NexusFi: Find Your Edge


Home Menu

 





Is anyone actually making money?


Discussion in Traders Hideout

Updated
      Top Posters
    1. looks_one goodoboy with 53 posts (40 thanks)
    2. looks_two SMCJB with 25 posts (95 thanks)
    3. looks_3 KyronC with 24 posts (61 thanks)
    4. looks_4 Joseph Connors with 19 posts (29 thanks)
      Best Posters
    1. looks_one josh with 10.4 thanks per post
    2. looks_two Blash with 9.5 thanks per post
    3. looks_3 SMCJB with 3.8 thanks per post
    4. looks_4 KyronC with 2.5 thanks per post
    1. trending_up 112,729 views
    2. thumb_up 1,273 thanks given
    3. group 812 followers
    1. forum 398 posts
    2. attach_file 19 attachments




 
Search this Thread

Is anyone actually making money?

  #121 (permalink)
 
forestcall's Avatar
 forestcall 
Tokushima, Japan
 
Experience: Beginner
Platform: Tradovate + Tradingview
Trading: Futures + Stocks
Posts: 57 since Jun 2020
Thanks Given: 65
Thanks Received: 106

I use Bookmap purely as a tool to monitor volume and what type of traders are part of the volume.

I use a highly controversial method using the sell pop-up window in NT8. I do this with 10-30 contracts for 2-3 tick trades. This is my $1000 a day keeps the bill collectors away method.


sequential View Post
I just came across Matt and his YT channel yesterday evening. Do you know if any profitable traders who use Bookmap other than FT71 and have a room or live stream? Thank you for posting this information.


Follow me on Twitter Reply With Quote

Can you help answer these questions
from other members on NexusFi?
Deepmoney LLM
Elite Quantitative GenAI/LLM
Exit Strategy
NinjaTrader
Better Renko Gaps
The Elite Circle
Futures True Range Report
The Elite Circle
NexusFi Journal Challenge - April 2024
Feedback and Announcements
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Get funded firms 2023/2024 - Any recommendations or word …
65 thanks
Funded Trader platforms
41 thanks
Battlestations: Show us your trading desks!
29 thanks
NexusFi site changelog and issues/problem reporting
23 thanks
The Program
19 thanks

  #122 (permalink)
goodoboy
Houston
 
Posts: 380 since Dec 2016
Thanks Given: 344
Thanks Received: 246


FuturesTrader71 View Post
Hey Members,

I wanted to weigh in here a little bit since I have had a lot of exposure to failure as a trader on my own and through my own prop traders and the many online traders I have come to know.

Here's the bottom line: Take any method or approach (fibs, trend strategies, auction markets, indicators, price action, order flow, etc.) and you can be a tremendous success or a complete failure depending on a ton of constantly moving variables. You can feel like an ace with your 14/50 EMA cross-over system for a period and then watch your account dissolve to nothing. In other words, everything works and nothing works a lot of the time. There is a heavy element of luck and randomness in addition to market regimes that may favor one way over another.

With that being said, the thing that must be consistently stable is the trader. I think @Meklon and others offer solid advice. For consistent resilience and adaptation, in my opinion, you must understand why the market rotates and its purpose at its core. So understand that it is an auction and understand how auctions work. Then use one of many, many ways discussed here at FIO as to how to identify a balance (choppy/sideways) market vs imbalanced (trending/breakout/momentum) market. Then create a plan that SUITS YOU AS AN INDIVIDUAL which first sets a reasonable amount of cost for testing a trade (this is your stop) to find out if your timing, direction, entry price and stop size are aligned with the market. At its core, this is what trading is. Period. Don't complicate it more than this.

I know I'm not offering you specific steps, but I would really urge you to come with the attitude that you are just a sail in the wind. Your goal is to simply position yourself in a direction where the wind (which you can't create or control) will take you. So identify the trend in YOUR time frame and ride it for reasonable outcomes.

I can get more specific, but then again I have done what seems like 100s of webinars on many aspects of what I'm covering here.

Be patient. Be vigilant with risk. Allow yourself time and mistakes. This will take a while and will cost a lot to figure out.

Great write up FuturesTrader71,

Perhaps you can help with something.

I trade intraday day-to-day, small time frame chart, and look for a 1 or 2 trends of the day.

I do a good job of getting the trend right at the moment, however, sometimes, I miss trades with the direction of trend because I started using limit orders to make sure my risk (stop loss distance from predefined entry) is equal to my reward (profit target based on price action locations). It is a bit of scalping sometimes.

I use limit orders, and some times I miss trades. However, if I use stop orders to enter, I want miss any trades, but my RR will be less than 1.

Question:

1. Is this normal as a trader to focus on the risk vs reward per trade and setup trade such that each trade risk is somewhat equal to reward?

Just wanted your opinion to make sure I am not overworking myself on these trade setups.

I can show you a trade example, so you see what I mean.

Thanks in advance

Reply With Quote
  #123 (permalink)
 
JonnyBoy's Avatar
 JonnyBoy 
Montreal, Quebec
 
Experience: Advanced
Platform: NinjaTrader 8
Broker: Kinetick
Trading: ES
Posts: 1,561 since Apr 2012
Thanks Given: 706
Thanks Received: 3,854



goodoboy View Post
Great write up FuturesTrader71,

Perhaps you can help with something.

I trade intraday day-to-day, small time frame chart, and look for a 1 or 2 trends of the day.

I do a good job of getting the trend right at the moment, however, sometimes, I miss trades with the direction of trend because I started using limit orders to make sure my risk (stop loss distance from predefined entry) is equal to my reward (profit target based on price action locations). It is a bit of scalping sometimes.

I use limit orders, and some times I miss trades. However, if I use stop orders to enter, I want miss any trades, but my RR will be less than 1.

Question:

1. Is this normal as a trader to focus on the risk vs reward per trade and setup trade such that each trade risk is somewhat equal to reward?

Just wanted your opinion to make sure I am not overworking myself on these trade setups.

I can show you a trade example, so you see what I mean.

Thanks in advance

The correct place for this question is here:


--------------------------------------------------------
- Trade what you see. Invest in what you believe -
--------------------------------------------------------
Reply With Quote
Thanked by:
  #124 (permalink)
goodoboy
Houston
 
Posts: 380 since Dec 2016
Thanks Given: 344
Thanks Received: 246


JonnyBoy View Post
The correct place for this question is here:


Thanks Jonny

Reply With Quote
  #125 (permalink)
 
Joseph Connors's Avatar
 Joseph Connors 
Colorado Springs, CO USA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Ninjatrade
Trading: Futures
Frequency: Many times daily
Duration: Minutes
Posts: 134 since Jul 2012
Thanks Given: 93
Thanks Received: 106


goodoboy View Post
Thank you Bubba1,

Can you please provide their twitch link of Matt and jtradezdays please?

Thank you sir


I went looking for Matt on Twitch, but he has moved to YouTube.
"Trades by Matt" is the name.

Persistence! Nothing in the world can take the place of persistence.
Talent will not ... nothing is more common than unsuccessful men with talent.
Genius will not ... Unrewarded genius is almost a proverb.
Education will not ... The world is full of educated derelicts.
Persistence and determination alone are omnipotent!
Calvin Coolidge
Reply With Quote
  #126 (permalink)
Bubba1
Wichita Kansas USA
 
Posts: 34 since Feb 2016
Thanks Given: 1
Thanks Received: 74

It was stated that Trades by Matt had moved to youtube and yes he posts to there a day or so later. However, REAL TIME, he comes on at 8:25 central on Twitch.com. He was not in there today as he put in a full day of trading on Monday.

I trade like him on the opening and the first few hours of the day. I focus and get my trading done during prime time.

He has a lot of followers and I doubt he is leaving Twitch.

Reply With Quote
  #127 (permalink)
 Atlatl 
Fort Collins, CO
 
Experience: Advanced
Platform: NinjaTrader, TradeStation
Trading: ES
Frequency: Every few days
Duration: Minutes
Posts: 3 since Jul 2010
Thanks Given: 32
Thanks Received: 4

Actually looks like, as of today, TradesByMatt has moved to YouTube:
[yt]https://www.youtube.com/channel/UCAiadqtIuxMOBbzMHGk_aYQ/join[/yt]
See:
TradesbyMatt

Reply With Quote
Thanked by:
  #128 (permalink)
Bubba1
Wichita Kansas USA
 
Posts: 34 since Feb 2016
Thanks Given: 1
Thanks Received: 74

The strength of the pack is in the wolves. Thanks for the heads up and getting this information out to us all.

Reply With Quote
Thanked by:
  #129 (permalink)
 
JonnyBoy's Avatar
 JonnyBoy 
Montreal, Quebec
 
Experience: Advanced
Platform: NinjaTrader 8
Broker: Kinetick
Trading: ES
Posts: 1,561 since Apr 2012
Thanks Given: 706
Thanks Received: 3,854


Atlatl View Post
Actually looks like, as of today, TradesByMatt has moved to YouTube:
[yt]https://www.youtube.com/channel/UCAiadqtIuxMOBbzMHGk_aYQ/join[/yt]
See:
TradesbyMatt

My God. A trader who streams live AND shows losses. Heavens no. This cannot be right...

--------------------------------------------------------
- Trade what you see. Invest in what you believe -
--------------------------------------------------------
Reply With Quote
Thanked by:
  #130 (permalink)
Bubba1
Wichita Kansas USA
 
Posts: 34 since Feb 2016
Thanks Given: 1
Thanks Received: 74


Johnny Boy,

Matt does not moderate when he is in a trade as he is focused. You will see the trades show up and the P/L will show up his progress up and or down. He usually is around for the first few hours. He does not broadcast all day long.

Reply With Quote





Last Updated on June 20, 2023


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts