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So was struck again by issues with MetaTrader. I missed numerous trades, got positions closed, and then made a couple bad trades in frustration. I ended up about $20 in the negative.
I really liked NinjaTrader's DOM and chart trader when I was doing sim as I felt it was intuitive and easy to manage a trade. So I spent most weekend trying to find an alternative for MetaTrader's clunky interface that would work with MBTrading and was preferably free.
I discovered that MultiCharts Discretionary Trader supports MBTrading and played around with it for a couple days, finding I really liked it. When I first opened an account I selected Metatrader as I believed it was the best at the time. However, now i'm going to move to MultiCharts which runs off the MBT Desktop Pro connection. Once my account is back up and running I'll come back to posting my practice sessions.
Can you help answer these questions from other members on NexusFi?
I've been having issues as well with OANDA on MetaTrader4... so funny enough I was going to drop it this morning after it took about 3 minutes on MT4 for a trade to close.. I ended up closing it with the fxTrade app instance that I run locally as well..
I always though MT4 was more stable, it appears not... good luck with MC... I own it as well, and I know it is pretty good.. I havent used their trade functionality yet.. feel free to post on that experience..
Hey all. finally got my MultiCharts account setup for MBTrading and did a few days worth of trades. I feel very comfortable with this platform compared to MetaTrader.
I'm still practicing the A2 setup and think I'm starting to grasp correct entries. The one thing I need to focus on is letting the swing portion of my trade go farther. For the past 2 days I've been entering on a 5000 order with 3 targets. 1/3 of my position @ 50 pip, 1/3 @ 100, 1/3 @ 150. I've noticed that if my 150 target is hit, the trade usually explodes out and goes significantly up after. So I think i'm going to set something like a "soft" target and just move my stop up until i see a significant reversal sign.
Here's my account performance so far. I'm going to try and post my chart trades in the future, now that I'm getting busy with grad school I've been kind of lazy making a summary.
I've taken a break from Live trading as I felt I didn't quite understand the setups I was practicing. I've decided to read through new Al Brooks PA books once before going back to practicing. This is so that I'll have a good foundation before starting. Also when i find issues with my trading I'll have a good idea on what sections to brush up on. I currently have about 1/8th of the Trends book left.
In terms of learning setups... I'm thinking of taking a more structured approach. I didn't feel like trading with real cash helped in the psychological sense, at least for the size I was trading. I wasn't really afraid to pull the trigger and didn't have any any concern about draw-downs. The only thing I did notice was that if i was practicing a setup I began seeing it everywhere, when sometimes it wasn't. I don't really find that a sim/real cash issue. So I'm going back to my initial plan of only trading a setup on sim until I'm shown to be consistently. After that I'll move to cash.
Additionally, I've found that I learn the best when I try and teach a topic to someone else. As I have no individual to teach at the moment, I'll instead try and program it while sim trading it manually. This will force me to essentially "explain" the logic to the computer in program form to ensure that I fully understand the setup. Now i'm most likely not going to try and capture every little nuance and context of a setup in a algorithm, but mainly just get the general idea down. At this time it seems like TradeLink will be the most beneficial platform to use for this. I'm not too interested in using NT.
I may also optionally create PPT presentations for each setup I learn to summarize my understanding. If i end up doing that I'll post them here for the communities benefit.
