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Short term TF trading


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Short term TF trading

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  #541 (permalink)
Dallas
 
 
Posts: 11 since Jul 2011
Thanks: 2 given, 3 received


indextrader7 View Post
Well, I got out of this short trade too early for sure. I just didn't like the way price action was shaping up with the small body candles, seemed like the bears were struggling to win.

Not to worry. I've done my job. I've managed risk. Endless more opportunities abound.

So is that your only trade today?

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  #542 (permalink)
Dallas
 
 
Posts: 11 since Jul 2011
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Question to those that add to winners. If your initial size is X, how high do you average in? 2X, 3X, 4X+?

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  #543 (permalink)
Legendary Market Wizard
Georgia, US
 
Experience: None
Platform: SC
Broker: AMP+CQG
Trading: ES, HSI, Nikkei
 
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stok View Post
Question to those that add to winners. If your initial size is X, how high do you average in? 2X, 3X, 4X+?

As long as adding doesn't cause the average to be such that it becomes a losing trade (i.e., when adding to a long, the average should still be below the stop), then add to your heart's content. Personally I try to get more on in the beginning. So if initial size is X, will add X/2 and again X/2 or X/3.

I am trying to improve my ability to scale in and out in the same trade sequence. So I'm short, and have scaled out at two good points, and have scaled back in at one, and finally scaled back out. It's quite psychologically difficult to do so, because not only are you watching unrealized profits evaporate, you area worsening your average price as you add. But if you reduce along the way, you bank profits. Combining adding with reducing can, IMO, be a great way to stay in the market on a day like today without just praying that it keeps going--taking profits, and then getting back in at appropriate places, as long as the premise is still valid, and the market is still confirming..

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  #544 (permalink)
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


stok View Post
So is that your only trade today?

No, I had several others. Hopefully will get a review up here.


stok View Post
Question to those that add to winners. If your initial size is X, how high do you average in? 2X, 3X, 4X+?

I don't have hard rules on this. Most of the time I go by equal increments (long 4, add 4, add 4, etc)

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  #545 (permalink)
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

If you were going to develop a role for:

- a trading risk manager
- physically in the room with you (has his own computer setup/monitors), but a remote option would be a plus.
- using whatever software/hardware necessary to
- monitor individual trade risk (making sure it didn't exceed thresholds)
- monitor daily loss timeout threshold and daily loss stop trading threshold
- also monitor basic trading rules such as checking logic behind entries and making sure stops aren't widened and positions aren't doubled down.

How would you PHYSICALLY set this arrangement up. Ninjatrader doesn't allow multiple versions of the same account running simultaneously, so the only idea I have would be to run a duplicate image of one of my monitors to a monitor of his, so he can monitor something like open p/l, cumulative p/l, and a chart (which would show position size and stop placement). Screen sharing software is another idea, as well as solves the remote problem.

Any thoughts on this are much welcomed and appreciated.

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  #546 (permalink)
Legendary Market Wizard
Georgia, US
 
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indextrader7 View Post
If you were going to develop a role for:

I suppose the remote software is a reasonable idea--I use TeamViewer for this. Free, iOS and Android versions as well. But just for someone physically in the room, a mirrored monitor as you mention might do the trick. I have to ask, what are you trying to do here?

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  #547 (permalink)
London England
 
Experience: Beginner
Platform: Metatrader
Trading: Spot $
 
Posts: 90 since Apr 2012
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indextrader7 View Post
If you were going to develop a role for:

- a trading risk manager
- physically in the room with you (has his own computer setup/monitors), but a remote option would be a plus.
- using whatever software/hardware necessary to
- monitor individual trade risk (making sure it didn't exceed thresholds)
- monitor daily loss timeout threshold and daily loss stop trading threshold
- also monitor basic trading rules such as checking logic behind entries and making sure stops aren't widened and positions aren't doubled down.

How would you PHYSICALLY set this arrangement up. Ninjatrader doesn't allow multiple versions of the same account running simultaneously, so the only idea I have would be to run a duplicate image of one of my monitors to a monitor of his, so he can monitor something like open p/l, cumulative p/l, and a chart (which would show position size and stop placement). Screen sharing software is another idea, as well as solves the remote problem.

Any thoughts on this are much welcomed and appreciated.

For physically in the room you can get a VGA splitter cable or whatever one is right for your screen that will just split the image onto another screen so it will just look exactly the same as yours.

For remote then screen sharing software would work best.

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  #548 (permalink)
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

I'd love to hear if anyone has original ideas outside of what I suggested as possibilities. There may not be anything else, but anything strikes you please share!

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  #549 (permalink)
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

On more of a trading note, and related to this journal, I wanted to share something. People are often asking me about learning curve, and what made the tipping point to successful consistent trading.

I CAN'T SPEAK HIGHLY ENOUGH OF DAILY PROCESS GOALS.

For so long I begged and pleaded and demanded of myself to be a good trader, make money, don't make this mistake or that blunder. I would sit down with the mindset of trading well, or making money, or following a system, etc.

The more I think about it, the more headway I started to make once I came up with a daily PROCESS goal. For example.. after reviewing the day's trades, I would decide to make tomorrow's process goal to keep all stops within 20 ticks, or make sure every trade has an attached stop and target order, or make sure I have a written down explanation for every trade taken, or wait for the candle close to take a signal, etc, etc

This is still to this day of utter importance to my trading. I find that when my results start to be less than stellar, it's due to me having strayed away from a consistent review process, documented trades, and using that information to come up with 1 or 2 process goals for the next trading day. Win or lose don't care... follow the day's process goal to the death. That's how I really achieve peak performance.

Hope that helps someone.

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  #550 (permalink)
Como Italy
 
Experience: Intermediate
Platform: Ninjatrader, customized
Trading: ES
 
Posts: 526 since Feb 2010
Thanks: 471 given, 640 received


If you get your broker to give you a second log-in for the same account, you can connect two instances of NT (on different machines) to the same account.

Your risk management has always looked solid to me, except when you talked about "loading up" on a "day-saving" trade, which set off alarm bells.

On a separate note, I have been exploring NT's stats via Excel, and I can't see the logic in NT's MAE/MFE calcs when you are scaling into and out of a trade. Even the reporting by individual contract is inaccurate. So the only way I can see to get these stats accurately is to go back over the bars (I'm thinking of adding a 1-tick range series) and calculate them myself. Have you (or anyone else) also found this, or am I missing something?

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