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Keeping it Simple
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Created: by Silver Dragon Attachments:14

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Keeping it Simple

  #1 (permalink)
Elite Member
Cincinnati Ohio
 
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Silver Dragon's Avatar
 
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Keeping it Simple

Good evening and welcome to my new trading journal.

Going to get right to it; I have come to realize recently that simple is better. I have my dad to thank for this. He reminded me in a not so subtle way that the more complicated you make things the easier it will be to screw it all up. Thanks dad!

Want to give thanks to @babypowder @EricJ @TheWizard @sharky for posting their journals. Its been a big help to getting to this point.

You can read how I got to this point in my previous journal

First Journal: https://futures.io/trading-journals/9228-break-even-trader.html#post110596

Attached is a chart and indicators I will be using.

Strategy is pretty simple. Use the crossing of CCI's above and below zero along with trendline breaks and volume spikes to enter and exit trades. Examples to follow.


SD

nosce te ipsum

You make your own opportunities in life.
Attached Thumbnails
Keeping it Simple-simple-setup1-5-22-11.png   Keeping it Simple-simple-indys-5-22-11.png  

Last edited by Silver Dragon; May 23rd, 2011 at 12:16 PM.
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  #2 (permalink)
Quick Summary
Quick Summary Post

In addition to my journal I will be teaching how to use my trading method here: https://futures.io/elite-group-trading-methods/11196-cci-simplified.html


Last edited by Silver Dragon; June 3rd, 2011 at 12:31 AM.
 
  #3 (permalink)
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Coloado
 
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Wow, you really have simplified your charts. I have simplified my trading approach as well, I hope it works out for you as well as simplifying has been working out for me. I think we all go through this process of using a bazillion indicators to narrowing it down to what we really need and what works for us. Good luck with your new approach!

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  #4 (permalink)
Live Your Bliss
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Keep it simple... but not simpler than that.

"...the degree to which you think you know, assume you know, or in any way need to know what is going to happen next, is equal to the degree to which you will fail as a trader." - Mark Douglas
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Examples from 5-24-11

The first thing I want to focus on is change of direction. In the attached chart from today you will see examples of how change of direction is captured using CCI20 and trendlines. See notes on right side of the chart.

Notes:
I am currently using Better Renko with a range of 4.
I drew the trendlines in realtime today.
Keep in mind that trendlines are subjective; What you see and I see may not be the same thing


SD

nosce te ipsum

You make your own opportunities in life.
Attached Thumbnails
Keeping it Simple-5-24-11-simple-examples.png  
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Example2 Trending and support

The second thing I want to look at is how to use CCI and trend lines to enter trending instruments or bouncing off support levels. In the attached chart, breaks of CCI which correspond with a trend of support are identified with black lines.

SD

nosce te ipsum

You make your own opportunities in life.
Attached Thumbnails
Keeping it Simple-5-24-11-simple-examples-trending-support.png  
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Channel TL

Hey Silver,
Glad to see your using the bounce/break TL plays. Keep up the good work. Since your using TL's I'm attaching a simple technique that you can use for targets. When you establish a TL (2011-05-24_2203 - babypowder's library) just copy and drag the same line forming a short term channel (2011-05-24_2217 - babypowder's library) giving you a target with the trend. Play with it, if it can compliment with your trading.

Happy Trading,
BP

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Trading Career Path

Good evening everyone!
I would like to get some input from the full time traders;

In addition to simplifying my trading I have also decided to layout a serious career path. Below is what I have thus far. I took the approach as if I was starting down the path for the first time. I put them in order of logical growth. What am I missing? Is it out of order? Your feedback is appreciated!
  1. Create Journal / Goals
  2. Learn about trading:
    • Read books about trading
    • Read journal entries and how to's in Big Mikes Trading forum
    • If possible, find a mentor
  3. Lay out a Repeatable trading strategy
  4. Trading platform - choose appropriate software based on trading plan.
  5. Test trading strategy.
  6. Repeat steps 3,4 & 5 until the proper strategy is found.
  7. Practice and refine trading strategy
  8. Create Financial Journal with goals
  9. Open trading account.
  10. Practice and refine trading strategy with live account
  11. Continue to learn.
Thanks in advance!
SD

nosce te ipsum

You make your own opportunities in life.
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Very good signature

Right on, Right on.

Remember that when a trade goes against you 8/9 ticks!

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  #10 (permalink)
Live Your Bliss
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Couple of things:

1) 38 steps - I found this has mirrored my own development quite well. Good to review one's goals and processes with respect to where you find yourself.

2) LBR gives some solid advice - here and here.

Hope this helps you on your journey.

"...the degree to which you think you know, assume you know, or in any way need to know what is going to happen next, is equal to the degree to which you will fail as a trader." - Mark Douglas
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