This is good advise, so I will follow it... - Trading Journals | futures io social day trading
futures io futures trading


This is good advise, so I will follow it...
Updated: Views / Replies:36,939 / 433
Created: by VinceVirgil Attachments:186

Welcome to futures io.

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

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

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

Closed Thread
 186  
 
Thread Tools Search this Thread
 

This is good advise, so I will follow it...

  #351 (permalink)
Elite Member
Toronto, Canada
 
Futures Experience: Advanced
Platform: NT
Broker/Data: TD Ameritrade, Dorman/Zenfire
Favorite Futures: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,180 received

17.5.2012

It was a tight rangy day today, and the really the big move of the day came before the open.

The context is....inventory number was higher than expected yesterday, China might be slowing, Europe is on the ropes still, and who knows what else.

Thats all points to crude balanceing at these levels or even selling off more. 1 more bad piece of news could send it down...

Quantitative...its down a lot....from may from May 4 is down 1300 ticks.

So, not an easy day...again.

4 trades

I was thinking longs, but by the end of the day, it wqa evident it was another inside day.

+30-13+15+37=+69

Last trade is of particular interest. I took that trade because I felt that it was just volume rush, and that there wws no real sutainabilty to it. Took and early long, on momentum with my stop loss of 15 ticks below the support/resistance of around 8:00 EST.

It was an early entry, a buy as the bear bar was pulling back. I felt the spike in bear volume was unsustainable, given price was stagnent for some time. I take this trade with some regularity, and it seems to work well.

What it really sets up like is generally its a tight range, often with longer bear tails (for a long) or longer bull wicks. The wicks are an indication of rejection of price. Brooks calls it a bull or bear spike, and he trades it for a scalp. For the CL, on a trend day, it can be a swing, countertrend or major reversal signa;l I look to take these at areas of support or resistance, generally will be at high value or low value areas. Its really a 5 minute candlestick take on absorbtion of price and rejection of price.

It really is trying to decide where does price want to go and how good of a job is it doimg to get there?

An indication is volume. But you have to make the decision very quickly, and the only way i can do that is have a limit order in at the price i want. For my trades, i place the order and wait for price to come to me. Its like having you foot hovering over the brake of your car coming to an uncontrolled intersection. If there is a problem, i can hit the brake a split second faster. Thats why I want to see the order flow on the DOM. You can only see the volume of trades on teh 5 minute after the bar closes. then, it is likely too late to get out if it goes bad.

I honed this skill as a snipe buyer on Ebay auctions. Got a pair of 600 dollar CCM skates for 125 dollars less than 5 seconds before the auction closed.

Anyway, thats what i did today.

Attached Thumbnails
This is good advise, so I will follow it...-cl-06-12-5-min-final-recap-17_05_2012.jpg  
The following 3 users say Thank You to VinceVirgil for this post:
 
  #352 (permalink)
Elite Member
Toronto, Canada
 
Futures Experience: Advanced
Platform: NT
Broker/Data: TD Ameritrade, Dorman/Zenfire
Favorite Futures: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,180 received

18.5.2012

No commentary. long weekend in canada so i am heading out early.

6 trades...2 full stops

1BE

+33 ticks

+126 for the week

Missed 1 day because of a branch audit at my firm.

Was avery long difficult week. looking for the weekend to relax.

Attached Thumbnails
This is good advise, so I will follow it...-cl-06-12-5-min-final-recap-18_05_2012.jpg  
The following 5 users say Thank You to VinceVirgil for this post:
 
  #353 (permalink)
Elite Member
In the heat
 
Futures Experience: None
Platform: NT
Favorite Futures: Energy
 
PandaWarrior's Avatar
 
Posts: 3,155 since Mar 2010
Thanks: 6,306 given, 13,250 received



VinceVirgil View Post
It was a tight rangy day today, and the really the big move of the day came before the open.

The context is....inventory number was higher than expected yesterday, China might be slowing, Europe is on the ropes still, and who knows what else.

Thats all points to crude balanceing at these levels or even selling off more. 1 more bad piece of news could send it down...

Quantitative...its down a lot....from may from May 4 is down 1300 ticks.

So, not an easy day...again.

4 trades

I was thinking longs, but by the end of the day, it wqa evident it was another inside day.

+30-13+15+37=+69

Last trade is of particular interest. I took that trade because I felt that it was just volume rush, and that there wws no real sutainabilty to it. Took and early long, on momentum with my stop loss of 15 ticks below the support/resistance of around 8:00 EST.

It was an early entry, a buy as the bear bar was pulling back. I felt the spike in bear volume was unsustainable, given price was stagnent for some time. I take this trade with some regularity, and it seems to work well.

What it really sets up like is generally its a tight range, often with longer bear tails (for a long) or longer bull wicks. The wicks are an indication of rejection of price. Brooks calls it a bull or bear spike, and he trades it for a scalp. For the CL, on a trend day, it can be a swing, countertrend or major reversal signa;l I look to take these at areas of support or resistance, generally will be at high value or low value areas. Its really a 5 minute candlestick take on absorbtion of price and rejection of price.

It really is trying to decide where does price want to go and how good of a job is it doimg to get there?

An indication is volume. But you have to make the decision very quickly, and the only way i can do that is have a limit order in at the price i want. For my trades, i place the order and wait for price to come to me. Its like having you foot hovering over the brake of your car coming to an uncontrolled intersection. If there is a problem, i can hit the brake a split second faster. Thats why I want to see the order flow on the DOM. You can only see the volume of trades on teh 5 minute after the bar closes. then, it is likely too late to get out if it goes bad.

I honed this skill as a snipe buyer on Ebay auctions. Got a pair of 600 dollar CCM skates for 125 dollars less than 5 seconds before the auction closed.

Anyway, thats what i did today.

on your volume indicator, set the calculate on bar close to false and you can see the volume forming as the bar is forming....that might help you a bit.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
 
  #354 (permalink)
Elite Member
In the heat
 
Futures Experience: None
Platform: NT
Favorite Futures: Energy
 
PandaWarrior's Avatar
 
Posts: 3,155 since Mar 2010
Thanks: 6,306 given, 13,250 received


VinceVirgil View Post
No commentary. long weekend in canada so i am heading out early.

6 trades...2 full stops

1BE

+33 ticks

+126 for the week

Missed 1 day because of a branch audit at my firm.

Was avery long difficult week. looking for the weekend to relax.

Last few charts it looks like you've been fighting the trend. All longs on a down trending day. Am I missing something here?

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
 
  #355 (permalink)
Elite Member
Toronto, Canada
 
Futures Experience: Advanced
Platform: NT
Broker/Data: TD Ameritrade, Dorman/Zenfire
Favorite Futures: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,180 received

18.5.2012

Yes, it looks like it on the 5 minute. I do certainly have a long bias, only because of the major selloff in CL.

Anything below 100 dollars a barrel means shut in time for oil companies, or should I say, oil exploration companies.

Finding and development costs are around 75 bucks a barrel. Anything below 90, for any extended period means companies start to cut back.

102-105 is prime real estate when it come to oil company revenue.

Anyway, I beleive we are close to a turnaround in price. I get the sense its that 1 piece of news. S and P is at historical lows on the PE multiple. Right now, I beleive its thre Greece situation that is causing all markets to depress. No big news there.

Thats why my context is higher oil price. I am bottom fishing...

Intraday, I beleive we are in for a big move to the upside. Today, the july contract may have affected it a bit. The last couple sessions the overnight was pretty tight to the previous day close on the RTH. that wasnt the case earlier in the week.

On the TPO, I was looking for longs around 92.00. I wasnt around for teh price breakdown at At 2:00pm. I had shut it down and was out by then.

Thats what I think now...come Sunday night, this could all change... I may get a little tied of tredding water. I have to admit, there were a couple of moments wthis week where ai felt i was the only person holding prices up! Not a healthy feeling to have, i assure you.

Anyway, that was my reasoning and my homework.

Attached Thumbnails
This is good advise, so I will follow it...-cl-30-min-5_17_2012.jpg   This is good advise, so I will follow it...-cl-06-12-30-min-5_18_2012.jpg  
The following 3 users say Thank You to VinceVirgil for this post:
 
  #356 (permalink)
Elite Member
In the heat
 
Futures Experience: None
Platform: NT
Favorite Futures: Energy
 
PandaWarrior's Avatar
 
Posts: 3,155 since Mar 2010
Thanks: 6,306 given, 13,250 received


VinceVirgil View Post
Yes, it looks like it on the 5 minute. I do certainly have a long bias, only because of the major selloff in CL.

Anything below 100 dollars a barrel means shut in time for oil companies, or should I say, oil exploration companies.

Finding and development costs are around 75 bucks a barrel. Anything below 90, for any extended period means companies start to cut back.

102-105 is prime real estate when it come to oil company revenue.

Anyway, I beleive we are close to a turnaround in price. I get the sense its that 1 piece of news. S and P is at historical lows on the PE multiple. Right now, I beleive its thre Greece situation that is causing all markets to depress. No big news there.

Thats why my context is higher oil price. I am bottom fishing...

Intraday, I beleive we are in for a big move to the upside. Today, the july contract may have affected it a bit. The last couple sessions the overnight was pretty tight to the previous day close on the RTH. that wasnt the case earlier in the week.

On the TPO, I was looking for longs around 92.00. I wasnt around for teh price breakdown at At 2:00pm. I had shut it down and was out by then.

Thats what I think now...come Sunday night, this could all change... I may get a little tied of tredding water. I have to admit, there were a couple of moments wthis week where ai felt i was the only person holding prices up! Not a healthy feeling to have, i assure you.

Anyway, that was my reasoning and my homework.

I had a case of the shorts on the euro a year and a half ago. I could not seem to trade long because of my macro view the euro was about to collapse. Guess what??? Turns out we are not global macro traders. We are indeed intra day traders and therefore we don't give a crap about what the macro picture is doing at this very moment.

I happen to agree with your views on oil. They're dead on. I too have a long bias from this area but like my euro experience from a year and a half ago, its real easy to be right about the global picture and be dead wrong about the 5M chart in front of me.

Forgive me for being direct here but don't fight the trend, its bad for your mental health. Put your macro views aside and trade the chart in front of you. Don't be long until the market is long. Stop trying to pick bottoms on the macro level here. As my friend @Zondor says, the only thing bottom pickers get are smelly fingers. Right now the market is short and I think its short to around 85-88 and then a rebound.....but look at the daily chart, all the support levels got smashed. And we're close to smashing a couple more. IF we get a reversal signal on the daily chart, then maybe you can afford to have a long bias but in all reality, a bias for a short term trader like us is a death sentence. Trade the chart and let the big boys decide the macro stuff.

Sorry to come on so strong but someone else chewed on me for having a short bias in a long market....it really helped me. I still have a bias sometimes but its a rare thing now.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
The following 4 users say Thank You to PandaWarrior for this post:
 
  #357 (permalink)
Elite Member
Toronto, Canada
 
Futures Experience: Advanced
Platform: NT
Broker/Data: TD Ameritrade, Dorman/Zenfire
Favorite Futures: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,180 received


PandaWarrior View Post
I had a case of the shorts on the euro a year and a half ago. I could not seem to trade long because of my macro view the euro was about to collapse. Guess what??? Turns out we are not global macro traders. We are indeed intra day traders and therefore we don't give a crap about what the macro picture is doing at this very moment.

I happen to agree with your views on oil. They're dead on. I too have a long bias from this area but like my euro experience from a year and a half ago, its real easy to be right about the global picture and be dead wrong about the 5M chart in front of me.

Forgive me for being direct here but don't fight the trend, its bad for your mental health. Put your macro views aside and trade the chart in front of you. Don't be long until the market is long. Stop trying to pick bottoms on the macro level here. As my friend @Zondor says, the only thing bottom pickers get are smelly fingers. Right now the market is short and I think its short to around 85-88 and then a rebound.....but look at the daily chart, all the support levels got smashed. And we're close to smashing a couple more. IF we get a reversal signal on the daily chart, then maybe you can afford to have a long bias but in all reality, a bias for a short term trader like us is a death sentence. Trade the chart and let the big boys decide the macro stuff.

Sorry to come on so strong but someone else chewed on me for having a short bias in a long market....it really helped me. I still have a bias sometimes but its a rare thing now.

You make some very good points.

I want to keep the areas of interest in mind, but I want to be flexible to change.

I trade each day with a plan, and then i look for corroberation of that plan. Pretty simple stuff really, but I figure a bad plan is better than no plan at all.

I try to trade what i see, and i am willing to adapt if the structure warrants. But when? My wealth management background...predict something long enough, it will happen.

The following 3 users say Thank You to VinceVirgil for this post:
 
  #358 (permalink)
Elite Member
Toronto, Canada
 
Futures Experience: Advanced
Platform: NT
Broker/Data: TD Ameritrade, Dorman/Zenfire
Favorite Futures: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,180 received

24.5.2012

havnt posted in the last 5 days.

Still here, havnt gone anywhere, however, i have had to take care of a number of personal as well as professional issues that arose at the office.

I have many things to do, and seemingly, not enough time in the the day to attend to them all adequately.

Have been some fireworks at the office. A coworker was unceremoniously discharged, and there are closed mouths all around the office from mangement and HO, and of course, many speculative senarios as to why he was terminated.Will find out soon enough. investigations are never conducted in a complete cone of silence. Something always gets out...

My assistant is out witht he flu. A few weeks back, she had pnuemonia, and now, she has flu like symptoms. I depend on her for the day to day admin, therefore, when she is out, I have to step in and share the administration. A few days is OK, it just that it is a major disruption when it is unexpected.

I am trying this combine trading thing at Top Step Trader. Its a competition, in that Top Step is looking for traders for their equity partners. There is a certain criteria (rules) thata trader has to follow in order to "qualify" for funding or going live with their clients money. I thought, how hard can it be? It was liek an amature golf tournement for traders. Kind of a competition. I like contests.

Turns out...very hard... Trading within the parameters of a new set of rules, cold turkey, is very difficult. One needs to practice with the rules in order to make them part of ones trading regime (no surprize there) Trying to do this right out of the box is challenging to say the least.

Mucho stress...a definate disadvantage in trading. Anyway, i wasnt successful. Which comes as a shook. I thought this was going to be a piece of cake. No chance. I still have a couple of days left, but there is no way i can make the parameters. It isnt about making positive returns. ( of course, you have to be positive) there is a list of other criteria, which is totally logical. I am just unfamiliar with these metrics, and to follow them simultaneeously withing my personal trading rules is overwhelming. Not that they are bad rules. they arent. In fact, they are good. just that, they arent mine, yet. In thinking this over, the only way i could have a chance at success is incorporate them into my own trading rulles, slowly...1 at a time, untill they are part of my strtegy. This will take time. Which I may do. i think i can learn a lot from the exersize.

Tommorrow the markets are closed. Lots to do today, so I may take an early weekend. US holiday, but that means Canadian market will move at a snails pace...

Thats it for now...hopefully things will be back to normal next week.

The following 3 users say Thank You to VinceVirgil for this post:
 
  #359 (permalink)
Elite Member
San Francisco, CA
 
Futures Experience: Beginner
Platform: IB
Favorite Futures: Stocks
 
bijeremiad's Avatar
 
Posts: 410 since Jul 2011
Thanks: 283 given, 325 received

Which rule threw you off

Interesting competition. I was looking at the scouting rules. Are those the ones you were referring to?

* Trade only products permitted to trade (you trade CL, so ok)
* Do not hold a position into the electronic close of the product trading (you do this)
* Trade all 10 days of the Combine (you trade daily, no problem)
* Always use stops with an open position (I assume you do this)
* Do not hit or exceed the daily loss limit ($1,000 is the default, depending on the # of cars, that is 7 full stops for you.)
Additionally, each product traded during the Combine must meet at least TWO of the performance requirements listed below AND have a trading average greater than zero ($0):
* Overall Average Win greater than Overall Average Loss (you do this)
* Overall Average Win Duration greater than Overall Average Loss Duration (don't know your timing, but just cutting losers or getting stopped out quickly will do.
* Total Win % greater than 45 (you do this too)

Seems like your system would fit like a glove in these parameters. Which ones did you find most difficult?

 
  #360 (permalink)
Elite Member
Toronto, Canada
 
Futures Experience: Advanced
Platform: NT
Broker/Data: TD Ameritrade, Dorman/Zenfire
Favorite Futures: CL,ES
 
VinceVirgil's Avatar
 
Posts: 1,752 since Aug 2011
Thanks: 2,144 given, 9,180 received



bijeremiad View Post
Interesting competition. I was looking at the scouting rules. Are those the ones you were referring to?

* Trade only products permitted to trade (you trade CL, so ok)
* Do not hold a position into the electronic close of the product trading (you do this)
* Trade all 10 days of the Combine (you trade daily, no problem)
* Always use stops with an open position (I assume you do this)
* Do not hit or exceed the daily loss limit ($1,000 is the default, depending on the # of cars, that is 7 full stops for you.)
Additionally, each product traded during the Combine must meet at least TWO of the performance requirements listed below AND have a trading average greater than zero ($0):
* Overall Average Win greater than Overall Average Loss (you do this)
* Overall Average Win Duration greater than Overall Average Loss Duration (don't know your timing, but just cutting losers or getting stopped out quickly will do.
* Total Win % greater than 45 (you do this too)

Seems like your system would fit like a glove in these parameters. Which ones did you find most difficult?

Yes...thats the one..

Where to begin. The rules themselves are not the real problem. the trouble, I found, is to encorporate them into my trading so as to hit the numbers.

I found it was like the circus guy spinning the plates and tryuing to keep them all going as long as possible.

Overall win greater than overall loss. Depends on average. 6 wins average 200, 2 losses average 300. BE is countted as a win. But cuts into average. Average loss greater than average win. -1 criteria. Even tho you traded at 75 %.

75% is good...45% is minimun...so you get that 1.

Win duration...thats a tough one...its really a time stop. How long is too long. Generally, i get stopped out quick if I am wrong, so that one is OK for me. I guess tey are looking for how you manage the trade. But if your chopping around, below BE, i found i was watching the clock. Anyway, tha I found a challenge.

Daily loss limit. i dont trade 1 lot. Say a minimum of 3. 15-20 SL on the CL. Get close to the 1000 limit (make sure you add commissions) and I found I was tightening to get it under the wire. Thats only 2 full stops at 15 ticks.

And the average. 350 per day for 10 days...no more than 10 days... loss on 1 day, then you have a big hole to dig out of.

Take a 50,000.00 account. Net .70% per day over 10 days. In the next 20. Factor in commission. Thats 350 a day.

If you are BE the first 4 days, that means you have to place bigger trades to get to your target.

After 4 days, lets say you are BE.

That means you have to net 1.05% over the next 6 days to make the average. ( I dint compound the gains, but I wanted the math simple) Wait till the last day, its 7%. 3500 on a 50000 account in 1 day (once you place the first trade) trading only 5 cars max with 1000 SL.

Try doing it your self, with their criteria, on Sim.

I didnt, and it is really tough. Only because I wasnt really prepared...

The following 3 users say Thank You to VinceVirgil for this post:

Closed Thread



futures io > > > This is good advise, so I will follow it...

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
follow the professionals Silvester17 Traders Hideout 44 February 1st, 2011 12:33 AM
Small Caps Have Upside, but Market Pros Advise Caution Quick Summary News and Current Events 0 December 24th, 2010 07:40 PM
Advise or guidance needed for an alternative to enum kaywai NinjaTrader Programming 5 February 4th, 2010 05:22 AM


All times are GMT -4. The time now is 01:59 PM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, 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
Page generated 2017-12-17 in 0.23 seconds with 20 queries on phoenix via your IP 54.226.113.250