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Short term TF trading


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Short term TF trading

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  #771 (permalink)
London England
 
Experience: Beginner
Platform: Metatrader
Trading: Spot $
 
Posts: 90 since Apr 2012
Thanks: 1,075 given, 134 received


indextrader7 View Post
Today was a pretty solid day. Other than missing an excellent trade early in the session, I took advantage of offered movement.



My main focus for tomorrow is maintaining the proper mental mindset throughout the heat of the battle. I've arranged some statements to read throughout the day to help me maintain the right mindset for my trading.

Here are the statements.

1. Forget the past
2. Focus on process. Focus on risk.
3. Wait, wait, wait for great opportunity.
4. Trust yourself. It's only an edge.
5. All it takes is one, single, good trade to make it all happen beautifully.

Hi Merritt,

Thanks for the continued posts really enjoying them as always and most of all congratulations again on your trading. I was wondering if you wouldn't mind answering a few questions about the trading yesterday.

Although I'm asking questions about your trading I think the real reason I'm asking is so I can try and understand your mindset in these trades a bit more, I understand you are really busy so if you don't have the time no worries at all.

In trade 2 did you close this trade because you thought it then maybe a complex pullback to continue the uptrend and you were looking at the higher lows appearing into the level?

Also trade 6 was this closed because of the level that it was trading into just below?

I really like your idea about the mindset notes to read during the day I actually started a thread about this (doesn't look like its going to win thread of the year at the moment)



I think you're right though just short sentances would be best, the ones I was thinking were:

1) Manager risk do not manage return (returns are a by product of managing risk not the other way around)
2) Focus - Where is the next opportunity
3) A trade is a probability nothing more
4) Fear will destroy your patience/capital
5) Greed will destroy your returns
6) Everyday is a battle never expect anything less

They need some work maybe but thank you for posting yours really great to read.

Trade well brother,

Mike

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


cmmichaels View Post
Hi Merritt,

Thanks for the continued posts really enjoying them as always and most of all congratulations again on your trading. I was wondering if you wouldn't mind answering a few questions about the trading yesterday.

Although I'm asking questions about your trading I think the real reason I'm asking is so I can try and understand your mindset in these trades a bit more, I understand you are really busy so if you don't have the time no worries at all.

In trade 2 did you close this trade because you thought it then maybe a complex pullback to continue the uptrend and you were looking at the higher lows appearing into the level?

This trade was closed out because at first it looked good, I got a nice bear candle after entry. But then... no follow through, we had a weak move back to entry level, then a very weak attempt at a push down. By then I was through with the trade. BUT Not through with the bias of wanting to be short. Just a risk management exit.


cmmichaels View Post
Also trade 6 was this closed because of the level that it was trading into just below?

Honestly, I am not sure why I closed out trade 6 THIS specific time. I do know that you can see that I closed out the trade at the first area of opposing orderflow, which is the previous swing low. Usually I will only take a partial profit there, but sometimes I just don't think the market will continue and take it all off the table. Sometimes I look like a genius, sometimes I look like a fool.


cmmichaels View Post
I really like your idea about the mindset notes to read during the day I actually started a thread about this (doesn't look like its going to win thread of the year at the moment)



I think you're right though just short sentances would be best, the ones I was thinking were:

1) Manager risk do not manage return (returns are a by product of managing risk not the other way around)
2) Focus - Where is the next opportunity
3) A trade is a probability nothing more
4) Fear will destroy your patience/capital
5) Greed will destroy your returns
6) Everyday is a battle never expect anything less

They need some work maybe but thank you for posting yours really great to read.

Trade well brother,

Mike


Yes, phrases are great to say to yourself throughout the session. I can't say whether mine or yours are good or bad, each person must find what motivates/drives them to their best performance mindset and use those.

Keep up the good work Mike.

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


I'm at the office on Saturday afternoon looking at charts, reviewing trades, getting better. Perfecting my trade management process to be specific at the moment.

Some people feel bad for me because I work so much. I feel bad for others that have to work. This is not work for me.

Random post I know, but just thought I would share. You've got to love THE PROCESS to make it work consistently. You can't just love making money, or not having to punch a time card, or not being caught up in the stuffy corporate world. You have to love trading, reviewing trades, learning your own edge, constantly adapting, constantly self reviewing emotions, etc, etc.

-IT7

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

Well, I really tried to take the day off, but couldn't resist taking a peek at the charts and ended up taking two scalps this afternoon.

The first one was long, which ended up stalling on me, so I scratched the trade for a few ticks. I shorted soon after that and took a couple ticks on that trade. Not bad for 45 minutes of work I suppose.



I hope you all had a good Thanksgiving.

I forget that my charts don't say... but FYI it's a 250 tick of CL.

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

I figured I would give an update here as I haven't been on in a while. FWIW.....

The CTA seems to not be working out, I lost nearly 12% in November, and had a major issue. My partner, who had no trading experience, was there to raise assets, run the business, and make sure I managed risk properly.

Once we started into the drawdown, he started demanding that I change my trading methods and such. This led to tension and disagreements, and eventually after I told him to back off, he left the company overnight and called most of our clients to scare them away too. (It worked). Trading has been good since then for my few clients left, but I'm managing peanuts. Alabama is not the place to be to raise risk capital. Or maybe I just suck as a salesman. No one wants to call me back or open an account, then it's not an easy conversation with the partner breakup and such as well.

So, I'm not sure what the future holds for me, or what I'll be doing. I could focus on trading my own small account, or look for a trading job somewhere (bank, CTA, HF, etc) , or get any job and save up money for a sizeable trading account. Heck... as it stands, I could get a topsteptrader 150k combine and make 60% of that instead of 20% of my small fund now. My stats are good enough to pass the combine, although the profit target would have to be a very good period with no bumps/stalls in the equity curve to hit the 150k profit targets.

What's happened has pretty much been too painful to write about here, and share publicly until I've had the time to mentally/emotionally deal with it. I know from past events that I take time to even recognize problems and work though them; I'll hide/ignore them for a while before facing up.

Sorry for the downer post, but it is what it is. I may or may not continue this thread. All just depends on what direction I take.

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  #776 (permalink)
Michigan, Jackson
 
Experience: Intermediate
Platform: NT and TS
Broker: NT Continuum
Trading: ES, CL
 
Posts: 857 since Jul 2009
Thanks: 389 given, 551 received

Your honest admission is amazing to most. Thank you for your transparency. I know you will do the right thing.

COTtrader

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  #777 (permalink)
london/england
 
Experience: Advanced
Platform: Sierra charts, NinjaTrader, VK Trader
Broker: CQG, AMP, VK, Kinetick
Trading: CL/6E/TF/ES
 
Posts: 952 since Sep 2011
Thanks: 562 given, 1,278 received


indextrader7 View Post
I figured I would give an update here as I haven't been on in a while. FWIW.....

The CTA seems to not be working out, I lost nearly 12% in November, and had a major issue. My partner, who had no trading experience, was there to raise assets, run the business, and make sure I managed risk properly.

Once we started into the drawdown, he started demanding that I change my trading methods and such. This led to tension and disagreements, and eventually after I told him to back off, he left the company overnight and called most of our clients to scare them away too. (It worked). Trading has been good since then for my few clients left, but I'm managing peanuts. Alabama is not the place to be to raise risk capital. Or maybe I just suck as a salesman. No one wants to call me back or open an account, then it's not an easy conversation with the partner breakup and such as well.

So, I'm not sure what the future holds for me, or what I'll be doing. I could focus on trading my own small account, or look for a trading job somewhere (bank, CTA, HF, etc) , or get any job and save up money for a sizeable trading account. Heck... as it stands, I could get a topsteptrader 150k combine and make 60% of that instead of 20% of my small fund now. My stats are good enough to pass the combine, although the profit target would have to be a very good period with no bumps/stalls in the equity curve to hit the 150k profit targets.

What's happened has pretty much been too painful to write about here, and share publicly until I've had the time to mentally/emotionally deal with it. I know from past events that I take time to even recognize problems and work though them; I'll hide/ignore them for a while before facing up.

Sorry for the downer post, but it is what it is. I may or may not continue this thread. All just depends on what direction I take.

Chin up

what wrong with managing your own small account and building on that?

I know for a fact even on a 100k account managed correctly you could make good returns and enough to start building your own large account to trade with?

or am i missing some thing

" I will follow my rules, I will take my stops, I will be disciplined and i will work with the market....NOT AGAINST IT! Professional mind control is the key"
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  #778 (permalink)
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


greenr View Post
Chin up

what wrong with managing your own small account and building on that?

I know for a fact even on a 100k account managed correctly you could make good returns and enough to start building your own large account to trade with?

or am i missing some thing

Yes, chin up indeed.

I suppose you're missing the math. If I have a 100k account under management, and make +5% for the month; then I charge my 20% performance fee, which comes to a $1,000 profit to me. That would cover the fixed expense of my office space for the month. That's also before taxes, ongoing sales expenses, office utilities, then annual costs for website, NFA dues, local business taxes, etc, etc. It's not enough income for me to survive right now.

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  #779 (permalink)
In the heat
 
Experience: None
Platform: Tradeovate
Trading: Energy
 
PandaWarrior's Avatar
 
Posts: 3,162 since Mar 2010
Thanks: 6,324 given, 13,368 received


indextrader7 View Post
I figured I would give an update here as I haven't been on in a while. FWIW.....

The CTA seems to not be working out, I lost nearly 12% in November, and had a major issue. My partner, who had no trading experience, was there to raise assets, run the business, and make sure I managed risk properly.

Once we started into the drawdown, he started demanding that I change my trading methods and such. This led to tension and disagreements, and eventually after I told him to back off, he left the company overnight and called most of our clients to scare them away too. (It worked). Trading has been good since then for my few clients left, but I'm managing peanuts. Alabama is not the place to be to raise risk capital. Or maybe I just suck as a salesman. No one wants to call me back or open an account, then it's not an easy conversation with the partner breakup and such as well.

So, I'm not sure what the future holds for me, or what I'll be doing. I could focus on trading my own small account, or look for a trading job somewhere (bank, CTA, HF, etc) , or get any job and save up money for a sizeable trading account. Heck... as it stands, I could get a topsteptrader 150k combine and make 60% of that instead of 20% of my small fund now. My stats are good enough to pass the combine, although the profit target would have to be a very good period with no bumps/stalls in the equity curve to hit the 150k profit targets.

What's happened has pretty much been too painful to write about here, and share publicly until I've had the time to mentally/emotionally deal with it. I know from past events that I take time to even recognize problems and work though them; I'll hide/ignore them for a while before facing up.

Sorry for the downer post, but it is what it is. I may or may not continue this thread. All just depends on what direction I take.


Tough break. Sorry to hear about the set back but thats what it is, just a set back. I know @greenr probably meant just trade your own money and not worry about managing OPM.

TST would be a good option. If you're good, they'll throw money at you as you build the account.

Regardless, stay the course, hard ship has a way of birthing new and better ideas.

Cheers...

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #780 (permalink)
london/england
 
Experience: Advanced
Platform: Sierra charts, NinjaTrader, VK Trader
Broker: CQG, AMP, VK, Kinetick
Trading: CL/6E/TF/ES
 
Posts: 952 since Sep 2011
Thanks: 562 given, 1,278 received



indextrader7 View Post
Yes, chin up indeed.

I suppose you're missing the math. If I have a 100k account under management, and make +5% for the month; then I charge my 20% performance fee, which comes to a $1,000 profit to me. That would cover the fixed expense of my office space for the month. That's also before taxes, ongoing sales expenses, office utilities, then annual costs for website, NFA dues, local business taxes, etc, etc. It's not enough income for me to survive right now.

Yes i understand all this

i was more pointing to the direction of trading just for yourself...and not running a fund with all the added costs

As you grow in time you can pick this all up were you left it

Personally and this is just an observation from what i have seen of you on here

But its seems you have done what i did and tried to run before you could walk

I know this does not always work out the way has seemed to

It could have been brilliant and you could have been very successful very fast...

But one thing i saw you do was jump to a very large account and started placing very large orders very quick

I mean i donít know...but 1st you were using ninja trader....then you had problems and moved to another platform

When you start placing the order sizes i image you were placing...its hard to execute that amount off radar without complex order systems

Im starting to bark down the wrong tree now and im by far not a expert and im sorry to hear you situation

I was quite excited when i saw what you were doing and wished you all the luck in my head

Any ways i can imagine how you are feeling at the moment and you should not let this get you down....the only way is forward

you obviously have a edge...now just to find a way how to use it best for your situation

" I will follow my rules, I will take my stops, I will be disciplined and i will work with the market....NOT AGAINST IT! Professional mind control is the key"
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