The PandaWarrior Chronicles - futures io
futures io



The PandaWarrior Chronicles


Discussion in Trading Journals

Updated
      Top Posters
    1. looks_one PandaWarrior with 945 posts (6,445 thanks)
    2. looks_two tigertrader with 101 posts (998 thanks)
    3. looks_3 tderrick with 88 posts (205 thanks)
    4. looks_4 Big Mike with 85 posts (437 thanks)
      Best Posters
    1. looks_one tigertrader with 9.9 thanks per post
    2. looks_two PandaWarrior with 6.8 thanks per post
    3. looks_3 Big Mike with 5.1 thanks per post
    4. looks_4 VinceVirgil with 3.1 thanks per post
    1. trending_up 311,760 views
    2. thumb_up 11,047 thanks given
    3. group 162 followers
    1. forum 2,157 posts
    2. attach_file 207 attachments




Welcome to futures io: the largest futures trading community on the planet, with well over 125,000 members
  • Genuine reviews from real traders, not fake reviews from stealth vendors
  • Quality education from leading professional traders
  • We are a friendly, helpful, and positive community
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts
  • We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

(If you already have an account, login at the top of the page)

Closed Thread
 
Search this Thread
 

The PandaWarrior Chronicles

(login for full post details)
  #1401 (permalink)
 gigibastar 
Tampere/Finland
 
Experience: Advanced
Platform: NinjaTrader
Trading: ES, Currency Futures, Forex, oil, gold
 
gigibastar's Avatar
 
Posts: 60 since Jan 2013
Thanks: 20 given, 66 received


PandaWarrior View Post

I'm for short too.

The following user says Thank You to gigibastar for this post:
 
(login for full post details)
  #1402 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received

One and done today. No sense giving it back. Got my daily average plus a little bit and thats enough for me right now.

Time to move on to other things.


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 13 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1403 (permalink)
 aqpinfo 
Orland Park,Illinois/USA
 
Experience: Intermediate
Platform: Ninja Trader
Trading: Emini SP
 
Posts: 43 since Jul 2012
Thanks: 7 given, 26 received

Panda
Thanks for your post

The following user says Thank You to aqpinfo for this post:
 
(login for full post details)
  #1404 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

Looking forward to seeing how you handled this quite difficult trading day (for me at least!). Hopefully you caught the long entry around 7 AM CST and were done. I unfortunately got chopped for a bit, but then switched to a range bound strategy and made it up.

 
(login for full post details)
  #1405 (permalink)
 Futures Operator 
New York, NY
 
Experience: Intermediate
Platform: Sierra Chart, thinkorswim
Broker: Amp-Rithmic/TT, IB
Trading: CL, GC, NQ
 
Posts: 578 since Nov 2010
Thanks: 1,867 given, 251 received


PandaWarrior View Post
One and done today. No sense giving it back. Got my daily average plus a little bit and thats enough for me right now.

Time to move on to other things.


In general what is your daily average, or daily average plus that you shoot for before deciding to step back for the day?

Follow me on Twitter
The following 3 users say Thank You to Futures Operator for this post:
 
(login for full post details)
  #1406 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received


indextrader7 View Post
Looking forward to seeing how you handled this quite difficult trading day (for me at least!). Hopefully you caught the long entry around 7 AM CST and were done. I unfortunately got chopped for a bit, but then switched to a range bound strategy and made it up.

I was on a skype call yesterday with a trading friend and while we watched the market together, I at least did not trade. Regardless, the only trade I would have taken was the premarket short right just before the open for around 20-25 ticks back to the 50% level. I would have been done after that.

The opening range was quite wide, in my view that often spells trading range and I confess I am not very good at trading them, so I usually stand down if I see that happen.

Congrats on making up the losses, can be tough for trend watchers on a day like yesterday.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 5 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1407 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received


Futures Operator View Post
In general what is your daily average, or daily average plus that you shoot for before deciding to step back for the day?

My daily average going back quite a ways is around 25 ticks per contract before commissions per day taking into account my large winners and my losing days of which thankfully there are fewer and fewer. I try to make each day some number larger than this to maintain the average in that range, so this represents my 50-60 tick winners of which there are a few and my scratches and losers.

I feel that if I can maintain a daily average of 20-30 ticks a day per contract over time, I can do quite well for myself. This does not mean I can just target 20 and be done. That will over time drag the average down, so if I get a 50 tick winner, I'm done, if on a slow day I can get 20-25, I'll call it, if its a trading range day like yesterday and I get a quick hit early and then see it develop into a range day, I'll call it and if I'm nicely ahead after 60-90 minutes and I'm not feeling it, I'll call it then as well. Basically, I'm looking to hit for average over time knowing I need to have a few triples and home runs in there to keep the average up.

In the end though, its subjective, I have no rules about this. Just make money and see where you end up. The one rule I do have though is my daily stop limit. I have a dollar range I am willing to lose depending on how the day is flowing with regard to the pace of the tape, but I never exceed the upper limit of that range.

Hope that helps.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 9 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1408 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received

I hate days like this.....grinding price action...I like fast and furious....get in, get paid, get out....not today....

Second trade was a stop out but I recognized the stop was in the wrong place to late and got hit almost to the tick before I could move it. So I jumped right back in, got paid, waited around for a bit, took another trade and went BE pretty quick. Not willing to take heat on a day like today once I was up and also running close to my end time. It went BE and that's it for me today.


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 3 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1409 (permalink)
 gigibastar 
Tampere/Finland
 
Experience: Advanced
Platform: NinjaTrader
Trading: ES, Currency Futures, Forex, oil, gold
 
gigibastar's Avatar
 
Posts: 60 since Jan 2013
Thanks: 20 given, 66 received

Hi Panda
Are you short?

Attached Thumbnails
Click image for larger version

Name:	trade1.jpg
Views:	50
Size:	330.3 KB
ID:	102587  
The following 2 users say Thank You to gigibastar for this post:
 
(login for full post details)
  #1410 (permalink)
 TonyParisi 
Jacksonville, FL
 
Experience: Beginner
Platform: NinjaTrader
Trading: CL
 
TonyParisi's Avatar
 
Posts: 33 since Oct 2012
Thanks: 217 given, 40 received


gigibastar View Post
Hi Panda
Are you short?

Nice! What was your support line on that entry?

 
(login for full post details)
  #1411 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received


gigibastar View Post
Hi Panda, Are you short?

you will notice my last post mentioned I was finished....and I am....good trade though. You should start a journal and post your trades there. I'm sure others would like to follow you exclusively.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 2 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1412 (permalink)
 gigibastar 
Tampere/Finland
 
Experience: Advanced
Platform: NinjaTrader
Trading: ES, Currency Futures, Forex, oil, gold
 
gigibastar's Avatar
 
Posts: 60 since Jan 2013
Thanks: 20 given, 66 received

Sorry. No problem

 
(login for full post details)
  #1413 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received

I covered commissions today plus a few dollars. For those that are following the trading methodology, I did not follow it very close today both in terms of execution of trades nor did I wait for the set ups the way I want to see them. I consider myself lucky to have escaped with basically a scratch day. Not an example of professional trading....


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 7 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1414 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 7 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1415 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received

Everyone should watch The Pursuit of Happiness at least once a year.......tough to watch but an incredible testament to the value of determination and sacrifice and whats possible if you believe and never give up.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 11 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1416 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


PandaWarrior View Post
Everyone should watch In Pursuit of Happiness at least once a year.......tough to watch but an incredible testament to the value of determination and sacrifice and whats possible if you believe and never give up.

"The Pursuit of Happiness" (if we talking about the same thing... (Will Smith movie) changed me. I was a molecular biology major in college at the time, and trading was just a side hobby. The very DAY after I watched that movie, I went to my academic advisor and changed majors to finance for the only reason to build a base that would help enhance my trading. That same day I put on a tie, and walked into a brokerage office where I knew no one, and asked for an internship. I am grateful for that movie.

 
(login for full post details)
  #1417 (permalink)
 josh 
Georgia, US
 
Experience: None
Platform: SC
Broker: AMP+CQG
Trading: ES, HSI, Nikkei
 
josh's Avatar
 
Posts: 5,469 since Jan 2011
Thanks: 6,059 given, 14,557 received

For anyone looking it up, it's spelled "The Pursuit of Happyness" .. it was just on TV and I just saw the ending and it is always a good lift-me-up movie. If he can do what he did in the circumstances, why can't I, or you, or anyone?

The following 4 users say Thank You to josh for this post:
 
(login for full post details)
  #1418 (permalink)
 COTtrader 
Michigan, Jackson
 
Experience: Intermediate
Platform: NT and TS
Broker: NT Continuum
Trading: ES, CL
 
Posts: 857 since Jul 2009
Thanks: 389 given, 552 received

Panda, always good looking charts. Nice setups.

So you trade the 250 tick and Vince trades an 800 tick chart.

Ken

The following 2 users say Thank You to COTtrader for this post:
 
(login for full post details)
  #1419 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received


COTtrader View Post
Panda, always good looking charts. Nice setups.

So you trade the 250 tick and Vince trades an 800 tick chart.

Ken

It does appear that way.....thank you for the compliment.....

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following user says Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1420 (permalink)
 DarkPoolTrading 
PTA, Gauteng
 
Experience: Advanced
Platform: Self built + Sierra + TWS
Trading: Stocks and Options
 
DarkPoolTrading's Avatar
 
Posts: 1,036 since May 2012
Thanks: 1,244 given, 1,321 received

Hi there,

Is the indicator you use to print the ADR, current day range etc as text on your chart available here on futures.io (formerly BMT)? Looks quite handy. Sorry if this has already been asked.

Thanks.

Diversification is the only free lunch
Follow me on Twitter
The following 2 users say Thank You to DarkPoolTrading for this post:
 
(login for full post details)
  #1421 (permalink)
 philipp 
zürich/ switzerland
 
Experience: None
Platform: NT7, Sierra
Trading: CL
 
philipp's Avatar
 
Posts: 128 since Nov 2010
Thanks: 48 given, 108 received


DarkPoolTrading View Post
Hi there,

Is the indicator you use to print the ADR, current day range etc as text on your chart available here on futures.io (formerly BMT)? Looks quite handy. Sorry if this has already been asked.

Thanks.

its this one here

hope it helps

The following 3 users say Thank You to philipp for this post:
 
(login for full post details)
  #1422 (permalink)
 DarkPoolTrading 
PTA, Gauteng
 
Experience: Advanced
Platform: Self built + Sierra + TWS
Trading: Stocks and Options
 
DarkPoolTrading's Avatar
 
Posts: 1,036 since May 2012
Thanks: 1,244 given, 1,321 received


philipp View Post
its this one here

hope it helps

Cool thanks very much. Im not interested in all the volatility band stuff, but im sure I can figure out how to edit the code to just leave the parts I need. Thanks again.

Diversification is the only free lunch
Follow me on Twitter
The following 2 users say Thank You to DarkPoolTrading for this post:
 
(login for full post details)
  #1423 (permalink)
 philipp 
zürich/ switzerland
 
Experience: None
Platform: NT7, Sierra
Trading: CL
 
philipp's Avatar
 
Posts: 128 since Nov 2010
Thanks: 48 given, 108 received


DarkPoolTrading View Post
Cool thanks very much. Im not interested in all the volatility band stuff, but im sure I can figure out how to edit the code to just leave the parts I need. Thanks again.

watch the screenshot. you just set show projection labels to off and all thats left is what you wanted to have (the little data box)

Attached Thumbnails
Click image for larger version

Name:	Unbenannt.PNG
Views:	60
Size:	49.9 KB
ID:	103084  
The following 5 users say Thank You to philipp for this post:
 
(login for full post details)
  #1424 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,092 since Jun 2009
Thanks: 32,554 given, 98,580 received


DarkPoolTrading View Post
Hi there,

Is the indicator you use to print the ADR, current day range etc as text on your chart available here on futures.io (formerly BMT)? Looks quite handy. Sorry if this has already been asked.

Thanks.



Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal
The following 4 users say Thank You to Big Mike for this post:
 
(login for full post details)
  #1425 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received

I made a mistake in reading the price action today, that happens, the trick is to not get bent out of shape, close it out quick, and get back on the horse once a real set up occurs. I was short a little early, long into resistance but there was enough room to grab some ticks, then short on the dominate trend pull back. I exited a little early but I had my predefined exit already planned so I score 100% on that point. Only real mistake was the mis-read early but I caught it in time to avoid a full stop out and was able to get it back plus some. Then the real short which was just a counter trend trade against the long trend set up which is what I was waiting for since I got up to late to make the long trade from early in the morning pay.


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 10 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1426 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received

Mentally tough day for me, managed to snatch victory from the jaws of defeat though. Was down early, managed to claw my way back to BE, got a BE then enough to make my daily average and done for the day. For some reason, really tired today and not totally focused.

On a side note, I just noticed my thread now has more views than my other more popular Zen thread. Interesting.


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 7 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1427 (permalink)
 mdy1001 
houston, tx
 
Experience: Beginner
Platform: NinjaTrader
Trading: NQ, ES
 
Posts: 11 since Dec 2012
Thanks: 36 given, 15 received

Hi Panda,

Are you scaling in and exit at your target zone now?

Good trading!

DJ

The following 2 users say Thank You to mdy1001 for this post:
 
(login for full post details)
  #1428 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received


mdy1001 View Post
Hi Panda,

Are you scaling in and exit at your target zone now?

Good trading!

DJ

nope....AIAO

I like scaling in but the ranges have been so narrow I haven't really had an opportunity to do so properly. I like my scale in to be totally risk free, that means if the stop out happens AFTER I put the scale on, the first position needs to have enough profit to cover the stop on all of it. And that means I need (+/-) 25-35 ticks of profit before I start scaling in and lately, I've only really seen 25-30 ticks before the whole thing reverses.....maybe it will change soon....granted I don't trade all day and so perhaps I could have done this at some point in time after I was done but that doesn't bother me at all. I am clicking along maintaining a decent average at the moment, I have other things I am involved in currently and so its working for the moment.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 6 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1429 (permalink)
 mdy1001 
houston, tx
 
Experience: Beginner
Platform: NinjaTrader
Trading: NQ, ES
 
Posts: 11 since Dec 2012
Thanks: 36 given, 15 received

I thought you scaling in last 3 short, target day low.
How do you set up you target/stop for the first two shorts?

Thanks!


PandaWarrior View Post
nope....AIAO

I like scaling in but the ranges have been so narrow I haven't really had an opportunity to do so properly. I like my scale in to be totally risk free, that means if the stop out happens AFTER I put the scale on, the first position needs to have enough profit to cover the stop on all of it. And that means I need (+/-) 25-35 ticks of profit before I start scaling in and lately, I've only really seen 25-30 ticks before the whole thing reverses.....maybe it will change soon....granted I don't trade all day and so perhaps I could have done this at some point in time after I was done but that doesn't bother me at all. I am clicking along maintaining a decent average at the moment, I have other things I am involved in currently and so its working for the moment.


The following user says Thank You to mdy1001 for this post:
 
(login for full post details)
  #1430 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received

No time for writing today...just a picture....


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 3 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1431 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received


mdy1001 View Post
I thought you scaling in last 3 short, target day low.
How do you set up you target/stop for the first two shorts?

Thanks!

which day? I'll answer late tonight, gotta run.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following user says Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1432 (permalink)
 cory 
the coin hunter
virginia
 
Experience: Intermediate
Platform: ninja
Trading: NQ
 
cory's Avatar
 
Posts: 6,046 since Jun 2009
Thanks: 857 given, 7,918 received

the tails and wicks look like they could use some help. nfsCandle color candle outline neatly.

Attached Files
Register to download File Type: zip nfsCandles.zip (1.9 KB, 30 views)
The following 2 users say Thank You to cory for this post:
 
(login for full post details)
  #1433 (permalink)
 mdy1001 
houston, tx
 
Experience: Beginner
Platform: NinjaTrader
Trading: NQ, ES
 
Posts: 11 since Dec 2012
Thanks: 36 given, 15 received

I'm talking about the last 3 shorts on 2/20/13. Thanks


PandaWarrior View Post
which day? I'll answer late tonight, gotta run.


The following user says Thank You to mdy1001 for this post:
 
(login for full post details)
  #1434 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received


cory View Post
the tails and wicks look like they could use some help. nfsCandle color candle outline neatly.

My screen resolution is not so great. I have a high def 30 inch monitor connected to a 5 year old dell laptop whose output is to low to support the amazing graphics this monitor can display. So when I do screen captures, it's less than wonderful but its fine for trading.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following user says Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1435 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received


mdy1001 View Post
I'm talking about the last 3 shorts on 2/20/13. Thanks

My answer. Probably not what you're looking for but hopefully it helps.


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 7 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1436 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received

Nice trading day....double the daily average....that always helps.....



Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 8 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1437 (permalink)
 mdy1001 
houston, tx
 
Experience: Beginner
Platform: NinjaTrader
Trading: NQ, ES
 
Posts: 11 since Dec 2012
Thanks: 36 given, 15 received

Thank you very much!


PandaWarrior View Post
My answer. Probably not what you're looking for but hopefully it helps.


The following user says Thank You to mdy1001 for this post:
 
(login for full post details)
  #1438 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received




I've discovered something this week. Being one and done, or basically hitting for average, taking my winners, closing out the losers, and not trading all day is actually more profitable for me than sitting here all day, trying to nail all the swings, or capture the big runs. And I have proof.

Whats weird is that I've felt less in tune with the markets, more anxious to trade longer than I physically have time for and in general less "professional" than I would expect considering the stats shown above. My win rate is below 50% but my profit factor is above 1 which is good, yes it could be better but, still, its better than at any previous time.

Something is working at the moment and I think I know what it is. Its knowing where I want to be in and a reasonable expectation of where I want to exit. I don't always execute these two things perfectly and I doubt I ever will. I'm finally ok with that. This is not about being perfect or nailing the entries or not having draw down. Its about being ok with uncertainty, ok with draw down, ok with exiting 100 ticks to soon IF the plan called for an exit long before that based on current market structure. Its being ok with knowing at the end of the day for 100% certainty that I could have done it better and still being comfortable with that knowledge.

Ditching the indicators has forced me to know what I'm looking for in the actual price action. And I do. Most of the time anyway. Enough to be able to scratch out wins most every day now. I come to the screen every day expecting to win. I know what it feels like to win now and I know with certainty that most days I can win.

I am listening to that inner voice more and more. I find sometimes I cannot explain how I knew it was ok to hold a trade going against me that eventually turned profitable and how other times the same kind of trade I cut short really fast that eventually turns out to be a full on loser. In both cases, the premise of the trade may not have been over but something inside said to hold or fold.....I'm trusting that voice more and more. Its this part of trading that is near impossible to impart to new traders, especially when they compare the two trades and ask the obvious question, why did you hold one time and not the next when the trades looked the same? Not easy to quantify but still a valid part of trading nonetheless.

I still struggle with range days. I really need to learn how to work in this environment. However, I now recognize when I'm struggling and usually the reason why. This means I can usually adjust my targets, wait a little longer, or not trade at all....

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 14 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1439 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


PandaWarrior View Post


Whats weird is that I've felt less in tune with the markets, more anxious to trade longer than I physically have time for and in general less "professional" than I would expect considering the stats shown above. My win rate is below 50% but my profit factor is above 1 which is good, yes it could be better but, still, its better than at any previous time.

According to the trades you've posted here for Feb, you have had 27 winners and 13ish losers which would put your win % at 67.5%. I say this to let you know to be weary of Ninja's stats... it's the reason I keep my own. If you're ever trading more than 1 lots, your stats will be screwed up on Ninja.

You're probably already aware of this fact, and just have some trades that you didn't post... but just in case, maybe it helps!

-IT7

 
(login for full post details)
  #1440 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received


indextrader7 View Post
According to the trades you've posted here for Feb, you have had 27 winners and 13ish losers which would put your win % at 67.5%. I say this to let you know to be weary of Ninja's stats... it's the reason I keep my own. If you're ever trading more than 1 lots, your stats will be screwed up on Ninja.

You're probably already aware of this fact, and just have some trades that you didn't post... but just in case, maybe it helps!

-IT7

crap...now I have to work....

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following user says Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1441 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received


indextrader7 View Post
According to the trades you've posted here for Feb, you have had 27 winners and 13ish losers which would put your win % at 67.5%. I say this to let you know to be weary of Ninja's stats... it's the reason I keep my own. If you're ever trading more than 1 lots, your stats will be screwed up on Ninja.

You're probably already aware of this fact, and just have some trades that you didn't post... but just in case, maybe it helps!

-IT7

This bugged me to distraction tonight. I counted my trades, and compared to my posts....result, there were 2 days I didn't get to post due to schedule issues, a handful of break even trades that I didn't post due to simply getting back in the trade at or near the same level and so counted it as a single trade for the purpose of this journal, a few trades I counted as BE that were actual 1 or 2 tick losers due to slippage and a few trades where it looks like NT counted my multi lot trade as multiple trades instead of a single entry/exit sequence. I assumed this would happen on scale outs or scale in's but since I'm AIAO, I didn't even think about it. I'll be paying attention from now on....

The win rate really is less than 50%, my profit factor is 1.43 which could be better of course but still its pointed in the right direction.



Now that I've solved this mystery to my satisfaction, I'll be heading to bed now......

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 7 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1442 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received

As is often the case, its better to just stick with the original idea. I shorted, reversed at, got stopped out, traded short again, made up the loss, went long, stopped at BE, went short, held through almost another stop and then got a decent number of ticks to make my daily average....way to much trading, way to much thinking....I figured it was short to at least the 50% area, but just couldn't stick it out.

A bit pressed for time this morning but still, I should have just stuck to my guns. The premise played out, not like I imagined it would but it still did end up more or less where I thought it would. So instead of a big win, I have a "normal" day in terms of profit.


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 10 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1443 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received

The ADR has increased and broken its trend line....not sure if that means any thing since I've never looked at it before. Just a point of interest.


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 6 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1444 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received

Got beat up early but recovered and ended up with a small profit. Emotions ran a bit high this morning. Got it under control in time to get it right.


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 9 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1445 (permalink)
 aqpinfo 
Orland Park,Illinois/USA
 
Experience: Intermediate
Platform: Ninja Trader
Trading: Emini SP
 
Posts: 43 since Jul 2012
Thanks: 7 given, 26 received

For some reason I am having same problem today

The following 2 users say Thank You to aqpinfo for this post:
 
(login for full post details)
  #1446 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received

scratch day yesterday and full stop out today. This hasn't happened in quite a while. I'll be taking the next couple of days off to simply watch the market with no trades to re-establish rhythmn.

Cheers...gotta run...charts later if I have time...

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 6 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1447 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received

marked trades today....daily average achieved....no actual trades, just identification of entry and exits....first one I exited a few ticks below the resistance line, second one I exited a few ticks before the support line....left some on the table both times, but thats ok, good trade selection, market structure exits.....


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 9 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1448 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received

Might be done for the day. Had a nice well executed counter trend trade that went to full target. Not sure if its worth sticking around looking for more.

I'm looking at a possible new entry technique this week. I'm calling it the 70% rule. Basically looking to enter a trade once its pulled back at least 70% after a significant event....ie, trendline or level break.....in theory this reduces the risk but I am also looking to see if I get any adverse selection as well....remains to be seen.

my chart so far.


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 10 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1449 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received

leaving early to see my kid get an award at school....

one and done

Sold the pull back after the level break....exited at the trend line


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 8 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1450 (permalink)
 COTtrader 
Michigan, Jackson
 
Experience: Intermediate
Platform: NT and TS
Broker: NT Continuum
Trading: ES, CL
 
Posts: 857 since Jul 2009
Thanks: 389 given, 552 received


PandaWarrior View Post
I'm looking at a possible new entry technique this week. I'm calling it the 70% rule. Basically looking to enter a trade once its pulled back at least 70% after a significant event.

Hi, Panda,

Your 70% is the price range on a pair of "rolling" initial balance lines? Or are you constructing it in some other way?

Ken "COTtrader"

The following 2 users say Thank You to COTtrader for this post:
 
(login for full post details)
  #1451 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received


COTtrader View Post
Hi, Panda,

Your 70% is the price range on a pair of "rolling" initial balance lines? Or are you constructing it in some other way?

Ken "COTtrader"


Not sure what you mean. I don't know what an initial balance line is. You'll need to be more specific, I'm a bit dense sometimes....

BUT to answer your question as to what I based the 70% pull back on its this....After price breaks a support level/trendline or hopefully both, I measure the leg that broke the level/trendline and am looking to enter in the 70-100% pull back zone. The 70% thing came from some guru trader, I think Linda Rasche but I'm not sure. I was trying to use 78% pull back but the fills were less than 50/50 so I went 70% and that seems to get me filled. Still looking at adverse selection using this and so far so good....haven't had a bad one yet....

Also, still using the break of the levels as well for entry areas if I forget to do the pull back thing or if it doesn't make it that far....

Hope that helps.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 5 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1452 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received

I finished trading this morning and jumped straight to another project....now its time to make my posts.

Price action drove me nuts today. I was super impatient wanting price to go to targets quickly and get me out of the market and on to other things....this impatience shows up occasionally and normally I really bomb those days. This one turned out ok.

I made a major mistake on the long trade. It was a legit long but the pull back violated the trend line. At that point, I needed to be looking for shorts up in the pull back area. Instead, I let the long go positive again hoping it would break the double top and move toward my target. Instead, it came back down and at this point I manually closed the trade. After a bit, I realized I needed to be short and I was fortunate to be able to get in at the point where I should have been looking after the trendline break. This worked out but often times it doesn't. I was long and missed the opportunity to be at least BE on the trade and even make a few ticks to boot while setting up for the short.

My trading buddy really drilled me on this point this morning (in a nice way) and to be fair, I was totally blind to the short setting up due to my long position. Sitting there, I was thinking, how do I manage this trade now that the trend line is broken? And in truth, I had a brain freeze, the answer refused to come....but next time I see this, I'll know, try to make a graceful exit if possible and if not, bail.

Couple of losers then a nice winner to make up for them...finished with more than my average....


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 9 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1453 (permalink)
 steve2222 
Auckland, New Zealand
 
Experience: Beginner
Platform: Sierra Chart
Broker: AMP/CQG
Trading: Whatever moves in my timezone
 
Posts: 1,893 since Sep 2009
Thanks: 3,359 given, 1,529 received


PandaWarrior View Post
Not sure what you mean. I don't know what an initial balance line is. You'll need to be more specific, I'm a bit dense sometimes....

BUT to answer your question as to what I based the 70% pull back on its this....After price breaks a support level/trendline or hopefully both, I measure the leg that broke the level/trendline and am looking to enter in the 70-100% pull back zone. The 70% thing came from some guru trader, I think Linda Rasche but I'm not sure. I was trying to use 78% pull back but the fills were less than 50/50 so I went 70% and that seems to get me filled. Still looking at adverse selection using this and so far so good....haven't had a bad one yet....

Hope that helps.

Just so I am clear ... bit slow here as well ... could you mark it up on a chart?

Thanks

The following 2 users say Thank You to steve2222 for this post:
 
(login for full post details)
  #1454 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received


steve2222 View Post
Just so I am clear ... bit slow here as well ... could you mark it up on a chart?

Thanks


this might help.

The long at the bottom doesn't work for a lot but good for 20+ ticks if thats what you're looking for....


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 10 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1455 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,092 since Jun 2009
Thanks: 32,554 given, 98,580 received

Brian, nice looking drawing toolbar at the bottom of your chart. Can you link to it?

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal
The following 3 users say Thank You to Big Mike for this post:
 
(login for full post details)
  #1456 (permalink)
 redratsal 
Milan (I)
 
Experience: Advanced
Platform: Ninjatrader
Broker: Kinetick
Trading: FDAX,6E,CL,YM,NQ,ES
 
redratsal's Avatar
 
Posts: 1,653 since Oct 2010
Thanks: 1,215 given, 2,084 received


Big Mike View Post
Brian, nice looking drawing toolbar at the bottom of your chart. Can you link to it?

Mike

#737

Visit my futures io Trade Journal
The following 6 users say Thank You to redratsal for this post:
 
(login for full post details)
  #1457 (permalink)
 madLyfe 
Des Moines, Iowa
 
Experience: None
Platform: Ninja, TOS
Broker: AMP/CQG, TOS
Trading: CL, TF, GC
 
madLyfe's Avatar
 
Posts: 1,644 since Feb 2011
Thanks: 9,220 given, 1,015 received


PandaWarrior View Post
this might help.

The long at the bottom doesn't work for a lot but good for 20+ ticks if thats what you're looking for....


'i dont really like shorting above an upward sloping trend line', maybe if the pullback swing into the 70% area is of weaker volume? that might add to the win%

dont believe anything you hear and only half of what you see

¯\_(ツ)_/¯

(╯°□°)╯︵ ┻━┻
Visit my futures io Trade Journal
The following 2 users say Thank You to madLyfe for this post:
 
(login for full post details)
  #1458 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received


madLyfe View Post
'i dont really like shorting above an upward sloping trend line', maybe if the pullback swing into the 70% area is of weaker volume? that might add to the win%

I've experimented with volume, but owing to my previously mentioned denseness, I was not able to find any way to make it work for me. So back to the support and resistance thing I go....

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 4 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1459 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received

two trades, one just like yesterday....shorted at support turned resistance, price broke above the trend line, held it until it went back in my favor, went BE, held it long enough to see if it would keep going short, it didn't, I exited and re-entered as it was a long signal.

This was a few minutes prior to news, once it got 10-15 ticks in my favor, I went BE just in case the news was unfavorable to my position, the book emptied out completely, then slammed up to fill my target. And that was it for the day.

I marked a few others as they happened, but once I got my target, I mentally checked out...chatted a bit on skype with a couple of other traders from around the world, took my kid to school and now its time to move on to the rest of the day.

Cheers.


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 10 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1460 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received

Drove about 6 hours yesterday, overslept, forgot about daylight savings time, missed the opening...etc.....

my trades...

First short, I was having a hard time figuring out where to draw the trend line, so I just skipped it and went with the double top instead. Reversed it when price broke above the level, reversed again when it broke that level, held that one for enough to make my loser back plus some profit.

Spent the rest of the morning yawning, talking on skype and playing with trend lines and exploring the idea of dumping them altogether. (second chart)

Then I took a short at resistance that I wondered about and got stopped on...third chart....

Ended the day net break even.....not bad for being dead tired.....







Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 8 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1461 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


PandaWarrior View Post

Spent the rest of the morning yawning,

....not bad for being dead tired.....

haha, I'm glad you pointed this out...

I had all my clocks adjusted, but I WAS SOOO TIRED while trading today, and I had no idea why!

 
(login for full post details)
  #1462 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received


indextrader7 View Post
haha, I'm glad you pointed this out...

I had all my clocks adjusted, but I WAS SOOO TIRED while trading today, and I had no idea why!

Well we don't change, instead I have to get up an hour earlier....which I didn't, my body clock woke me at the normal time which was an hour to late after getting in really late last night.....going to have to reset this week...go to sleep an hour earlier and hope I get the required number of hours and my body clock does the rest....it usually does so I guess I'll know tomorrow....

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following user says Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1463 (permalink)
 Chuck T 
Hannibal, Mo, USA
 
Experience: Intermediate
Platform: NT 7 & 8
Broker: AMP/CQG
Trading: NQ, YM, RTY, ES, GC, CL, HG
 
Chuck T's Avatar
 
Posts: 38 since Jan 2012
Thanks: 61 given, 74 received


PandaWarrior View Post
here is the tool and website with a brief tutorial

NinjaTrader Indicators :: Richard Todd

The Link to the Drawing Tool is good to post #737 that Redratsal posted. The file is there. But the link to richardtodd tutorial leads to a dead end. Even a site search on his site yields no tutorial or even the indicator. Wonder if anyone has the tutorial and would be willing to post the tutorial file. I would be mighty grateful. I can't figure out how to get the zdrawoptions indi to work.

Thanks,

Chuck T

The following user says Thank You to Chuck T for this post:
 
(login for full post details)
  #1464 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received

I watched FT71's webinar a couple of nights ago, he made a lot of sense in terms of scaling out of a trade. I've been all in all out for a while now and then noticed the "guru" I originally got the idea from was scaling out....I said, "what the heck, I feel better emotionally when I do, makes it easier to manage any type of runner....plus I get paid most of the time if I scale out relatively soon on the trade".

So I started scaling out yesterday. Didn't help, I got drilled close to my daily stop, managed to make most of it back before I left the house, then today, finished covering the losses from yesterday.

I do like the feeling I get from scaling out. Not sure if doing what feels good is the right thing but for now, I'll use it.

And before anyone starts asking where I scale out, its ten ticks....mostly because @indextrader7 convinced me that was a good spot to scale....

Fewer trades than yesterday, when I'm winning it seems to work out that way....I had a target of 92.60 on my original short, covered it a few minutes to soon and reversed long which got stopped out but I quickly re-entered my short because the premise of the original short was still valid. Got scales on that one fairly soon, then held to close to the target and exited when it reversed.

Today was an exercise in patience...most days are but this one was different. I was patient but didn't really worry about the noise....most of the time I read, ate some breakfast, chatted on skype, I even watched part of a webinar until the guy's voice nearly put me to sleep.....

Now its time to move on to other things.....


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 11 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1465 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received


Chuck T View Post
The Link to the Drawing Tool is good to post #737 that Redratsal posted. The file is there. But the link to richardtodd tutorial leads to a dead end. Even a site search on his site yields no tutorial or even the indicator. Wonder if anyone has the tutorial and would be willing to post the tutorial file. I would be mighty grateful. I can't figure out how to get the zdrawoptions indi to work.

Thanks,

Chuck T


Hi @Chuck T, hope this helps if you haven't already figured it out.

https://screencast.com/t/L8I4cPiW

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 6 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1466 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received

I'm trying to increase my daily average a bit which means I need to increase the number of ticks I take out each day. So I need to hold longer or take more trades. Or both.

Today, I had a sense we would be in a bullish environment and once I saw the down trend structure broken, I was ready to be long. I was drawing in the beginnings of the trend line and saw the little pull back had created the second touch and so just clicked in. I got my first scale off and had a feeling the globex 50% would be resistance so I started looking for a place to get out.

Then I was looking for a short opportunity at that level and got stopped out. Back in long for ten ticks, and then once more for ten ticks.

Ended the day at 2X daily average. That should help things a bit.


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 9 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1467 (permalink)
 Adamus 
London, UK
 
Experience: Beginner
Platform: NinjaTrader, home-grown Java
Broker: IB/IQFeed
Trading: EUR/USD
 
Adamus's Avatar
 
Posts: 1,085 since Dec 2010
Thanks: 471 given, 786 received


PandaWarrior View Post
I'm trying to increase my daily average a bit which means I need to increase the number of ticks I take out each day. So I need to hold longer or take more trades. Or both.

Panda,
are those what you consider to be your two weakest areas then? Not holding for long enough and not taking trades?

You can discover what your enemy fears most by observing the means he uses to frighten you.
Follow me on Twitter Visit my futures io Trade Journal
The following 2 users say Thank You to Adamus for this post:
 
(login for full post details)
  #1468 (permalink)
 Chuck T 
Hannibal, Mo, USA
 
Experience: Intermediate
Platform: NT 7 & 8
Broker: AMP/CQG
Trading: NQ, YM, RTY, ES, GC, CL, HG
 
Chuck T's Avatar
 
Posts: 38 since Jan 2012
Thanks: 61 given, 74 received


PandaWarrior View Post
Hi @Chuck T, hope this helps if you haven't already figured it out.

2013-03-13_1206 - aztrader9's library

Many thanks for taking time to show how this works. It is a handy tool bar after watching the video. Like many things, once you see it you think "why couldn't I figure that out?"

I enjoy your transparency in your thread. There are many helpful thoughts here.



Chuck T

The following 4 users say Thank You to Chuck T for this post:
 
(login for full post details)
  #1469 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received


Adamus View Post
Panda,
are those what you consider to be your two weakest areas then? Not holding for long enough and not taking trades?

Well that's a question with many answers depending on the day....but in general, my greatest weakness is probably getting impatient with my winners. The second one is probably not waiting quite long enough for my price.

I am getting better at both of these slowly but surely. I've gotten complacent hitting for average...and in truth, I don't want to really change that....I just want to increase it slowly over time, helps make up for the not so great days that happen occasionally.

I still won't be sitting here all day, nor am I looking to take lots of trades. In 90% of the cases, the fewer trades the better. However, if I have time and the market is moving nicely, no reason not to look for a few more ticks......so if it takes a couple more trades, then so be it.....I'd rather not, but if necessary, I will.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 8 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1470 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received

One and done today...with a slightly larger target. I trailed out 10 ticks above my stated target of 93.05..... it did reach that number plus a little bit but it was a well executed trade anyway...

Ninja froze up on me before the open...first time in a couple of years....got it restarted in time to catch the drop.....


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 10 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1471 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received

Thought I would take a look at the rest of the day.....

Silly little triangles worked again today....


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 9 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1472 (permalink)
 steve2222 
Auckland, New Zealand
 
Experience: Beginner
Platform: Sierra Chart
Broker: AMP/CQG
Trading: Whatever moves in my timezone
 
Posts: 1,893 since Sep 2009
Thanks: 3,359 given, 1,529 received

Hi PW,

So what type of 'silly little triangle' are you looking for to give you some edge/setup?

Eg: equilateral, isosceles, or scalene and with what sort of angles: acute, right, obtuse.

Does the triangle have to contain a 90 degree angle (ie a right traingle)?

The following 2 users say Thank You to steve2222 for this post:
 
(login for full post details)
  #1473 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received


steve2222 View Post
Hi PW,

So what type of 'silly little triangle' are you looking for to give you some edge/setup?

Eg: equilateral, isosceles, or scalene and with what sort of angles: acute, right, obtuse.

Does the triangle have to contain a 90 degree angle (ie a right traingle)?

The short answer is yes to all the above......

The long answer is:

The triangle has nothing to do with it, its just a visual of levels getting broken with closed bars, tested and then break out.....choose your trade location based on your risk tolerance....basically any entry inside the visual area of the triangle is valid, or a break out from the triangle area.....stop needs to be above or below the level represented by the opposing swing or perhaps a CLOSE outside the triangle opposite your position.....

All I'm trying to do is identify level breaks, tests and resumptions of the new potential trend.....nothing magic in the triangles......

I call them puke points....people on more or less my time frame puking out new initial trade stops or trail stops from earlier entries against higher time frame traders....

By the time the triangles are formed, a lower high and lower low have already materialized most of the time....important markers for entering short against a long trend as I did today.

Hope that helps.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 11 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1474 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received

It helps that price ran 100 ticks from the high in just a few minutes....always makes it nice to have your winners go so quickly....still for some reason, it didn't really feel like it....in truth, I was expecting some sort of effort to close the gap early but instead, got short signals that paid even though I had a slightly long bias. Good enough for today.

Doubled my daily average today....


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 13 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1475 (permalink)
 trs3042 
Holland, Michigan
 
Experience: None
Platform: ninjatrader
Broker: CQG
Trading: Acoustic Guitar
 
trs3042's Avatar
 
Posts: 1,617 since Jun 2009
Thanks: 23,764 given, 5,615 received


PandaWarrior View Post
It helps that price ran 100 ticks from the high in just a few minutes....always makes it nice to have your winners go so quickly....still for some reason, it didn't really feel like it....in truth, I was expecting some sort of effort to close the gap early but instead, got short signals that paid even though I had a slightly long bias. Good enough for today.

Doubled my daily average today....


Nice work Brian!!!


Rick

"If you're going to panic during a trade............. panic early."
The following 2 users say Thank You to trs3042 for this post:
 
(login for full post details)
  #1476 (permalink)
 hadamkov 
Prague Czech Republic
 
Experience: Beginner
Platform: Sierra Chart, daytradr
Broker: EdgeClear
Trading: Eurex Futures
 
hadamkov's Avatar
 
Posts: 516 since Nov 2011
Thanks: 1,299 given, 448 received


PandaWarrior View Post
It helps that price ran 100 ticks from the high in just a few minutes....always makes it nice to have your winners go so quickly....still for some reason, it didn't really feel like it....in truth, I was expecting some sort of effort to close the gap early but instead, got short signals that paid even though I had a slightly long bias. Good enough for today.

I guess that's the "No pain, no gain" societal norm that our parents have tought us... Sure you are aware of it (just as I have to be).

Thanks for posting it.

Follow me on Twitter Visit my futures io Trade Journal
The following 3 users say Thank You to hadamkov for this post:
 
(login for full post details)
  #1477 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received

Odd day today....huge spike yesterday relatively speaking...possible sideways chop most of today.

I got my daily average early and done for the day.....



Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 6 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1478 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received

Couldn't help it....


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 10 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1479 (permalink)
 xelaar 
prague, czech republic
 
Experience: Intermediate
Platform: NT7, MT4
Broker: LMAX
Trading: DAX, Gold, Euro
 
xelaar's Avatar
 
Posts: 1,517 since Feb 2013
Thanks: 1,740 given, 2,566 received


PandaWarrior View Post
Couldn't help it....



Your 250 tick chart is absolutely different to mine, I have like 3-4 times less bars, I have noticed CQG data ticks are much rarer than some other. No wonder I couldn't figure how guys trade 2000 ticks ES and 800 ticks CL, it's just has so little bars to figure out stuff during the day.

Follow me on Twitter Visit my futures io Trade Journal
The following user says Thank You to xelaar for this post:
 
(login for full post details)
  #1480 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received


xelaar View Post
Your 250 tick chart is absolutely different to mine, I have like 3-4 times less bars, I have noticed CQG data ticks are much rarer than some other. No wonder I couldn't figure how guys trade 2000 ticks ES and 800 ticks CL, it's just has so little bars to figure out stuff during the day.

Post a picture so we can see.....

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following user says Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1481 (permalink)
 calitrader 
San Jose, CA
 
Experience: Intermediate
Platform: SC
Broker: Multi
Trading: CL
 
Posts: 733 since Mar 2012
Thanks: 1,954 given, 811 received


xelaar View Post
Your 250 tick chart is absolutely different to mine, I have like 3-4 times less bars, I have noticed CQG data ticks are much rarer than some other. No wonder I couldn't figure how guys trade 2000 ticks ES and 800 ticks CL, it's just has so little bars to figure out stuff during the day.

I had a similar issue this morning because I didn't roll to the May contract. When Panda's saw the chart post I was puzzled. I saw a few threads on the roll over yesterday and ddin't even think about it. There maybe be other differences between CQG feed and Mirus but the two months are way different on the chart this morning.

My 2 cents.
Chris

Visit my futures io Trade Journal
The following user says Thank You to calitrader for this post:
 
(login for full post details)
  #1482 (permalink)
 xelaar 
prague, czech republic
 
Experience: Intermediate
Platform: NT7, MT4
Broker: LMAX
Trading: DAX, Gold, Euro
 
xelaar's Avatar
 
Posts: 1,517 since Feb 2013
Thanks: 1,740 given, 2,566 received


calitrader View Post
I had a similar issue this morning because I didn't roll to the May contract. When Panda's saw the chart post I was puzzled. I saw a few threads on the roll over yesterday and ddin't even think about it. There maybe be other differences between CQG feed and Mirus but the two months are way different on the chart this morning.

My 2 cents.
Chris

My bad! I still had April on! Two days of training now down the drain as I was constantly going up and down on chart frequency setting trying to figure out what went wrong! Thank Chris!



Alex

Follow me on Twitter Visit my futures io Trade Journal
The following 5 users say Thank You to xelaar for this post:
 
(login for full post details)
  #1483 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received

There is no easy way to spin this. I had a total screw up day today. Doesn't happen often but when it does, its a nasty one. Thankfully, there is my daily stop to protect against really having a bad day.

I could not figure out what I thought the market might do early on. Once it got below the resistance level, I knew it would come off but in the meantime, I was extremely double minded.

The really bad part was this, I told my trading partner I was thinking of putting in a limit order to sell 93.36 with a stop above HOD. Instead, I sold at a much worse price thinking it would not make it back to that price. I forgot I had a limit order there and when my sell stop triggered, it placed the OCO stop at that exact same price....now I needed to cancel the limit order but since that had never happened to me, I didn't know how to do this. While trying to figure it out, I decided I needed to put the stop in the correct place which was the HOD and before I could get it done, price popped up there, and triggered my stop but not the new sell limit. So I ended up with an unnecessary loss and I kinda lost focus on what I thought price might be doing.

So ended up second guessing myself several times....finally I just got short and stayed that way. It took a long time but price finally started breaking down and ran out to +44 ticks. By this time I was pretty upset with myself, I moved the stop to +10 and walked away from it for about 10 minutes forgetting that inventory was in less than ten. My audio alert I use is fine as long as my headphones are in but I took them out....so I missed the exit alert 5 mins prior to news. So no trail stop to the logical place as noted on the chart, a quick spike up that took me out almost to the tick and then back down.

Got long after the news but didn't notice the broken structure short. Finally got short, got up and walked away, and ended up BE on that one.

All in all, a totally mental lapse on my part. I had enough profit on those two shorts to cover my losses and then some. Instead I ended up with the full loss. Today was a harsh lesson in maintaining focus and discipline. I'll not soon forget this day.


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 16 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1484 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


PandaWarrior View Post
There is no easy way to spin this. I had a total screw up day today.

You're the man Brian.

I could show you day after day after day where you absolutely rock it.

You constantly inspire me to be more patient and to see things as they unfold and to remain flexible. You also remind me to keep trading where it should be on my priorities list.

Thanks for all that you do.

 
(login for full post details)
  #1485 (permalink)
 EastCoastTrader 
NoVa, USA
 
Experience: Beginner
Platform: NinjaTrader
Trading: CL
 
Posts: 58 since Sep 2011
Thanks: 562 given, 195 received

"All in all, a totally mental lapse on my part. I had enough profit on those two shorts to cover my losses and then some. Instead I ended up with the full loss. Today was a harsh lesson in maintaining focus and discipline. I'll not soon forget this day."

Hi Brian, my first post here but not a newcomer to your thread. You hit it home with so many things and I'm sure many traders can relate with your experience. Time after time last year I routinely gave back weeks profit in one out of control bad day. As they say in baseball that your momentum goes as good as your next day's pitcher, so I took up on a mantra that I'm as good as my next trade as I'm notorious for getting complacent. Like on Monday, I traded May contract without setting up chart properly and got slapped, each trade I took after a losing trade, I wanted to wipe out all the losses with that trade leaving profits on the table. I was adamant to not have a losing day as I wanted to keep my winning streak going for the month. You inspire me to keeping it honest to yourself and discipline and self control. Been learning so much
from your and Vance's thread along with many others.

The following 3 users say Thank You to EastCoastTrader for this post:
 
(login for full post details)
  #1486 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received


EastCoastTrader View Post
"All in all, a totally mental lapse on my part. I had enough profit on those two shorts to cover my losses and then some. Instead I ended up with the full loss. Today was a harsh lesson in maintaining focus and discipline. I'll not soon forget this day."

Hi Brian, my first post here but not a newcomer to your thread. You hit it home with so many things and I'm sure many traders can relate with your experience. Time after time last year I routinely gave back weeks profit in one out of control bad day. As they say in baseball that your momentum goes as good as your next day's pitcher, so I took up on a mantra that I'm as good as my next trade as I'm notorious for getting complacent. Like on Monday, I traded May contract without setting up chart properly and got slapped, each trade I took after a losing trade, I wanted to wipe out all the losses with that trade leaving profits on the table. I was adamant to not have a losing day as I wanted to keep my winning streak going for the month. You inspire me to keeping it honest to yourself and discipline and self control. Been learning so much
from your and Vance's thread along with many others.

Hello @EastCoastTrader, glad you chimed in and that you find the thread useful. @VinceVirgil is a good friend and we help each other out off forum. He's a great guy to learn from.

I know this kind of day happens to most of us. The key is to keep them to a minimum and recognize it when it begins to happen and either just stop or get it under control. I did neither.

I'm not sure who your broker is but perhaps you can implement a broker side equity trail stop that shuts you off that day if you fall say 50% below your equity high for the day. This is the only real option I can see if you are unable to implement a daily stop on your own or an equity trail stop. I've been ok at this as I know I cannot refund my account if I blow it out so makes it easy to honor my daily stop. The equity stop thing has never really been an issue because the guy that mentored me originally just traded to a daily target and quit so he didn't have that problem and I learned to quit while I was ahead....there's good and bad to this of course but blowing a weeks worth of profit has never been my issue....making the profit in the first place has....

Anyway, thanks for stopping by and taking part. I appreciate it.

And by the way, another lesson I learned today was when I am down, take profit as it comes, you need to stop the bleeding as soon as possible and at the very least, end the day with a much smaller loss than I did.

Cheers.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 7 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1487 (permalink)
 Maelstrom 
Round Rock, Texas
 
Experience: Intermediate
Platform: Ninjatrader
Broker: NinjaTrader
Trading: RTY, ES, YM
 
Maelstrom's Avatar
 
Posts: 166 since Jul 2011
Thanks: 684 given, 402 received


PandaWarrior View Post
There is no easy way to spin this. I had a total screw up day today. Doesn't happen often but when it does, its a nasty one. Thankfully, there is my daily stop to protect against really having a bad day.
]

Panda,

Having read your journal from beginning to end (and thoroughly enjoyed it), it is these types of posts that speak to your true character. Too easy to just post the good things on a forum like this, and though I am sorry you didn't have the greatest trading day, I want to thank you for your honesty on your daily journey and for providing inspiration.

M

Visit my futures io Trade Journal
The following 8 users say Thank You to Maelstrom for this post:
 
(login for full post details)
  #1488 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received

Place holder


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 6 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1489 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received

And done for the day....I'm hungry and bored....good time to quit.


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 7 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1490 (permalink)
 Gary 
Near Dallas, Texas, US
 
Experience: Advanced
Platform: NinjaTrader
Broker: ZenFire
Trading: CL
 
Gary's Avatar
 
Posts: 1,070 since Jun 2009
Thanks: 502 given, 2,234 received


PandaWarrior View Post
And done for the day....I'm hungry and bored....good time to quit.


Nice work; go enjoy some good food and entertainment.

As consistently profitable traders.. "We get paid to wait, and we wait to get paid."
Visit my futures io Trade Journal
The following 3 users say Thank You to Gary for this post:
 
(login for full post details)
  #1491 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


 
(login for full post details)
  #1492 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received


indextrader7 View Post

Lol!

I'd forgotten....thank you.....

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 2 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1493 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received

Well, could not get the mojo working this week. Today I fought the trend the entire day. Funny thing was, I recognized I was doing it but couldn't turn it off. Several of my trades were profitable and went BE, and the long trades with trend I had trouble getting on board. The one short I took near the HOD was a great short and went to my original target but I closed it to soon as I had been burned on several already.

I am focusing on two things currently; 1) Getting better entries on my trades by waiting for a pullback against the break out, and 2) Looking for somewhat bigger targets.

Next week, these two things will be my overall focus and after this week, I will try to concentrate more on trading with trend or at least taking conservative profits if I trade counter trend and being ready to jump on the dominate trend faster.

To have struggled as much as I did this week and end up break even is a good thing.

Next week my daughter starts spring break for two weeks so my trading will be shorter and hopefully more focused. I am planning a whale watching trip in San Diego for her if all the schedules work out. That should be fun if we can pull it off.

I'm also thinking of starting a combine again. @indextrader7 is starting one soon if he can get his custom one approved. I've had a custom one approved for several months and haven't started it yet for various reasons but I'm feeling like I would like to soon. Its been many many months since I've been in a combine and my trading has gotten much better I think. My account has shown the fruits of that improvement and I think I'd like to trade their money now. If I decide to do a combine, I'll post about it before I start. Still undecided about this.


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 16 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1494 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received

The Not Knowing Path of Being an Entrepreneur : zenhabits

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 11 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1495 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received

I did some homework this weekend, and as it turns out, my original premise of my first or second trade each day this week with the exception of yesterday turned out to be the right idea. In other words, I should have just held my first trade and I would have made at least 50 ticks. One day the first trade would have been a stop out but the re-entry opposite direction would have been at least 50 thereby making up for it. Total for the week had I followed this idea, 150 ticks assuming a stop on friday and no further trades.

So whats the lesson here? Perhaps there isn't one except to say that often times we research our trade and it says that "X" could happen or perhaps we have an edge that says that "under this set of circumstances, you can normally expect to see a certain number of ticks before a turn". And I'm not 100% convinced you can actually rely on a statements like these but seeing it in action every day does lead one to believe that perhaps the better course of action is to find one's set up, take the trade and if the method calls for 50 ticks, let that trade play out to 50 ticks or a stop, which ever comes first. If it calls for 50 ticks and you want to exit more conservatively than this, take the sweet spot out at perhaps somewhere between 20-40 ticks and call it good. The real lesson is this....stop messing with the trades. Put the stop in the right place and let it ride. If the stop is to far away, wait for a better entry or don't take the trade.....

For whatever its worth, this was an interesting week and an interesting review. Looking forward to next week.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 14 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1496 (permalink)
 iqgod 
Market Wizard
Mumbai, India
 
Experience: Advanced
Platform: ChartNexus
Trading: Stocks, Commodities, Futures
 
iqgod's Avatar
 
Posts: 1,802 since Feb 2012
Thanks: 3,652 given, 3,093 received


PandaWarrior View Post
I did some homework this weekend, and as it turns out, my original premise of my first or second trade each day this week with the exception of yesterday turned out to be the right idea.

...

So whats the lesson here? Perhaps there isn't one except to say that often times we research our trade and it says that "X" could happen or perhaps we have an edge that says that "under this set of circumstances, you can normally expect to see a certain number of ticks before a turn". And I'm not 100% convinced you can actually rely on a statements like these but seeing it in action every day does lead one to believe that perhaps the better course of action is to find one's set up, take the trade and if the method calls for 50 ticks, let that trade play out to 50 ticks or a stop, which ever comes first. If it calls for 50 ticks and you want to exit more conservatively than this, take the sweet spot out at perhaps somewhere between 20-40 ticks and call it good. The real lesson is this....stop messing with the trades. Put the stop in the right place and let it ride. If the stop is to far away, wait for a better entry or don't take the trade.....

For whatever its worth, this was an interesting week and an interesting review. Looking forward to next week.



Great point! Taking suboptimal trades which entail huge stops (item 7 of this post) is usually a bad idea.


Thanks @PandaWarrior! Every day I learn something new here!

Visit my futures io Trade Journal
The following 3 users say Thank You to iqgod for this post:
 
(login for full post details)
  #1497 (permalink)
 EastCoastTrader 
NoVa, USA
 
Experience: Beginner
Platform: NinjaTrader
Trading: CL
 
Posts: 58 since Sep 2011
Thanks: 562 given, 195 received

Coming off from horrible trading habits and management, I've started to be target oriented like you and I appear to be more consistent than past. But lately I was itching to employ something new and I'd appreciate your take and wonder if you are already doing it. Since not all trades have same set stops tick-wise, do you have set $stop and do you employ position sizing; i.e. if your max loss per trade is $500 and your stop is 10 ticks, do you take on 5 contracts or if the sl is 25 ticks, do you take 2contracts instead?

The following 2 users say Thank You to EastCoastTrader for this post:
 
(login for full post details)
  #1498 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received


EastCoastTrader View Post
Coming off from horrible trading habits and management, I've started to be target oriented like you and I appear to be more consistent than past. But lately I was itching to employ something new and I'd appreciate your take and wonder if you are already doing it. Since not all trades have same set stops tick-wise, do you have set $stop and do you employ position sizing; i.e. if your max loss per trade is $500 and your stop is 10 ticks, do you take on 5 contracts or if the sl is 25 ticks, do you take 2contracts instead?

I have a max stop in ticks per trade and a fixed dollar stop per day. So I can take a max risk per trade with whatever size I want as long as that stop doesn't max me out on my daily stop.

On the other hand, if the risk is large but you like the trade, no reason not to scale down in size and take the trade anyway and perhaps add to the trade if the premise is still valid but you get a better price....or if the trade is in profit and you get another entry point.

This being said, unless you can trade varying size then this question is moot. If you are one lot, then this issue should not even be in your trading plan. Instead, just get good at getting your ticks with one lot....the money will come.

Hope that helps.

Cheers

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 6 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1499 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,386 received

So on an historic day when governments are breaking the sacred trust they have with their taxpayer serfs, I broke even.

Early on, I got long before all three of my "rules" were met. That trade was stopped out and I then followed it with a short that met all three of my rules. This trade failed. A third trade was taken long that was basically an attempt to not miss out...in other words a fear based trade. I knew this and got it break even.

At this point, I recognized I was trading scared today. Scared because of all the crap from last week. Still, I knew I needed to make it happen and since the long trend was underway without me, I decided to just wait it out and try to recover my losses with a counter trend trade.

I waited for awhile to get this set up and did in fact get in a tad early but the stop was placed correctly and kept me in the game long enough for it to play out. I had a target picked out already....the 50% pull back area, but it seemed pretty far away and there was a double resistance area right in front of it. And in fact, it did pause there for a bit but eventually did make it to my original target plus quite a bit more.

Crude behaved like the crude of a year ago and I was unprepared for the long trade but knew once it did decide to pull back, that I would likely get a decent trade off.

So ended as a scratch today, not great but better than nothing.

I broke a rule on my first trade, no swings broken and therefore I let rule two take over and that cost me...as it does every time. Once the lower low was made, I adjusted my trend line to make room for the new swing and when that one was broken, it was off to the races for the longs.

I had decided to trade a bit longer today if I had time, perhaps every day this week. So instead of 2 hours at the computer, I did almost 5 watching the charts. I do not like this at all. Tomorrow, its back to something reasonable. I know where my boundaries are and today I completely overstepped them. I was totally exhausted after that many hours at the screen.....no more.


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
Started this thread
The following 13 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #1500 (permalink)
 Maelstrom 
Round Rock, Texas
 
Experience: Intermediate
Platform: Ninjatrader
Broker: NinjaTrader
Trading: RTY, ES, YM
 
Maelstrom's Avatar
 
Posts: 166 since Jul 2011
Thanks: 684 given, 402 received


PandaWarrior View Post

So ended as a scratch today, not great but better than nothing.

Panda,

I know I don't need to tell you this, but after a day of admitting to breaking your own rules repeatedly, ending with a scratch day is certainly a positive.

New day tomorrow my friend.....

Visit my futures io Trade Journal
The following 3 users say Thank You to Maelstrom for this post:

Closed Thread

futures io Trading Community Trading Journals > The PandaWarrior Chronicles


Last Updated on May 14, 2014


Upcoming Webinars and Events
 

NinjaTrader Indicator Challenge!

Ongoing

NEW BlackBird Features + FOREX Support w/Jeremy Tang @ SharkIndicators

Elite only
 

Our 12-year anniversary w/ $$,$$$ prizes (check soon)

June
     



Copyright © 2021 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada), info@futures.io
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.
no new posts