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PowerBroker's journal

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  #1 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

Hi everyone I'm PowerBroker. I wanted to start a thread for PA trading and hopefully get some mentoring on trading PA in ES. I have been trading and learning trading for 2.5 years now. I have traded live at 2 different times and got FUBAR both times.

I am trading a 2000 tick chart and my system/method is only trading key entry points off TL and a 21 EMA. I do not use any indi's at all. I use the ATR to determine what my stop and PT will be. It requires a looooot of patience and that's what is the hardest part of ES.

I look forward to being a part of futures.io (formerly BMT) and learning more than I already know. If you are looking to mentor I would ask that you be a LIVE trader.

For all the newbie's who might be lurking. I encourage you to DO YOUR EDUCATION.. Ask questions in here and learn from these mentors.

THANKS in advance...

PowerBroker


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  #3 (permalink)
 Big Mike 
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We already have an extensive 140 page thread going on price action:



So I have renamed this to be a journal, and moved it to trading journals, if you want to share your own trades.

The main price action thread will remain as above.

Mike

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  #4 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

Thanks for letting me know Mike. When I click on the above link it posts a message saying I don't have accesses. Are all of the best info threads in there and you have to pay for them? Is that right?

 
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  #5 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

Today's trades (3) were all winners. I am done and it's 930am. I made 2 mistakes in that I did not change the quantity in the chart trader to 10 so I ended up with less than I wanted. 3 winners and I am out today. I would have posted the chart however futures.io (formerly BMT) rules state I have to have 5 posts before I can post any charts or anything.. And we always follow our rules!! RIGHT??? I will post my charts as soon as I can then.

Trade smart OR JUST DON"T TRADE....

PowerBroker

 
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  #6 (permalink)
 Big Mike 
Site Administrator
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PowerBroker View Post
I would have posted the chart however futures.io (formerly BMT) rules state I have to have 5 posts before I can post any charts or anything..

Not true, click on the word screenshot in my post to learn how to attach files.

Mike

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  #7 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

OK I watched the vid. I am not clear as to why a NT saved jpg file would not be able to be seen in the post.

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  #8 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

This morning's trades were good and I was right on my call's. That felt really good. I have been getting more and more CP the last two weeks of trading. My method is starting to come into it's own now. I will finish up my Mirus demo and then make a desecion on a new broker.. Anyone know a broker that does futures AND Fx with good RT and spreads? I'd like to trade both.

 
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  #9 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

This mornings 1 trade I took was a -3 loss. I knew I had made a wrong call and pulled in my stop. Glad I did. my mind was a little pre occupied this morning and I should have NOT traded as I had a DR appt at 10:15am. I was a little freaked out. Nurse ratchet goes like 400# soft. You know you're in very deep trouble when she walks in snapping on a glove..

Lesson for newbie's: Always have your mind clear and fresh when trading.

Trade smart OR JUST DON"T TRADE...

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  #10 (permalink)
 TheWizard 
Houston, TX
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Optimus Futures, AMP, CQG
Trading: 6E
 
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Posts: 1,736 since Jun 2009
Thanks: 517 given, 4,215 received


Wizard's take on PowerBrokers trading method. With RenkoHybrid, of course!

(I still don't know how to read the ATR, however.)

After all, it's what you learn AFTER you know it all, that counts!
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  #11 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

Love the Renko's Wiz I just could not make them work. I can see PA really good with them. Just got FUBAR trading them though.

ATR set to 4 tells you exactly how much you can expect to make on the trade "right now". It may go further but if you set your PT to what the ATR is telling you can realistically get right now then you know exactly what you can expect to make in money RIGHT NOW. Try it out. I round down even to be conservative if it says 1.75 points I will set my PT for 6 ticks. If you can get your head around this philosophy "the market is ALWAYS going to be there" thus your next set up WILL come. YOU will make money with this method. JMO

 
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  #12 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

Wiz I do not recommend trading 10 cars. I agree that is where the real money can be made. In trading size that is. IF you have 100k account. If you don't have 100k and you are trading 10 cars it's a lose lose eventually cuz there WILL be a losing streak at some juncture. Could be 2 could be 25. IN a row. You never know.. RIGHT?? Market does what it wants to do!!

I truly believe that over trading is trading to much size for your account to withstand a substatial draw down. When will it happen? Do you really want to find out that way?? I certainly don't.

 
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  #13 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012


Quoting 
I just need to grow a set, so I can trade 10 at a time.

I'd say the better plan would be to grow you account to 100k OR MORE. AGAIN JMO Mike if your lurking what would you say??


Quoting 

I never want to hear you say that again. ARE WE CLEAR?? ARE WEEEE CLEEEEAR?? ANSWER= CRYSTAL.. If you know what movie that line is from you'll win a fabulous prize..

 
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  #14 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

Ultimately my grand plan is to get this method down pat for ES then fire it up at the ATM cash machine sorry I meant market..LOL The next step in the plan is to develop a profitable method for an alternate instrument to trade should the ES get below 1. No need to be in that environment as you will get FUBAR and just take to many chances. Not worth it to me. I like my money to much.

I am researching 6E ZW and 6A. They all look promising. Further testing is needed and the issue of them being an alternative instrument to trade is TBD.

 
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  #15 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012


Quoting 
CL is a very volatile instrument. It is not for beginners. It makes ES seem like watching paint dry.

Freakin A for sure!!! It's the predictability of ES that makes it like the ATM cash machine!!!

 
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  #16 (permalink)
 rdtw 
Des Moines Iowa United States
 
Experience: Intermediate
Platform: NT Ensign MT4
Trading: drums
 
Posts: 120 since Sep 2010
Thanks: 14,043 given, 37 received


PowerBroker View Post
I'd say the better plan would be to grow you account to 100k OR MORE. AGAIN JMO Mike if your lurking what would you say??

I never want to hear you say that again. ARE WE CLEAR?? ARE WEEEE CLEEEEAR?? ANSWER= CRYSTAL.. If you know what movie that line is from you'll win a fabulous prize..

A Few Good Men? ... not sure what FUBAR is though? ...

 
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  #17 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
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rdtw View Post
A Few Good Men? ... not sure what FUBAR is though? ...

FUBAR.....F*&@ked Up Beyond All Recognition.....

Websters Dictionary describes as.

1. Often used just after a military operation goes bad....

2. Phrase central bankers around the world use in private to describe Greece, Italy, Portugal or any other heavily indebted country.

3. More likely OP used it to describe his account after trading live to early.......

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
 
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  #18 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

Beccccccckkkkkkks. You won a gr8t prize..

A fabulous trip to the bottomless "money pit" that is the market.. Have a profitable trip Beccckkks!

 
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  #19 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

I just read a post that said the person wears a suit to trade in.. I though to myself hell I don't wear anything at all.. THAT is the beauty of trading. Anytime from anywhere in the world you want and apparently wearing OR NOT wear anything you want...LMAO

 
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  #20 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012


Quoting 
More likely OP used it to describe his account after trading live to early......

LMAO Freakin A... ME 2.. Ahhh what's 4 large right?? = 2000 pounds +/- of fuel for the G5.

Trade smart OR JUST DON'T TRADE...

 
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  #21 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

As stated by PowerBroker: I don't care why "they" are doing it. I only care about WHEN they are doing it!!!! "So if you don't trade the way I tell you, you'll be eating cat food out of Angel's dish and I'll be having sex on a pile of the money I took out of the market this week"

 
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  #22 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

Was just checking news and radar. Looks like I can trade all day if I so desire tomorrow. The radar is UGGGGLLLLYYYY!!! Wheeeewww WEEEE. Looks like the D is going get hammered. SO no work for me doing what I AM an expert at.. LOL Perhaps I can make enough trading for a gallon of gas?

Man I should have been a freakin TV Meteorologist. Freakin guy makes like what a million a year to be wrong 50% of the time. Man I am in the wroooong business ehhh??

 
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  #23 (permalink)
 ticnau 
Buderim Queensland Australia
 
Experience: Advanced
Platform: ninja
Broker: AMP/Zenfire
Trading: 6E, 6B, YM
 
Posts: 89 since Jul 2009
Thanks: 121 given, 25 received

Hi Wiz,

What is the solid red/green indicator in the moddile of your chart - is it a TSS Super Trend or something similiar and what are the settings?

Thanks a million

 
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  #24 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

12:15PM and I think I will just watch now. weather is crappy in the D. Wings lost last night:-(

Took a crap load of trades this morning and was down quite a bit then came back to end up at 382.50 not including S&C. ES chart posted for those interested. I did take a GC and also a ZW trade as well. Both winners but mannnnn it was ugly for awhile on both of them.

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  #25 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012


Quoting 
Once successful sim trading is achieved, you have a 50% chance of being able to repeat those results with cash.
The deciding factor is self control.

Once you click that mouse to open your trade the ONLY thing YOU are in control of is how much $ you don't lose. If we cannot have self control in our trading we need to do something else. I just said that to someone in another thread. Something about "I'll have a Whopper with cheese" or something like that..LMAO

I like action so self control is something I have to work on EVERY SINGLE DAY in the live market. Even though I am on sim it's still hard although if I take a loser it's easy cuz it's not real money and I can sleep at night.

HOWEVER.

If a trader cannot have self control it's real simple. DON"T TRADE.

Trading ES? Mannnnnn you better have a handle on it in there. If you don't and are ansy as it were. You will LOSE ALL OF YOUR FOOOKING money!!!!! It's no joke in there.

I had a great time today. Fun. That's how I look at it. FUN. If it's not fun for you to make money real or on sim.. DON"T TRADE.

I have a favorite saying I use all the time.. "I have 0 drama, 0 stress, and 0 complications, and I'm not looking for any" You dig??

 
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  #26 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012


Quoting 
Many try to mimic someone else' s plan which is why vendors do so well

Most vendors don't even trade let alone trade their own system.. You think Barry Burns or Joe James or even Mike Reed trade? Don't be silly!!

These guy's prey on newbie's looking for a black box get rich quick plan. Have fun and kiss your capital good bye!!

 
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  #27 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

When people ask me what I do for a living my stock answer is: "I am a professional slacker".
I kinda am really though cuz I only work 6 months a year and then can do anything, go anywhere in the world, at anytime I want for the other 6 months. Preferably with the hotttest chick I can get my hands on..LOL AND I don't even trade full time yet! COOL HUH

 
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  #28 (permalink)
 tigertrader 
Philly, Pa
 
Experience: Master
Platform: NinjaTrader
Trading: ES, ZB
 
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Posts: 6,255 since Jul 2010
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PowerBroker View Post
When people ask me what I do for a living my stock answer is: "I am a professional slacker".
I kinda am really though cuz I only work 6 months a year and then can do anything, go anywhere in the world, at anytime I want for the other 6 months. Preferably with the hotttest chick I can get my hands on..LOL AND I don't even trade full time yet! COOL HUH


more like a shit talking clown, if you ask me...

in fact Shitalka would be a more appropriate moniker, than the one you've chosen

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  #29 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

Come to the D boy,, We kill and eat on the down low PMF's like you!!

My work is hard as hell. Concrete repair. It sucks and it's seasonal. But the off season is when it all pays off and I don't have to work and can concentrate on trading. You'd never last 1 hour doing what I do boy. SO STFU and get outta my thread PAB!!

The shitalka

Edit: Put up a chart and let's see what YOU got boy!!! I love ES. MAASAA

 
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  #30 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

Still waitin on that chart boy. Where you at?

 
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  #31 (permalink)
 wldman 
Market Wizard
Chicago Illinois USA
 
Experience: Advanced
Broker: IB, ToS
Trading: /ES, US Equities/Options
 
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Posts: 3,341 since Aug 2011
Thanks: 1,978 given, 8,859 received

scared him off man.

He's prolly just a punk wannabe.

I bet he pm's you to ask how you do it man.

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  #32 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

I'll order that Whopper with cheese from him next time I hit BK Wldman!!

 
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  #33 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

What happens when you get bored and start foooking around doing something with an instrument you have no damn business messing with.

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  #34 (permalink)
 wldman 
Market Wizard
Chicago Illinois USA
 
Experience: Advanced
Broker: IB, ToS
Trading: /ES, US Equities/Options
 
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Posts: 3,341 since Aug 2011
Thanks: 1,978 given, 8,859 received


PowerBroker View Post
I'll order that Whopper with cheese from him next time I hit BK Wldman!!

I bet that guy never even really trades. Like, he's hanging out in his mom's basement. No way he knows what it's like to bank 1500 bucks a DAY!

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  #35 (permalink)
 wldman 
Market Wizard
Chicago Illinois USA
 
Experience: Advanced
Broker: IB, ToS
Trading: /ES, US Equities/Options
 
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Posts: 3,341 since Aug 2011
Thanks: 1,978 given, 8,859 received


PowerBroker View Post
What happens when you get bored and start foooking around doing something with an instrument you have no damn business messing with.

tried that 15 second bars...is that something to check out?

I really need some help figuring all this out man.

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  #36 (permalink)
 wldman 
Market Wizard
Chicago Illinois USA
 
Experience: Advanced
Broker: IB, ToS
Trading: /ES, US Equities/Options
 
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Posts: 3,341 since Aug 2011
Thanks: 1,978 given, 8,859 received

hard to control myself.

There was a link on here where you could get keys to the clearing house. I wish I had that man. Walk in with the keys and walk out with the cash.

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  #37 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

Dig this. I work my ass off doing what I do for a living. Like I said above it blows! Is what it is though. An average project I take on my schedule goes about $1500 bucks. Materials = 500ish or so +/-. I usually can get done in about 5 hours and I work alone. I do it all. All the work MYSELF. I usually walk with like a grand. CASH. I really do go to Europe every year! I like a place called Bodrum.

 
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  #38 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

You guys get hammered with snow today Wldman? It was uggggly in the D.

 
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  #39 (permalink)
 wldman 
Market Wizard
Chicago Illinois USA
 
Experience: Advanced
Broker: IB, ToS
Trading: /ES, US Equities/Options
 
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Posts: 3,341 since Aug 2011
Thanks: 1,978 given, 8,859 received

I don't even know what or where that is. Are there chicks and cool stuff to do? I've been to Indiana but seriously never Europe.

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  #40 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

Google it wldman. Bodrum you'll see. COOL is an under statement.

Edit: One on my hot chick friends I get my hands from the above "Shitalk" posss has a villa there that I chill at when I want.

 
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  #41 (permalink)
 wldman 
Market Wizard
Chicago Illinois USA
 
Experience: Advanced
Broker: IB, ToS
Trading: /ES, US Equities/Options
 
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Posts: 3,341 since Aug 2011
Thanks: 1,978 given, 8,859 received

the dude Big Mike is gonna tell us not to hijack the thread so I better stop...I don't want to get banned or insult anyone or anything. All I need are the keys to the dang clearing house. I have to find that thread again. Peace man and good luck.

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  #42 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

It's my journal Wldman.. LOL You're welcome anytime mang..

The shitalka

 
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  #43 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

I was already done today but again I say when you're done you should BE done. Rules are rules!!

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  #44 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

I would like to clarify 1 thing though. I usually will stay out of ES if it is less than 1 on the ATR. So then what is one to do? Not trade. That is a answer yes. Does one try to then study other instruments to perhaps have an alternative source of trading?

 
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  #45 (permalink)
 wldman 
Market Wizard
Chicago Illinois USA
 
Experience: Advanced
Broker: IB, ToS
Trading: /ES, US Equities/Options
 
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Posts: 3,341 since Aug 2011
Thanks: 1,978 given, 8,859 received

what the heck?

Check it out.

Hulu - Saturday Night Live: NPRs Delicious Dish Schweddy Balls

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  #46 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

Kinda like to keep it soooooort of on topic wld.. LMAO I don't have a TV so I can't watch you're program.

 
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  #47 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

Promise to keep it clean Mike K..

 
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  #48 (permalink)
 wldman 
Market Wizard
Chicago Illinois USA
 
Experience: Advanced
Broker: IB, ToS
Trading: /ES, US Equities/Options
 
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Posts: 3,341 since Aug 2011
Thanks: 1,978 given, 8,859 received

I've never even heard of that.

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  #49 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

ATR can go less than 1 wld. when it does it's not worth taking any trades as it can lead to destruction. At least on my method. I don't know what other are doing with it. I will be posting more charts next week. Check it out if you like.

 
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  #50 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012


Quoting 
the dude Big Mike is gonna tell us not to hijack the thread

It's his forum and what he says goes!!!

 
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  #51 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
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Posts: 50,068 since Jun 2009
Thanks: 32,534 given, 98,494 received

PowerBroker, I suggest you try to focus more on your journal and trading. I have renamed the thread to "PowerBroker's journal".

Keep the BS posts to a minimum and don't make posts just for the sake of raising your post count.

Mike

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The following 2 users say Thank You to Big Mike for this post:
 
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  #52 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

Got it Mike. Read you 5 x 5.

Charts only from now on.

PB

You can feel free to delete everything in here without a chart Mike. Up to you.

 
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  #53 (permalink)
 Sunil P 
los angeles
 
Experience: Intermediate
Platform: nt
Trading: cl
 
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Posts: 292 since Jan 2012

Graduates of Elite trader.

Visit my futures io Trade Journal
 
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  #54 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012


Quoting 
There are much easier ways to make money than from trading.

I just read this in a thread where the thread was about those who make it and those who do not. ie. 98/2..

I was LOL going to myself ya try getting on your hands and knees and caulking a 700lft driveway. Money is really good however then your a wreak for 2 days. I reallllllllly wanna be able to click the mouse.

I see my status got changed to fun trader. Thanks for that Mike.It was deserved. YA I won't be getting that G5 just yet till I get serious...

 
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  #55 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

Was doing a chart review today of some winning and losing charts.. This one was a really nice day so I thought I would put it up. I WAS using a 21 T3 MA I have since switched it to 21 EMA.

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  #56 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
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Posts: 50,068 since Jun 2009
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I see my status got changed to fun trader. Thanks for that Mike

It is automatic, nothing from me.

When you quote a person, use the Quote button which will retain the important info such as the username of the person you quoted, and the pointer to the reference post you are quoting. You seem to be quoting using some other method and it removes both of these items, making it unknown who you are quoting.

Mike

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  #57 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

I am not sure what you mean Mike. When I bring up the reply box there is a quote function at the top that's what I am using.

 
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  #58 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

Concerning risk per trade sizing



I just read this whole thread and have to say that there are some very very intelligent people in here.


 
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  #59 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

Risk sizing on a small underfunded account can be tricky. If it's 3k say at 2% that's like 60. So 6 ticks +/- a fraction. In following my own advice "Trade smart OR JUST DON'T TRADE" I have decided to just stay out now until I can recap with funds which will enable me to have better money management.

I plan to now move to the next level and perhaps hire a private mentor and spend my money that way instead just blowing it in the market when I can be making it with the right training. 2.5 years of self taught work, sim some online mentoring. Now it's time to make the next move.

I only have 6 days left now with my live charts then I need to get another demo if I can. I am on mirus now. Anyone have any suggestions? I am open.

 
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  #60 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
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I am not sure what you mean Mike. When I bring up the reply box there is a quote function at the top that's what I am using.

Click quote button next to post, not 'post reply' at bottom.

Mike

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  #61 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

After getting some advice from a trader recently I was going to flat out quit trading altogether. After some evaluation today I decided not to quit but to perhaps retool my method in order to trade an instrument that is more friendly to lower capitalized account traders such as myself at this point.

Gonna try to work out a method to trade YM. It is the only thing I can think of in futures that I can trade where a 2% rule could be applied without going broke. (at least for awhile) LOL.

I don't really want to throw 2.5 years of education and study down the tubes just yet. Gonna try to find a new demo this week as well that will last me at least 30 more days.

Does anyone here even trade YM?

 
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  #62 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012


Quoting 
The geopolitics of the Middle East are the crucial drivers of the fate of the American economy

OMG!!!

Think about that for a minute.

 
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  #63 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

Took 3 trades today in ES. It's 1020am and I am done. Made those stupid button mistakes YET again on the chart trader like a dork and only ended up with $800. Chart is below.

Hope you got your software issues resolved.

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  #64 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

Thought I would post this now since it just happened and in case any newbies are lurking..

Always know where you are on a chart. I mean in this case timing. Some times in our haste to get at the SM we may forget about time or lose track of it . If you have to I say set an alarm clock! SO I am getting ready to put on a trade as a set I like has materialized. ( I did remember to change my trade quantity to 10) this time. LOL

Phone rings, I take my eyes off the screen for a sec and KABOOM the market drops. What happened? 830 news. I checked it last night however I did not check it again and follow up in my haste this morning. Although my set up was there I would have been buried!!! Hard stop and then some.

Moral of the story is ALWAYS be cognizant of where you are time wise. It's best just not to trade right before or right after news. UNLESS you have Benny B on speed dial and you know what he is going to say.

 
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  #65 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

Took 3 trades today. Chart is below.

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  #66 (permalink)
 cory 
the coin hunter
virginia
 
Experience: Intermediate
Platform: ninja
Trading: NQ
 
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After getting some advice from a trader recently I was going to flat out quit trading altogether. After some evaluation today I decided not to quit but to perhaps retool my method in order to trade an instrument that is more friendly to lower capitalized account traders such as myself at this point.

Gonna try to work out a method to trade YM. It is the only thing I can think of in futures that I can trade where a 2% rule could be applied without going broke. (at least for awhile) LOL.

I don't really want to throw 2.5 years of education and study down the tubes just yet. Gonna try to find a new demo this week as well that will last me at least 30 more days.

Does anyone here even trade YM?

Mike said trade M6E but use 6E chart, YM has been stuck in range lately.

 
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  #67 (permalink)
 researcher247 
Chicago, IL
 
Experience: Advanced
 
Posts: 426 since Oct 2009
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Thought I would post this now since it just happened and in case any newbies are lurking..

Always know where you are on a chart. I mean in this case timing. Some times in our haste to get at the SM we may forget about time or lose track of it . If you have to I say set an alarm clock! SO I am getting ready to put on a trade as a set I like has materialized. ( I did remember to change my trade quantity to 10) this time. LOL

Phone rings, I take my eyes off the screen for a sec and KABOOM the market drops. What happened? 830 news. I checked it last night however I did not check it again and follow up in my haste this morning. Although my set up was there I would have been buried!!! Hard stop and then some.

Moral of the story is ALWAYS be cognizant of where you are time wise. It's best just not to trade right before or right after news. UNLESS you have Benny B on speed dial and you know what he is going to say.

-------------
Hi PB,

No disrespect intended (comments to follow)...

Honestly, you have not really put in 10K hours of serious 'multi-timeframe' hours on a specific instrument or market sector (futures) yet, have you?

May I give you some friendly advice?

Check out this website and find out what type of trader you are so that you may balance yourself going forward.

Trading psychology - Coaching for traders

Peace

Hedvig

 
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  #68 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

Thanks for stopping by researcher247. You asked about 10k hours? I have been doing this for 3 str8t years now day in day out.. even Xmas day and news years eve. all the screen time is included in the figure. Now I really never kept a log of hours but I am off for 6 months a year from work so I have been at it more or less as a full time thing in my off seasons. So yeah I'd say easily that perhaps more.

What kind of trader am I? One who is driven. I was just about to throw in the towel this week but then thought it through. Now I may not trade live IRM again till the end of this work season and trade sim when I can if I have charts to look at.OR not. depends on if I am CP through the course of my off work season and if I rake in enough $$$ from my project schedule to warrant the disposable income to have to trade with when my work season closes.

Both times I went in the market live IRM I got FUBAR cuz I wasn't ready YET. I knew I could lose money and traded anyway. Lesson learned. The 4 large I am down now I worked my ass off to get. So I won't do it again again until I am totally confident I am CP enough to go in there and do it everyday with no hesitation. It's business now.

What is your experience with trading? DO you trade by sight or algo or both. How long have you been trading live with real money? Did you get mentoring before you started trading live IRM or did you teach yourself to trade? I will check out the site you hyperlinked.. Thanks for that.

PB

 
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  #69 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

Hi Cory

I decided to stick with ES.. I have been working really hard on it so I am going to keep it going. Everyday I am getting more and more CP with it so I will continue it. If/when I go back to it live it will be 1 car only for a long while to start.

 
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  #70 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

Dr. is 100% right about all he said in that article researcher247. Especially the part of being proactive instead of reactive. Thanks again for that.

 
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  #71 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

I had won my first sim trade of the morning for $500. I enter trade 2 and KABOOM Ninja decides to turn itself off. I was WTFFFFFF???? Turns out my demo was up. Nothing like learning that in the middle of a trade. I can't even get at my chart to post the 1 winner. Bummer

I have to get a new demo account with another broker now so I won't have any charts until I can make arrangements.

 
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  #72 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

Up and running again. Decided to try the CQG feed this time. Charts will be up soon. Hoping for the best.

 
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  #73 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

Got into trouble a bit early today in pre market. Got myself back to even however I am a bit frustrated now so I am stopping for the day right now. I am assuming they were waiting for 10am news to hit before moving things around in there. I'm good with that.

I was a bit of an eager beaver today to try out the new data feed I think.

 
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  #74 (permalink)
 rdtw 
Des Moines Iowa United States
 
Experience: Intermediate
Platform: NT Ensign MT4
Trading: drums
 
Posts: 120 since Sep 2010
Thanks: 14,043 given, 37 received

Hang in there PB

 
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  #75 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

Today's 2 ES trades and a really nice ZW trade. ES wasn't happening so I went over to ZW and picked up about 7.75 points in there I think. Charts are down there.

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  #76 (permalink)
 rdtw 
Des Moines Iowa United States
 
Experience: Intermediate
Platform: NT Ensign MT4
Trading: drums
 
Posts: 120 since Sep 2010
Thanks: 14,043 given, 37 received

get out ...

 
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  #77 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

3 winners today and I was done. Something is FUBAR with my cable connection and it seems as though I cannot upload any charts or anything for that matter. Cable guy is coming tomorrow "btween 4-6". F###

 
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  #78 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

I got FUBAR from a trade I took last evening before bed on ES and went down HARD. I was toooootally wrong on the call. I then lost my first trade of the day and was promptly down in the neighborhood of like $5300. I battled back with 2 more winners in ES and 2 in ZW and ended up the day $1125 green. I can live with it. Charts are down there.

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  #79 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

Took some nice winners today and 1 stop out loser. Closed my trading day with $6375. Charts are down there.

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  #80 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

I was reading a thread just now that was discussing the "risk of ruin". To me if you are even questioning that you have a propensity to trade scared then you should not BE trading.. There is the probability of loss on every trade you take hands down. The ONLY control over the most important thing you have done once you click the mouse is how much money you don't lose.

I met a professional trader recently who gave me some good advice. It was trade less and go for more higher points. I have started to incorporate that into my trading psyche.

Today I only took 5 trades one of which was a small loser that hit the stop which I had snugged in because I was wrong and knew I was wrong. The stop was hit and I was out with a smaller loss than I would had had I not moved the stop in. The reason I had taken the trade had changed and was no longer valid thus I GTFO of there in a hurry. I still ended up today with $6375 in the green on sim trading and was very happy to have a had made the right call on the loser.

If the question of risk of ruin is in your mind you need to get it out there because that is just a negative that will eventually cause you to make an error thus perhaps over trading and eventual failure/blow out. Who controls those thoughts in your head? YOU do. One huge losing trade can set you back for sure. Why do that to yourself? I think if your are trading the "size" that is optimal for the amount of money in your account you should have 0 worries. If not then?

Both times I traded live in the market I lost some money and although I did not blow out either time I just simply stepped out. I was not ready yet. Was I trading with scared money? No I was not because I had gone in there with the realistic expectation that I could perhaps lose money. I had accepted that fact. That being said it was very easy to trade without emotion. Was I mad about losing the money I did. No I was not. I had also accepted that losses are part of doing the business of trading. If you don't want to do the business of trading then don't trade.

 
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  #81 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

1 winner 3 losers today. I don't even want to put the charts up because they are embarrassing.. I got in some trouble today in ES got out by -500 made it back in ZW then gave that back and ended up -875. It is what it is on a day like today. Market is always going to be there. Taking tomorrow off I think.

 
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  #82 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

A. I never ever trade late in the day because if you're wrong there is not enough time to recover
B. I was supposed to be done for the day.
C. By the time I realized my chart had not converted over. ( not that it probly would have mattered because I WAS wrong anyway),

Can you see the SM dorks dancing around the office singing "this is how we do it"". I got smooookeddddd on that last ES move and now they are fueling up there G5's with my foooking money.. F$$$ in A!!!

As Tony Montana would say "nex ti mang"

 
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  #83 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

Went out last night to a jam session and got to sit in and play some tunes so I woke up kinda late. Only took one trade in ZW which I turned on my charts and there it was at like 1033. I got up at like 1015. Chart is below.

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  #84 (permalink)
 rdtw 
Des Moines Iowa United States
 
Experience: Intermediate
Platform: NT Ensign MT4
Trading: drums
 
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Thanks: 14,043 given, 37 received


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Went out last night to a jam session and got to sit in and play some tunes so I woke up kinda late. Only took one trade in ZW which I turned on my charts and there it was at like 1033. I got up at like 1015. Chart is below.

Nice ... two questions,

1.) What are the levels you keep showing on the ZW trades?
2.) What instrument do you play when UB jammin ?

 
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  #85 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

I'm not sure I understand your question about the levels becks? Do you mean the blue dotted lines?

I play congas, bongo, djembe, & hand percussion instruments.

 
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  #86 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

I was going back over my chart from today to see where it ended up at. I had seen 15 points possible in the trading for this day and damned if it didn't peak out 2 candle later after I got out of my trade.. ahhh well!!! Then it proceeded to retrace for 8 points. Once I can see the retrace coming more clearly I can trade it back down and perhaps get some points. I was happy with the 9.75ish I got today in 3 candles. I am looking forward to learning more so that I can maybe realize the whole 23 that some trade probably got in there today. 23 on 10 cars is a nice day I'd say.

 
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  #87 (permalink)
 rdtw 
Des Moines Iowa United States
 
Experience: Intermediate
Platform: NT Ensign MT4
Trading: drums
 
Posts: 120 since Sep 2010
Thanks: 14,043 given, 37 received


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I'm not sure I understand your question about the levels becks? Do you mean the blue dotted lines?

I play congas, bongo, djembe, & hand percussion instruments.

Yah, at price 640 and 634 ...

Kool a fellow percusionist ...

 
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  #88 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

Had a bit of a hard time of it in ES today albeit not taking any losers. ZW was really good and had 3 winners. Ended up the morning with $2725. Charts are down there.

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  #89 (permalink)
 Cloudy 
desert CA
 
Experience: Intermediate
Platform: NT7, SC, ToS
Broker: AMP, DT, TDA
Trading: CL,NQ,YM
 
Posts: 2,135 since Jul 2011
Thanks: 2,388 given, 1,727 received

nice wins on the ZW, PB! 10 contracts is the real way to do it, imo. I hope to reach there on live one day; dats the dream anyways.

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  #90 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

Me too Cloudy. I am getting more and more CP in ZW everyday. My hope is to go back to live trading perhaps next month if I can keep getting better.

I have a friend who is a trader and is trading ZW live IRM everyday so I have a source for volume calls. Not that I traded VSA cuz I don't but it is nice to have someone to confer on movement with.

 
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  #91 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

Had to scratch out of one today. Bummer!!! The one I had it ended being 20 instead of 10. HOLY COW!! Dunno WTF happened but it worked out. Man I hope I never make that mistake IRM. Then I reentered and it worked well. 2 nice trades in ZW and done. $3500 today on sim.. Had it been live $350 would have been a damn nice day for someone at my level I think. A few more months of this and I hope to go back to live trading. Charts are down there.

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  #92 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

Just could not get it working today for whatever reason. Bummer!!!

Hey it happens right?

Finished the day -225. Again a bummer however there is always tomorrow. Charts are down there.

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  #93 (permalink)
 sharky 
MIAMI,FL
 
Experience: Advanced
Platform: NinjaTrader
Broker: Private
Trading: Zn,6E,6J
 
sharky's Avatar
 
Posts: 1,060 since Jun 2009
Thanks: 624 given, 3,900 received

can i give you a tip that will keep you from making all those bad trades??? sharky

KILLING THE MARKETS DAILY
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  #94 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

Just don't trade?? LOL

 
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  #95 (permalink)
 sharky 
MIAMI,FL
 
Experience: Advanced
Platform: NinjaTrader
Broker: Private
Trading: Zn,6E,6J
 
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Posts: 1,060 since Jun 2009
Thanks: 624 given, 3,900 received

Lol,No dont take shorts if price is above the ma,dont take longs if the price is below the ma and dont take any trades if the ma is going right thru the middle of your candles,about 95% of your bad trades are on the wrong side of the ma...Sharky

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  #96 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

TY Sharkey. I am actually just going to take it off my chart. Trade 3 I was trading it short from the top of the range I saw. 3-4 candles stalled at left. Just tried to get short higher up is all albeit the MA. I do get what you are saying though. Thanks for the input. ATR IS OFF ALSO btw.

 
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  #97 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

Was having a hard time of it again this morning for a minute. Finally got it going and took out the losers I had and ended up 1337.50 green. I'd say that I was damn lucky vs. skilled today..LMAO
I took my 1st trade long in ZW this morning and before I could even make any adjustments my PT was hit. The candle was freakin kooky as you can see in the chart below. After that I just decided to stay out. I had taken out the 3 huge losers and had some gas money for the G5 left over. LOL

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  #98 (permalink)
 Cashish 
Miami FL USA
 
Experience: Advanced
Platform: Ensign 10, NT7 DOM
Broker: IB, IQ
Trading: Currency Futures
 
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Posts: 803 since May 2011
Thanks: 811 given, 2,101 received

@PowerBroker

A friend of ours had her house blown apart by a tornado in Dexter (West of Ann Arbor), hope all is well with you.

Edit: She and her young teens (a boy & a girl) are in shock for sure, but NO injuries.

Tornado in Dexter may have been an F3 | The Detroit News | detroitnews.com

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  #99 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

I'm very sorry to hear that. I hope they are all OK. I was on my way to play some music last night when that all went down.. It looked like the end of the world in the sky out that way. It really only sprinkled here it was crazy. The rains never got here. Strange how it all works ehhh?

Thanks for the thought.

PB

 
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  #100 (permalink)
 PowerBroker 
DetroitMIUSA
 
 
Posts: 193 since Feb 2012

It's 1045am and I am done for the week. Sort of a rough start in ES this morning. I was surprised they took it to 1400 today. I thought maybe next week. It's all good. Had a couple of losers before I got it going. I wanted short from the top of my range marked. I just was a litttttle to eager this morning. I killed it in ZW!! Today's take was $8050 on sim. Charts are down there.
Have a gr8t weekend for those of you who come here. PB

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Last Updated on April 9, 2012


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