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Momentum Trading On the One Minute Chart
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Momentum Trading On the One Minute Chart

  #1 (permalink)
Trading Apprentice
Wilmington NC United States
 
Futures Experience: Beginner
Platform: Meta Trader
Favorite Futures: Currency
 
Posts: 2 since Oct 2014
Thanks: 3 given, 2 received

Momentum Trading On the One Minute Chart

Hi Everyone,
I have a very good friend and he's a great guy. He is momentum trading stocks on his phone at work on breaks around the 9 to 9:30 am time frame. He basically gets the fastest movers on his Fidelity Platform, chooses one or two, waits until price gets over a resistance level, decides if it has room to run, gauges the spread, waits for a volume spike and jumps aboard for the ride up. He is doing this on the one minute chart.

He has had some great days and great streaks, but inevitably gives back most of his profits. Again, he is a great guy and my number one concern is he never knows exactly what percentage of his account he is risking before he goes in. He appears addicted to the rush of 5 or 6K in a matter of minutes. I think it suits his personality well.

I told him I would look around for perhaps some folks who have been doing this for a good number of years who could share with him some resources for risk management, some pointers, or even an overall site where folks who trade similarly help each other.

I am a newbie forex trader myself, and I'm currently in a comprehensive training program on fundamental analysis. I've visited this forum before, listened to webinars sponsored by futures.io (formerly BMT), and know you guys are the best.

Any advice would be greatly appreciated.

Best,
Jack

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  #2 (permalink)
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  #3 (permalink)
Elite Member
madrid spain
 
Futures Experience: Beginner
Platform: nt
Favorite Futures: None.
 
alejo's Avatar
 
Posts: 1,311 since Apr 2013
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advice after made all mistakes

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Workerbee61 View Post
Hi Everyone,
I have a very good friend and he's a great guy. He is momentum trading stocks on his phone at work on breaks around the 9 to 9:30 am time frame. He basically gets the fastest movers on his Fidelity Platform, chooses one or two, waits until price gets over a resistance level, decides if it has room to run, gauges the spread, waits for a volume spike and jumps aboard for the ride up. He is doing this on the one minute chart.

He has had some great days and great streaks, but inevitably gives back most of his profits. Again, he is a great guy and my number one concern is he never knows exactly what percentage of his account he is risking before he goes in. He appears addicted to the rush of 5 or 6K in a matter of minutes. I think it suits his personality well.

I told him I would look around for perhaps some folks who have been doing this for a good number of years who could share with him some resources for risk management, some pointers, or even an overall site where folks who trade similarly help each other.

I am a newbie forex trader myself, and I'm currently in a comprehensive training program on fundamental analysis. I've visited this forum before, listened to webinars sponsored by futures.io (formerly BMT), and know you guys are the best.

Any advice would be greatly appreciated.

Best,
Jack

jack,
imh oppinion
tell your friend to join bmt and he need to solves his problems, if he has one

and for you, i would recomend , focus on only 1 par based on usd, (to have the same correlations with futures) eurusd for example or gbpusd, nzdusd, audusd,

not base only in fundamental analisis
focus on technical analisis
but for technical analisis , open a demo on futures,
set up the correlated future for example
for eurusd is 6e gbpusd is 6b nzdusd is 6n audusd 6a
and use some technical indicators, volumen, initial balance, volumen profile, important levesl, as Yesterday hi, lo, close
use minimum 5 minutes chart to trade
and watch 30min 60 min 340 min
and take in mind daily weekly monthly

learn all you need to do that here in bmt

spend enough time watching that chart, and when that chart is saying something to you
start to place trades in sim
be sure that the chart is the only thing that tell something ( your head will try to talk to you)
use sim account with too much money than you think
use stops more bigger than you think
and wait to spend more time than you think
and be more patient than you think you need
and dont you use your money to learn
and dont go other place than bmt
and dont spend all day on the screen
and try to balance your live with trading career
and continue working all the time to do the above

and good luck

La lucha es de igual a igual contra uno mismo
The fight is fair against oneself
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  #4 (permalink)
Trading Apprentice
Hackensack NJ
 
Futures Experience: Advanced
Platform: Sterling
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Posts: 11 since Oct 2014
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momentum trading on a one minute chart...

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Sounds like alot a volume and a scalping style.

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  #5 (permalink)
Market Wizard
virginia
 
Futures Experience: Intermediate
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Workerbee61 View Post
Hi Everyone,
I have a very good friend and he's a great guy. He is momentum trading stocks on his phone at work on breaks around the 9 to 9:30 am time frame. He basically gets the fastest movers on his Fidelity Platform, chooses one or two, waits until price gets over a resistance level, decides if it has room to run, gauges the spread, waits for a volume spike and jumps aboard for the ride up. He is doing this on the one minute chart.

He has had some great days and great streaks, but inevitably gives back most of his profits. Again, he is a great guy and my number one concern is he never knows exactly what percentage of his account he is risking before he goes in. He appears addicted to the rush of 5 or 6K in a matter of minutes. I think it suits his personality well.
...
Any advice would be greatly appreciated.

Best,
Jack

tell him I know a monk who scalp stocks for $200 each morning before he starts his daily ritual, living a stress free life.

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  #6 (permalink)
Elite Member
AUSTIN TX USA
 
Futures Experience: Intermediate
Platform: IB & Investor RT
Broker/Data: Stage5 & IB/DTN feed
Favorite Futures: ES, NQ, stocks
 
jmclean907's Avatar
 
Posts: 12 since Jun 2012
Thanks: 334 given, 44 received

risk management for momentum daytrading

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Here are a couple of basics for your friend.

1. have a predefined risk for any one trade. Example would be 1% of total account size.
2. Determine where you would be wrong on the trade. Let's say it is 0.50 away. Then if he is working with a $100k account he can now determine that his trade size should be 2000 shares. (2000 x .50 = $1000.00).

3. Ideally he would only take the trade if he thought that he could make at least $1.00. This way he has a 2 to 1 risk profile.

4. Trade size should only be increased once total account value has increased by a predetermined amount. Say $5,000.00
If he loses $5,000.00 then he should decrease his trade size.

Hope this helps. He needs to do enough trades so he knows his average expectancy. This is average win minus average loss multiplied by your win/loss rate. So obviously he will need to keep records of his trades.

This helps take the emotion out of the trading so you can track how you are really doing.

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  #7 (permalink)
Trading Apprentice
Wilmington NC United States
 
Futures Experience: Beginner
Platform: Meta Trader
Favorite Futures: Currency
 
Posts: 2 since Oct 2014
Thanks: 3 given, 2 received


jmclean907 View Post
Here are a couple of basics for your friend.

1. have a predefined risk for any one trade. Example would be 1% of total account size.
2. Determine where you would be wrong on the trade. Let's say it is 0.50 away. Then if he is working with a $100k account he can now determine that his trade size should be 2000 shares. (2000 x .50 = $1000.00).

3. Ideally he would only take the trade if he thought that he could make at least $1.00. This way he has a 2 to 1 risk profile.

4. Trade size should only be increased once total account value has increased by a predetermined amount. Say $5,000.00
If he loses $5,000.00 then he should decrease his trade size.

Hope this helps. He needs to do enough trades so he knows his average expectancy. This is average win minus average loss multiplied by your win/loss rate. So obviously he will need to keep records of his trades.

This helps take the emotion out of the trading so you can track how you are really doing.

Thanks JM, just the answer I was looking for. Simple, quick and easy to calculate. I gave him a copy of your answer this morning since we're co wokers, and he saw it right away. My trade manager auto calculates my lot size based on my risk ( no more than .50 percent per trade). Doesn't seem like Fidelity has anything like that.

Dude's currently down 10K, after 6500 to the good today.

I really respect the clean and simple way he goes after it, nothing but a line chart and obviously is pretty good after 3 years self taught. He battled back to this point after being down 20 K at the start of the year. Was up 20k just a few weeks ago.

Again, real good guy anyone would like to have as a friend. Time well spent getting this answer for him. Thanks again.

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  #8 (permalink)
Trading Apprentice
hong kong
 
Futures Experience: Intermediate
Platform: ninjatrader
Favorite Futures: stocks
 
Posts: 12 since Nov 2014
Thanks: 0 given, 2 received

perhaps a trailing stop would be good, lock in every bit of profits gained

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