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PowerBroker's journal
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PowerBroker's journal

  #131 (permalink)
Elite Member
desert CA
 
Futures Experience: Intermediate
Platform: NT7, TOS
Broker/Data: AMP/wCQG, TDA
Favorite Futures: CL,YM
 
Posts: 2,027 since Jul 2011
Thanks: 2,211 given, 1,551 received

Nice PB. I like how you use the 2000tick on the ES.

 
  #132 (permalink)
Membership Revoked
DetroitMIUSA
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES
 
Posts: 193 since Feb 2012
Thanks: 26 given, 58 received

Thanks Cloudy. It's what is working best as of right now.

 
  #133 (permalink)
Membership Revoked
DetroitMIUSA
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES
 
Posts: 193 since Feb 2012
Thanks: 26 given, 58 received


So I am watching this vid last night and the interviewer guy asks about profit targets and stops and this witch says " I do use a profit target but I just use a mental stop loss". I laughed my ass of on that one. I mean she looked good and all but she was CLEARLY foooking nuts...LMAO

A mental stop loss?? And then she woke up!!!!

 
  #134 (permalink)
Membership Revoked
DetroitMIUSA
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES
 
Posts: 193 since Feb 2012
Thanks: 26 given, 58 received

Today's trading went well as it could go I guess. I took 2 extra trades 1 winner 1 loser.
The loser hit my hard stop and took out half of what I had made on the first 4 trades.
I normally only do 3 trades and then I am done. Seems as though when we go off our plan is when things get kooky. Chart is down there.

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PowerBroker's journal-es-06-12-2000-tick-3_30_2012.jpg  
 
  #135 (permalink)
Elite Member
San Diego, Miami & On the lake (Summer)
 
Futures Experience: Advanced
Platform: Ensign, Ninja, Sierra, TradeStation & MT4
Broker/Data: CQG, TT & FinFX
Favorite Futures: indices/notes/currencies/ metals/energies
 
Posts: 368 since Oct 2009
Thanks: 143 given, 602 received

PB,

I'll be interested to see what your trading journal reads like once you begin sim trading realistic contracts.

Would also like to see your

a) average risk
b) maximum risk

per trade.

Finally, is averaging into a trade going to be how you would really trade with real money?

One more, will you use hard stops and honor them?

peace

Hedvig

p.s. Personally I think you would be best suited to a methodology that is laid out in a step by step manner that requires you to have confirmation on at least 2 timeframes and trading with the trend on 1st pullback after trend established (preferential) and looking at 2nd pullbacks within a trend.

Perhaps also a 'with the trend' Momentum Breakout strategy as well.

I see NO edge with a simple 20ema/ma.

Are you trading both breakouts and pullbacks or crossovers or ???

If indicators give your brain overload--simpler price action trading might help.

 
  #136 (permalink)
Membership Revoked
DetroitMIUSA
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES
 
Posts: 193 since Feb 2012
Thanks: 26 given, 58 received

Thanks researcher247.

I will be curious to see how it works out on Monday as well. I am as I said previously resetting my NT balance to the amount I will be trading with live when I go back to trading IRM.

I use a AI/AO method that's it. No scaling no runners. I have it simple and I intend on keeping it that way. Runners are only a win win if you exit 80% of the position and then run the last 20 ONLY after moving the SL to BE+1 as far as I am concerned. It is just more than I care to do.

My risk reward is off right now and I realize that however it lets me stay in the trade. I can always just close it out if I am not feeling it and do just that. Today's hard stop out was a test and it DID NOT work. I normally only will go 2-4 ticks red then just close and reassess/wait for the next set up.

Hard stops are not easy to see get hit. NO ONE likes it however it is what it is in this arena. They are part of the rules and they must be followed. I am resolved to that fact.

My method is flat out scalping. Don't need any edge for what I am doing. What you do need is to call the move right at the right time. It made me 23k on sim in 3 weeks with very few losers. The losers are much bigger than the winners when they come but it is what it is.

There is 0 trade management on 1 car so again it's very simple in nature. It works for me. Will it work for anyone else? I do not have an answer for that. The rules are simple and that's WHY it works. PA tells you what you need to know to call it right. HOPEFULLY.. LOL

The hard 8 SL goes in with the ATM. I only move it IN never out. Mostly if I have called it wrong or am just not feeling it or the reason I got in the trade has become invalid I just close it sometimes even with a small loss which sucks. The other rule for exit is 4 candles. If the PT or SL has not been hit in 4 candles trade is closed. Look for next set up OR if the close out is on trade #3 that's it for the day.

As far as it working in live market with real money that's TBD.

 
  #137 (permalink)
Membership Revoked
DetroitMIUSA
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES
 
Posts: 193 since Feb 2012
Thanks: 26 given, 58 received

This method is for ES only and entry is ONLY at key entry points. I only trade ES so I have no idea if it works any where else nor do I care because I can make everything I need right in there. I think the more you look at the more mistakes and money can be lost. I like money and aim to keep every penny I make. My goal is income not building up 100k account balance that sits there. I will be taking 90% out and only letting account build 500 at a time. I do not believe you need to have 100k in account to trade for income and to just make money. But that's just me. Others will argue that fact I am sure.

 
  #138 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,354 given, 83,235 received

Congratulations on your journal!



In the spirit of our March Trading Journal contest, I am asking everyone to spend a few minutes and share their journaling experience.

A) What are the top five benefits you have seen as a result of regularly posting in this journal?

B) What are the top five problem areas you have identified as a result of regularly posting in this journal?

C) Were you initially reluctant to start this trading journal? If yes, why?

D) How do you feel, overall, about your journaling experience?

E) Would you recommend to others that they should also start a trading journal?

Thank you for taking the time to answer my questions. I appreciate your posts, and I hope you have benefited from your journal. I also know that others will benefit as well, just by reading about your own experiences.

Enjoy your weekend,
Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
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If you want
to support our community, become an Elite Member.

 
  #139 (permalink)
Membership Revoked
DetroitMIUSA
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES
 
Posts: 193 since Feb 2012
Thanks: 26 given, 58 received

I would say that the main things that this journal has me helped to do is identify where I need to have more time in study. The different areas which were somewhat part of my trading although not areas of focus.. Those for me were Risk Management and Money Management (this ones easy cuz I don't have any Damn money!!!) JK

I started studying RM & MM more and found that I could trade less and make more if I had this down. Trading is fun for me as I am smart and find the chance to become smarter is a caveat of trading. Let's face it traders NO ONE knows what the market is going to do. I find it very much interesting to try to come up with a hypothesis of what it COULD be doing and then be able to make money from it.

I also looked around to see if there was any software around for NT to help with RM and MM so that the technology can do it's work. I firmly believe the more you can let the technology work for you the less emotion has to be involved with the trade. All I do now is WAIT for my set up to come to me and take the trade maybe moving my stop IN but never out. The waiting part is the hardest however has been becoming easier now because I know the set up IS coming.

I was not at all reluctant to start a journal at futures.io (formerly BMT) as I already had one going at another joint I hang out at,,LOL I would recommend it for all newbie's right from the start. If it can help me in my trading and to be CP on a daily basis I am all for it. I'd rather eat broken glass and wash it down with gasoline than give money from my capital to the market.

I am very fortunate to have very nice life (even without trading) I own my house, I own my 3 vehicles. and basically have 0 debt. My work is as such as I only work 6 months a year and then can go anywhere, do anything, at anytime, with anyone I want the other 6 months a year. (preferably a hot 25 year deaf mute gymnast with a killer body and HUGE eyes).. LMAO

Albeit having a bit of a rough start at futures.io (formerly BMT) I have enjoyed reading about others trading. Although I am not a member of the elite cult LOL I am sure there is great stuff from traders in there. I think that traders can benefit from what others are doing ONLY in the context of theory. Will what I am trading work in the market for traders other than myself. Perhaps, however most likely not. I have taken different things I learned in my education and while I was coming up and put them into my own "sort of method" LOL. For any trader it's what works for THEM. It's about being right and being right at the right time. If not, time to GTFO or reverse. YOU ARE IN CONTROL!!!!!

On Monday I will be changing my SIM balance to what I will be trading with live in the market when I go back in. This will give me a better understanding of IF I even want to do it anymore. If not then so be it. (fuel up the G5 and take the gymnast to necker island and go to town on her) LMAO If so then I will know that what I am doing and the way I trade can make money consistently which is what we all want. RIGHT???

Thanks for keeping me around Mike.

PB

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  #140 (permalink)
Membership Revoked
DetroitMIUSA
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES
 
Posts: 193 since Feb 2012
Thanks: 26 given, 58 received


OK well that's it then. I have zeroed out my account balance and reset it with what I will plan to trade live with when I go back. Tomorrow will be the first day trading with that in mind. I am not changing anything. All I did was bring the account to reflect the real money I will be trading with.. Method and everything else is still the same as before.

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