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Trailer Park Capitol

  #271 (permalink)
 
michaelroth's Avatar
 michaelroth 
Gillette Wyoming
 
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1.17.2022 continued


Day trading, so easy a caveman could do it.
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  #272 (permalink)
 
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 bobwest 
Western Florida
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michaelroth View Post
Word on the street says it's a holiday, so I think that I'll wait to see if anything pops off, which makes me think that I should start to put something together, like a calendar, where I can keep track of what news and events directly impact the markets that I trade. I'm sure there is a resource out there for this, it might even be here on this forum.

There are a lot of online trading-oriented calendars. This is the one I use: https://us.econoday.com/byweek.asp?cust=us

I check it in the mornings, when I remember. Usually there's nothing important to see, but it will keep you abreast of the big ones, like FOMC announcements or release of minutes, that you don't want to sneak up on you.

Bob.

When one door closes, another opens.
-- Cervantes, Don Quixote
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  #273 (permalink)
 
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 michaelroth 
Gillette Wyoming
 
Experience: Beginner
Platform: ninjaTrader
Broker: NinjaTrader
Trading: futures
Posts: 330 since Jun 2021
Thanks Given: 739
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bobwest View Post
There are a lot of online trading-oriented calendars. This is the one I use: https://us.econoday.com/byweek.asp?cust=us

I check it in the mornings, when I remember. Usually there's nothing important to see, but it will keep you abreast of the big ones, like FOMC announcements or release of minutes, that you don't want to sneak up on you.

Bob.

Thanks Bob!

That was EXCATLY what I was looking for.

Day trading, so easy a caveman could do it.
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  #274 (permalink)
 
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 michaelroth 
Gillette Wyoming
 
Experience: Beginner
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These are not the trades I was looking for.

8 trades, 7 losses. Literally every last lost trade is due to me not following my strategy- because its poorly defined.



However, I'm still green for the month, so that's good.





I have to define what it is that I want to trade. I am set up right now to scalp, but I am taking trades that don't fit that set-up.

Day trading, so easy a caveman could do it.
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  #275 (permalink)
 
michaelroth's Avatar
 michaelroth 
Gillette Wyoming
 
Experience: Beginner
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Trading the 50. Rules of the road

Rule #1- I only buy when price is above the 50 EMA ribbon, it is completely green, and the candle closes green, and I only sell when price is below the 50 EMA ribbon, it is completely red, and the candle closes red.
Rule #2- Watch where I am in relation to the 200 EMA, trend lines, and support or resistance.



I'll never know if this works or not if I don't try, or if I don't follow these rules.

Day trading, so easy a caveman could do it.
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  #276 (permalink)
 
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 michaelroth 
Gillette Wyoming
 
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If you traded today, you would know why I think these stats are funny as hell. There's a possibility that I might have some kind of bearish dyslexia. Even so, you work with what you got. Also, there's a possibility that I just figured out how to trade.




Day trading, so easy a caveman could do it.
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  #277 (permalink)
 
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 michaelroth 
Gillette Wyoming
 
Experience: Beginner
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Trading: futures
Posts: 330 since Jun 2021
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The office


Day trading, so easy a caveman could do it.
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  #278 (permalink)
 
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 michaelroth 
Gillette Wyoming
 
Experience: Beginner
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Trading: futures
Posts: 330 since Jun 2021
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This is where I get off

I stayed up too late last night and now I'm tired. Last night the price action was weak as buyers and sellers were exploring a range right around the 200 day EMA. Right now, I don't want no part of it. I'm going to take my profits and call it a day- maybe



This week was big. I saw what appear to me to be ideal trading conditions, which led to really good entries, which in turn led to my realizing, again, that I suck at losing. Today was good in the fact that I was able to take a little loss and keep going. My true edge is that I can truly evolve.

"If one does not know to which port one is sailing, no wind is favorable." - Seneca the Younger

I think this week I found my port. I think most people would look at today's results and logically assume that I've adopted a scalping strategy, but I like to think of it as a capitalizing on momentum and trend strategy. I think the difference for me is stops and targets. Truth be told I don't how scalpers do it, but I think what I'm looking for is to jump into a trend when the momentum is there. As it stands right now, when the momentum is gone, so am I.

What this usually leads to is a 3-6 point move in my favor, or a really small profit or loss when not. Those small profits tend to look like scalps, but to me, they're ...probing trades that never took off, so I got out. The trick for me is cutting a loss when I'm flat fucking wrong. I'm not going to lie, getting this part of trading has just about killed me. but I'm muddling through. Statistically and realistically, I think that I'm looking at a R:R factor of 2:3 if what I'm doing pans out long term, meaning, if I can contain my losses to around 2 points, when FFW, I should me good to go.

There's more, but like I said, I'm exhausted. Mentally. Emotionally. Physically. I may have found my port, but like Odysseus I killed my crew getting here, and I have yet to make it to shore, where right now the ES is stumbling around like a drunken sailor throwing haymakers at buyers and sellers alike.

Day trading, so easy a caveman could do it.
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  #279 (permalink)
 
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 michaelroth 
Gillette Wyoming
 
Experience: Beginner
Platform: ninjaTrader
Broker: NinjaTrader
Trading: futures
Posts: 330 since Jun 2021
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Searching for momentum

Here is my current chart set-up. It may seem a little funky, but all that's really going on here is the MACD is painting bars where it indicates divergence and thus momentum. Additionally there are the ever popular 20-50 and 200 EMA's. Here I am using an indicator that paints these depending on the slope. I use this to better identify the trend. Lastly I'm using an indicator called "swing trend" so that I can quickly identify market structure.

Momentum, trend, market structure- and price action. Here I am trying to use all of these together in concert to find trades, and I think that it may be working. When I look at this chart, and I see either red or green bars, especially when they are well positioned in relation to the EMA's, or the market structure is good, I see strong buying or selling. I see bigger bars and smaller wicks. When I look at the pink or lime green bars, that strength wane, and when I see the grey bars, they are usually in these kind of transition zones.





If everything I just pointed out is true, then I should be able to replicate in part my results from Wednesday and Friday. While I think this set-up is valid, I still don't have any set rules for using it, just some ideas.

Truth be told some of these ideas fly in the face of convention, and that makes me a little nervous because I have not had much success in trading trying to buck the system. But if I am being completely honest with myself, I have a serious internal conflict between a part of me that analyzes the chart, attempts to forecast future moves and thus develops a bias, which is often wrong, and another part of me that screams having that bias is counter productive.

Its complicated. I've never really understood all this talk about ego and the separation of consciousness, but in regards to trading I think its become personally relevant. After last week I think there is a good chance that if I just get out of the way and let the price dictate my actions, this could prove to be profitable.

This week should be interesting.

Day trading, so easy a caveman could do it.
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  #280 (permalink)
 
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 rezak 
Genova.Italy
 
Experience: Intermediate
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Move to a real account man.
That way you will learn how to make money on a demo account and nothing more.
In my opinion demo accounts are good only to see how the trading platform works and that's all, then move to the real account even the smallest one.

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