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I need help with ... (ask any question)

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  #211 (permalink)
 josh 
Legendary Market Wizard
Georgia, US
 
Experience: None
Platform: SC
Broker: AMP+CQG
Trading: ES, HSI, Nikkei
 
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Posts: 5,511 since Jan 2011
Thanks: 6,099 given, 14,812 received


kirby135 View Post
I am looking for some input on properly setting stop loss on ES intraday 15 minute chart. I realize stop loss is important but I am looking to limit the amount of losses but at that same time not to be stopped out too early. I have a smaller acct and following the 2% rule really isn't workable. I am searching ideas on what a maximum stop loss should be. I currently use 5 points as a stop loss and my goal is 5 points in profit, minimally 2-3. One to two stop outs, however, is tough to recover so I have considered 3 points as a stop loss. I guess I am looking for the sweet spot for risk/reward. Any suggestions would be great. Thanks.

You should be trading MES with a small account. Any account less than $20K USD or so, IMHO, should be trading MES, not ES. Anyone who thinks otherwise, feel free to reply here and let's do some math together... Don't adjust your risk for your account or P&L. That's trading your P&L, not the market. Trade the market, always. Trade the MES.

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  #212 (permalink)
 milindpaward 
New York
 
Experience: Beginner
Platform: NinjaTrader
Trading: Futures
 
Posts: 1 since Apr 2021
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I want to create an indicator using VS.NET. I do not want to use "NinjaTrader.Custom" solution. I want to create it in a separate solution.
Can someone help with how to reference Ninjatrader Dlls?
Also, can someone share information about how to create custom DLL that can host an indicator?
I have already read article "https://futures.io/ninjatrader/32855-ninjatrader-dll-s-creating-loading-how.html".
It doesn't help.

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  #213 (permalink)
 guidoisot 
Milan, Italy
 
Experience: Beginner
Platform: NinjaTrader, TWS
Trading: ES, Stocks
 
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Posts: 254 since Jan 2012
Thanks: 360 given, 150 received


Hi
is it possible to access a recording of yesterday webinar/workshop by NT Brett Barret ?
Thank you.

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  #214 (permalink)
 Daytrader999 
Site Moderator
Ilsede, Germany
 
Experience: Advanced
Platform: NinjaTrader 8
Broker: Rithmic / CQG / Ninja Trader Brokerage
Trading: NQ
 
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Posts: 1,416 since Sep 2011
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guidoisot View Post
Hi
is it possible to access a recording of yesterday webinar/workshop by NT Brett Barret ?
Thank you.

The webinar recording will be uploaded and available soon.

"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." - Jim Rohn
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  #215 (permalink)
SFT80
Toronto Canada
 
 
Posts: 3 since Jun 2021
Thanks: 2 given, 0 received

HI Everyone,

Hoping to leverage collective wisdom of fellow traders.

I am trying to figure out the optimum and economically efficient way to learn OrderFlow/Market & Volume profile concepts. I am learning futures trading for 4 months using Mr Al PA concepts and sim trading same in TOS. but i am very keen to learn profile and OF concepts and test them in sim for another 4-6 months to check if that is my thing and help me understand market in a better way.

I assume AL concepts can be used on any platform(as all platform offers 5 min chart) BUT i am not sure if i try to learn profile and OF concepts , how one platform stakes against another (or which platforms are best).
I checked NT and for their OF+, 1100 usd is snuck cost to buy platform plus monthly data charges(which is ok and i can link them with my IB , which is plus).


I appreciate any feedback/advice on learning path/plan and planform /SIM suggestions .

thanks and happy trading

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  #216 (permalink)
SFT80
Toronto Canada
 
 
Posts: 3 since Jun 2021
Thanks: 2 given, 0 received


josh View Post
You should be trading MES with a small account. Any account less than $20K USD or so, IMHO, should be trading MES, not ES. Anyone who thinks otherwise, feel free to reply here and let's do some math together... Don't adjust your risk for your account or P&L. That's trading your P&L, not the market. Trade the market, always. Trade the MES.

Thanks Josh for feedback and i am myself trying to decide between MES & ES. however one key challenge for me are commissions cost of MES v/s ES. Also, in sim, i tried scale-in/scale-out for ES with max limit of 4 ES contracts and to me it looks ok though i hope to test it for few more months before being confident.

is there any risk that i am missing or any downside that you can see based on your experience?

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  #217 (permalink)
 josh 
Legendary Market Wizard
Georgia, US
 
Experience: None
Platform: SC
Broker: AMP+CQG
Trading: ES, HSI, Nikkei
 
josh's Avatar
 
Posts: 5,511 since Jan 2011
Thanks: 6,099 given, 14,812 received


SFT80 View Post
Thanks Josh for feedback and i am myself trying to decide between MES & ES. however one key challenge for me are commissions cost of MES v/s ES. Also, in sim, i tried scale-in/scale-out for ES with max limit of 4 ES contracts and to me it looks ok though i hope to test it for few more months before being confident.

is there any risk that i am missing or any downside that you can see based on your experience?

Just calculate, based on your account size, what percentage you will be risking per trade, on average. So, if you tend to have a 4 point stop, that is $200 on 1 ES. If you have a $5000 account, that's 4%. No bueno. That stop will get taken in the blink of an eye and 3 trades like this and you're having a very bad day on a $5K account.

Plus, trading 1 contract is just silly, IMHO. It's a binary event (win/loss), and you have no opportunity to improve your cost basis or take profits on a trade. My 0.02 is that you need to trade 2 contracts to even be in the game, and more like 4 to begin to be effective. This will depend on your style of trading of course, so YMMV.

Commissions can be costly. But, how many R/T's will you trade per day? If you're very active, let's say you trade 80 R/Ts. Most will trade more like 10-20. If you trade 50, that's $40 in commissions. Sounds like a lot, but that's 3 ticks on a single ES.

Back 10 years ago ES was trading around the 1000 level, for a $50K notional. A 20 handle range on the day was massive. Liquidity in the book was 2000-3000 contracts per price. You actually worked orders in the book and worked to get a fill, because 1 tick was sometimes 2% of the day's range.

Compare that to today: we are at 4200, for a notional of $210K. We have a 2-day range of 150 handles. While liquidity is quite good sometimes, they are only showing 50-200 contracts on average per price. So, you can get your fill, and there's plenty of liquidity for any of us here, but it's 10x less displayed liquidity at each price, so you get these moves (like today, on several occasions), where you see an algo throw a 5000 lot at the market and it jumps/falls 20 ticks within a millisecond. I work orders all the time, but when I need to GTFO, I hit the market, because in this environment, working an order to get an extra 1-3 ticks can cost you 20.

So today you're controlling 4x the notional you were 10 years ago, with 10x less displayed liquidity. The micro contracts were the best thing to come along for retail traders in the past 10 or 20 years. You can actually play the game with a smaller amount of capital. I was wary at first, but that's been 2 years now, and I've become a huge advocate of the micros. The fact that MNQ surpasses volume of NQ says something about the trade-ability of the contracts.

I will stand by my guideline -- 1 ES per $20K in your account. Sure, stretch it to 1 per $15K, whatever.. but once you get much below that, you are playing with fire IMHO. If you're okay with a large order grabbing 2% of your account in a millisecond, go for it. I don't use stops anyway, so that doesn't happen to me, but I do get on the wrong side and I do get squeezed, and I don't want to be shedding that percentage of my account. I've done it, and it sucks. If you are up on the day and want to play with house money to increase your size, go for it. Or, if you are awesome and actually add to a winner, sure, up the size. But to scale in or all in with something like 4 ES on a $15K account is madness, IMHO. FTR, I've traded a lot bigger size, on a smaller account. I also have blown accounts doing stupid s*** like that.

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  #218 (permalink)
SFT80
Toronto Canada
 
 
Posts: 3 since Jun 2021
Thanks: 2 given, 0 received


josh View Post
Just calculate, based on your account size, what percentage you will be risking per trade, on average. So, if you tend to have a 4 point stop, that is $200 on 1 ES. If you have a $5000 account, that's 4%. No bueno. That stop will get taken in the blink of an eye and 3 trades like this and you're having a very bad day on a $5K account.

Plus, trading 1 contract is just silly, IMHO. It's a binary event (win/loss), and you have no opportunity to improve your cost basis or take profits on a trade. My 0.02 is that you need to trade 2 contracts to even be in the game, and more like 4 to begin to be effective. This will depend on your style of trading of course, so YMMV.

Commissions can be costly. But, how many R/T's will you trade per day? If you're very active, let's say you trade 80 R/Ts. Most will trade more like 10-20. If you trade 50, that's $40 in commissions. Sounds like a lot, but that's 3 ticks on a single ES.

Back 10 years ago ES was trading around the 1000 level, for a $50K notional. A 20 handle range on the day was massive. Liquidity in the book was 2000-3000 contracts per price. You actually worked orders in the book and worked to get a fill, because 1 tick was sometimes 2% of the day's range.

Compare that to today: we are at 4200, for a notional of $210K. We have a 2-day range of 150 handles. While liquidity is quite good sometimes, they are only showing 50-200 contracts on average per price. So, you can get your fill, and there's plenty of liquidity for any of us here, but it's 10x less displayed liquidity at each price, so you get these moves (like today, on several occasions), where you see an algo throw a 5000 lot at the market and it jumps/falls 20 ticks within a millisecond. I work orders all the time, but when I need to GTFO, I hit the market, because in this environment, working an order to get an extra 1-3 ticks can cost you 20.

So today you're controlling 4x the notional you were 10 years ago, with 10x less displayed liquidity. The micro contracts were the best thing to come along for retail traders in the past 10 or 20 years. You can actually play the game with a smaller amount of capital. I was wary at first, but that's been 2 years now, and I've become a huge advocate of the micros. The fact that MNQ surpasses volume of NQ says something about the trade-ability of the contracts.

I will stand by my guideline -- 1 ES per $20K in your account. Sure, stretch it to 1 per $15K, whatever.. but once you get much below that, you are playing with fire IMHO. If you're okay with a large order grabbing 2% of your account in a millisecond, go for it. I don't use stops anyway, so that doesn't happen to me, but I do get on the wrong side and I do get squeezed, and I don't want to be shedding that percentage of my account. I've done it, and it sucks. If you are up on the day and want to play with house money to increase your size, go for it. Or, if you are awesome and actually add to a winner, sure, up the size. But to scale in or all in with something like 4 ES on a $15K account is madness, IMHO. FTR, I've traded a lot bigger size, on a smaller account. I also have blown accounts doing stupid s*** like that.

Thanks Josh for detailed reply. that helps. learning MNQ is on my agenda as daily ATR of NQ virtually make it impossible for me to trade NQ. thanks for all the help.

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