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Short term TF trading


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Short term TF trading

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  #701 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

Another solid day today. +23 ticks (average ticks per contract).

It felt like an absolute battle today though. I struggled for the first part of the day, then found the rhythm. Kept losers small, and allowed winners to run. I'm at another computer right now, so I don't have my charts, but I'll post them later (will probably be tonight as I'm going for a dinner 2 hours away this evening).

Raising assets is tough. I look forward to the day where we have "enough" assets, our track record speaks for itself, and we're able to attract institutional capital. Right now, we're not using proprietary track records, so it's a difficult conversation to dance around. It's also a tough game trying to explain futures trading to most people. We are having great success though. Should have over $1m under management by the end of the first month here. That's not a bad start, especially in Alabama.

Having the nice office has brought a "pop" in interest to us though. For some reason it's brought massive credibility. Not a thing has changed with my trading or anything else, other than where I am when I do it.

Right now I'm looking into which CTA/hedge fund performance databases we'll be signing up with. Barclayhedge will be one for sure, as I see the most exposure from it.

Having fun.

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


indextrader7 View Post
Another solid day today. +23 ticks (average ticks per contract).

It felt like an absolute battle today though. I struggled for the first part of the day, then found the rhythm. Kept losers small, and allowed winners to run. I'm at another computer right now, so I don't have my charts, but I'll post them later (will probably be tonight as I'm going for a dinner 2 hours away this evening).

Raising assets is tough. I look forward to the day where we have "enough" assets, our track record speaks for itself, and we're able to attract institutional capital. Right now, we're not using proprietary track records, so it's a difficult conversation to dance around. It's also a tough game trying to explain futures trading to most people. We are having great success though. Should have over $1m under management by the end of the first month here. That's not a bad start, especially in Alabama.

Having the nice office has brought a "pop" in interest to us though. For some reason it's brought massive credibility. Not a thing has changed with my trading or anything else, other than where I am when I do it.

Right now I'm looking into which CTA/hedge fund performance databases we'll be signing up with. Barclayhedge will be one for sure, as I see the most exposure from it.

Having fun.

Congrats on the CTA. I assume you are already registered with the NFA/CFTC and have DD docs approved? I have a question on how scalable your strategy is: Are you going to stick to day-trading the TF, CL and maybe others? It's not like you can swing around 100 lots of TF or CL....in ES yes and ZN I guess you could. Or do you have longer swing trading strategies that allow for scalability?

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  #703 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


stok View Post
Congrats on the CTA. I assume you are already registered with the NFA/CFTC and have DD docs approved? I have a question on how scalable your strategy is: Are you going to stick to day-trading the TF, CL and maybe others? It's not like you can swing around 100 lots of TF or CL....in ES yes and ZN I guess you could. Or do you have longer swing trading strategies that allow for scalability?

Yes, we're all approved with ddocs and trading client funds.

Scaleability is a valid question. Here are a few things we consider:

1. Price action is price action. The setups I trade show up across all timeframes. I can lengthen timeframes/holding periods.

2. I plan on adding traders to the firm at certain growth points. Thus spreading contracts traded across multiple markets.

3. I can close off the fund at x $million. I'm not concerned about making tens of millions per year.

4. I can reduce my risk per trade (currently 0.5% per trade), I can half that easily (which halves my contracts).

etc. There are many ways that what I do is scaleable.

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  #704 (permalink)
 iamcereal 
London
 
Experience: Beginner
Platform: NinjaTrader,MetaTrader
Trading: EUR/USD
 
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indextrader7 View Post
Yes, we're all approved with ddocs and trading client funds.

Scaleability is a valid question. Here are a few things we consider:

1. Price action is price action. The setups I trade show up across all timeframes. I can lengthen timeframes/holding periods.

2. I plan on adding traders to the firm at certain growth points. Thus spreading contracts traded across multiple markets.

3. I can close off the fund at x $million. I'm not concerned about making tens of millions per year.

4. I can reduce my risk per trade (currently 0.5% per trade), I can half that easily (which halves my contracts).

etc. There are many ways that what I do is scaleable.

How do you think would it be harder for you to trade longer time frames?I heard that people who were scalpers in the past found it really difficult to WAIT.They were following their system as they did in the past,but necessity to wait longer seriously injured their performance.

Where did you get information about starting CTA?Is there anything I might read?

Damn,there are actually so many question I want to ask,but I think you're too busy to answer them all.

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  #705 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


iamcereal View Post
How do you think would it be harder for you to trade longer time frames?I heard that people who were scalpers in the past found it really difficult to WAIT.They were following their system as they did in the past,but necessity to wait longer seriously injured their performance.

I traded currencies back in the day on 4hr charts. No problems there.

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

When you say you risk 0.50% per trade, after following this log, sometimes you go in trades with more contracts than normal and also seen you let trades go against you more than trades before, and add to them. How are you able to keep risk at 0.50% all the time? Again, thanks for the answers and been a great log!

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  #707 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


stok View Post
When you say you risk 0.50% per trade, after following this log, sometimes you go in trades with more contracts than normal and also seen you let trades go against you more than trades before, and add to them. How are you able to keep risk at 0.50% all the time? Again, thanks for the answers and been a great log!

Since I've started the official CTA, I have not let trades go more than 0.5% against me. You may be referring to when I was just trading my personal account. I used to do all sorts of crazy things, especially early in this thread.

It's simple to allow for wider or closer stops and maintain the exact same risk. Just adjust your position size to reflect the stop loss location.

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  #708 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

I will most likely be leaving Ninjatrader today based on what has happened. I can't have that kind of instability. Ridiculous. Will tell more later when I'm done putting out fires.

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  #709 (permalink)
 josh 
Georgia, US
 
Experience: None
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indextrader7 View Post
I will most likely be leaving Ninjatrader today based on what has happened. I can't have that kind of instability. Ridiculous. Will tell more later when I'm done putting out fires.

Try Sierra Chart, join the club of former NT users who found something much better.

I am sorry to hear about what happened. That sucks.

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  #710 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

Nothing drastic today guys, my previous post may have been misleading. We still made money today (miraculously despite the conditions).

I had NT mess up with an ATM. I was in a trade, and up considerably. I tried to drag an order on the chart to take some profits. Things went haywire. Nt tried to send 1300 orders in a matter of minutes. My broker saw this happening, and as I was scrambling to get the software to respond, they closed out my order (a few minutes cost me nearly 1% of p/l) for a small loss instead of a considerable gain. A horrendous fill at that.

I won't tolerate that kind of instability. NT is taking this to the development team as they haven't seen this issue before. My ATM is super simple, 1 stop and 2 targets, no trails or moves to BE. I do it manually.

I may be done with them regardless of their reason for the mishap.

My broker is setting me up with Rithmic this afternoon. I'll check into it, and others. What a day. At least we had a massive winner late morning that made up for it.

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  #711 (permalink)
 trendisyourfriend 
Market Wizard
Quebec
 
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Platform: NinjaTrader wt Rancho Dinero's profiling tools
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indextrader7 View Post
...Nt tried to send 1300 orders in a matter of minutes...

I knew it, you are a bot in disguise


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  #712 (permalink)
 cmmichaels 
London England
 
Experience: Intermediate
Platform: Metatrader
Trading: Spot $
 
Posts: 91 since Apr 2012
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indextrader7 View Post
Nothing drastic today guys, my previous post may have been misleading. We still made money today (miraculously despite the conditions).

I had NT mess up with an ATM. I was in a trade, and up considerably. I tried to drag an order on the chart to take some profits. Things went haywire. Nt tried to send 1300 orders in a matter of minutes. My broker saw this happening, and as I was scrambling to get the software to respond, they closed out my order (a few minutes cost me nearly 1% of p/l) for a small loss instead of a considerable gain. A horrendous fill at that.

I won't tolerate that kind of instability. NT is taking this to the development team as they haven't seen this issue before. My ATM is super simple, 1 stop and 2 targets, no trails or moves to BE. I do it manually.

I may be done with them regardless of their reason for the mishap.

My broker is setting me up with Rithmic this afternoon. I'll check into it, and others. What a day. At least we had a massive winner late morning that made up for it.

Hey man really sorry to hear about your problems today but glad you got it sorted and ended the day profitable. Would love to see some charts of this week if you get a chance at anytime but sure you're pretty busy at the moment.

Glad to hear everything's still going well with the CTA if I had the money I would be writing you a cheque right about now!

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  #713 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

Thought I would do a video recap as I haven't done one in a while. Scalped the oil market today on the 2 range chart.

Time to get some rest. I'm going 14 hour work days as of late.

yes, i forgot to attach the video.. ha

hold on it's uploading now

Here is the video:

https://www.screenr.com:443/Msy8

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  #714 (permalink)
 cmmichaels 
London England
 
Experience: Intermediate
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indextrader7 View Post
Thought I would do a video recap as I haven't done one in a while. Scalped the oil market today on the 2 range chart.

Time to get some rest. I'm going 14 hour work days as of late.

yes, i forgot to attach the video.. ha

hold on it's uploading now

Here is the video:

Screenr - indextrader7: 10-18-12 recap

Thanks again for the video IT7 I know I've said it before but these posts really are so helpful for me.

I think we should look out for you in the next market wizards book.

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  #715 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

To be up 1% net this week feels great. There were some real bumps in the road, and I stayed the course. I was rattled at times, but we're positive on the week and glad to have it behind me.

Overall, I took too many trades and paid too much commissions. The goal continues to be to increase trade selectivity, and let winners run longer.

Here's a few heartbreak trades today where I took profits too soon. Could have been up BIG today. We'll be back to fight again on Monday!



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  #716 (permalink)
 emini_Holy_Grail 
Dallas,TX
 
Experience: Intermediate
Platform: NinjaTrader, OpenQuant
Broker: Zaner/Zen Fire
Trading: ES,6E,6B,GC,CL
 
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index
is your chart in CST?

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  #717 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


emini_Holy_Grail View Post
index
is your chart in CST?

Yep.

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  #718 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

EXCELLENT day today. Really really good day. Needed it after last week. Charts to follow.

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  #719 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

Other than the 2nd trade, where I chased price a bit (looking for a breakout), today was flawless trading.


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  #720 (permalink)
sn0wblind
Montreal, Canada
 
 
Posts: 3 since Feb 2012
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great journal, quite similar to my own trading style.
yes, also had issues with NT on 'phantom orders'...but that was 3 years ago. was also being given the old run-around of 'talking to development team'. been on sierrachart since, with zero issues - use broker dom (transact) separately

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  #721 (permalink)
 iamcereal 
London
 
Experience: Beginner
Platform: NinjaTrader,MetaTrader
Trading: EUR/USD
 
Posts: 24 since Sep 2012
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indextrader7 View Post
Other than the 2nd trade, where I chased price a bit (looking for a breakout), today was flawless trading.


Can you please explain logic behind your entries?How many ticks do you use as your stop loss when trading CL?

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  #722 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


iamcereal View Post
Can you please explain logic behind your entries?How many ticks do you use as your stop loss when trading CL?

I'm a completely discretionary trader. I use multiple timeframes to get a multi-dimensional view of price action. I look at the current trend and strength/weakness within that trend. Also looking at S/R levels to see how price reacts to them.

You can look through this thread and get a good idea for how I trade. There's many videos and pics with entry explanation. I feel like you could look through the thread more and get a good answer to your question but...

To answer your question...

Early on I took a long due to the overall uptrend on a slightly higher timeframe and it was at a support level.

During the remainder my trading session today there was a fairly rapid move downward. I simply sought to find good pullback entries and join the order flow. At one point I took another long as I thought we might see a reversal, but that was scratched for a small loss and I quickly reversed to a short position to take advantage of other (now trapped) traders that were looking for that same reversal I was.

Stop loss is flexible given volatility, but rarely do I allow more than 10 ticks loss on a trade.

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  #723 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

I'm off to give a presentation to a finance class at my old alma mater this afternoon. Hopefully interest some kids in trading, and disprove some efficient markets hypothesis believers! Should be fun.

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  #724 (permalink)
 iamcereal 
London
 
Experience: Beginner
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Trading: EUR/USD
 
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indextrader7 View Post
I'm off to give a presentation to a finance class at my old alma mater this afternoon. Hopefully interest some kids in trading, and disprove some efficient markets hypothesis believers! Should be fun.

Haha,that is another reason I've started learning this stuff and a reason I refused going to study economics in uni.

I will try to go through your videos again,hopefully this time it will make clear some stuff for me.

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  #725 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

Good trading today. All short trades, as it was a downtrend during my trading session. One loser, kept small, and the rest were solid winners. Especially happy with my exits today, really good exits. Did I mention how good the exits were?


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  #726 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

Yesterday was a very painful full daily stop, wiping out all gains made this week. Ninjatrader crashed again. That event in itself didn't cause the daily stop, but I allowed the event to affect my mentality and from the time the crash happened, I turned a 1% up day into nearly a 3% down day after commissions. Really painful. I'm not here to discuss the crash, NT has no idea what is happening, but they're looking into it. For now, I can trade without using any ATM, and things are fine. Just a few extra clicks for trade management.

Today I'm proud that I came back strong, earning 1.25% This first month of performance for the CTA is so stressful, but I'm trading well (besides yesterday).

I would show you the bad trading yesterday, but we had to do a full NT system and file reset, so the trades are gone from the system.

I've got to go to a lunch, but will be back for a review later hopefully.

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  #727 (permalink)
 cmmichaels 
London England
 
Experience: Intermediate
Platform: Metatrader
Trading: Spot $
 
Posts: 91 since Apr 2012
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indextrader7 View Post
Yesterday was a very painful full daily stop, wiping out all gains made this week. Ninjatrader crashed again. That event in itself didn't cause the daily stop, but I allowed the event to affect my mentality and from the time the crash happened, I turned a 1% up day into nearly a 3% down day after commissions. Really painful. I'm not here to discuss the crash, NT has no idea what is happening, but they're looking into it. For now, I can trade without using any ATM, and things are fine. Just a few extra clicks for trade management.

Today I'm proud that I came back strong, earning 1.25% This first month of performance for the CTA is so stressful, but I'm trading well (besides yesterday).

I would show you the bad trading yesterday, but we had to do a full NT system and file reset, so the trades are gone from the system.

I've got to go to a lunch, but will be back for a review later hopefully.

I'm really sorry to hear this brother, but amazing trading today after that. Shows some serious psychological strength which as everyone says is the most important part. Hope that is the end of your troubles for now.

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  #728 (permalink)
SteveH
Orlando, Florida, USA
 
 
Posts: 34 since Oct 2010
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I don't think it's a coincidence that you started having problems with NT just about the time you started trading the CL with size. You're probably getting segmented fills more often and NT is possibly getting out of sync with your true position at the broker. They could be trying to manage multiple threads of execution within NT and messing up the concurrency issues big-time (aka "race conditions" which are extremely difficult to debug/reproduce).

Have a look at X-Trader. They appear to cater more to the high-end futures trader.

That first bug you experienced with a massive contract order should have never left your PC if NT had a brain-dead option to not allow a position to exceed a set maximum (by you). Geez, I wrote my own software to trade through Interactive Brokers and that's one of the first safeguards I put in. [The second one was to NEVER allow me to add to a losing position.]

You're amassing a very large futures fund. If I were you, my biggest fear would be to wake up one morning, can't login to the broker and find that they're yet another Refco, MF Global or PFG. I knew a 7 figures (per year) futures trader (private account). He kept his futures account small but it had low intraday margins, swept it every month and refunded if it ever got too low on a sharp drawdown.. This was in 2003. Now I know why he was so paranoid.

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  #729 (permalink)
 cmmichaels 
London England
 
Experience: Intermediate
Platform: Metatrader
Trading: Spot $
 
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indextrader7 View Post
Thanks kbit and trendisyourfriend,

Both are great suggestions. Whatever method used... if the chart is going from the bottom left to the upper right... we're in an uptrend. That's not the hard part.

My problem is that I was trying to force my view on the market, instead of letting it tell me where it's going.

There are many pro's and cons to being a discretionary trader. More pro's in my opinion though!

It's amazing what our subconscious can do if we allow it. I make the mistake of overlaying too many objective rules. This creates conflict. Conflict creates poor trade execution and management. The answer, for me, is getting more comfortable with subjectivity. Trust intuition. Learn to operate within the uncertainty that is the market.

Embrace subjectivity and feel the market. It tells you where it's going, it's not for me to tell where to go.

Wish I would have been in that mindset earlier today!

Just reading through the journal again I do it quite regularly and this is an amazing post in my opinion really resonates with me. I'm struggling at the moment to find the balance and use my intuition correctly because I lack a lot of confidence as I am still a beginner. Great post though thank you.

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  #730 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

Pretty good day today. Happy with it given the conditions today. I have switched platforms over to multi charts, and tomorrow will be our first day trading live with it. Problems with NT today put a nail in that coffin. So far, I think I may like multicharts better than ninja. I like discretionary entry with partially automated exits, and it's a breeze with MC.

first trade was a beaut. 2nd one was the wrong side to be on, but managed well. 3rd trade I was too quick to move stop to breakeven and ended up missing the exact move I was looking for.


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  #731 (permalink)
 cmmichaels 
London England
 
Experience: Intermediate
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indextrader7 View Post
Pretty good day today. Happy with it given the conditions today. I have switched platforms over to multi charts, and tomorrow will be our first day trading live with it. Problems with NT today put a nail in that coffin. So far, I think I may like multicharts better than ninja. I like discretionary entry with partially automated exits, and it's a breeze with MC.

first trade was a beaut. 2nd one was the wrong side to be on, but managed well. 3rd trade I was too quick to move stop to breakeven and ended up missing the exact move I was looking for.


Hey man thanks as always for sharing the above and congrats on a great trading day. Just wondering I can see clearly why you took the last 2 trades but the first I can understand the logic but looking at the action the selling actually looked more aggressive than the buying with long tails absorbing all the strength. Looking at the structure you had a big aggressive move down then price was making higher lows so strength coming back in but had got quickly rejected before it could get above the previous major swing high. Can I ask what made you confident long was the trade to go with? To me looking at it and being honest with myself I think I would have looked at that as a more complex pullback continuation of the downtrend. I know you have excellent trade management so your entry was good anyway and I'm sure if it showed you that it was an incorrect trade you would have been out with a minimal loss. What I find interesting looking at this chart is it does seem to me that the hardest trades to place sometimes are the best that is what I am finding with my trading at the moment.

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  #732 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012



Here's how I see it:

Yes, the push down from A to B, certainly strong bearish move. As we pull back to C, we're looking to get short and follow that strength to the downside.

The problem is that as we attempt to push lower heading down to D, buyers step in and we aren't even able to get down to the lows of the previous swing low B. Not only that, but buyers now push price up strongly to E. We've now printed a higher low and a higher high.

As we swing down to F, momentum slows, and offers a textbook entry.

I hope that makes sense.

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  #733 (permalink)
 cmmichaels 
London England
 
Experience: Intermediate
Platform: Metatrader
Trading: Spot $
 
Posts: 91 since Apr 2012
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indextrader7 View Post


Here's how I see it:

Yes, the push down from A to B, certainly strong bearish move. As we pull back to C, we're looking to get short and follow that strength to the downside.

The problem is that as we attempt to push lower heading down to D, buyers step in and we aren't even able to get down to the lows of the previous swing low B. Not only that, but buyers now push price up strongly to E. We've now printed a higher low and a higher high.

As we swing down to F, momentum slows, and offers a textbook entry.

I hope that makes sense.

It makes perfect sense thank you for taking the time to do such a detailed analysis. I would definitely have been looking at the fact that it was failing to make new lows which I suppose should have overridden any other nuances (like the selling tails) and given me the sign that strength was coming back into the market.

Thanks again.

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  #734 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

To me, today was frustrating. CL was much slower than usual due to the circumstances with the hurricane.

I love trading. I love the challenges, the tough decisions, the emotions, the game.

Still made money though (21 ticks). Which is a good thing.


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 greenr 
london/england
 
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indextrader7 View Post
To me, today was frustrating. CL was much slower than usual due to the circumstances with the hurricane.

I love trading. I love the challenges, the tough decisions, the emotions, the game.

Still made money though (21 ticks). Which is a good thing.


Hey, how did you find mulit charts today?

Ninja Trader is wearing me thin too latley

" 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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 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


greenr View Post
Hey, how did you find mulit charts today?

Ninja Trader is wearing me thin too latley

LOVE IT. I'm (almost) happy all this happened. Else I would not have tried anything else and known the difference.

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 josh 
Georgia, US
 
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indextrader7 View Post
LOVE IT. I'm (almost) happy all this happened. Else I would not have tried anything else and known the difference.

When you get tired of MC, try Sierra.

Congrats on your recent success by the way!

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 cmmichaels 
London England
 
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indextrader7 View Post
To me, today was frustrating. CL was much slower than usual due to the circumstances with the hurricane.

I love trading. I love the challenges, the tough decisions, the emotions, the game.

Still made money though (21 ticks). Which is a good thing.


Great stuff my man thanks for this, I love how your biggest trade of the day was when you reversed your position bias completely changed took the loss and got in the opposite side. Masterful trading.

What are you using as your short and long term charts these days?

I know you've studied Beggs as well have you read any Al Brooks?

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 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


cmmichaels View Post
Great stuff my man thanks for this, I love how your biggest trade of the day was when you reversed your position bias completely changed took the loss and got in the opposite side. Masterful trading.

What are you using as your short and long term charts these days?

I know you've studied Beggs as well have you read any Al Brooks?

Long term mainly stays on 3min, but I'll glance at a 30min a few times a day. mid term is the 250tick, and I look at the 2range for lower timeframe.

I've never read anything from Brooks, but I know a lot of people like it.

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 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


josh View Post
When you get tired of MC, try Sierra.

Congrats on your recent success by the way!

Thank you Josh. Really.

Tell me more about Sierra, why is it so much better for you?

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  #741 (permalink)
 josh 
Georgia, US
 
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indextrader7 View Post
Thank you Josh. Really.

Tell me more about Sierra, why is it so much better for you?

I used NT, and I have only momentarily tried MC. There is a thread in the SC subforum here that I started that has quite a few reasons why I find it better. But my post was meant slightly in jest, as I do not care to sway anyone from something they like. But as you said, had NT not given you problems, you would not have seen what else is out there. I decided to try multicharts, Sierra, T4, XTrader, and also had previously used IRT. Each has its own way of doing things, and most important is that we are comfortable with what we are using, as long as it suits our needs.

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stok
Dallas
 
 
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IT7, you still trading the TF?

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  #743 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


stok View Post
IT7, you still trading the TF?

I have not traded it in a few weeks. Oil has been treating me wonderfully.

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 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

Could someone that knows about trading through multiple FCM's in one platform PM me?

Thanks as always.

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 Big Mike 
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indextrader7 View Post
Could someone that knows about trading through multiple FCM's in one platform PM me?

Thanks as always.

Not a problem with Sierra. I do it daily. You simply maintain multiple "instances" (installations) of Sierra. I have my primary Sierra Chart instance for all my charting (DTN IQFeed). Then other instances of Sierra are DOM-only, and they are for execution. Each of those goes to one broker. You can even power those DOM's using other data from another instance.

Mike

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 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

No trading today. We decided to take the day off and lock in our solid month, given how light the trading has been and such.

Looks like if you got the structure right (range bound) that one could have KILLED it today trading the range. Thirteen winners and one loser. Wow.


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 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

Feels great to get off to a solid start. We're already having current clients refer us to others. It's such an easier meeting when you get tee'd up like that.

Although past performance is not indicative of future performance, I thought some of you might like to know that we made +2.4% for October, net of all fees and commissions.

We couldn't be more excited. Thanks again for all your support futures.io (formerly BMT). I went from not knowing another trader, to developing some real friendships and many trading acquaintances.

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 gulabv 
Dallas, TX
 
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indextrader7 View Post
we made +2.4% for October, net of all fees and commissions

Congrats!

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 azbarroso 
Fortaleza, CearŠ, Brazil
 
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indextrader7 View Post
Feels great to get off to a solid start. We're already having current clients refer us to others. It's such an easier meeting when you get tee'd up like that.

Although past performance is not indicative of future performance, I thought some of you might like to know that we made +2.4% for October, net of all fees and commissions.

We couldn't be more excited. Thanks again for all your support futures.io (formerly BMT). I went from not knowing another trader, to developing some real friendships and many trading acquaintances.

Congrats!! And all your hard work (I mean at least part of it) is well documented here! So we can all enjoy and celebrate your success. Keep up the good work!

-Ale

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 gulabv 
Dallas, TX
 
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indextrader7 View Post
we made +2.4% for October, net of all fees and commissions

@indextrader7,

Can you educate me what are the typical fees for a CTA like yours?

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 gulabv 
Dallas, TX
 
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indextrader7 View Post
we made +2.4% for October, net of all fees and commissions

@indextrader7,

Can you educate me what are the typical fees for a CTA like yours?

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 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


gulabv View Post
@indextrader7,

Can you educate me what are the typical fees for a CTA like yours?

We're the most common fee structure.

2% management fee (taken as 1/12 of that monthly) on the size of the account.

20% performance fee (If we gross 5% for the month, the client nets 4%) on net new profits.

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Paige
Gainesville, Florida, United S
 
 
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Just out idle curosity, who is this "we" that you now constantly refer to?

Are you not solely responsible for all trading decisions and the fate of your investors funds?

Sorry for asking, but it's just that this (CNBC analyst-esque) "we" reference has become a bit tiresome, imo.

Just sayin'...

Also, it was refreshing that you posted about your poor (big drawdown) day recently. I was beginning to wonder if you had magically become immune to such days as a result of starting your fund. I was thinking that all I had to do to make 60+ times what I can get from my bank -- was just send my money to you!

Best of luck and "keep it real" ! At least here...

Peace,
Paige

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  #754 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


Paige View Post
Just out idle curosity, who is this "we" that you now constantly refer to?

Are you not solely responsible for all trading decisions and the fate of your investors funds?

Sorry for asking, but it's just that this (CNBC analyst-esque) "we" reference has become a bit tiresome, imo.

Just sayin'...

I am responsible for trading, but I do have a partner. So often I will refer to we, because we are a team. He has his own software to make sure risk management guidelines are followed.

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 gulabv 
Dallas, TX
 
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indextrader7 View Post
2% management fee (taken as 1/12 of that monthly) on the size of the account.

Is that 2% management fee irrespective of whether its a positive or negative month return-wise?

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 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


gulabv View Post
Is that 2% management fee irrespective of whether its a positive or negative month return-wise?

Yes.

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 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

What an ugly market CL is today.... breakeven after commissions so far... I'm probably trading too much, I need to sit back and wait for the right setup. so choppy...

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 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

Ended up making some money today after all. Kept losers small and hung around until I got my trades.

Here is every trade I have made for the week and it's % P/L. This chart sums up how we make money.


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 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

In considering my performance this year, as good as it has been, I feel I have two areas for great improvement. Things are complicated as they relate to them, and my own personality/style.

1. Selectivity

I am a gunslinger type trader for sure. At least my natural state is. This doesn't necessarily mean I won't be more profitable trading in another way. I understand that I have to trade in a way that is best for me personally... both for my emotional state, and self fulfillment/satisfaction. I am consistently inspired by @PandaWarrior with his selectivity. If I had more of that, I think I could make 100 average ticks per contract on most days. Right now, I only make 20-30 on most days. Actually, a goal I've been considering is to go for 100 average ticks per contract per week. It is frustrating knowing that I'm capable of more, but not reaching that level of performance at the moment. This brings me into my next point...

2. Continuing to Trade

I often shut down the day after some level of success or if it gets to around 11AM CST. It may be all I am capable of. I am so focused and taking so many trades that I often get somewhat tired after a few hours (I start trading shortly after 6AM these days). Most days, in hindsight, if I were to do area for improvement #1 (be more selective) and number 2 (continue to trade), I see that I could have made those 100 ticks in a single day. As I said before, I don't know if I am capable or not. Either way, if I am not, I'll be ok with my current level of consistent trading success. It's not that I will be complacent, because I'm always looking to improve, but if through my continual improvement, if I can only be as profitable as I am now, I'll be just fine. I'm wanting to make a push for more peak performance though. So you'll see me talk about this a lot going forward.

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  #760 (permalink)
 efutures 
kansas city, KS.
 
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You are doing a great job of being consistently profitable. Why did you move from TF to CL?. If I am moving to CL from TF, I could expect my profit to go up 2 to 3 folds else not trade CL as the drawdowns to much more severe on CL.

In my opinion, you could easily make more than 20-25 Ticks just by going to higher tick count and being selective in trading.

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 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


efutures View Post
You are doing a great job of being consistently profitable. Why did you move from TF to CL?. If I am moving to CL from TF, I could expect my profit to go up 2 to 3 folds else not trade CL as the drawdowns to much more severe on CL.

In my opinion, you could easily make more than 20-25 Ticks just by going to higher tick count and being selective in trading.

Thank you.

CL has more liquidity. I haven't left TF for good. It's still a very much loved market. CL has just been treating me very nicely and as I said it has more liquidity (which I will need as my AUM's grow).

You're right about the selectivity. It's really important, and will be a focus going forward.

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 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

I've been so swamped lately. I'm sorry not to have been around.

Anyways, I have a bit of time today to do a trade review here.

Trade 1. Simple pullback within the uptrend. +13

Trades 2 and 3. Simple pullback trades. Trade 3 was a re-entry of trade 2. Neither one of these worked out, as I happened to catch the top of the move. Both trades were quickly scratched for -3 and -6 respectively.

Trade 4. Seeing the weakness in the uptrend, I faded the breakdown of the weak leg up. Unfortunately, I got stopped out on a retracement up to the breakdown level and didn't get to participate in the 25 tick run. I escaped with +7.

Trade 5. Simple pullback within the now bearish framework. +8 as profits were taken at the previous swing low area.

Overall +20 average ticks per contract today.


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 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

Made two more trades from my laptop. The movement looked nice, and the volume picked up, so I hopped on board.

Two pullback trades. +10 and +11 ticks.


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 PandaWarrior 
In the heat
 
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indextrader7 View Post
I've been so swamped lately. I'm sorry not to have been around.

Anyways, I have a bit of time today to do a trade review here.

Trade 1. Simple pullback within the uptrend. +13

Trades 2 and 3. Simple pullback trades. Trade 3 was a re-entry of trade 2. Neither one of these worked out, as I happened to catch the top of the move. Both trades were quickly scratched for -3 and -6 respectively.

Trade 4. Seeing the weakness in the uptrend, I faded the breakdown of the weak leg up. Unfortunately, I got stopped out on a retracement up to the breakdown level and didn't get to participate in the 25 tick run. I escaped with +7.

Trade 5. Simple pullback within the now bearish framework. +8 as profits were taken at the previous swing low area.

Overall +20 average ticks per contract today.


I may have missed it but what is your settings for your trend channel and what size chart are you trading in this view?

Brian

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 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


PandaWarrior View Post
I may have missed it but what is your settings for your trend channel and what size chart are you trading in this view?

Brian

Keltner (2,20) and 250 tick chart. I usually don't have the keltner bands on this chart, but just added it last night. Sometimes it helps me see motion clearer, sometimes it distracts me. I go back and forth.

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  #766 (permalink)
eacherlunch
birmingham, al
 
 
Posts: 18 since May 2012
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IT7, I see your screenshots are from MC now. Did you dump NT for MC?

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  #767 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


eacherlunch View Post
IT7, I see your screenshots are from MC now. Did you dump NT for MC?

I did. Had some technical issues with NT, so went with MC for stability. So far, it's really great.

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ba2012
Lima Peru
 
 
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what were the technical issues you had with NT?

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  #769 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


ba2012 View Post
what were the technical issues you had with NT?

I'm not a tech guy... but it was a few crashes, due to ATM strategies it would appear. They have no idea what the problem was at NT, and refunded my subscription.

I'm quite happy with multicharts though. Especially being able to drag and drop an order management strategy on to an existing position.

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 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

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.

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 cmmichaels 
London England
 
Experience: Intermediate
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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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 indextrader7 
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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 indextrader7 
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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 indextrader7 
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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 indextrader7 
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)
 COTtrader 
Michigan, Jackson
 
Experience: Intermediate
Platform: NT and TS
Broker: NT Continuum
Trading: ES, CL
 
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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)
 greenr 
london/england
 
Experience: Advanced
Platform: Sierra charts, NinjaTrader, VK Trader
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Trading: CL/6E/TF/ES
 
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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)
 indextrader7 
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)
 PandaWarrior 
In the heat
 
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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)
 greenr 
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
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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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  #781 (permalink)
 Jacka777 
Herkimer NY US
 
Experience: Intermediate
Platform: NT7, CQG
Broker: NT
Trading: ES CL YM
 
Posts: 59 since Jan 2013
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Hey,
Just read your post, sorry to hear what happen. I like to share this with you, I trade the ES and I only go for 8 ticks a day. I donít go for home runs but Iím building my account. I started from a very small amount and Iím doing 3 contracts now and making any wheres from 200 to 270 a day and looking to do 4 contracts per trade soon. And thatís only 8 ticks a day and I shut the trading computer off. Now people want me to trade for them now and I wonít do it, I donít need them and Iím focusing only on my goals, the next goal is trading 10 contracts on es. I started with 1 contract with 8 ticks a day. Some time it was 50 a day, but watch how fast it grows. Do not despise small beginning. You will be amaze how well you trade without all the pressure

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  #782 (permalink)
 Cloudy 
desert CA
 
Experience: Intermediate
Platform: NT7, SC, ToS
Broker: AMP, DT, TDA
Trading: CL,NQ,YM
 
Posts: 2,135 since Jul 2011
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Sorry to hear what happened. I think it stinks your ex-partner would actively approach former clients into leaving the fund. I would assume the clients can see the performance of your fund at anytime so they could make their own choice? Your fund sounded like it had a decent size ( > 100k ). Maybe having other trading methods to diversify when one method didn't work out well can help. I had noticed your trading was very short term and similar to YTC Scalper. I had a stint with YTC Scalper and finally chucked the whole YTC methodology (PAT & Scalper) away after my own severe drawdowns. I don't believe the YTC guy trades for real now. It got me into the bad habit of averaging down positions as I was new to it. I'm similar to the previous post now. 10-20 ticks on CL or YM/NQ early morning hours then I quit. I also do a few options spreads on another account. Your fund size sounded like it could have done a few options positions too. This guy has some free videos although he charges hefty for everything else. Free Options Trading Videos ; Good luck.

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  #783 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

Hello all. I have decided to go for a TST Combine.

I've started a new thread for the combine

Anyone that wants to follow along is welcome to come. I won't be abandoning this thread, only temporarily. When the combine is through I'll move my posts back over here.

For now though, my focus will be on the combine thread.

Happy Trading,

-IT7

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  #784 (permalink)
SteveH
Orlando, Florida, USA
 
 
Posts: 34 since Oct 2010
Thanks: 3 given, 96 received

Merrick, the problem with a carrot / stick business model is that the one holding the stick always makes the rules least advantageous to you and always wins while you're always at risk of starving. Don't depend upon others in this biz. If you've got $25K of your own cash to trade the CL, then stay with 1-2 contract orders and shoot for $400 - $600 a day average.

Your only major fault to date has been hubris (an excess of ambition). A successful at-home trader is indentured to NO ONE.

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  #785 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

@Big Mike


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  #786 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

I watched a webinar by FT71 today, and thought his use of this info was a great idea. I especially liked the way it was formatted. So I created something in excel to pull from ninja and do the same thing for my trades... Here's all the TF trades I've taken since 2-4 (last one was 2-11)

This was only trading one contract for every trade, so my results are not as good as they can be with a scale out MM system. The only think I can look at and say I'm pleased with here is the tight, consistent risk mgmt.



Thought I'd share... pretty easy to create, and pretty useful tool.

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  #787 (permalink)
 PushHands 
San Jose, CA
 
Experience: Beginner
Platform: NinjaTrader
Trading: NQ
 
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Very informative tool. If you ever share it, please let us know. :thumb

And I'm looking forward to following your combine thread; wishing you the best!

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  #788 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012


PushHands View Post
Very informative tool. If you ever share it, please let us know. :thumb

And I'm looking forward to following your combine thread; wishing you the best!

Thanks!

Here's a shot of the spreadsheet itself. The block of info on the left is exported from ninja trade list. Really the only info you need is MAE, MFE, and P/L for your trades.

Note: BEWARE OF NINJATRADER MAE, MFE VALUES. IF YOU SCALE IN/OUT OF A POSITION THE VALUES CAN BE WAY OFF. IF YOU TRADE 1 LOTS, IT'S ACCURATE AS IT IS.




In order to make this graphically accurate, I had to make adjusted MAE and MFE values. If you just plot the P/L, MAE, and MFE as they are, the MAE looks too low if you had a losing trade and the MFE looks too high if you had a winning trade. I hope that makes sense.

The formula for the adjusted MAE:


The formula for the adjusted MFE:



That's really the only formulas that were more advanced. I figure it's self explanatory how to figure cumulative gross and net P/L!

If you want to chart to look nice and pretty and have the zero axes line up for both y axes.... then simply adjust the scales on each so that the max and min are of equal proportion.

Let me know if you need any more help. I think I covered it, but could have left something out!

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  #789 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

I posted this in my combine journal, but I wanted to post here for people that have been a big part of this thread over the past year.

I'm broadcasting my trading live tomorrow.

I was having a conversation with a non-trading friend, and explaining them things about my journals here on futures.io (formerly BMT) and such, and they got me thinking about how helpful it could be for someone to see me trade, and hear me talk out my thought process live.

Join me as I continue to sim trade CL and prep for the combine. I'll be starting at 7am CST.

I think you may have to click on the audio button once logged in in order to hear me. I'll have your end muted, but feel free to chat if you like.

Here's the link! https://join.me/572-521-271

Could be fun!

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  #790 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

I hope some of you were on the webcast this morning. It was such a great session to show real, difficult trading.

I have the recorded webcast on my blog at Trading with indextrader7

The cool thing about it is the fact that you don't have to wade through the long periods of no action. (unless you're a new trader, then I recommend it). If you want to just see the trades, click the "next" button at the bottom, and you'll be taken to the start of the next trade.

I'm going to need a new way to let people know when these things are happening, because right now I'm having to repeat posts in a few different areas.

-IT7

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  #791 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

Real time trading webcast starting in a few minutes if you care to join.

If you have google+ (recommended) join here: https://hangouts.google.com/hangouts/_/a2872c7980b35ac224ce7cb8ce45bb35da6b85f6?gid=893851448980

Don't worry, I can't see you or hear you, I have everyone auto muted/blocked with a program. You are encouraged to chat if you have comments questions.

If you don't have google+ and/or refuse to get it, you can watch on my youtube channel, as it will be streamed live there. You wont' be able to participate if you want to comment/question. Here:
indextrader7 - YouTube

Let's have a good session today everyone.

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  #792 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

Trading with indextrader7: Psychological Journal

I'm sorry for the duplicate posts, but I don't know if the short term TF guys are following the TST journal thread!

An article I wrote on the idea and application of a psychological journal entry to enhance trading. I think y'all will like this one!

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  #793 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

3D Trading
I've been a fan of three-dimensional trading for quite some time. 3D trading involves using three different timeframes such as the combination of 30min, 5min, and 1min charts.

There's a few ways to do it to suit your own style, but since I'm a Price Action guy... I'll show you how I do it.

I take a top down approach. Start with the longest time frame.

Long term chart - 30 minute chart

This is the chart I use to look for significant levels in price. It shows the history of the battles between bulls and bears. It shows emotional inflection points where more people are likely involved. Regardless of what the reason behind it may be, it shows support and resistance levels that I care about.

Here we can see CL action from today. We'll make an example of what price did as it entered the support level that price had reacted to four times prevously (blue boxes).








Now we go to our main trading timeframe, the 5min chart.

We're looking to see what price does as it enters this support level. We can see that, on this timeframe, price forms a three-bar stall at the level. There are also some longer wicks to the downside, which generally signal strong buying stepping in. OK, we found a significant level on the higher timeframe, and we've confirmed that we're getting a stall here on our trading timeframe. Let's look to the lower timeframe to get a microscopic view of the price action.








We're now viewing the lower timeframe (1 minute chart here).

We first have a strong push down into and slightly past the level. Buyers step in and price isn't able to maintain below. The bears step in and again, and we get to see what they've got. As you can see from the arrows, the second push down was super weak relative to the first, and price again came back up above the level. You can choose an exact entry however you like; the precise entry is not even close to the most important thing when you get the analysis right.


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  #794 (permalink)
 greenr 
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
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Steven Smith View Post
I choose short time trading because short time trading is so much profitable,
that's why i take short time trade for scalping and scalping is so much profitable strategy
and also so much proven strategy but it is also truer that short time trading also a risky trading style.

Not a lot of people make consistent money scalping or day trading though

One of the hardest most risky forums of trading

But yes.....nice profits can be made. If you can beat the very hard odds

" 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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  #795 (permalink)
 madLyfe 
Des Moines, Iowa
 
Experience: None
Platform: Ninja, TOS
Broker: AMP/CQG, TOS
Trading: CL, TF, GC
 
madLyfe's Avatar
 
Posts: 1,644 since Feb 2011
Thanks: 9,220 given, 1,015 received


indextrader7 View Post
3D Trading
I've been a fan of three-dimensional trading for quite some time. 3D trading involves using three different timeframes such as the combination of 30min, 5min, and 1min charts.

There's a few ways to do it to suit your own style, but since I'm a Price Action guy... I'll show you how I do it.

I take a top down approach. Start with the longest time frame.

Long term chart - 30 minute chart

This is the chart I use to look for significant levels in price. It shows the history of the battles between bulls and bears. It shows emotional inflection points where more people are likely involved. Regardless of what the reason behind it may be, it shows support and resistance levels that I care about.

Here we can see CL action from today. We'll make an example of what price did as it entered the support level that price had reacted to four times prevously (blue boxes).








Now we go to our main trading timeframe, the 5min chart.

We're looking to see what price does as it enters this support level. We can see that, on this timeframe, price forms a three-bar stall at the level. There are also some longer wicks to the downside, which generally signal strong buying stepping in. OK, we found a significant level on the higher timeframe, and we've confirmed that we're getting a stall here on our trading timeframe. Let's look to the lower timeframe to get a microscopic view of the price action.








We're now viewing the lower timeframe (1 minute chart here).

We first have a strong push down into and slightly past the level. Buyers step in and price isn't able to maintain below. The bears step in and again, and we get to see what they've got. As you can see from the arrows, the second push down was super weak relative to the first, and price again came back up above the level. You can choose an exact entry however you like; the precise entry is not even close to the most important thing when you get the analysis right.


cant say much more, but i like reading posts like this.. hope you post more like this in the future!(if this is how you are trading currently)

dont believe anything you hear and only half of what you see

Į\_(ツ)_/Į

(╯į□į)╯︵ ┻━┻
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  #796 (permalink)
 wrbtrader 
South France, Chicago U.S.A, Quebec Canada
 
Experience: Advanced
Platform: X-Trader, InfinityAT, Sax
Trading: Emini ES, Emini RTY (TF), Crude CL, Eurex DAX, EuroFX 6E, Forex EurUsd and Hang Seng HSI
 
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Posts: 47 since Mar 2011
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What happen to indextrader7 ?

He stopped posting with no notification and his blog is no longer updated.

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  #797 (permalink)
 trendisyourfriend 
Market Wizard
Quebec
 
Experience: Intermediate
Platform: NinjaTrader wt Rancho Dinero's profiling tools
Broker: AMP/CQG
Trading: ES, NQ, YM
 
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Posts: 4,013 since Oct 2009
Thanks: 3,687 given, 5,185 received


wrbtrader View Post
What happen to indextrader7 ?

He stopped posting with no notification and his blog is no longer updated.

Hi fellow compatriote,

Follow this link ( clickme) and you'll get the answer to your question.

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  #798 (permalink)
 wrbtrader 
South France, Chicago U.S.A, Quebec Canada
 
Experience: Advanced
Platform: X-Trader, InfinityAT, Sax
Trading: Emini ES, Emini RTY (TF), Crude CL, Eurex DAX, EuroFX 6E, Forex EurUsd and Hang Seng HSI
 
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Posts: 47 since Mar 2011
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trendisyourfriend View Post
Hi fellow compatriote,

Follow this link ( clickme) and you'll get the answer to your question.

Thanks

I didn't realize he had another trade journal elsewhere here at futures.io (formerly BMT). Yet, I did know he had trade journals at different forums and that he was trying very hard to keep all of them updated. Just a little odd to be all over the place like that instead of having just one journal at one forum.

I wish him the best.

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