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Catastrophic Loss Days


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Catastrophic Loss Days

  #11 (permalink)
 Leefjl 
Fort Lauderdale Florida
 
Experience: Beginner
Platform: ToS
Trading: EMini ES
Posts: 3 since Jun 2017
Thanks Given: 6
Thanks Received: 7

I would suggest trying to learn price action. I purchased Al Brooks video and so far it's the best thing I've done for my trading.

Ninjatrader has a free market replay that's great for practice. I can spend a few hours after work to get some screen time.

I also like to listen to trading psychology on Youtube. Search for Mark Douglas to start.

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  #12 (permalink)
kazz
London
 
Posts: 150 since Apr 2018
Thanks Given: 168
Thanks Received: 78


Leefjl View Post
I would suggest trying to learn price action. I purchased Al Brooks video and so far it's the best thing I've done for my trading.

Ninjatrader has a free market replay that's great for practice. I can spend a few hours after work to get some screen time.

I also like to listen to trading psychology on Youtube. Search for Mark Douglas to start.

Sent using the NexusFi mobile app

Thanks @Leefjl couple of questions if you don't mind:

1. What is it about Al Brooks video that you find so useful in particular?

2. Is the market replay part of the basic ninja trader package and is it available for all instruments? I take it that it's a feature for day traders though?

Thanks Paul

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  #13 (permalink)
 Leefjl 
Fort Lauderdale Florida
 
Experience: Beginner
Platform: ToS
Trading: EMini ES
Posts: 3 since Jun 2017
Thanks Given: 6
Thanks Received: 7



kazz View Post
Thanks @Leefjl couple of questions if you don't mind:

1. What is it about Al Brooks video that you find so useful in particular?

2. Is the market replay part of the basic ninja trader package and is it available for all instruments? I take it that it's a feature for day traders though?

Thanks Paul

Sent using the NexusFi mobile app

I have his three of Al's books on trend, ranges and reversal. It's a breakdown of his original book. For me it takes a long time to read because you go back and forth reading and looking at the examples.

I find it easier listening to him while he points to the charts.

As for Ninjatrader I believe you can get replay end of day (EOD) data for any instrument. Just get a demo account and use the EOD free connection.

I'll go back a few months so my practice is not influenced by the most recent action.

Lee

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  #14 (permalink)
 
TradingOgre's Avatar
 TradingOgre 
Evans GA/USA
Legendary Market Wizard
 
Experience: Intermediate
Platform: NinjaTrader
Broker: NinjaTrader Brokerage - Philip Capital
Trading: NQ,ES,6E,CL
Posts: 556 since Jul 2018
Thanks Given: 908
Thanks Received: 1,672


kazz View Post
Thanks @Leefjl couple of questions if you don't mind:

1. What is it about Al Brooks video that you find so useful in particular?

2. Is the market replay part of the basic ninja trader package and is it available for all instruments? I take it that it's a feature for day traders though?

Thanks Paul

Sent using the NexusFi mobile app

2. Yes. Market replay data is even available for people who downloaded the free version of NT. It includes all DOM info and time & sales info. Works really well at replaying the market as close to live as possible. Go to Tools -> Historical Data -> click on the tab at the bottom that says "Load"->Then select "Get Market Replay Data". To use it, disconnect from your live data source and connect to the one called "Playback Connection". Set the start and end date you want to use and give it a few seconds to load.

The only drawback is that you have to load each day one by one but it only takes a few seconds per day. I usually wait until Friday evening then download the previous week so I have something to play with on the weekend.

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  #15 (permalink)
 iantg 
charlotte nc
 
Experience: Advanced
Platform: My Own System
Broker: Optimus
Trading: Emini (ES, YM, NQ, ect.)
Posts: 408 since Jan 2015
Thanks Given: 90
Thanks Received: 1,147

HI Kazz,

I used to program intra-day trading strategies a few years back... but am currently only interested in microstucuture research for low latency algo trading. So in terms of longer horizons, I am actually in the opposite space currently. Micro-scalping or even HF would be the best way to characterize the types of strategies that I am currently pursuing.

Ian


kazz View Post
Interested to hear that you are not a day trader. This is the route l would like to follow too. What instruments are you trading and what strategy steer you using? Also, do you trade off daily or weekly charts? Thanks, Paul

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In the analytical world there is no such thing as art, there is only the science you know and the science you don't know. Characterizing the science you don't know as "art" is a fools game.
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  #16 (permalink)
kazz
London
 
Posts: 150 since Apr 2018
Thanks Given: 168
Thanks Received: 78


Leefjl View Post
I have his three of Al's books on trend, ranges and reversal. It's a breakdown of his original book. For me it takes a long time to read because you go back and forth reading and looking at the examples.

I find it easier listening to him while he points to the charts.

As for Ninjatrader I believe you can get replay end of day (EOD) data for any instrument. Just get a demo account and use the EOD free connection.

I'll go back a few months so my practice is not influenced by the most recent action.

Lee

Sent using the NexusFi mobile app

Thanks @Leefjl really appreciate your help. Paul

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  #17 (permalink)
 
TheShrike's Avatar
 TheShrike 
Bridgeport, Ct
 
Experience: None
Broker: Tasty
Trading: Fops
Posts: 533 since Jun 2012
Thanks Given: 1,588
Thanks Received: 922

Stop trading ES on a tiny timeframe chart immediately. You'll lose all your money and you won't learn anything. Look at the micro contracts. You'll actually be able to set a realistic stop and target. Don't sim trade except to understand the platform you're using and trade execution. This is just my opinion but I believe anything other than that on sim is a waste of time. You'll learn exponentially faster about what real trading is all about trading real money. Most of trading is psychological and you will experience none of that on sim.

Yes, you'll make mistakes but the tick value is a lot smaller. Make sure it's money you don't care about and don't mind losing. Don't be afraid to market in on legit opportunities. A few ticks either way shouldn't matter. If it's a good trade you want to be in it. There may be few to no legit trades in any given day. This game isn't about sitting around clicking buttons and then rolling around in a pile of money. Learn to be patient and wait. If you find yourself with a good entry you have to learn to hold it so you can take advantage of a ripping move in your favor. Good profitable trading can be very simple. Trading pullbacks in a trend works, but that doesn't mean it's easy. Hope it helps.

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  #18 (permalink)
 dalebru 
Indianapolis/IN
 
Experience: Intermediate
Platform: SC, NT, ToS, my own
Broker: EdgeClear
Trading: ES
Posts: 67 since Jan 2013
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Thanks Received: 110


TheShrike View Post
Stop trading ES on a tiny timeframe chart immediately. You'll lose all your money and you won't learn anything. Look at the micro contracts. You'll actually be able to set a realistic stop and target. Don't sim trade except to understand the platform you're using and trade execution. This is just my opinion but I believe anything other than that on sim is a waste of time. You'll learn exponentially faster about what real trading is all about trading real money. Most of trading is psychological and you will experience none of that on sim.

Yes, you'll make mistakes but the tick value is a lot smaller. Make sure it's money you don't care about and don't mind losing. Don't be afraid to market in on legit opportunities. A few ticks either way shouldn't matter. If it's a good trade you want to be in it. There may be few to no legit trades in any given day. This game isn't about sitting around clicking buttons and then rolling around in a pile of money. Learn to be patient and wait. If you find yourself with a good entry you have to learn to hold it so you can take advantage of a ripping move in your favor. Good profitable trading can be very simple. Trading pullbacks in a trend works, but that doesn't mean it's easy. Hope it helps.

What micro contracts? I see one forex one at CME. What am I missing?

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  #19 (permalink)
 
TheShrike's Avatar
 TheShrike 
Bridgeport, Ct
 
Experience: None
Broker: Tasty
Trading: Fops
Posts: 533 since Jun 2012
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dalebru View Post
What micro contracts? I see one forex one at CME. What am I missing?

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M6E and the mini oil QM. I should have specified the oil was a mini not a micro.

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  #20 (permalink)
 
Devil Man's Avatar
 Devil Man 
Fort Lauderdale
Legendary / Stochastic Calculus is not your friend
 
Experience: None
Platform: Ninjatrader, Python API
Broker: CQG
Trading: ES,NQ,CL
Posts: 849 since Oct 2009
Thanks Given: 3,399
Thanks Received: 1,534



TheShrike View Post
Stop trading ES on a tiny timeframe chart immediately. You'll lose all your money and you won't learn anything. Look at the micro contracts. You'll actually be able to set a realistic stop and target. Don't sim trade except to understand the platform you're using and trade execution. This is just my opinion but I believe anything other than that on sim is a waste of time. You'll learn exponentially faster about what real trading is all about trading real money. Most of trading is psychological and you will experience none of that on sim.

Yes, you'll make mistakes but the tick value is a lot smaller. Make sure it's money you don't care about and don't mind losing. Don't be afraid to market in on legit opportunities. A few ticks either way shouldn't matter. If it's a good trade you want to be in it. There may be few to no legit trades in any given day. This game isn't about sitting around clicking buttons and then rolling around in a pile of money. Learn to be patient and wait. If you find yourself with a good entry you have to learn to hold it so you can take advantage of a ripping move in your favor. Good profitable trading can be very simple. Trading pullbacks in a trend works, but that doesn't mean it's easy. Hope it helps.

Words of Wisdom.

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Last Updated on December 17, 2018


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