this on thinkorswim as well by linking accounts. I have 3 linked to each other.

Good to know this! Thanks for the info.

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  #149 (permalink)
 
Aragorn's Avatar
 Aragorn 
Salt Lake City, UT
 
Experience: Intermediate
Platform: NinjaTrader
Broker: NinjaTrader Brokerage
Trading: ES, 6E
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I wish I had known about the differences between the Combine Rules and the Funded Rules. Honestly, I would have gone with TST. I will probably finish my $50k tomorrow. need $290 is all.
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  #150 (permalink)
 
lemons's Avatar
 lemons 
Tallinn, Estonia
 
Experience: Beginner
Platform: SC
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Aragorn View Post
I wish I had known about the differences between the Combine Rules and the Funded Rules.

What is the difference you don't like ?

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