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My path of trading full-time
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Created: by LJYY Attachments:2

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My path of trading full-time

  #11 (permalink)
Elite Member
Italy - Roma
 
Futures Experience: Intermediate
Platform: Sierra Chart
Broker/Data: IB
Favorite Futures: Index futures
 
jagui's Avatar
 
Posts: 195 since Jul 2010
Thanks: 248 given, 278 received

Did you look at the NIFTY50 futures traded at the NSE of India?
It looks like a very tradable instrument, and should be better suited for your timezone.

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  #12 (permalink)
Elite Member
Honolulu, Hawaii
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: ATC/TT, AMP/Zen-Fire, AMP/CQG
Favorite Futures: TF
 
bluemele's Avatar
 
Posts: 2,547 since Jun 2010
Thanks: 3,806 given, 2,826 received

My advice is to keep some other 'streams of income' coming in during your transition to trading. Something that doesn't require a ton of mental or emotional drainage, but something that will pay your utilities, some food etc..

I would not advise what I did, because I basically cut off most of my business and went hard core. It worked out for a while, then when things got tough, I faltered and it probably slowed down my curve.

As a friend puts it, in today's economy, having a decent paying job "is an asset" much like a house, investment etc..

Good luck on your journey and I wish you the best of success.

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  #13 (permalink)
User requested to be banned
Orlando, Florida
 
Futures Experience: None
Platform: shoes
Favorite Futures: happy
 
GaryD's Avatar
 
Posts: 6,462 since May 2011
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LJYY View Post
Hi everyone, a brief self intro, I have quited my job to attempt to be a trader full-time although I do not profess to be more than a beginner in trading. Its has been 1 month but my progress has not been good, hence I am starting a journal to force myself to become more disciplined in recording my trading results and review ways of improving upon my results.

I am living in a different time zone which makes it hard for me to monitor the market overnight, my time zone is around 12 hours apart from US time zone hence, although I try to keep myself awake at night, I normally will give up at around 2, 3 am.

Trading methodology
I am trading the Russell mini index mainly at the moment, a brief description of my trading method is that it enters orders when the short term trend is aligned with the longer term trend. I trail my stop with a profit target of 3X my initial risk. Using MA band filter and basic price action to filter out whipsaws.



Trading full-time is a great experience for learning what the markets do. Screen time is possibly the most important part of your education.

The fact that your profit target is 3x your stop is good mathematically. How do you choose where you will place the stop and profit target?

I discovered that I make much better trade decisions when I am not thinking about having to trade or making a certain amount of money. Relying on trading as your sole source of income can make some people feel pressured to make a profit on a regular basis.

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  #14 (permalink)
Trading Apprentice
Singapore
 
Futures Experience: Beginner
Platform: Interactive brokers
Favorite Futures: ES
 
Posts: 14 since Jun 2011
Thanks: 6 given, 8 received

050811

Trades: No trades taken.

Thoughts: Despite having increased my max risk per trade to 30 ticks earlier, no trades were taken as the high volatility in the market resulted in most trades having to risk beyond my max loss. Although it is hard to watch prices going down and down when my indicators tell me to sell, I have to watch the risk I am taking with each trade. If I am trading multiple lots, I can halve my position size to take on higher tick risks, but since I m only trading single lot until my account grows, I have to pass on these opportunities.

Thanks to those who offer me words of encouragement. At the moment, I am doing some part-time work during the weekends to put food on the table. As for my setups, its quite similiar to the multi-time frame trend trading thread. Nothing that is new, what is on my charts is only MAs.

I am currently working on developing another strategy that's mean reversion to be used in conjunction with my trend following strategy, will need to look through the charts and finetune the rules before implementing it. If two strategies not not correlated, trading multiple strategies will reduce volatility of earnings and allow more consistent growth in my account.

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The following user says Thank You to LJYY for this post:
 
  #15 (permalink)
Banned: Vendor self-promotion
LA/CAlifornia REpublic
 
Futures Experience: None
Platform: NT7
Favorite Futures: Chello
 
Gabriyele's Avatar
 
Posts: 3,025 since May 2011
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Stay wih it,...it is obvious that you are truly in love with the market as we all are

so don't give up LJYY, ever!
I'm absolutely certain that you are on your way to become
the best possible trader that you can imagine yourself to be!!!



Excellent work on your thread LJYY, keep it up my friend!!



P.S.
give RJAY's ChannelTrend bars a try,OR his RenkoHybrid bars,...... if you'd like

It certainly makes trading a whole lot easier!!

Attached Thumbnails
My path of trading full-time-trendbars.png   My path of trading full-time-renkohybrid.png  
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  #16 (permalink)
Trading Apprentice
Singapore
 
Futures Experience: Beginner
Platform: Interactive brokers
Favorite Futures: ES
 
Posts: 14 since Jun 2011
Thanks: 6 given, 8 received

080811

Trades:

1) S +3.1
2) S -2.8
3) S -3.2
4) S +8.4

Thoughts:

Overall trend was down but I had 2 losing trades out of 4. This might indicate that my stop loss and point where I enter trades might not be optimum, but before changing my strategy, I will need to have more trades before I consider revising.

I also noticed that there tend to be huge trend reversals at 8.30 and 9.30 which tend to hit my stops. This has happened several times before. Closing all open positions before then and not opening new positions just before those times might help to improve my results. To observe further.

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  #17 (permalink)
Fortitudo et Honor
Austin, TX
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: Futures
 
Posts: 882 since Mar 2011
Thanks: 128 given, 703 received


LJYY View Post
Trades:

1) S +3.1
2) S -2.8
3) S -3.2
4) S +8.4

Thoughts:

Overall trend was down but I had 2 losing trades out of 4. This might indicate that my stop loss and point where I enter trades might not be optimum, but before changing my strategy, I will need to have more trades before I consider revising.

I also noticed that there tend to be huge trend reversals at 8.30 and 9.30 which tend to hit my stops. This has happened several times before. Closing all open positions before then and not opening new positions just before those times might help to improve my results. To observe further.

Time based assessments can be spurious. If you're going to avoid those times, avoid them because the volume or the volitility isn't to your liking. Spotting trend reversals at a particular time each day can be a dangerous thing, because the next logical progression is for you to say "here it is again, I think I'll get in on this trend reversal."

Assessing the daily volume/price action patterns for each day based on what time of the day it is, that's fine. But be careful about noticing what appear to be daily, SPECIFIC price actions.

"A dumb man never learns. A smart man learns from his own failure and success. But a wise man learns from the failure and success of others."
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  #18 (permalink)
Trading Apprentice
Singapore
 
Futures Experience: Beginner
Platform: Interactive brokers
Favorite Futures: ES
 
Posts: 14 since Jun 2011
Thanks: 6 given, 8 received

090811

Trades :
1) S -0.0

Thoughts :

Prices had moved down to my take profits target, missing it by a few ticks and prices started to reverse. There was an announcement at 2 pm when the liquidity in the market dried up. Prices hovered just before my take profits for a few bars and then after the announcement. Prices reversed up and hit my stop loss before going in the other direction to reach my take profit. As what RM99 had advised, fundamentals can negate any edge that technical analysis can. Going forward, I will take note of any major announcements and close off my positions before then.

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  #19 (permalink)
Trading Apprentice
Singapore
 
Futures Experience: Beginner
Platform: Interactive brokers
Favorite Futures: ES
 
Posts: 14 since Jun 2011
Thanks: 6 given, 8 received

100811

Trades: No trades were taken.

Thoughts:

My longer term MA had turned up so I was looking to go long but prices keep moving down coupled with the high volatility resulted in no trades taken yesterday. As mentioned previously, I am working on a mean reversion strategy at the moment, but have not been able to work out something that's workable. I came across the Perry's method in the forum and is currently forward testing it. Since its much shorter term, it might be able to smooth out my results and allow me to trade smaller trends which my method will normally pass on.

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  #20 (permalink)
Trading Apprentice
Singapore
 
Futures Experience: Beginner
Platform: Interactive brokers
Favorite Futures: ES
 
Posts: 14 since Jun 2011
Thanks: 6 given, 8 received

110811


Trades:

1) S -1.9
2) S -3.1

Thoughts:

My long term MA were in selling mode so I was looking to sell. Although my losses are smaller than my wins, I find that I often end up taking a full loss and I did not get to trail my stop along to minimise them. This could mean that my entry points can be improved upon or my way of trailing the stop loss can be further improved. I will review the trades that I have and come up with some possible methods to improve on them. As I have been looking at Perry's system, I was wonder if it is possible to use range bars to help in my entry points too.

I have forward tested Perry's system on the ES for the past two days, the results are good, will definitely help to reduce volatility in my earnings, but will need to look at it for a longer period of time before I start trading it.

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