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Making a 100 a day
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Making a 100 a day

  #21 (permalink)
Legendary Market Wizard
Amsterdam area
 
Trading Experience: Advanced
Platform: NinjaTrader, IB TWS
Broker/Data: InteractiveBrokers, Kinetick
Favorite Futures: CL, ES
 
Pa Dax's Avatar
 
Posts: 643 since Oct 2017
Thanks: 749 given, 3,173 received

The 1st goal is don't lose money. Hence you want to risk about 1 to 2% per trade. The 2nd goal is to make money, hence you want to go for a reward bigger than your risk so you can be right less than half the time and still make money. The third goal is to make a lot of money, that's why you have to trade in such a way that allows you to, as @rrracer says to trade another day after a loss.

Most of us don't realize before they trade live that when in a trade, your personality often changes. You experience every countermove as a threat. You're desperate to get out with tiny profits, take large losses, etc. etc. It takes time to learn the skills to manage a trade and you need enough money or a small enough position to allow yourself that time. It's something sim trading doesn't do and very much underestimated in my opinion.

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  #22 (permalink)
Dayton, Ohio
 
Trading Experience: Beginner
Platform: TOS
Favorite Futures: GC, CL, Eurodollar
 
Posts: 34 since Nov 2017
Thanks: 25 given, 9 received


lax99 View Post
Before you go looking into Renko bars, I'd suggest sticking to whatever method you have set up right now. Market rotations aren't intrinsically bound to chart type or bar length or anything like that. Feel free to read up on em, but just know that they aren't the holy grail. The holy grail is a matter of understanding the auction process in your market and your personality in response to risk in said market.

As far as rotations go, don't worry about setting a chart to XYZ or something like that. What time frame do you trade in? 30 seconds? 4 hours? A handful of ticks or volume bars? Stick to that time frame and look at what crude does in that frame.

There should be a zigzag indicator for TOS floating around here somewhere. I did my rotation study the old fashioned way I loaded up my time frame and measured the high/low distance of any given move, as well as the distance of a retracement against the move.

It took me way too long, but I quickly got a feeling for the way the market breathes and moves when it trends versus when it auctions back and forth. I made a big spreadsheet of the movements--typing them in by hand--and then looked at stats for the data set.

I looked at 1 minute, 5 minute, and hour data. Obviously the market is going to have different characteristic rotations in each different time frame, and punching the numbers gives you a great idea of what to expect from your given product.

Feel free to let me know if you have any other questions!


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Re: the holy grail - yeah, it always kills me when I read about someone looking for (or selling) THE indicator or method! LOL

In TOS, I currently use a 144 tick countdown indicator on a chart with Heikin Ashi candles, two simple moving averages (50 & 200), and other subcharts: MACD, StochasticFull, and TTM_Squeeze.

I scalp, trading in minutes long timeframe seeking a nickel or dime.

I hope I've answered your questions, and if not, let me know.

What is a zigzag chart and what did you/do you use it for?

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  #23 (permalink)
Denver
 
Trading Experience: Intermediate
Platform: Bookmap and Jigsaw DOM
Broker/Data: Stage 5 Trading
Favorite Futures: ZN
 
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Posts: 433 since Jun 2015
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bulge View Post
Re: the holy grail - yeah, it always kills me when I read about someone looking for (or selling) THE indicator or method! LOL

In TOS, I currently use a 144 tick countdown indicator on a chart with Heikin Ashi candles, two simple moving averages (50 & 200), and other subcharts: MACD, StochasticFull, and TTM_Squeeze.

I scalp, trading in minutes long timeframe seeking a nickel or dime.

I hope I've answered your questions, and if not, let me know.

What is a zigzag chart and what did you/do you use it for?

A zigzag chart is nothing groundbreaking. It's just a bit of code to trace highs to lows, and it counts the distance in ticks or points from H to L. It makes it a whole lot easier to record stats instead of trying to eyeball the ticks! I don't actually trade on a zigzag chart. All I use it for is to make the post market/weekend homework a little bit easier and less time intensive.

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