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I'm in deep S@$% now.


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I'm in deep S@$% now.

  #91 (permalink)
HMUZ
Raleigh NC/USA
 
Posts: 4 since Apr 2019
Thanks Given: 0
Thanks Received: 1

There are sooo many good responses to this thread. To boot, I would not call myself a success either. However, I can sympathize.
I will say that in futures keeping it small was, in the past hard to do. yeah, there's the miro/minis...whichever, the new cheaper big 4. That's a good start if you're a heavy index trader.
I guess my whole point here is to look for small margins. AD/ HG!/ TY...things like that give also give you more opportunities.

Overall, find the smaller margins and go up on the time frame. Do not play tiddlewinks. Use the higher TFs ...ie...120/240/360 (Nice Trend Breaks) and the 720 is sneaky. Always keep open/mark off the MWD. Know where you are.

That and change your handle from Trigger Happy to some kinda turtle.
Patience to get in / Patience to get out.

Context is everything.

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  #92 (permalink)
Energu Trader
New York, NY - Tel Aviv, Israel
 
Posts: 9 since Dec 2016
Thanks Given: 3
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Most say if you want to make it as a trader, treat it as a full time job.
BUT,
Every other job you learn, practice perform and get paid.
Even if become self employee, contractor or advisor, you get paid for what you do.
Not in trading.
You learn, practice, perform and many times lost money.
Why?
Because trading is NOT a job. It is art. Art of combine knowledge, psychology, self control, pattern recognition, understanding of economics, world events and such.
Good luck.

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  #93 (permalink)
TradeThatJazz
sonora california
 
Posts: 17 since Aug 2017
Thanks Given: 3
Thanks Received: 21



GaleWilliams View Post
Find a mentor. A few have been suggested.

Not sure if he is helping others anymore, but you can try David Weis. He has a web site. https://weisonwyckoff.com/

He is easy to write, and he seems to enjoy helping others. You might ask him how long he has made a living by trading the market, I believe he has been successful for a very long time.

If your lucky you got some direct help already. It's smart that you asked and it may be very smart that you did.

Gale is right - David Weis is a good source for Wyckoff information.

Two other "By-The-Wyckoff-Method" websites are...

tradingpsychologyedge.com, hosted by Gary Dayton, and
Tradeguider.com. hosted by Gavin Holmes.

Gavin Holmes has a large visibility on YouTube. By watching his videos with 'educational' titles, you can begin to learn about the Wyckoff Method.

Both Gary Dayton and David Weis have visibility on YouTube - Tradeguider seems to have the most videos out there.

Weis has a special piece of software known as Weis Waves. It only works on certain, specific trading platforms, but may help if one needs to become that specific in their Wyckoff journey.

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  #94 (permalink)
Howard Roark
Oslo Norway
 
Posts: 438 since Aug 2018
Thanks Given: 389
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@barabas,

It's been a week or so since you created this thread and you've certainly received a lot of advice from a wide variety of people.

Are you reaching any conclusions with regards to how to proceed and what's the right course of action for you from here?

Forgot to say good luck in my last post, so here goes: Good luck!

Howard

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  #95 (permalink)
 Fxfutures1976 
London
 
Experience: Advanced
Platform: cqg integrated,ninjatrade
Trading: Futures and forex
Posts: 52 since Apr 2015
Thanks Given: 6
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Flyer873 View Post
barabas,
I have spent the last 12 years trying every method from stocks, options and futures. None have ever really worked for me. Stocks you have too worry about if the CEO is going to get arrested for child pornography. Options you have to follow 2 different prices the underlying stock and then the price of the option. Futures are news driven; you have to worry what the dollar, ECB or the fed is going to do next. Each product has its drawbacks. I, myself, am at the same point you are. Frustrated!
I've come to realize that there are some people that want to be a BULLFIGHTER but once they enter the ring and see the size of the bull and how big those horns really are, they come to realize that all they really wanted to do was dress up in a too-too, wear a funny hat and carry a cape.


Hahahahahaha! Brilliant! Best reply yet.

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  #96 (permalink)
 
barabas's Avatar
 barabas 
Chicago IL USA
 
Experience: Intermediate
Platform: Tradestation
Broker: Tradestation
Trading: ES,NQ, CL
Posts: 111 since Feb 2019
Thanks Given: 105
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Howard Roark View Post
@barabas,

It's been a week or so since you created this thread and you've certainly received a lot of advice from a wide variety of people.

Are you reaching any conclusions with regards to how to proceed and what's the right course of action for you from here?

Forgot to say good luck in my last post, so here goes: Good luck!

Howard

I took the last week off with no trading. This week I started a Sim account and started trading off that but instead of my usually 5 min chart, I moved over to range and tick chart. Monday I broke even, Tuesday was an emergency for me, and so far today I'm up about $200.

I will keep you all posted weekly for the time being and If I create a journal I will post the link here too.

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  #97 (permalink)
Howard Roark
Oslo Norway
 
Posts: 438 since Aug 2018
Thanks Given: 389
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barabas View Post
I took the last week off with no trading. This week I started a Sim account and started trading off that but instead of my usually 5 min chart, I moved over to range and tick chart. Monday I broke even, Tuesday was an emergency for me, and so far today I'm up about $200.

I will keep you all posted weekly for the time being and If I create a journal I will post the link here too.

Why did you change charts?

Like I said already - you seem to be experimenting and finding your way. I think all that should be out of the way before you trade with live money. But seems like you're trading in simulator now, so all good I guess.

Also - learning by trading/following a live market can be very inefficient use of your time. In a full 6-8 hour day, you can cover a LOT of ground backtesting/checking stuff manually. Of course, eventually, you'll need to follow the market live, but in developing your methodology, I think time away from the market can be just as fruitful.

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  #98 (permalink)
dbouzas
Houston, TX
 
Posts: 18 since Jul 2019
Thanks Given: 43
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barabas View Post
I took the last week off with no trading. This week I started a Sim account and started trading off that but instead of my usually 5 min chart, I moved over to range and tick chart. Monday I broke even, Tuesday was an emergency for me, and so far today I'm up about $200.

I will keep you all posted weekly for the time being and If I create a journal I will post the link here too.

That a boy. Keep it consistent. Capital preservation = Capital gain. The only things you can control is size and price. So, your risk is something that you can control. If you learn to keep your losses small, you will eventually make money.

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  #99 (permalink)
 
barabas's Avatar
 barabas 
Chicago IL USA
 
Experience: Intermediate
Platform: Tradestation
Broker: Tradestation
Trading: ES,NQ, CL
Posts: 111 since Feb 2019
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dbouzas View Post
That a boy. Keep it consistent. Capital preservation = Capital gain. The only things you can control is size and price. So, your risk is something that you can control. If you learn to keep your losses small, you will eventually make money.

This was the profit from last week on a SIM account. The reason I changed to Range and Tick bars is because it made things more easy for me to read.

I think the problem with me was as the markets changed hitting highs for SP and oil reaching 60s. My trading was so-called broken. I never traded with a journal since I had it all with Trade Station, been crashing recently. Making the change to tick and range bar made it a lot easier to read price action. With is how it all started for me. So I adjusted my trading rules by making the loss smaller and drawing on the chart more. MAY have been a game-changer for me.


I'm not saying I made it.

I am saying this MAY have solved my issues. Before I was stuck on 5 min as my trading rules were on 5 mins.

I will keep you all posted, this is just a SIM account so I will still be messing with my rules and see what I get.



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  #100 (permalink)
dbouzas
Houston, TX
 
Posts: 18 since Jul 2019
Thanks Given: 43
Thanks Received: 68


2 good things I see on your Performance Summary

1. Your percentage profitability is greater than 40%

2. Your average winning trade is greater than your average losing trade


If you can consistently maintain those metrics or even improve them over time, you will be profitable. if you have a profitability factor of over 50% and a reward to risk ratio of 1.5:1, your probability of profit is to your advantage. You take 2 trades knowing how much you risk losing but if you hit your target in 1 of those trades you're still profitable. Make a playbook of trades you like to make and track these numbers on the trades. You will start to see which trades you can risk more and risk less knowing these probabilities are in your favor or not. Its like sports, know your strengths by keeping track of your performance metrics.

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Last Updated on August 17, 2019


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