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The PandaWarrior Chronicles
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The PandaWarrior Chronicles

  #571 (permalink)
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Didn't have time to post yesterday....it was a complete flop anyway...

I had a hard day today. It was perfect for runners and I had the runners on but ones I had on went nowhere. The trades i could not take due to risk size were the runners. Damned if you do, damned if you don't. Thats how I feel today.

After commissions, I am down $40. Not to bad after a very frustrating day.

My wife hit the roof when I told her I couldn't take the runners due to risk. She said "WTH, if you know they are gonna be winners, take the trade". I tried to explain about money management. She didn't care. To her, it was missed opportunity. I tried to explain even though I "knew" they were gonna be winners, you never really KNOW.....and for that reason you must pass on the ones where the risk is to high.

This is funny in a way because in 'real" life, the one where you take risks you know are to big but you think there is a reasonable probability of winning, you take them anyway......thats what I've done all my life. Some win and some lose but overall, I've won.......I guess in trading you take them anyway if you think you have a really good shot of winning.....and hold your breath until you do......

I know the arguments about using a fixed stop on the trade and if you get hit, you get hit.....but in reality, that is asking for it in my opinion.

Anyway, my chart mark up tells the story better than I can...

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  #572 (permalink)
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Brian,

First, I'd like to say "thank you".
I've been meaning to post this for quite some time since I read all 3 threads of your journals to this last post.
Quite inspiring for me because I went through similar situations,,,even the small account.

Anyway the reason I decided to write in today is that after reading the last post of yours I wanted to comment with what Al Brooks keeps saying.

Most of time when there's a setup he says "this is good for scalp but risky for swing trade"
I still can't figure it out,,,,and in that you are way ahead of me.
Anyways, Brooks does use fixed stop for scalp and market based stop which is usually bigger for swing trade most of time. If it's too big he scales down. I don't have that option because I operate single car still.

I began trading with Brooks method about 18 months ago and it was too hard for me and naturally drifted away from it to indicator based method but after finishing your journals I went back to his method.

This time it's much clearer and I think it's because of your journals,,,,and I'm doing way better than when I started.

If you haven't done so I recommend his book (I only read the first one that people say very difficult go through) only because I think there's lots of common ground the way you read the chart and his way.

If you want I have digital copy also that I downloaded somewhere.

PS. You might have read it already but Rule 1 & 2 from Phantom of Pits article would also help I assume. I could understand those rules but couldn't not adapt them especially Rule 2 at my newb stage yet.

I hope I'm not stepping on your toes by these comments. I only want to see you get there so I can benefit also if you know what I mean.

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  #573 (permalink)
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kalalex View Post
Brian,

First, I'd like to say "thank you".
I've been meaning to post this for quite some time since I read all 3 threads of your journals to this last post.
Quite inspiring for me because I went through similar situations,,,even the small account.

Anyway the reason I decided to write in today is that after reading the last post of yours I wanted to comment with what Al Brooks keeps saying.

Most of time when there's a setup he says "this is good for scalp but risky for swing trade"
I still can't figure it out,,,,and in that you are way ahead of me.
Anyways, Brooks does use fixed stop for scalp and market based stop which is usually bigger for swing trade most of time. If it's too big he scales down. I don't have that option because I operate single car still.

I began trading with Brooks method about 18 months ago and it was too hard for me and naturally drifted away from it to indicator based method but after finishing your journals I went back to his method.

This time it's much clearer and I think it's because of your journals,,,,and I'm doing way better than when I started.

If you haven't done so I recommend his book (I only read the first one that people say very difficult go through) only because I think there's lots of common ground the way you read the chart and his way.

If you want I have digital copy also that I downloaded somewhere.

PS. You might have read it already but Rule 1 & 2 from Phantom of Pits article would also help I assume. I could understand those rules but couldn't not adapt them especially Rule 2 at my newb stage yet.

I hope I'm not stepping on your toes by these comments. I only want to see you get there so I can benefit also if you know what I mean.

I'm glad you've enjoyed the journals...its been a tough journey to be sure.

I made the decision today to scale down and take the trade anyway if the risk is to large for more than 1 lot....and set my targets at least 1:1...30 tick stop equals at least a 30 tick target.....if there is less room than that in the trade, don't take it.

I have read Al Brooks book....or should I say I suffered through it. I found it incomprehensible. And I am an excellent reader that does not easily loose track of the big ideas in books.....I read several hundred words a minute when I read for pleasure and I can read over 1000 WPM if I need to...slow by true speed reader standards but far more than most people......Al's book slowed me down to probably less than 100 WPM....very trying for me... I got bored really fast. Perhaps I'll give it another go.....

I would like a copy of the Phantom of the Pit....I've never heard of this article before....please share if you can....

Lastly, I find it incredible that your trading improved after reading my stuff.....I suppose you could just do the opposite of me and do well... But seriously, however your improvement happened, I am truly happy for you....may your good fortune continue indefinitely....

Another trader I know says "Every trade starts as a scalp". By that I believe he scales out of the trade early to remove risk and lets a runner go until he reaches a predetermined target or he gets a counter signal.....That is the skill level I want to get to.....

If I remember correctly, Al Brooks defines a scalp as 4 ticks on ES. Four ticks on 100 lots is a big deal....and on ES, you can scalp 100 lots. On CL, not so much, you can but the slippage will put your fills all over the place.

I think if I can get over the stop size, I'd like to move to the 5M chart. There's less noise, the entries SEEM to be clearer and the targets on CL are much larger.....the one drawback I can see is continuation entries on big bar moves. CL can produce 100 tick bars during periods of high volatility but if the entry occurs at a news event like it did today, then you can get left behind if you have to be flat for news but can get in just after a few 1M bars have formed. I suppose one could enter on a 1M chart during those periods......but use the 5M for stop and target guidance. Something to think about.

Here's to a future filled with profitable learning.....

Cheers.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #574 (permalink)
Trading Apprentice
Tokyo Japan
 
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hello, PandaWarrior. I believe this is the book Kalalex mentioned to you. I happen to have it on my computer and I think it is not copy right protected.

this book reads a lot easier than Al Brooks` Reading Price Action Bar by Bar, since it is in a conversational style between 2 friends. but this is more a trade management book, it focuses on what to do after entry, it does not say much about how to enter the trades.

for entering trades, I`d recommend Mr Brooks` other three books. he rewrote that Bar by Bar book and it turned into a much better written 3 book volume. you can find excerpts of them at Google Books.

your journal and Mr Brooks` books turned me into a scalper. I tried to swing trade a number of contracts. it worked very well on trend days, but I always gave back the profits in sideways market. your journal showed me that it was possible to scalp successfully, and Mr Brooks` books showed me how to do it.

have you tried to trade Gold and DAX instead of CL? I have found them a lot more energetic than CL, and profit targets are much easier met. I practice with Gold for the Asian session, and then concentrate on DAX when european market opens.

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  #575 (permalink)
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re: phantom of the pits

I like that part in the book where he shouts back to the other traders in the pit , "Take your losses!", in context with that particular story.

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  #576 (permalink)
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Cloudy View Post
I like that part in the book where he shouts back to the other traders in the pit , "Take your losses!", in context with that particular story.

yeah, me too. though I have no problem taking my losses, my problem is that I take them too often

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  #577 (permalink)
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PandaWarrior View Post
I'm glad you've enjoyed the journals...its been a tough journey to be sure.

I made the decision today to scale down and take the trade anyway if the risk is to large for more than 1 lot....and set my targets at least 1:1...30 tick stop equals at least a 30 tick target.....if there is less room than that in the trade, don't take it.

I have read Al Brooks book....or should I say I suffered through it. I found it incomprehensible. And I am an excellent reader that does not easily loose track of the big ideas in books.....I read several hundred words a minute when I read for pleasure and I can read over 1000 WPM if I need to...slow by true speed reader standards but far more than most people......Al's book slowed me down to probably less than 100 WPM....very trying for me... I got bored really fast. Perhaps I'll give it another go.....

I would like a copy of the Phantom of the Pit....I've never heard of this article before....please share if you can....

Lastly, I find it incredible that your trading improved after reading my stuff.....I suppose you could just do the opposite of me and do well... But seriously, however your improvement happened, I am truly happy for you....may your good fortune continue indefinitely....

Another trader I know says "Every trade starts as a scalp". By that I believe he scales out of the trade early to remove risk and lets a runner go until he reaches a predetermined target or he gets a counter signal.....That is the skill level I want to get to.....

If I remember correctly, Al Brooks defines a scalp as 4 ticks on ES. Four ticks on 100 lots is a big deal....and on ES, you can scalp 100 lots. On CL, not so much, you can but the slippage will put your fills all over the place.

I think if I can get over the stop size, I'd like to move to the 5M chart. There's less noise, the entries SEEM to be clearer and the targets on CL are much larger.....the one drawback I can see is continuation entries on big bar moves. CL can produce 100 tick bars during periods of high volatility but if the entry occurs at a news event like it did today, then you can get left behind if you have to be flat for news but can get in just after a few 1M bars have formed. I suppose one could enter on a 1M chart during those periods......but use the 5M for stop and target guidance. Something to think about.

Here's to a future filled with profitable learning.....

Cheers.

Like I said your journal is inspiring.
I read them like I was reading a novel.

Brooks scalp is 1pt or 2 pts depending on the "context" and he sometimes trades on 2 or 3 min charts too when the market's volatile and during open.

Phantom's Rule 2 maybe a different approach from yours but if you consider swing trading I THINK it's the way to go,,,again my opinion and you could tell us your opinion after reading.

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  #578 (permalink)
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iPlayGames View Post
hello, PandaWarrior. I believe this is the book Kalalex mentioned to you. I happen to have it on my computer and I think it is not copy right protected.

this book reads a lot easier than Al Brooks` Reading Price Action Bar by Bar, since it is in a conversational style between 2 friends. but this is more a trade management book, it focuses on what to do after entry, it does not say much about how to enter the trades.

for entering trades, I`d recommend Mr Brooks` other three books. he rewrote that Bar by Bar book and it turned into a much better written 3 book volume. you can find excerpts of them at Google Books.

your journal and Mr Brooks` books turned me into a scalper. I tried to swing trade a number of contracts. it worked very well on trend days, but I always gave back the profits in sideways market. your journal showed me that it was possible to scalp successfully, and Mr Brooks` books showed me how to do it.

have you tried to trade Gold and DAX instead of CL? I have found them a lot more energetic than CL, and profit targets are much easier met. I practice with Gold for the Asian session, and then concentrate on DAX when european market opens.

First, thanks so much for the book...I will read it this week...

Second, I'm pleased you have found success as a scalper....I too think it is possible to make money as a scalper long term but it does require a high win rate......

And third, I have looked at GL and the Dax. The Dax is to early for me and for some reason I like crude....I can look GL again perhaps over the weekend.

Thanks again for reading the journal and posting the article.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #579 (permalink)
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kalalex View Post
Brian,


If you haven't done so I recommend his book (I only read the first one that people say very difficult go through) only because I think there's lots of common ground the way you read the chart and his way.

If you want I have digital copy also that I downloaded somewhere.

PS. You might have read it already but Rule 1 & 2 from Phantom of Pits article would also help I assume. I could understand those rules but couldn't not adapt them especially Rule 2 at my newb stage yet.

I hope I'm not stepping on your toes by these comments. I only want to see you get there so I can benefit also if you know what I mean.


Is that the "Reading Price Charts Bar by Bar" Book?

The first one , I think...

I couldn't get through it the first time... I should try again...


AJ
Nashville, Tennessee


"Life On The Edge of SR"

Last edited by tderrick; March 1st, 2012 at 03:00 PM. Reason: Idiot
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  #580 (permalink)
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tderrick View Post
Is that the "Reading Price Charts Bar by Bar" Book?

The first one , I think...

I couldn't get through it the first time... I should try again...


Oh man... If his trilogy collection is a better re-write of his earlier work , I will definitely pick those
up... The first one was unbearable..


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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