VecchPA - futures io
futures io



VecchPA


Discussion in Trading Journals

Updated
      Top Posters
    1. looks_one vecchp with 14 posts (6 thanks)
    2. looks_two sysot1t with 6 posts (5 thanks)
    3. looks_3 bluemele with 2 posts (2 thanks)
    4. looks_4 Big Mike with 1 posts (1 thanks)
      Best Posters
    1. looks_one bluemele with 1 thanks per post
    2. looks_two kbit with 1 thanks per post
    3. looks_3 sysot1t with 0.8 thanks per post
    4. looks_4 vecchp with 0.4 thanks per post
    1. trending_up 3,272 views
    2. thumb_up 15 thanks given
    3. group 4 followers
    1. forum 24 posts
    2. attach_file 24 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)

 
Search this Thread
 

VecchPA

(login for full post details)
  #1 (permalink)
 vecchp 
Los Angeles, CA
 
Experience: Beginner
Platform: MultiCharts
Trading: EUR/USD, ES
 
Posts: 28 since Sep 2011
Thanks: 10 given, 10 received

I recently decided to jump into price action trading. My trading/investing experience is fairly limited. I've essentially looked at technical analysis on and off the past 5 years but never really did anything with it. My goal is to be consistently trading profitably within 1-2 years and be pulling it at least $500-$1000 on average a day within 5.

I'm going to do simulation trading trading until I have proven that I can pull in consistent profit over an extended period of time. The criteria I have chosen is ripped directly off of Cadaver's price action trading blog: Nine Transitions

The rule of ten
  • At least 10 points every week
  • For 10 consecutive weeks
  • With at least 10 days of no losing trades
  • At least 10 consecutive winning days
  • Biggest losing day at most half of average winning day (i.e. if your average winning day is +2, your max loss day should be -1)
I expect to make many mistakes but hope to learn along the way.

Visit my futures io Trade Journal Started this thread Reply With Quote

Can you help answer these questions
from other members on futures io?
How do you put a consolidation into EL?
EasyLanguage Programming
Simple "runner" code
EasyLanguage Programming
MBoxWave for Sierra Chart for sale 50%
Platforms and Indicators
NT8 connectivity by FXI API to unsupported brokers?
NinjaTrader
EasyLanguage: fetch option price using Stock ticker
EasyLanguage Programming
 
Best Threads (Most Thanked)
in the last 7 days on futures io
How much do you know about Bitcoin?
128 thanks
I finally blew up an account
42 thanks
Big Mike in Ecuador
28 thanks
The tiyfTradePlanFactory indicator
25 thanks
EdgeProX from Edge Clear
24 thanks
 
(login for full post details)
  #3 (permalink)
 vecchp 
Los Angeles, CA
 
Experience: Beginner
Platform: MultiCharts
Trading: EUR/USD, ES
 
Posts: 28 since Sep 2011
Thanks: 10 given, 10 received


This is my first official simulation. I have done two prior but I didn't know that Ninjatrader losses history of replays between sessions. In any case I was just playing with the software during that time. Please correct me if I'm using the wrong terms in my evaluations.

Simulation 1
Date: 6/13/11

Notes: Before starting the simulated day I looked at the daily and weekly chart.

Daily:
  • Nearing possible low of a trending trading range. Previous day was a pullback so if trend continues don't short near low of range.
  • If range is not broken expect further down? Look at weekly for more information
Weekly:
  • Has been in an upwards trend since July. It looks like it is possibly forming a double bottom with a March bar. Ema also curving down. Expect at least two legs down if broken?
I accidentally erased the window that drew all the trades I made. However, I was able to get it to regraph from the ninjatrader performance result window... but it is in 1 minute format instead of my 5 minute time-frame (it wouldn't switch to 5 the option was greyed out). Next time i'm going to make sure I take a screenshot at the end of the session before doing anything else.

I created an excel sheet tracking my daily avg profit/loss and made a graph for profit over transactions.

Evaluation of session:
  • Went in with 2 contracts per trade. Generally scalped 1 for at least 1 point and attempted to swing the second. Had 1 tick stops above entry bars and moved stop if strong move to break even or lower to capture strong move points.
  • I planned on going into the session on only trading A2's (which i'm practicing) but I saw a lot of pullbacks and 2 legs down that appeared to have good chances of being successful.
  • I have a feeling I over-traded but I'm not sure what even a standard trading day is supposed to be like.
  • I'm going to try and write my setups on the chart next time it seems very messy.
Net Profit: 11 points

Attached Thumbnails
Click image for larger version

Name:	Daily 6-13-11.png
Views:	99
Size:	109.1 KB
ID:	49617   Click image for larger version

Name:	Weekly 6-13-11.png
Views:	87
Size:	106.6 KB
ID:	49618   Click image for larger version

Name:	6-13-11 Session.png
Views:	89
Size:	126.8 KB
ID:	49619   Click image for larger version

Name:	6-13-11 Trade Profit Graph.PNG
Views:	70
Size:	26.0 KB
ID:	49620  
Attached Files
Register to download File Type: xls 6-13-11 Account Performance.xls (419.5 KB, 10 views)
Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to vecchp for this post:
 
(login for full post details)
  #4 (permalink)
 vecchp 
Los Angeles, CA
 
Experience: Beginner
Platform: MultiCharts
Trading: EUR/USD, ES
 
Posts: 28 since Sep 2011
Thanks: 10 given, 10 received

Simulation 2
Date: 6/14/11

Daily:
  • Previous day was a major move down. Expect gap open. Still near possible low of a trending trading range. Don't short near low of range unless strong break.
Weekly:
  • Has been in an upwards trend since July. It looks like it is possibly forming a double bottom with a March bar. Ema also curving down. Expect at least two legs down if broken?

During session notes:
  • Had fun yesterday but did not follow 1 setup practice rule. Today's trading will focus only on A2.
  1. Major gap up in open no A2 in sight for while.
  2. First pullback forming.
  3. Second pullback, possible A2?
  4. Short for 2. (hindsight: you ignored your own don't short near low advice!) Stopped out -2.5
  5. Looks like a2 failed.
  6. Pullback and shaved bar near ema categorize as A2. In for 2 T1 +1 T2 +2
  7. A22 formed second setup of day
  8. P1 pullback day is most likely trend day for a few more hours
  9. P2 & A2 enter in. T1 +1 T2+2
  10. Another P1 and P2 in for 2. T1 +1 T2+2
  11. Try to ride another possible A22 stopped out for -2
  12. Looks like trend is broken lower high on second leg and trend-line dipped.
  13. Short for second leg of a2 bear reversal... again ignored own advice to not short in this strong bull trend -4.
  14. Saw another short down but this time i got lucky +1.25
Net Profit: 1.25

Evaluation:
Well according to the graphs it looks like i destroyed the first part of the day and then started ignoring my advice. I really have to keep a plan and stick with it. Keep watch of these bear reversal A2's in a strong trend. If their win prob is very low don't even attempt. That could have been one of the "oh well it doesn't work probs when it turned on you today". I think I need to work on the stops a bit more, risking a point per contract for a small move isn't worth destroying your earlier wins for the day. You were up 6.25 at one point and then even went negative for a short while!

Attached Thumbnails
Click image for larger version

Name:	6-14-2011 Daily.png
Views:	69
Size:	69.6 KB
ID:	49725   Click image for larger version

Name:	6-14-2011 Weely.png
Views:	59
Size:	89.8 KB
ID:	49726   Click image for larger version

Name:	6-14-2011 Trade Chart.png
Views:	63
Size:	138.6 KB
ID:	49727   Click image for larger version

Name:	6-15-2011 Graphs.PNG
Views:	70
Size:	45.0 KB
ID:	49728  
Attached Files
Register to download File Type: xls 6-14-11 Account Performance.xls (49.0 KB, 4 views)
Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #5 (permalink)
 vecchp 
Los Angeles, CA
 
Experience: Beginner
Platform: MultiCharts
Trading: EUR/USD, ES
 
Posts: 28 since Sep 2011
Thanks: 10 given, 10 received

Yesterday I didn't sim since I wanted to do some PA reading. Today I did a simulation

Simulation 3
Date: 6/15/2011

Trades:
1) Read about trading the open and considered I try to nab a first pullback move. First bar in hindsight was the actual 1PB but the following doji bar made me think a second leg down from the previous day was a possibility at the time. After the strong bull bar I entered. T1: +1.75, T2: 0.0 since breakeven stop was hit, meaning failed swing

2) Considered 3 bull bars up a W and shorted after the first bar bar. Not sure if this is second leg down attempt or shallow bear pullback, shooting for 1 pt per contract, T1: +1, T2: +1

3) Second push down at moving average makes it an A2. This could be a trading range day but second wedge bear follow through still possible. T1: +1, T2: +1.5. Hindsight: Should have swung second contract, bull bar scared me and I exited. I can think of two reasons for the strong bear bar. First there are probably shorts taking some profits on the bar down. Second, the bulls may have thought the higher low of the previous bar would trigger a bear breakout. However, if you simply just did textbook wedge approach you would have hit massive move down. Try not to be so conservative with such clear patterns forming.

4) I thought this was turning into a W reversal and decided to buy. T1: +1, T2: -1. Hindsight, I probably shouldn't have made this trade. If there was going to be a bull breakout I should have waited for a better confirmation. If I just stuck with my initial A2 analysis I would have caught a great move.

5) I wasn't sure with the massive sell off at the time. However, looking back I recall that most trends seem to have 2 legs before showing any strong sign of reversal. I waited until I saw a possible W and took that entry. T1: +1 T2: +2.

6) This was a stupid trade. I thought that bear doji was a buy signal since it was a double bottom. But take a look at it; we are in a bear trend, at the moving average with a small bar top. You can clearly see that each bull bar the bull reversal trend is losing a ton of momentum. Most likely that move was just shorts taking their profits. T1:-1, T2:-1

7) Classic A2 short. I took a little more risk on the bar since I thought there was some more short covering coming but bear trend was likely to make second leg down. T1: +1, T2: +1.25. I should have let the second contract swing more. I let that bull bar scare like the earlier A2 move.

8) Trend losing steam, thought doji buy was good, however lost confidence in my read so I exited early and took my profits. T1: +.5 T2: +.5

9) I didn't notice that the day was coming to a close. This was clearly a trade I should have not taken. T1:-1, T2: -1

Net Profit: 8.5




Attached Files
Register to download File Type: xls 6-15-11 Account Performance.xls (55.0 KB, 6 views)
Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to vecchp for this post:
 
(login for full post details)
  #6 (permalink)
 vecchp 
Los Angeles, CA
 
Experience: Beginner
Platform: MultiCharts
Trading: EUR/USD, ES
 
Posts: 28 since Sep 2011
Thanks: 10 given, 10 received

Simulation 4
Date: 6-16-11

10) Doji, not sure if this is a good entry. Bulls and bears in equilibrium. Did hit the ema exactly though. Look for A2 buy.
11) Double bottom with 10 but another doji. Still possible a2 but not good entry bar
12) Lower high breakout from double bottom. Probably bull profit taking from first big move up of the day.
13) double bottom, at ema, A2 buy T1: +1, T2: +2.25
14) Doji, exiting T2 swing since possible reversal
15) another doji low high, lower low
16) Looks like a W has formed and is beginning to pull back, short. T1: +1, T2:+1.5
19) uptrend seems to be resuming exiting T2 swing.
20) Large bar up. In hindsight i should have probably longed at 19 since a possible trading range was forming and near ema. Not exactly 100% sure if trader’s equation called for it though. Will research
22) Trading ranged has formed
25) Strong bull bar looks like we might break out. T1: +1, T2:-.75. Hindsight I'm not sure if this was a good entry, a wedge was still forming so i took a risk at its top.
26) Looks like top of trading range possible wedge short. T1: .5, T2: .5
27) Triple bottom formed EXIT! Wedge contracting a lot!
28) Weak bull lower high
29) bar broke double bottom so could be a short entry. T1: -1.25, T2:-1.25. Hindsight, why did you do this? You kept mentioning the wedge and contracting range but you still shorted here. I suppose you could have thought this was a wedge entry. However even that logic it wasn't an entry. A wedge is typically 3 pushes in the same direction that was 2.
61) Broke double bottom
67) Strong bull bar. Buy. T1: 0, T2:0. Why did you exit? Two strong bull bars after two legs down, this could have been a more profitable move.
72) Seems to be creating a second leg up. Let’s try it. T1:1, T2:2.25

Profit: 7.75




4 Days in a row up? This is seems too good to be true. Probably getting lucky here.

Attached Files
Register to download File Type: xls 6-16-11 Account Performance.xls (59.5 KB, 4 views)
Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to vecchp for this post:
 
(login for full post details)
  #7 (permalink)
 sysot1t 
 
 
Posts: 1,176 since Nov 2009

if you want to learn PA, why not just do PA from FX (not futures) with a live account ($20-100) trading $1 or less.. if you can be consistent with that, then you can make it with the rest.. I mean, PA is PA after all.. and trading in sim is, well... trading in sim.. anyhow, good luck.

Reply With Quote
 
(login for full post details)
  #8 (permalink)
 vecchp 
Los Angeles, CA
 
Experience: Beginner
Platform: MultiCharts
Trading: EUR/USD, ES
 
Posts: 28 since Sep 2011
Thanks: 10 given, 10 received


sysot1t View Post
if you want to learn PA, why not just do PA from FX (not futures) with a live account ($20-100) trading $1 or less.. if you can be consistent with that, then you can make it with the rest.. I mean, PA is PA after all.. and trading in sim is, well... trading in sim.. anyhow, good luck.

I've been debating that. Maybe i'll start that in the near future. However, it seems the debate between replay data runs and real money is a pretty hot topic anyway.

Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #9 (permalink)
 sysot1t 
 
 
Posts: 1,176 since Nov 2009


vecchp View Post
I've been debating that. Maybe i'll start that in the near future. However, it seems the debate between replay data runs and real money is a pretty hot topic anyway.

nothing to debate.. sim is sim... real is real... that simple... but, do what is best for you always..

Reply With Quote
 
(login for full post details)
  #10 (permalink)
 vecchp 
Los Angeles, CA
 
Experience: Beginner
Platform: MultiCharts
Trading: EUR/USD, ES
 
Posts: 28 since Sep 2011
Thanks: 10 given, 10 received



sysot1t View Post
nothing to debate.. sim is sim... real is real... that simple... but, do what is best for you always..

I'm pretty sure that replay data from ninjatrader is tick by tick data of a previous session. While it probably doesn't emulate slippage I should be getting a similar experience. I suppose calling it simulation was the wrong term.

Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #11 (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: 50,094 since Jun 2009
Thanks: 32,558 given, 98,588 received


vecchp View Post
I'm pretty sure that replay data from ninjatrader is tick by tick data of a previous session. While it probably doesn't emulate slippage I should be getting a similar experience. I suppose calling it simulation was the wrong term.

Accurate data is not the problem in my opinion.

The problem is how people trade. When you trade on sim, you make decisions that you would never make on cash. So trading sim is for the most part worthless, after the initial break-in period of getting used to your platform and your setup.

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 Reply With Quote
The following user says Thank You to Big Mike for this post:
 
(login for full post details)
  #12 (permalink)
 bluemele 
Honolulu, Hawaii
 
Experience: Intermediate
Platform: NinjaTrader
Broker: ATC/TT, AMP/Zen-Fire, AMP/CQG
Trading: TF
 
bluemele's Avatar
 
Posts: 2,547 since Jun 2010
Thanks: 3,803 given, 2,836 received


sysot1t View Post
if you want to learn PA, why not just do PA from FX (not futures) with a live account ($20-100) trading $1 or less.. if you can be consistent with that, then you can make it with the rest.. I mean, PA is PA after all.. and trading in sim is, well... trading in sim.. anyhow, good luck.

I disagree with you here. The PA is a bit different on different instruments and FOREX runs a bit different. Just my experiences. There are nuances to each instrument and market in my opinion that one has to 'hone'.

Visit my futures io Trade Journal Reply With Quote
The following user says Thank You to bluemele for this post:
 
(login for full post details)
  #13 (permalink)
 sysot1t 
 
 
Posts: 1,176 since Nov 2009


bluemele View Post
I disagree with you here. The PA is a bit different on different instruments and FOREX runs a bit different. Just my experiences. There are nuances to each instrument and market in my opinion that one has to 'hone'.

price action is price action, the same principles apply... nuances are merely individual characteristics of any given instrument which would imply PA is specific to a instrument, when that is not the case... PA is PA... honing to a given instrument is merely specializing, not an indication of the PA skill but an application of the PA skill to that specialization..

would you agree?

Reply With Quote
 
(login for full post details)
  #14 (permalink)
 vecchp 
Los Angeles, CA
 
Experience: Beginner
Platform: MultiCharts
Trading: EUR/USD, ES
 
Posts: 28 since Sep 2011
Thanks: 10 given, 10 received

While I agree that live experience can't be beat, I feel that there is something to be learned with replay simulations. Jumping in with both feet can allow one to develop bad habits without noticing them until you've gone broke.

In my early stages of learning, I feel that it is important I take advantage of all resources available. For example, with my current plan, I am capable of doing a simulation session and then immediately compare with that of Al Brooks or another successful price action trader such as Cadaver. This is extremely beneficial the session is fresh in my head. If i do it live, I have to wait at least a couple hours to a day for their analysis.

I also like to compare my trading endeavor with my online poker days. My first attempt I just jumped in with 50 dollar deposit thinking, "hey, nothing is like the real thing!" Within a month that money went to 0. I attribute that loss to focusing on winning money rather than making the correct play. A player that makes the correct plays will generally be a profitable player. However, that does not mean he will win every hand. So instead of focusing only on the play, I worried about losing money.

I started over and this time I began in the play money rooms. Until I was capable of beating that madness consistently, I would not deposit another dime. I focused solely on the move, not caring about my money but only whether or not the play was correct. I have to say that this is where I learned very important lessons in my game.

After consistently beating that level, I eventually moved on to low stakes taking the knowledge I gained with play money. While the first few hands felt different in a live game, I kept repeating to myself that I need to focus on the play rather than the dollar signs. Eventually I was able to detach myself from the dollar sign and again focused on making the correct play, regardless of whether or not I won the hand. Over time I became consistently profitable and slowly moved up the ranks.

The only time I consistently lost money was when I deviated from my game plan, like moving up a level before I had enough statistics to justify doing so.

So I consider session replays to be very like the play money situation. This is important to building my fundamental knowledge of price action. I have to focus on making the correct play in the market at the time. If I cannot do this correctly on a consistent basis in simulation how do I have any chance of doing it live?

I also view this period as a lesson in patience and self-control. If I am not patient enough to trade simulation until I unlock my initial achievements, how can I say I will be patient enough to sit and wait for correct trades while live? No matter what my feelings are, until the numbers say I'm ready I have to wait. If I can't do that I know I am going to jump into trades that I shouldn't in live, I will let my emotions run the show instead of the trading plan and method I have laid out.

I really think a trader must start with discipline in mine. I already set a goal and I believe that altering it because "I think" I'd get a better experience going straight to live is just fooling myself. I believe this will lead to many other situations where I let myself bend the rules just because of gut feelings; leading to unprofitable trades.


I appreciate everyone’s response so far and look forward to your continuing interest in my journey.

Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to vecchp for this post:
 
(login for full post details)
  #15 (permalink)
 sysot1t 
 
 
Posts: 1,176 since Nov 2009


vecchp View Post
While I agree that live experience can't be beat, I feel that there is something to be learned with replay simulations. Jumping in with both feet can allow one to develop bad habits without noticing them until you've gone broke..

you missunderstand what we are arguing... trading actual cash (even $100 that you can replenish) forces you to trade with proper risk management (remember, you can replace the account unless you wire $$$ and costs you $$$)... nothing to do with going broke while doing so, hence the whole point of learning PA with FX... or even with equities... only issue is that equities requires $25K min, while Futures $5K min (AMP lets you open an account with $500!) .. and of all FX is the best... you can trade $1 on a $100 account with oanda.. sure, you wont make millions while learning, but you wont go broke either...

sim is sim, cash is cash... two different mind sets.. there is no reset button for one.. that is our argument..

Reply With Quote
 
(login for full post details)
  #16 (permalink)
 bluemele 
Honolulu, Hawaii
 
Experience: Intermediate
Platform: NinjaTrader
Broker: ATC/TT, AMP/Zen-Fire, AMP/CQG
Trading: TF
 
bluemele's Avatar
 
Posts: 2,547 since Jun 2010
Thanks: 3,803 given, 2,836 received

I think there are mainly two issues between sim/cash.

Physical and Psychological.

I believe you are both RIGHT, but who cares, we are all right.

1. If trading real cash, there are issues with having a large enough account or other physical limitations that would alter the way you trade.

2. There is a psychological issue when trading live as well whereby you can't accept being 'wrong' or whatever when real money is on the line.

Some people can accept #2 and move on. However, #1 can't be overcome and many systems don't allow or set up proper expectations for failure. The biggest issue is trading on too much margin.

Like I mentioned, you are just describing the different side of the coin. Same coin.

Visit my futures io Trade Journal Reply With Quote
The following user says Thank You to bluemele for this post:
 
(login for full post details)
  #17 (permalink)
 vecchp 
Los Angeles, CA
 
Experience: Beginner
Platform: MultiCharts
Trading: EUR/USD, ES
 
Posts: 28 since Sep 2011
Thanks: 10 given, 10 received

So after my big response about sim vs real trading, I thought about it some more. As long as I keep my losses and money at risk very small then I will get more real experience by trading in a live account.

So I opened up a Forex account at MBTrading. My first day I lost a few points on trades which would have been very profitable but for some reason the MT4 software would immediately close me out of the trade once it was placed.

Day 1
-75.5

I don't have a picture of the trade setups since I got frustrated that MT4 kept closing my position immediately after execution causing a loss. I set my stop losses very far from my entry so i'm not sure what was causing the problem. This happened for 3 orders so I just closed the program and decided to try again the next day. However, 2 of the trades would have been good if they stayed executed.

Day 2
I came back from work and saw a possible M2s entry. Since MBtrading gives you a better commission for limit orders. I set a limit order at 1.35589, stop loss @ 1.35733, and take profit at 1.35589 (close to the low of the forming channel)

Trade was good so +102 pips
Total Profit: 26.5 pips

[Edit] The initial prices i input were wrong for the Day 2 entry. Here are the correct values

Entry: 1.35691
S/L: 1.35733
T/P: 1.35589
Close: 1.35582

Pips: 109
[/Edit]




Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #18 (permalink)
 kbit 
Aurora, Il USA
 
Experience: Advanced
Platform: TradeStation
Trading: futures
 
kbit's Avatar
 
Posts: 5,902 since Nov 2010
Thanks: 3,294 given, 3,360 received


vecchp View Post
So after my big response about sim vs real trading, I thought about it some more. As long as I keep my losses and money at risk very small then I will get more real experience by trading in a live account.

So I opened up a Forex account at MBTrading. My first day I lost a few points on trades which would have been very profitable but for some reason the MT4 software would immediately close me out of the trade once it was placed.

Day 1
-75.5

I don't have a picture of the trade setups since I got frustrated that MT4 kept closing my position immediately after execution causing a loss. I set my stop losses very far from my entry so i'm not sure what was causing the problem. This happened for a 4 orders so I just closed the program and decided to try again the next day. However, 3 of the trades would have been good if they stayed executed.

Day 2
I came back from work and saw a possible M2s entry. Since MBtrading gives you a better commission for limit orders. I set a limit order at 1.35589, stop loss @ 1.35733, and take profit at 1.35589 (close to the low of the forming channel)

Trade was good so +102 pips

Total Profit: 26.5 pips

Attachment 50600
Attachment 50601


I'm a little confused...your limit and take profit are the same ?...typo

Reply With Quote
The following user says Thank You to kbit for this post:
 
(login for full post details)
  #19 (permalink)
 vecchp 
Los Angeles, CA
 
Experience: Beginner
Platform: MultiCharts
Trading: EUR/USD, ES
 
Posts: 28 since Sep 2011
Thanks: 10 given, 10 received


kbit View Post
I'm a little confused...your limit and take profit are the same ?...typo

Oh! Yes that is a typo and I'm reading the MT4 order summary incorrectly. I didn't know that your T/P could be different than the actually price you get.

So

Entry: 1.35691
S/L: 1.35733
T/P: 1.35589
Close: 1.35582

Pips: 109

Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to vecchp for this post:
 
(login for full post details)
  #20 (permalink)
 sysot1t 
 
 
Posts: 1,176 since Nov 2009


vecchp View Post
So after my big response about sim vs real trading, I thought about it some more. As long as I keep my losses and money at risk very small then I will get more real experience by trading in a live account.

So I opened up a Forex account at MBTrading. My first day I lost a few points on trades which would have been very profitable but for some reason the MT4 software would immediately close me out of the trade once it was placed.

Day 1
-75.5

I don't have a picture of the trade setups since I got frustrated that MT4 kept closing my position immediately after execution causing a loss. I set my stop losses very far from my entry so i'm not sure what was causing the problem. This happened for 3 orders so I just closed the program and decided to try again the next day. However, 2 of the trades would have been good if they stayed executed.

Day 2
I came back from work and saw a possible M2s entry. Since MBtrading gives you a better commission for limit orders. I set a limit order at 1.35589, stop loss @ 1.35733, and take profit at 1.35589 (close to the low of the forming channel)

Trade was good so +102 pips
Total Profit: 26.5 pips

[Edit] The initial prices i input were wrong for the Day 2 entry. Here are the correct values

Entry: 1.35691
S/L: 1.35733
T/P: 1.35589
Close: 1.35582

Pips: 109
[/Edit]


Attachment 50600
Attachment 50601

that is very good... glad to see you practice with real cash... ... now, keep in mind that your rules for trading a tiny account should be no different than trading a large accont... by that I mean, if you risk only 1% of the account per trade and you have a $500 account, then you should not risk to lose for a stop anything greater than 1% per trade... if you can adhere 100% to your trading plan wtih $500, you can do it with $500,000... that is my opinion...

as an FYI... OANDA also is now supporting MT4... I downloaded it the other day and setup a subaccount just for it to play around.. it is not bad and it works well over cell wireless... their spreads are better than MBT... only issue is some of the orders behave a bit strange... I will trade live with it next week and see how it behaves.. I spent this week on learning the new interface on MT4 and tracking down the indicators i use...

I personally like OANDA because I can also use their iPAD based application to keep and eye and trade positions. Comes in handy when I am @ the office.. and I can even use my iphone as well...

Reply With Quote
 
(login for full post details)
  #21 (permalink)
 vecchp 
Los Angeles, CA
 
Experience: Beginner
Platform: MultiCharts
Trading: EUR/USD, ES
 
Posts: 28 since Sep 2011
Thanks: 10 given, 10 received

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.

Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #22 (permalink)
 sysot1t 
 
 
Posts: 1,176 since Nov 2009


vecchp View Post
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.

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..

trade well...and prosper

Reply With Quote
 
(login for full post details)
  #23 (permalink)
 vecchp 
Los Angeles, CA
 
Experience: Beginner
Platform: MultiCharts
Trading: EUR/USD, ES
 
Posts: 28 since Sep 2011
Thanks: 10 given, 10 received

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.





10-26-11 Account Performance.xlsx

Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to vecchp for this post:
 
(login for full post details)
  #24 (permalink)
 vecchp 
Los Angeles, CA
 
Experience: Beginner
Platform: MultiCharts
Trading: EUR/USD, ES
 
Posts: 28 since Sep 2011
Thanks: 10 given, 10 received

Sunday trading sesh.





10-30-11 Account Performance.xlsx

Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #25 (permalink)
 vecchp 
Los Angeles, CA
 
Experience: Beginner
Platform: MultiCharts
Trading: EUR/USD, ES
 
Posts: 28 since Sep 2011
Thanks: 10 given, 10 received

Just some updates:

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.

Visit my futures io Trade Journal Started this thread Reply With Quote


futures io Trading Community Trading Journals > VecchPA


Last Updated on February 6, 2012


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