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Vovan348 Day Trading TF with NFT setup
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Vovan348 Day Trading TF with NFT setup

  #171 (permalink)
Market Wizard
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vovan348 View Post
I thought I learned my lesson on Wednesday. But guess what? I didn't.

...

told you! the main problem is you have crosscurrents of the old and the new contract so the market flow is not going to be smooth or logical. Not to say that you can't trade it you just need to trade it with diff paradigm.

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  #172 (permalink)
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Never ever, ever ever, ever ever, ever ever trade the day after contract switchover notification.

Some other advice, this is a marathon, not a sprint. Successful traders are allowed to be patient, and my advice is to be SIM until you can trade profitably.

Take the 1,000 and put it under 'Education and Training' and let it go.

Figure out what you need to do to allow yourself to go 'sim' and treat it like live. Most people can't figure that out in there heads. They treat it as fake, but you have not proven that you can be sim and be profitable consistently.

You are still learning and the journey takes time. I would hate to lose you at this point because I think you have talent.

If you don't have patience to wait 2-3 years to go live, then in my opinion you are just going to keep losing until you give up. That may not be what you want to hear, but you have to figure out where the pressure is coming from that you NEED to be live.

We warned you not to trade today and you ignored it, why did you ignore it? What are you wishing to do and why? What are you saying to yourself.

All this is important and we are here to support you. This is not being critical of you as we all go through this journey and we can identify with you.

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  #173 (permalink)
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I thought about trading sim today. Then I thought I'm BE for the week and only $95 in fees. I thought I can get one point out of the market and stop. I think my biggest problem that I know when to stop when I'm in profit, but I don't know when to stop when I'm loosing.

I will listen this time and I'll trade sim for now. I know what pushing me to trade live. I have to be profitable and trade live by the end of the next year. More of that I need about $50K on my bank account, or at least moving in that direction. And this is not just because I want it this goal is according to my live situation.

Trading sim is good for practice, but I don't think it's comparable to live trading. I can remember some of my trades for week when I trade live and on sim everyday is just passing by. I just have that feeling that days and weeks go by but I don't see any improvement lately.

I agree that I have to get rid of my bad habits first and I have to prove it on sim first. I still have a lot of gaps in my trading. I thought that live trading should give me more improvement than sim. And I still think this way. I just don't have those money to loose and the only way left is back to sim.

So next week is back to sim with live videos of my trading every day. 3 trades a day and last chance trade #4 if I couldn't get there after 3 trades. I think this should keep my daily loss at the level of my average wining day. I'm still not sure if I should just set daily stop limit, but I'll stick with plan #1 for now. I want to get rid of my over trading first.

Thanks for the support!!! You are not gonna loose me, it's not so easy to get rid of me!!!

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  #174 (permalink)
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Well, time will tell if you follow your plan but I truly hope so!

If you need money, than the last place you should look for it is in the market. "NEED" being the key word. If you need more money, then find it elsewhere and put your trading on the side. Every time I have seen someone 'need' money from trading it ends up sinking them. Never a journey to take and I am sure many traders would pipe in and say the same thing.

SIM = LIVE. That simple, but if you can't convince yourself, then you are still thinking about money. Then, you will never get over it in my opinion and it is a game. If SIM != LIVE, than you are trading with too small of an account to actually trade well, but again my opinion.

If weeks/months pass by, then so be it, but if I were you, just set a profit strategy to say something like, "IF I make 'x' points per day on average over the course of 'x' weeks on SIM, then I will go live!"

Right now, you have not proven profitable nor have you stuck to one strategy and mastered it. Read Big Mike's comments and some other traders and you will see that you are out of alignment with that path.

Thank you for listening and hopefully I am not being too 'abusive' to your ego, but SLOW DOWN, breathe, focus on other means to accomplish your needs and trading could possibly help you out, but don't let it be your #1 option.

I am not some schmoe that had a corporate job all his life. I have been around the block in my short years and know a bit about money and life. Money is always there when you need it IF you deserve it.

Your plan seems good, but really a matter of executing it.

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  #175 (permalink)
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@bluemele

Thanks again for your support.

You are totally right as always! Wasn't me who told you that a while ago? Haha...

By my plan I had to go live after at least 4 weeks in a raw of getting my weekly goal. I just got some money on my account and got exited. I knew that I'm not ready yet, but I thought that I can start slowly because I think that you learn much better in live trading. I thought that if I have real money on the table I can control myself better. I knew it was a bad idea. If you cannot make money on sim how you can make live right. You have to pay for your lessons anyway, so I'll take it that way. It is painful, but I'm the only one I can blame it on. I'm glad that I stop now before I blow my account.

I feel like I have to go back and watch my older videos again. I got too much information in my head right now and I have to sort it out, get some kind of trading plan. I don't want any straight rules because I always break them, but I like to call it just a plan I have to follow. I have to work on myself a lot. I have get rid of my bad habits and get good ones.

This is a time when I have to sit down and rethink everything. I feel like I could trade better when I knew less. I have to stop pushing it. I have to take more time of the trading and let my brain relax.

I'm glad that you guys are so supportive and I'm glad that I'm not on my own.

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  #176 (permalink)
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Dude, right on! Great attitude and you are 100% spot on most of it in my opinion.

I was the same way. When I first started this method I could put 2-3 points out no problemo. Then all the sudden market conditions changed a little and I let my evil self out to play! haha...

I can tell if I am not treating my sim as live. It is rarer and rarer these days, but it still happens. My biggest concern with my trading is DD % on some days. A couple of weeks ago I got back to BE+, but boy did I have larger DD than I wanted.

I will hopefully fill my trading account with about 200K-500K in the next few months, and when I am still successful with 1 contract SIM, then I will go live with 1 contract for at least a few months. From there I will go onto 4-6-10-20 contracts much like I did when I started. I was trading 10 contracts live within 40 days of ever seeing this system and I was making points, but that quickly came to an end, but I didn't lose much. My wife slapped me upside the head (mentally).

My wife feels like quitting right now. She is over-burdened with kids, tired and she is going through a stage of just not-seeing it. This trading thing can be tough and we all have to stick together.

When I went through SEAL training (BUD/S), it was incredibly hard training (harder then than now in my opinion.. ) but it didn't make sense to me to quit because people next to me were still standing. If others can do it, so can I and that is my driving force. That is why I personally like to see others doing it because it gives me some inspiration as I have learned through my other business dealings that people tend to be less than honest a majority of the time when discussing $'s.

That is why I also got tired of the whole "Henry" thing. He is going to stop doing classes and start trading, then he is going to do a massive class group with live trading, then he is going to stop the training then .... what a nightmare of a roller coaster ride for those who follow and respect him. As a trader I think he is good, but as a person he is a self-saboteur and somebody I do not want around me as I have enough of that GENE within myself.

Anyways, keep going man. Simplify and master!

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  #177 (permalink)
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Sorry you had a bad day/week. Can you adjust your report to show MAE and MFE columns?

Mike

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  #178 (permalink)
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It's alright. Something, or someone had to get me back down on the ground to make me think before I do!

Here you go Mike:
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  #179 (permalink)
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vovan348 View Post
It's alright. Something, or someone had to get me back down on the ground to make me think before I do!

Here you go Mike:
Attachment 48971

Thanks for posting.

I really like to analyze MFE. I have what I call "efficiency", which is my PL on a trade vs MFE. For instance, if my exit was 10 ticks and MFE was 20 ticks, I am 50% efficient with my exit.

You might also take a look at longer term reports, like for the past several weeks, and come up with an average MFE. You could use this info to set a target. It is too easy to try and "come back" from a bad trade or bad day, swinging for the fences trying to get one out of the park to make up for losses. That rarely works. It is better to just go for the easier trades. If your average MFE over 100 or 200 trades is 18 ticks for instance, try setting an ultimate target of 16 ticks, and increase the number of contracts.

Just some suggestions.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #180 (permalink)
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Big Mike View Post
Thanks for posting.

I really like to analyze MFE. I have what I call "efficiency", which is my PL on a trade vs MFE. For instance, if my exit was 10 ticks and MFE was 20 ticks, I am 50% efficient with my exit.

You might also take a look at longer term reports, like for the past several weeks, and come up with an average MFE. You could use this info to set a target. It is too easy to try and "come back" from a bad trade or bad day, swinging for the fences trying to get one out of the park to make up for losses. That rarely works. It is better to just go for the easier trades. If your average MFE over 100 or 200 trades is 18 ticks for instance, try setting an ultimate target of 16 ticks, and increase the number of contracts.

Just some suggestions.

Mike

Mike,

Doesn't MFE only calculate 'while you are in the trade'? So if it pulls back, you move your stop and it knocks you out, it only calculates that portion. So for the way I trade it would be useful maybe for scaling point, but a challenge maybe since the whole move would have to be manually evaluated right?

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