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The PandaWarrior Chronicles
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The PandaWarrior Chronicles

  #1371 (permalink)
Elite Member
Linz / Austria
 
Futures Experience: Intermediate
Platform: Ninja Trader
Favorite Futures: TF, ES, Currency Futures
 
Posts: 106 since Oct 2011
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@ panda
a little off-topic...
what backgroundcolor are you using?

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  #1372 (permalink)
Elite Member
In the heat
 
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ollivermilton View Post
@ panda
a little off-topic...
what backgroundcolor are you using?

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Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #1373 (permalink)
Elite Member
In the heat
 
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Oh man, had a relapse yesterday of the ear infection I had over the Christmas holiday's. Talk about pain.....horrible. Took my trades this morning, then ran off to get meds.....I even left the last trade all alone with out me and only an ATM to manage it. Not optimum of course but the best I could do under the circumstances. I had to have meds....

Anyway, I made enough money today to justify getting out of bed today and then I said screw it and worked on my other ongoing project. Have a bit of a break right now and taking the time to post my chart as I'm not sure I'll get it done later tonight.

I've also had a bit of an aha moment with regards to stop management. It may turn out to be nothing more than another idea whose time never came but I think it has merit. More on this later in the week as I experiment with it a bit more.

Another idea I had this weekend was about trend lines and where to draw them. Basically I thought to only draw a up sloping trend line below swing lows that correspond with CONFIRMED higher highs. Again, I'll detail this later this week when i have a bit more time to get into it.....I hope.

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Cheers

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #1374 (permalink)
Site Administrator
Manta, Ecuador
 
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Feel better soon Brian!



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  #1375 (permalink)
The Narrow Road
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Money Management

Hello PandaWarrior,

I am a fan of your journal and especially liked your Webinar.

One of the things that you mentioned is that you did the Top Step Trader programme and that the thing that you learned most from that was the money management aspect.

Is that simply just keeping to your rules
1. Knowing and sticking to your position size
2. Stop and target management
3. Daily limits
Is there a special tool/spreadsheet/format/image or training tool that brought that alive for you ?

br

podski

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  #1376 (permalink)
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probably one and done today

I'm still sick and I received disturbing news this morning regarding the health of one of my good friends.


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Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #1377 (permalink)
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In the heat
 
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podski View Post
Hello PandaWarrior,

I am a fan of your journal and especially liked your Webinar.

One of the things that you mentioned is that you did the Top Step Trader programme and that the thing that you learned most from that was the money management aspect.

Is that simply just keeping to your rules
1. Knowing and sticking to your position size
2. Stop and target management
3. Daily limits
Is there a special tool/spreadsheet/format/image or training tool that brought that alive for you ?

br

podski

I'm glad you enjoy the thread. Hopefully we can all learn a little something along the way.

As to the TST program, it certainly has its merits. One of them is the fact they give you enough rope to hang yourself in terms of the daily stop loss being larger than the average daily profit objective. It really is up to you to manage that more appropriately.

Perhaps I misspoke about how the program helped me with money management. It did but more importantly, it helped me learn to manage risk. They are not the same things.

For instance, if your track record shows you averaging $200 as a daily win, then are you willing to lose $1000 to make that? You must decide and trade accordingly.

For most in the combine, its position size and stop placement. The stops to big for the size and so the trader panics early and often...Not a good recipe for success.

Much better to size down, put the stop in where it really belongs, which is somewhere they are not easily hunted without changing the structure of the current trend and then simply holding on to the trade until you are either wrong or you are rewarded. Trail stops cautiously if at all.

As to spreadsheets or other tools, the only thing I currently track is my average daily win. I refuse to lose much more than that on a daily basis and about the only way I increase size is when I reach the delta I've decided is appropriate for me.

Sorry I am rambling so much, my attention has been diverted from trading but I wanted to get your question answered...

hope this helps...

Cheers

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #1378 (permalink)
Elite Member
Tampere/Finland
 
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Favorite Futures: ES, Currency Futures, Forex, oil, gold
 
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PandaWarrior View Post
I'm still sick ...

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  #1379 (permalink)
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In the heat
 
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An up close look at the hourly.......

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Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris

Last edited by PandaWarrior; February 5th, 2013 at 10:12 PM.
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  #1380 (permalink)
Elite Member
London, UK
 
Futures Experience: Beginner
Platform: NinjaTrader, home-grown Java
Broker/Data: IB/IQFeed
Favorite Futures: EUR/USD
 
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Posts: 1,085 since Dec 2010
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Since you ask, but having no experience with crude, I'd say it's going to go down.

But I'd say wait until you get a price action trigger on the 60min or lower TF that it's leaving that stall on the 60min chart, in one direction or the other.

Looks like there'll be a nice move, but the market will probably fake it first, and if you go in on that first move, and it is a trap, you'll have to reverse.

So I'm not really committing myself either way

Looking forward to seeing the result - and what you did!

You can discover what your enemy fears most by observing the means he uses to frighten you.
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