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Keeping it Simple
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Created: by Silver Dragon Attachments:14

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Keeping it Simple

  #21 (permalink)
Elite Member
Cincinnati Ohio
 
Futures Experience: Intermediate
Platform: NinjaTrader
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Favorite Futures: AUD
 
Silver Dragon's Avatar
 
Posts: 1,597 since Feb 2011
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Evolving Trading Method

For those who are not elite members I wanted to keep you up to date: Repost from https://futures.io/elite-group-trading-methods/11196-cci-simplified-4.html#post129129

Over the past week I have spent alot of time watching charts in motion (aka live price action). As such I am taking the next step in refining my trading method. Going forward I am going to focus on trendline breaks and trend continuation patterns. The process will combine TL breaks and continuation with CCI6 & CCI20 movement.

In previous posts the the major focus has been CCI movement. While this is a good indicator, I have discovered when it is combined with a trendline break and/or continuation pattern it results in a higher successful trade probability.

SD

nosce te ipsum

You make your own opportunities in life.
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  #22 (permalink)
Elite Member
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Posts: 1,597 since Feb 2011
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Dont deviate from your trading plan

I have no one to blame but myself for losing out on this trade:

I entered a trade based on a good signal. The trade started going my way so I move the stop up. This is something I never do. There was a sharp pullback all the way to the stop and my position was taken out. As you can guess the trend started back up again and hit my original target.

Lesson learned: If you have a trading plan dont change it! Stick with it. As soon as you deviate from your plan even a couple of ticks distaster can strike.

SD

nosce te ipsum

You make your own opportunities in life.
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  #23 (permalink)
Elite Member
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Futures Experience: Intermediate
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Posts: 1,597 since Feb 2011
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Update


Right now I am actively managing 3 threads. After reviewing I realized they was a lot of overlap between my journal and my trading method. This is causing me to neglect my journal so going forward I am going to use my journal to write down thoughts and ideas about trading.

--------------

SD

nosce te ipsum

You make your own opportunities in life.
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  #24 (permalink)
Elite Member
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Futures Experience: Intermediate
Platform: NinjaTrader
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Silver Dragon's Avatar
 
Posts: 1,597 since Feb 2011
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Writing it down

I have to admit when I came over to futures.io (formerly BMT) I was a little skeptical about how writing trade stuff down could possibly help me but I have to say it is by the far the best thing I could have ever done. Since February I have become very focused about my trading and aware of what I am doing while trading. Things are really coming together. I could not have done it without first writing it down! I have learned more over the past few months than I have over the last couple of years. Its been great experience


I would recommend any trader, especially new or novice traders, to write down your thoughts and trades. Its even better if you do it public in this forum. It brings accountability to what you are doing and allows feedback from experienced traders. This is a great combination. IMO, it will cut years off the learning curve of trading.


SD

nosce te ipsum

You make your own opportunities in life.
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  #25 (permalink)
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Staying the course and letting go

In trading one of the most difficult things to do is to let a trade run its course. I was reminded of this today. I am testing a automated trading strategy with a live account and found myself thinking about interfering with the trade.

The trade triggered last night 1.4387. During the day the price dropped to 1.4320. Stop was at 1.4304. Above the entry price was a major resistance point of 1.4440. My target was 1.4443.

The internal struggle I have had in the past came to the forefront today...I watched the price decline all day... in the back of my mind I was thinking, close it out and cut your losses! Then I was thinking I have seen this before, a pull back before the rally.

Two conflicting arguments. Both have valid points.... In the end I let the thoughts go... I remembered there are two possible outcomes; I am either going to win or I am going to lose. Nothing more nothing less.... and based on my research I have done over the past year the odds are tilted in my favor of success.... There was nothing more to think about.

I am not going to sugar coat it; letting go of these emotions of winning and losing is hard. But in the end to be a successful trader you have to gain control over these emotions otherwise they will defeat you before you even make it out of the gate. If you are interested in learning more I would suggest starting with Trading in the Zone by Mark Douglas. It is a excellent book which digs deep into the emotional torture of trading.


SD

BTW: While writing this post my target was hit at 1.4443


Link to my experiment: https://futures.io/elite-automated-trading/12250-walk-forward-experiment.html

nosce te ipsum

You make your own opportunities in life.
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Keeping it Simple-7-25-11-live-trade.png   Keeping it Simple-7-25-11-live-trade-target-reached.png  
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  #26 (permalink)
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you should look into david elliott's stuff.. about distances between CCI MA's 5, 20, and 50.. you can see them SBU and SBD, which means snap back up and snap back down.. he has done tons of free videos on this and you can download them from this website in the wallstreetteachers section: just look for ones where in the info of the video it talks about CCI, or snapbacks..

Charts and Chat with FirstWave from TCnet

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  #27 (permalink)
Elite Member
Cincinnati Ohio
 
Futures Experience: Intermediate
Platform: NinjaTrader
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Favorite Futures: AUD
 
Silver Dragon's Avatar
 
Posts: 1,597 since Feb 2011
Thanks: 3,860 given, 3,318 received

Update

Over the last few months life has thrown me several curveballs. I am in the process of working my way through them. As such, my time on my journal and automated trading strategy has been limited. Looking forward to getting back into the swing of things over the next several months.

On a positive note; these small set backs can sometimes allow you to take a giant leap forward. Since all I have had time to do is lurk around futures.io (formerly BMT) I have had time to reflect on my trading and have come to a couple of conclusions.
  1. My money management plan for getting in and out of trades pretty much sucks! I need a new one.
  2. In the past I have tried to design system which could capture every possible tick. This is impossible! Instead of trying to take every tick from the market I am now taking what the market gives me. This is a lot less stressful and much easier to do once you convince yourself it is ok to leave ticks on the table.
SD

nosce te ipsum

You make your own opportunities in life.
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