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Breakout Journal - a journey to full time trading


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Breakout Journal - a journey to full time trading

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  #201 (permalink)
 Silver Dragon 
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Had a crappy morning trading so I move over to SIM and then have 2 trades 20+ ticks. Go figure.


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  #202 (permalink)
 Silver Dragon 
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GC has been a pain to trade the last few days and this is the reason why. GC had a breakout of downward trend line which then went right into a channel. We are stuck in the middle of two lines. Its making trading very choppy.

Robert


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  #203 (permalink)
 Silver Dragon 
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Reverse Head and Shoulders on the 800 tick chart for 1-16-13


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  #204 (permalink)
 Silver Dragon 
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GC Morning
77 ticks

Trading @VinceVirgil style today. I am in prep for the combine which I hope to start as sson as they get the new data feed online.. I find myself switching back and forth between the 800 tick chart and the Channel Trend bars. Both have their advantages but seeing this chart today is pushing me more toward the 800 tick.

I managed to hit two out of five entries. One last night and one this morning. I couldn't pull the trigger on the last two. I am having trouble entering a trade after I after miss the initial entry. I had 3 or 4 chances to enter the third trade marked but could not do it for fear of the reversal. My fear of losing what I have already gained for the day still haunts me. I actually am able to pull the trigger on more trades when I lose the first trade. I have been thinking about reducing my size if I start out with a decent winner. this way if the trade goes against me I wont be giving so much back.

Robert


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  #205 (permalink)
 Silver Dragon 
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Added one more trade on a second entry.. 16 ticks.

Robert

Edit: per previous post; reduced the number of contracts and was able to pull the trigger!!


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  #206 (permalink)
 mokodo 
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Silver Dragon View Post
I have been thinking about reducing my size if I start out with a decent winner. this way if the trade goes against me I wont be giving so much back.

Thought about applying a stop loss to your daily/weekly/monthly profits? So if you are up a certain amount you can keep trading but size or select trades accordingly, so will have a cut off and keep a pre-determined level of profit. This is the money management tail wagging the trading dog (if you follow the metaphor!).

I've got this in my trading plan but don't yet make enough profits for it to come into play. Strikes me as a sound concept nonetheless.

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 Silver Dragon 
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Night trade


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  #208 (permalink)
 Silver Dragon 
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Attached are the trade results for the last 3 posts.

Robert


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 Silver Dragon 
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This trade is a double bottom. Risking one contract. Sometimes the bars with flat bottoms will run up.or be the start of small trend.

Robert


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 Silver Dragon 
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Moved stop up to just below breakeven.


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 Silver Dragon 
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Out 10 ticks.


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  #212 (permalink)
 Silver Dragon 
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Continue from previous 3 posts...

So what do you do here? Price trended higher than my target and formed a double top. There is a chance it go higher if it breaks above the double top. I had a buy stop above the stop but took it out. I will wait for a pull back. Its possible this could be the start of a range.

I sometimes struggle with setting targets. I set a trade for 10 ticks it hits then goes 30 ticks higher. Next time I might set the target for 30 ticks and it will go 12 ticks and reverse. I have been trying to set a target and be done with it. I get what I get.

Robert



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 Silver Dragon 
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Todays recap of my trades and possible entries.

Decided to do a video recap of my trades from time to time. This is to help me visualize what I was looking at on a particular day and to help me get back on the disciplined path if I were to stray from it.

Since this is on my personal development as a trader, I will be making remarks on what I need to work on throughout the videos. This will remind me where I need to improve.

I can here all sorts of digital background noise in the video. Something is not grounded correctly in my computer. I am going to work to track this down.

Let me know if you have any questions.

Robert

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Attached Files
Register to download File Type: flv GC 1-24-13 Trades for BMT.flv (123.82 MB, 45 views)
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  #214 (permalink)
 VinceVirgil 
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Silver Dragon View Post
Todays recap of my trades and possible entries.

Decided to do a video recap of my trades from time to time. This is to help me visualize what I was looking at on a particular day and to help me get back on the disciplined path if I were to stray from it.

Since this is on my personal development as a trader, I will be making remarks on what I need to work on throughout the videos. This will remind me where I need to improve.

I can here all sorts of digital background noise in the video. Something is not grounded correctly in my computer. I am going to work to track this down.

Let me know if you have any questions.

Robert

Good work on the video.

Dont look at the GC myself, but looks like some real tradable patterns you described.

Nicely done.

Vance

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 mokodo 
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Silver Dragon View Post
Todays recap of my trades and possible entries.

Decided to do a video recap of my trades from time to time. This is to help me visualize what I was looking at on a particular day and to help me get back on the disciplined path if I were to stray from it.

Hi Silver Dragon,

Can you let me know what video/audio capture set-up and software you use. I can really see this being a helpful tool and would like to experiment with it.

Thanks in advance for any feedback - nice trading by the way.

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 Silver Dragon 
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mokodo View Post
Hi Silver Dragon,

Can you let me know what video/audio capture set-up and software you use. I can really see this being a helpful tool and would like to experiment with it.

Thanks in advance for any feedback - nice trading by the way.

@mokodo,

Blueberry flashback video. It can be found here: BB FlashBack - Screen recorder software

Robert

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  #217 (permalink)
 Daytrader999 
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Silver Dragon View Post
I sometimes struggle with setting targets. I set a trade for 10 ticks it hits then goes 30 ticks higher. Next time I might set the target for 30 ticks and it will go 12 ticks and reverse. I have been trying to set a target and be done with it. I get what I get.

@Silver Dragon:

I have exactly the same 'issue' in my trading, CL sometimes really tortures me until I can grab 10 ticks very laboriously which often leads to adjusting my target for the next trade.
When I enter the next trade, my 10 tick target often gets hit in a blink and I leave some additional 10-30 ticks on the table.
Then I adjust my target again, and after 11-13 ticks in profit the trade turns against me...

So I completely agree with you at last, just get what you can get, and just do it constantly...

And thanks a lot for the video, Robert. Great work !

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 Silver Dragon 
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GC Morning

+79 Ticks

Had a good day today.There was only a 10 dollar range today. This is tiny for GC. I played my setups and waited for the entries to present themselves. I was one tick away from my daily tick goal twice. I really wanted that tick, but decided it was not worth messing up a good day and start to the week.

One one of biggest fears I am working to overcome is trading after a big win. To do this I am cutting my number of contracts in half after a big trade. The physiological reasoning for this is if I would have to lose several trades in a row to give it back what I made on the first trade. As my confidence grows with trading my setups I will decrease the amount of times I do this.

I am also finding it difficult to find time to post daily reports. To much going on. I may just start posting numbers without commentary on my busy days.

Robert



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 Silver Dragon 
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GC Morning
-56 ticks

Today was a rough day of trading. My first trade of day was a loss which I could not bring myself to exit early. I ended up losing twice as much as I should have. The second trade of the day was intended to be a long single contract trade. There was a channel going up and I caught near the bottom but then the bottom dropped out quickly and I got stopped out before I had a chance to close it out early.

Right about this time one of the expereinced / funded traders in the room mentioned the day before the FOMC meeting is one of the toughest days to trade in GC.

So, knowing this, I made an adjustment. The final two trades were more or less scalps on bar reversals. After the 4th trade I stopped trading.

This day could have been a lot worse. One of the things I did on the first trade was to reduce my contract size because I felt the market was tight. ding ding ding!! Probably should have taken that queue and not traded at all. It was a learning day. It was a good day

I am disappointed that Ninja will not be available until March on TST. Perhaps a blessing in disguise. More practice time and time to keep looking at other instruments. Speaking of; I traded ZB today in while I was waiting for GC to do something. This is a interesting instrument. Its not as choppy as many of the other instruments and tends to trend very well. The tick size is large; 31.25 a tick. Had four winners and one loser.

The best thing to happen today?
  • I didnt collapse after the second losing trade and go into panic or revenge trading mode.

What was the worst thing to happen today?
  • I recognized it was a tight market but didnt heed the warning. Today should have been a sideline day

Robert


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 Silver Dragon 
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GC morning

+ 36 ticks

I totally messed an entry this morning. There were big bars this morning, like 50+ ticks for a single bar. I wanted to get in and adjust my stop further out. Well, as soon as I entered I was stopped out. This was a stupid move on my part; a 10 tick stop on a 50 tick bar. Really?? what was I thinking! I should have adjusted my stop before entering. I got in on the next run up and made my my ticks back.

The FOMC meeting is today. I will wait and see if other trades present themselves before the meeting.

Robert



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 Silver Dragon 
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Big moves today


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 Silver Dragon 
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GC Morning - updated

+72 ticks

I caught the breakout to the upside. This will probably be my last trade before the FOMC meeting. I am happy with today's results.

Robert




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 Silver Dragon 
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Flag Pattern.


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 Silver Dragon 
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GC morning
+ $960

ZB Jan 31st and Feb 1st
+$1,375

On Thursday the realization that I would have to wait at least another month if I want to use NT in my combine kicked in. Was not happy.. I traded sim and clicked on everything I saw... Lost 3500 in a couple of hours. After I got over my bout of self pity, I ended up trading ZB for the rest of the day in my TST account. Made $768.

Friday I tried a really short time frame in GC after the news broke.. It ended badly. I went back to what I knew. Once I determined it was heading up I took a longer term trade and ended up +960 for the day in GC.

I traded ZB at the same time. I had one longer term trade and the rest were scalps. I ended up +656 for the day. I like how ZB moves. Its very mechanical with low volatility. A large move for ZB is 5 to 10 ticks. It makes it perfect for a scalping type of strategy. It helps the tick value is $31.25. This makes it ideal to use a larger number of contracts with a tighter stop. I made several 1 tick scalps with 4 contracts which netted $125 each. I could pick those off all day long.

I have started looking into data feeds which hook up to Ninja in case I decide I want to start my Combine early. The idea would be to use the trade interface of Sierra Charts to hook up to T4 while using NT charting.

Robert

ZB


GC

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 Silver Dragon 
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A couple of screenshots from today. Shows the run up after the news then the collapse a couple of hours later.

Robert


During the run up:


After the run up:

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 Big Mike 
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If you wrap screencast URL's in the [screencast] bbcode, they will show up as images.

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 Silver Dragon 
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ZB / UB
$$ ???

Traded ZB and UB today. Had issues all day with ZenFire not processing stops and having unrealistic slippage when manually closing a position. Decided not to post the numbers because it does not accurately reflect my actual trading today.

Robert

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@Silver Dragon, also wanted to confirm your Mention notifications are working now?

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 Silver Dragon 
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@Silver Dragon, also wanted to confirm your Mention notifications are working now?

Mike

@Big Mike

Yes.. They started working again. The computer I am using post to futures.io (formerly BMT) had not been restarted in a month and a half or more. I believe this was the cause. I had several other issues with web pages which cleared up after I restarted.

Robert

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 Silver Dragon 
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Combine Update:

I am laying out my options for starting the combine. I have two choices; wait till NT becomes available on TST, hopefully next month,or create a hybrid system of T4 and Ninja. I have been looking at different data feeds to power my NT charts. Kinetick is in the lead at this point. I started practicing with Sierra Charts entry system. I have some basic strategies set up. Right now the thing that's holding me back from going to full blown Sierra is the Channel Trend bars. I am finding them quite efficient to trade ZB and UB. I played around with Sierra's Renko bars today but it just does not compare to the Channel Trend bars.


Robert

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 Silver Dragon 
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Trade on UB off the higher low.


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 Silver Dragon 
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Trade reversed quickly.. Ended flat. Entered on the other side and pick up a tick.


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 Silver Dragon 
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Scalped two ticks on the breakout of the trend line. .. See blue box.


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 Silver Dragon 
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Testing a continuation pattern. This could run 10 ticks.


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 Silver Dragon 
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Stops not working again... errr...........


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 Silver Dragon 
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Silver Dragon View Post
Stops not working again... errr...........


I made the switch over to the T4 platform today. I will be using Ninja for the Charting and the T4 or Sierra to enter the trades. As soon as I get comfortable with the setup I will be starting my combine.

Robert

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 Silver Dragon 
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This my new setup. A chart and a trading DOM. Tested out the OCO orders today. Placing orders on the DOM will take some getting used too. The one thing I am going to miss is having the trades displayed on the chart. But.. it is what it is.

Robert


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 Silver Dragon 
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UB morning
+468.75

This was the first day with the DOM. I took it slow and worked my way up to 4 contracts. Three winners and zero losers.

The one thing I miss is the ATM strategies and being able to see the trades on the chart. The flip side of that is I spent more time watching the DOM today. This is probably a good thing.

I have pretty much decided I will be trading one of the bond futures. ZB or UB. These fit my trading personality quite nicely. Couple more days of practice before heading to the combine.

Robert





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 Daytrader999 
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Silver Dragon View Post
This my new setup. A chart and a trading DOM. Tested out the OCO orders today. Placing orders on the DOM will take some getting used too. The one thing I am going to miss is having the trades displayed on the chart. But.. it is what it is.

I think that could be a good idea Robert, and perhaps I will give it a try too since in the TST webinar yesterday no fixed start date for NT has been mentioned...

So, to get the trades on your NT Chart, maybe you can try to take the same Trades in SIM simultaneously...?

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 Silver Dragon 
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Daytrader999 View Post
I think that could be a good idea Robert, and perhaps I will give it a try too since in the TST webinar yesterday no fixed start date for NT has been mentioned...

So, to get the trades on your NT Chart, maybe you can try to take the same Trades in SIM simultaneously...?

@Daytrader999,

Thought about that but decided against it.. There would be to much going on and would be more chances for mistakes. Just going to keep it simple. I will learn to trade without it.

Robert

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 Silver Dragon 
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Reverse Head and Shoulders pattern on Ultra Bond. We shall see if this is prelude to breakout to the upside

Robert


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 Big Mike 
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Silver Dragon View Post
Reverse Head and Shoulders pattern on Ultra Bond. We shall see if this is prelude to breakout to the upside

Have you read the book 'Evidence Based Technical Analysis'? If not, highly recommended.

Mike

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 Silver Dragon 
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Had bunches of stuff to do today.. No time for trading. Will be back at it tomorrow.

Robert

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 Silver Dragon 
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Five months ago I started this journal to document my journey to full time trading. Today I took the next step in my journey and signed up for my Combine. I will start on Monday. My goal is to become a funded trader and get to the point where I can trade full time.

Since the start of my journal my mentality has changed, my trading has changed, I have changed. The most significant change coming in November when I threw down gantlet and decided it was time to start walking the walk and talking the talk. I still don't know what event lit the fire under my ass, but whatever it was I thankful that it happened. I now feel confident as a trader that I can do this and make a living out of it. Many of the things I have been scared doing I dont even think about anymore. This is a good feeling knowing I can overcome fears and the one thing which will keep me from obtaining my goal; that One thing would be me! I am my own worse enemy. A great lesson learned.

I do have to give a shout out to @VinceVirgil. His videos showed me that you can win at trading by following a disciplined plan. Once I learned how to win the rest of it fell into place. The second action which has help me get to this point was signing up for a membership @ TST. This was a important step for me. It allowed me to fail massively without suffering the monetary consequences and the phsycologiclal baggage which can destroy a person. More importantly it taught me how to succeed with a trading plan within specified limits. I cant tell you how important it is to go into a trading day with a plan and limits.
  • What is my loss limit?
  • what is my monetary or tick goal for the day?
  • How many contracts am I going trade?
  • How do I feel today?
  • What are the markets doing?
  • what is the bias for the day?
  • What is the world doing?
  • What news events will be happening today?

All of these things I think about every day before I even thinking about placing a trade. I think the most important one on the list is "how do I feel today?". This may sound silly, but I have found that if I am not confident or my mind is not 100% focused on what I am doing then I fail. Learning not to trade is one of the harder lessons to learn.

Finding a instrument which fit my personality came next. I have traded ES, CL, GC, ZB, ZN, UB, 6E, 6J, ZC. I found each one of them very different to trade and each present their own challenges. The three I have had most success with is GC, ZB, and UB. I recently came across ZB and UB and when I started trading these I knew this was it. The movements made sense to me, almost predictable. I feel very comfortable trading them. Unlike GC where I felt like on every trade I could be stopped out because of irrational move I feel just the opposite with ZB and UB where in every trade I feel like I can come out on top.

Surrounding myself with winners and like minded people has been a huge help for me. I spend my mornings in the chat room talking to people who are trying to succeed just like me. The best part is they are willing help out and give thoughts and observations during live trading days. Some of things I have learned you will never find in a book. Experience is a great teacher. Perhaps the most interesting thing I have noticed in the different trading rooms is how like minded personalities gravitate toward a particular instrument. I had this realization a few weeks ago. Perhaps this is why when I started trading bonds I knew I was home.

I am not making the claim here I have it all figured out; far from it. I am at the beginning of my journey and if I am fortunate enough to be trading for the rest of my life I will still know very little in the grand scheme of things. I am and always will be a humble student of the market.

Final thoughts: This was true when I started my journal and its true now; I have never wanted to do anything more than what I am doing right now. It is culmination of passion, determination and true love for what I do that has help me get to this point... My goal is within reach... I can almost touch it.. It is a feeling of great pride and happiness that I have made it this far. Journey on, journey on!

Robert

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 Daytrader999 
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Well said and very well done, Robert, and I can't agree more !

So, if things in trading continue going this way for you - and I honestly hope they will - do you really need a Combine anymore...?

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 Silver Dragon 
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UB Morning
-1375

I was a little anxious this morning. I was thinking about the combine next week. On the first trade I tried to jump the reversal and got burned. This is totally against my entry rules. On the second trade I followed my entry rules and I was 1 tick away from getting it all back but could not bring myself to close it out because I wanted it all back. There were three key mistakes I made:
  • I didnt follow my entry rules on the first trade
  • I did not exit the trade when it stalled on the second trade
  • I was over confident going into the first trade.

The third trade of the day was a learning experience about T4; When you hit flatten it does not kill all the open orders like Ninja does. There is a obscure red button which does this. Anyways the price hit my open order and reversed and before I knew it I was out a 1000 bucks. Lesson learned.

I was more disappointed than mad about what happened on the first three trades. I quickly analyzed what I did and went over the rules for entry (again) and moved on and ran off 5 consecutive winning trades. I also went back to smaller targets, 1 to 3 ticks, which has worked for me in the past.

What I learned today is I still need more practice with the T4. Going to take more time next week to get familiar with it in my practice account before starting in the combine.

The other thing I learned today is I handle adversity much better than I used to. Five months ago I would have been down and out after the third trade. Now I see it for what it is and make adjustments and move forward.

I did discover a great entry tool the T4 has. Its called a trailing order. You place the order 3 ticks off the bid or ask and it will follow the bid or ask until the price pulls back to the entry order. I found this to be extremely helpful for the type of trading I do. I actually used this entry method on the last 3 trades I took.

Despite the negative number today, it was a good day. I had cold water thrown on my face after the post I made last night and the market humbled me again which helped me bring myself back into focus.

What was the best thing that happened to me today
  • I made mistakes on my practice account and not the combine.

What was the worst thing that happened to me today
  • I let the excitement of the starting the combine throw my focus off.
  • I was over confident

Robert



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 Silver Dragon 
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Daytrader999 View Post
Well said and very well done, Robert, and I can't agree more !

So, if things in trading continue going this way for you - and I honestly hope they will - do you really need a Combine anymore...?

@Daytrader999

Many thanks!! Not sure if your question was serious or not but going to answer it anyways ; Yes I need the combine. See todays results in my previous post as to why I need it. I am still very wet behind the ears and need the structure to help me advance to the next level. The other part of this whole process which I like, is taking the physiological burden of possibly destroying my account by making stupid mistakes out of the equation. If I screw up to badly with a funded account they will cut me off. If I screw up to badly in the combine then I will be cut off. Going to use these safeguards to my advantage to learn my limits and advance.

Robert

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 plethora 
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Silver Dragon View Post
UB Morning
-1375

I was a little anxious this morning. I was thinking about the combine next week.

That's a great thing to be aware of, as those feelings will probably intensify during the Combine. Perhaps give yourself permission to take the first three trades of the day on the Sim, the way one would stretch and warm up before a run, particualarly a marathon.

You'll do great.

 
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 Daytrader999 
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Silver Dragon View Post
Not sure if your question was serious or not but going to answer it anyways ; Yes I need the combine. See todays results in my previous post as to why I need it. I am still very wet behind the ears and need the structure to help me advance to the next level. The other part of this whole process which I like, is taking the physiological burden of possibly destroying my account by making stupid mistakes out of the equation. If I screw up to badly with a funded account they will cut me off. If I screw up to badly in the combine then I will be cut off. Going to use these safeguards to my advantage to learn my limits and advance.

@Silver Dragon:

Well, it was at least a 'half' serious question, because your results and your attitude / mindset seem to match perfectly.

But, pretty much according to your previous post, I exactly feel the same since every time when I think I 'got it' now, I'm going to make some stupid mistakes too, whether not getting out of a losing trade by time, or going for the 'last tick' even when all signs indicate that the market will turn against me, so that I end up with a break even trade at last instead of taking what the market is willing to give me...

So, bottom line, I think that I also need a certain 'pressure' of being monitored / supervised by a kind of 'higher authority' to make sure that I won't continue repeating those mistakes and sometimes that unprofessional behaviour during the Combine and especially not when trading the Live Combine, which I think will be a quite long ongoing process for me.

And at the end of that process my goal is to have uprooted (I hope this is the correct word ) most of my mistakes and 'bad' behaviour, so that my trading evolves in the right direction.

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 Silver Dragon 
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UB Morning
+375

I did not trade in the Combine today instead I continued in my practice account getting familiar with the T4 platform. The first trade of the day I was greedy. I had several chances to exit the trade with a profit or BE but thought it might breakout so I held it. After I determined it was going to be a tight range day I took six 1 tick scalps.

Robert


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 Silver Dragon 
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UB
+268 - Tues and Wed

Started the combine yesterday.Tying to get into the flow of things and thus I am being overly cautious. I have missed countless trades over the past 2 days. Yesterday might as well been my first day trading all over again. My heart rate was up and I was trying to make perfect trades. Today was better. I was more relaxed today; I saw the trades but could not pull the trigger on them.

First trade was a breakout to the upside. I closed it out too soon for + 3 ticks. It ended up going 10 ticks higher after I exited the trade. The second trade was just a scalp to the downside. This is another trade which I should have held onto.

Yesterday was going good till I a gave most of it back on the final trade. Made the mistake of trying to reach a monetary goal. Anytime you try to force a result it always ends bad.


Robert


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 Silver Dragon 
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UB
-451

Tough day at the office. Made mental mistakes today and missed a lot of trades. On the last trade of the day I convinced myself to take the trade when I saw the signal. This is what I should have been doing all day long. Anyways, I took it and it ended up being the loss that finished my day off. I dont consider this a bad day because right now I am fighting physiological roadblock and I know what it is. On the last trade I put the roadblock aside and took the trade. A few days of taking trades when I see them and should get past this issue. I went through this on the practice account as well.

The biggest take away from the today was my ability to stop trading after the loss. In the past I would have not been able to do this.

Robert


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 indextrader7 
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It always helps me (in times where I'm going through what you are.... pressure, fear, etc) to focus on the math/statistics/probabilities or things. Mark Douglas type concepts:

1. Anything can happen. Really embrace that, because it is true. A trade may be perfectly set up in every way, but we do not know the actions that big players are about to take because of unknown reasons. They can push the market against us, even though our trade was a great one to take.

2. I don't need to know what's going to happen next in order to profit. This puts less emphasis on THIS trade.. less importance on it. This specific trade may or may not work (anything can happen). All I know is that over the next TWENTY trades (for example) I'll have around 12 winners and 8 losers. That's all I know.

3. There is a random distribution of winning and losing trades. We have no idea which trades over the next 20 will be winners and which will be losers. Again, less importance on a specific trade, freeing us up to be healthily fearless.

4. An edge is only a higher PROBABILITY of outcome A over outcome B. "... regardless of how much evidence you gather to support acting or not acting on a trade, it still only takes one trader somewhere in the world to negate teh validity of any, if not all, of your evidence. The point is WHY BOTHER!. If the market is offering you a legitimate edge, determine the risk and take the trade.

5. Every single moment in the market is unique. For two moments to be exactly alike, every player in the market would have to have the same stops, limits, entries, exits, and size on in the exact same manner as before, with the same emotional outlook as a previous moment in the market. This will never happen, so it's silly for us to think that we can actually predict the next price movement with certainty. This frees our mind to perceive what the market is offering from ITS perspective.


Anyways, those Douglas concepts get me back on track time after time after time. I hope one little thing in there gives you a bit more confidence going forward to trust your own edge and trade your plan.

 
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 Silver Dragon 
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2/15/13
UB Morning

Flat

Ended the day flat on Friday. It was the first day all week that I was taking trades without over thinking it. I cleared everything out of my chart and used a simple tick chart. My entries were to catch reversals. The first trade of the day was a bad entry. I didnt let the bar close before entry. As a result I got in on top instead of catching a breakout. The last two trades I caught them and made up my ticks from the first loss.

I should really keep things simple all the time because I make better trades.


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 bnichols 
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Just discovered you started the combine. Following with interest and faith.

Remember to breathe...works for me

b.

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 COTtrader 
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 VinceVirgil 
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Silver Dragon View Post
2/15/13
UB Morning

Flat

Ended the day flat on Friday. It was the first day all week that I was taking trades without over thinking it. I cleared everything out of my chart and used a simple tick chart. My entries were to catch reversals. The first trade of the day was a bad entry. I didnt let the bar close before entry. As a result I got in on top instead of catching a breakout. The last two trades I caught them and made up my ticks from the first loss.

I should really keep things simple all the time because I make better trades.


Hello SilverDragon,

One statictic I have notoced that seems to be in conflict at his early stage oif the combine, it the amount of time you hold losers.

Holding losers too long have a detremental effect, not just to you pocketbook, but particularily, to your phsychological capital. Siitting for an extended time watciing a particular trade hover between a tick up, a tick down, a tick up, a tick down, a few ticks up, a few ticks down for an extended period of time, only to end in loss, is a frustrating experience.

Good trades are ussually good from the start. It stands to reason that bad trades are likewize.

Have you considered the concept of a time stop, as it relates to price action?

Once you enter a trade, you enter with an initial stop. Evaluating and reevaluating a trade while you are in it, as time goes on, may allow you to close it out with a small loss quickly. You can always get back in. One of the metrics that are commonly measured is the length of time in a losing trade vs the length of time in a winner. I know of no other way to cut a losing trade time then to actually close it out. This also goes to the point of keeping your losses small. It is evident that you must have closed out your winners early, because it looks like your winners were not enough ot overcome your losses.

Your winning percentage is good. i dont know the details, but is there a way you can see yourself sticking with your winners longer? Adjsuting your approach to facilitate that circumstance? I dont know your system, but your winners should be held longer than losers. I am not aware of a successful approach that is otherwize.

Just a simple observation.

VV

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 Silver Dragon 
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VinceVirgil View Post
Hello SilverDragon,

One statictic I have notoced that seems to be in conflict at his early stage oif the combine, it the amount of time you hold losers.

Holding losers too long have a detremental effect, not just to you pocketbook, but particularily, to your phsychological capital. Siitting for an extended time watciing a particular trade hover between a tick up, a tick down, a tick up, a tick down, a few ticks up, a few ticks down for an extended period of time, only to end in loss, is a frustrating experience.

Good trades are ussually good from the start. It stands to reason that bad trades are likewize.

Have you considered the concept of a time stop, as it relates to price action?

Once you enter a trade, you enter with an initial stop. Evaluating and reevaluating a trade while you are in it, as time goes on, may allow you to close it out with a small loss quickly. You can always get back in. One of the metrics that are commonly measured is the length of time in a losing trade vs the length of time in a winner. I know of no other way to cut a losing trade time then to actually close it out. This also goes to the point of keeping your losses small. It is evident that you must have closed out your winners early, because it looks like your winners were not enough ot overcome your losses.

Your winning percentage is good. i dont know the details, but is there a way you can see yourself sticking with your winners longer? Adjsuting your approach to facilitate that circumstance? I dont know your system, but your winners should be held longer than losers. I am not aware of a successful approach that is otherwize.

Just a simple observation.

VV

@VinceVirgil

I noticed the same thing. Part of whats happening is the price is moving as soon as I enter the trade. On the good trades price moves in my direction quickly in which case I have been too anxious and want to protect profits so I take profits early. I should be letting the winners run to their full potential. I had this issue prior to the combine so I know this is something I need to focus on sooner rather than later. I have thought about taking out the target and managing the trade from the trailing stop or stop. I have a tendency to move my targets closer to the price. It hits my adjusted target then goes 3 or 4 ticks or more higher. This happened on three trades last week. How different would my trade report look with extra ticks on there? Whats frustrating for me is I have good vision on where price is going, I just don't have the patience to let it get there.


On the bad trades they are moving against me quickly, however they are not hitting my stop. (maybe my stop is too far away?) Since I missed so many trades last week I held on to the trades I took longer in "hope" they would go back in my direction. Hope is bad and is inexcusable reason for holding a trade but last week I did it. The Thursday losing trade, which I held onto for 25 minutes, I was at BE at least three times and did not pull the trigger to get out. And yes this was very frustrating when I was finally stopped out.

On my to do list:
  • I will implement a time stop. This makes sense and will help me protect myself from myself.
  • I will review my stop placement. Perhaps I can move it up a tick or two.
  • I will start testing ways to let my winners run longer.

I appreciate the peer review!

Robert

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indextrader7 View Post
It always helps me (in times where I'm going through what you are.... pressure, fear, etc) to focus on the math/statistics/probabilities or things. Mark Douglas type concepts:

1. Anything can happen. Really embrace that, because it is true. A trade may be perfectly set up in every way, but we do not know the actions that big players are about to take because of unknown reasons. They can push the market against us, even though our trade was a great one to take.

2. I don't need to know what's going to happen next in order to profit. This puts less emphasis on THIS trade.. less importance on it. This specific trade may or may not work (anything can happen). All I know is that over the next TWENTY trades (for example) I'll have around 12 winners and 8 losers. That's all I know.

3. There is a random distribution of winning and losing trades. We have no idea which trades over the next 20 will be winners and which will be losers. Again, less importance on a specific trade, freeing us up to be healthily fearless.

4. An edge is only a higher PROBABILITY of outcome A over outcome B. "... regardless of how much evidence you gather to support acting or not acting on a trade, it still only takes one trader somewhere in the world to negate teh validity of any, if not all, of your evidence. The point is WHY BOTHER!. If the market is offering you a legitimate edge, determine the risk and take the trade.

5. Every single moment in the market is unique. For two moments to be exactly alike, every player in the market would have to have the same stops, limits, entries, exits, and size on in the exact same manner as before, with the same emotional outlook as a previous moment in the market. This will never happen, so it's silly for us to think that we can actually predict the next price movement with certainty. This frees our mind to perceive what the market is offering from ITS perspective.


Anyways, those Douglas concepts get me back on track time after time after time. I hope one little thing in there gives you a bit more confidence going forward to trust your own edge and trade your plan.

@indextrader7

Adding this post to read during my preparation for the trading week. Excellent words to trade by

Appreciate the peer review!

Robert

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 Silver Dragon 
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Update: No Combine trading this week so far. After getting frustrated with T4 I moved over to Sierra Charts. I guess I used the chart trader more than I thought. Below are my results today. The trades were a lot more balanced. I was able to move the stops via the chart to logical places to keep losses and potential losses lower.

I like the reporting in Sierra better than in NT. More detail and updates in real time.





Screenshot:

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Came across a thread on the Sierra forums yesterday and just thought of it now reading that you where trying Sierra for the combine. In your previous posts you had some charts with trend channel bars, I dont know if you still use them but they are possible to make with Sierra's flex renko bars, here is the link from their forums New Renko Function - Flex Renko, Hybrid, Trend Channel - Sierra Chart

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 Silver Dragon 
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mongoose View Post
Came across a thread on the Sierra forums yesterday and just thought of it now reading that you where trying Sierra for the combine. In your previous posts you had some charts with trend channel bars, I dont know if you still use them but they are possible to make with Sierra's flex renko bars, here is the link from their forums New Renko Function - Flex Renko, Hybrid, Trend Channel - Sierra Chart

@mongoose

Cool! Thanks for the link. I still use them but selectively.

Robert

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 Silver Dragon 
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Combine Update:

I am taking some time off from my public journal so I can focus on trading. I found I was having a bit of performance anxiety while posting combine results. I will periodically post updates as the combine progresses.

I started trading CL along with UB since UB can be a bit of a sleeper. I found that I was forcing trades in UB because it was not moving. CL allows me to trade when UB is dead. This changes the dynamics of the combine. At this point I am looking to finish the combine being in positive territory. If I trade consistently for the rest of the combine I still have a chance of hitting my numbers.

I made some adjustments to my trading this week; I am focusing on a single setup. The setup consist of playing the breakout out of consolidation area. I am posting this from my iPad so I will post a chart later. I find that I am able to easily identify setups and cut losses quickly when I am wrong. Yesterday I had 4 winners and 6 losers but I ended breakeven. The prior day I had 1 winner and 2 losers and ended +18 ticks for the day. This is a big change from prior weeks where I would be decisively negative when I had more losers than winners.

Until I get this down I will be using only one contact. However, based on last weeks results I believe I can comfortably trade 3 contacts on CL and stick with 1 contract on UB once I get up and running.

Robert

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Silver Dragon View Post
Combine Update:

I am taking some time off from my public journal so I can focus on trading. I found I was having a bit of performance anxiety while posting combine results. I will periodically post updates as the combine progresses.

I started trading CL along with UB since UB can be a bit of a sleeper. I found that I was forcing trades in UB because it was not moving. CL allows me to trade when UB is dead. This changes the dynamics of the combine. At this point I am looking to finish the combine being in positive territory. If I trade consistently for the rest of the combine I still have a chance of hitting my numbers.

I made some adjustments to my trading this week; I am focusing on a single setup. The setup consist of playing the breakout out of consolidation area. I am posting this from my iPad so I will post a chart later. I find that I am able to easily identify setups and cut losses quickly when I am wrong. Yesterday I had 4 winners and 6 losers but I ended breakeven. The prior day I had 1 winner and 2 losers and ended +18 ticks for the day. This is a big change from prior weeks where I would be decisively negative when I had more losers than winners.

Until I get this down I will be using only one contact. However, based on last weeks results I believe I can comfortably trade 3 contacts on CL and stick with 1 contract on UB once I get up and running.

Robert

silver dragon...

In the past I found it very difficult to trade a single symbol.... each symbol only gives so many setups each day, and I tended to push my luck when that symbol for that given day didn't move enough for my setups to appear, or to make money that day. It doesn't work for everyone, but I trade 4 currency futures, 4 index futures and 4 others crude, oil, gold and copper. It takes some practice to continue to look through the charts, but what I end up with is being able to select "good" setups from those symbols that are moving and not trading other "less profitable" setups/symbols for that day.


Just my thoughts

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 NW27 
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VinceVirgil View Post
Hello SilverDragon,

One statictic I have notoced that seems to be in conflict at his early stage oif the combine, it the amount of time you hold losers.

Holding losers too long have a detremental effect, not just to you pocketbook, but particularily, to your phsychological capital. Siitting for an extended time watciing a particular trade hover between a tick up, a tick down, a tick up, a tick down, a few ticks up, a few ticks down for an extended period of time, only to end in loss, is a frustrating experience.

Good trades are ussually good from the start. It stands to reason that bad trades are likewize.

Have you considered the concept of a time stop, as it relates to price action?

Once you enter a trade, you enter with an initial stop. Evaluating and reevaluating a trade while you are in it, as time goes on, may allow you to close it out with a small loss quickly. You can always get back in. One of the metrics that are commonly measured is the length of time in a losing trade vs the length of time in a winner. I know of no other way to cut a losing trade time then to actually close it out. This also goes to the point of keeping your losses small. It is evident that you must have closed out your winners early, because it looks like your winners were not enough ot overcome your losses.

Your winning percentage is good. i dont know the details, but is there a way you can see yourself sticking with your winners longer? Adjsuting your approach to facilitate that circumstance? I dont know your system, but your winners should be held longer than losers. I am not aware of a successful approach that is otherwize.

Just a simple observation.

VV

I believe that you are correct on good trades are good from the start.
As an example of a long trade that is going sideways.
The way I have implemented time stops in the is to wait 3 bars then move the stop to under the low of the current bar. As each bar closes move the stop up to the new low. Ie squeeze the trade into either going in your direction or close it out for a small loss.
Neil.

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 Silver Dragon 
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Attached is my chart markup from today. Putting boxes around the consolidations has really helped me stay away from placing trades in chop. I draw these in real time. Its fascinating to watch how price stays within the box. Entry is pretty simple; I place a stop entry above or below the box about 5 to 7 ticks out and wait for the breakout. Sometimes its further depending on where support and resistance is located.

I am getting comfortable with the entries, now I have to let the position run to the target or let it get stop out. I left 30 ticks on the table today because I closed the position out early. 3 out of 4 entries would have hit and exceeded my original target.

Robert



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 Xav1029 
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Hey Robert

Just wondering how it's going. Hope everything is good.

Xav

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 Silver Dragon 
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Xav1029 View Post
Hey Robert

Just wondering how it's going. Hope everything is good.

Xav


@Xav1029

Hi Xav,

All is well!! I have been hiding out and lurking in the futures.io (formerly BMT) shadows. Seriously though, since I started combine I have not done as well as I would have liked so I decided to cut out all distractions and outside influences. I have been talking / working with some other traders and made some adjustments to my trading. Seems to be ever evolving, however, I think my current setup may be the one or close to it. Its very very simple and limits my trades to 1 to 3 trades a day. I am currently on a 4 day win streak. I plan on posting details but I dont want to jinx it. Every time I think I am there the bottom falls out. This time I will wait and see approach.


Robert

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 Daytrader999 
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Hi Robert,

good to hear from you and glad that things are going well !

I completely understand and agree with you on the point to consequently cut out any distraction from your Combine and completely focus on your trading. I'll proceed the same way when I (hopefully) start my Combine on NT by the end of March.

So, I wish you best of luck, you'll definetly make it...hope to hear you on the Squawk Box at TST soon !

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 Silver Dragon 
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CL

I hit my entry this morning with a 2 target entry. First target hit and I chickened out on holding the runner. Ended +11. The price went 30 ticks lower after I exited the trade.

Last week I found a correlation between baseball and trading which is helping me (psychologically) get over my hesitation on my entries. Now I have to make progress on letting my trades run their course.

Robert



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 Silver Dragon 
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CL

Second trade of the day +20 ticks. Entry was solid and all the conditions were met. Again, price went another 50 ticks after I exited the trade. I am up 30 ticks for the day however, had I held to my original targets I would have been up 60 ticks. Still, I am happy with today's action because I did not have any hesitation on my entries.

Robert


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 Silver Dragon 
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My first combine is coming to a end and I didnt make it. I have to say since I have started I have been humbled by the market daily. However, I am not disappointed. At this point in my journey this is what I needed. Below is my high level summary of what happened and what I have learned.


Quoting 
I had two huge loss days which put me 1400 down early in the combine. I have methodically worked my back up to being 800 down. Most of which has happened since last Monday when I instituted my new entry strategy. Even though the combine is only SIM its hard because TST is watching you. I had a tough time adjusting and when I started off bad my stress level went through the roof. This cause me to force trades which snowballed into huge mistakes. My biggest down day was 1000. However, I didnt hit my daily or weekly loss limit. My Max DD for the combine was 1,500.

I have been making a comeback though. Today my trading average went positive on CL. This was a goal I had set out to accomplish before I moved on to the next combine. I would like to get my total back to 100k before I move on to the next combine. Currently 800 short. We will see what happens over the next couple of days.

I am not sure what happened on UB but I could not pull it together. I lost whatever edge I had. I started trading SIM on the 5th of March and have lost several thousand dollars since.

Being around other traders in the TST chat room while they are posting live trades has been a huge help for me. I have been able to ask questions and have private chats with different traders. The chat room makes it possible to get a better feel for the market. I watched funded traders and professional traders have bad days, even bad weeks. This was good to see. You sometimes think good traders never lose.

One of the professional traders in the room traded in SIM during rollover. This lifted a huge weight off my shoulders of thinking I had to trade everyday. Its ok to take a day off and just watch. There was a whole lot of other personal growth stuff which I wont bore you with other than to say it happened and I am glad that it did.

Something great that happened this week was getting over my fear of placing a trade. Having a trading plan has helped a lot. I am confident when I enter the trade I will be on the winning side. This makes it easier to place the trade. What I dont have is a solid exit plan. This has become painfully obvious over the past week. Today for example I ended the day +21 ticks on two trades however, I closed my second trade out early only to watch it go on to my original targets. Had I let the trade play out I would have doubled my profit total for the day. I have had several days like this over the past week.

The Lessons Learned:

Biggest lesson learned: Less is more. I have gone from identifying 5 to 10 setups a day to identifying 1 to 3 setups. This is all I need to be successful. So much less stress. So many more good opportunities!

Second lesson learned: Without defined rules you are doomed before you start. I went into the combine with about 10 different sets of setups and loosely defined rules. I changed them daily to fit the market. This ended in nothing ever working more than a couple days. Now I have one set of rules to enter a trade. Hardest part about having rules is having the discipline to follow them. But when you do they pay off. Currently I am on a 6 outta 7 day winning streak. My one losing day was the day I didnt follow my rules. I am glad this happened because it reinforced the my belief that you have to have rules to make it in this business. The market tested my resolve yesterday; I ended up sitting out the trading day because my entries were not there. This was hard to do but by the afternoon it was clear it was the right choice.

Third lesson learned: Higher time frames are better, period. (at least for me! ) This huge revelation. I went from trading a 300 tick chart to a hourly and daily chart. Its really night and day. Biggest part is being able to identify which way the market is trending and get in on the move. Hardest part about trading higher time frames is having the patience to sit and watch.


Well, thats it for now. I will be going over my stats this weekend and then make a determination when I will start my next combine.

Robert

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 Big Mike 
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Silver Dragon View Post
My first combine is coming to a end and I didnt make it. I have to say since I have started I have been humbled by the market daily. However, I am not disappointed. At this point in my journey this is what I needed.

Congrats Robert. I would call it a success even if you didn't pass, because you've gained experience and knowledge that will help you perform as a trader, and probably identified areas of strength and weakness to work on for the future.

Bravo for the effort!



Mike

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 Big Mike 
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Robert, regarding the higher time frames (hourly/daily), how do you find that works with the combine's rules of being flat at the end of the day?

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 Silver Dragon 
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CL

Last day of the combine. Made 31 ticks on the open. May try for one more trade today. See what happens next hour.

Robert


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 Silver Dragon 
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Big Mike View Post
Robert, regarding the higher time frames (hourly/daily), how do you find that works with the combine's rules of being flat at the end of the day?

Mike

@Big Mike,

I probably dont use the hourly charts as you would expect. I actually use them for intra day trading. Most of my trades are made in the first two hours. My entry strategy is based on entering a trade in the first 20 minutes of the hourly bar. I found the 60 minute bar does a awesome job of filtering out the noise of the market. Entries are really easy to see; if the bar is up go long is the bar is down go short. Obviously there is a bit more to it than that but there are some days its just that simple.

To answer your question I would enter around the open and exit at 4PM using the hourly charts and use the daily as confirmation of the trend. The longest trade I have held to date has been about a hour and half. Long term I envision holding for an entire trending day but I am not there yet. Right now I am happy with just having positive days.

Robert

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 Silver Dragon 
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Below are my numbers for CL and UB. Conclusion of the this combine: when you have a plan good things will happen.

I was reviewing my trades prior to the combine for UB. During this time UB was in a range for over a month. When it broke out of the range is when I started having problems. As I stated in a previous post, I traded UB in SIM after march 5th where I proceeded to lose several thousand more dollars.

Things I need to work on:
  • Cutting my losses sooner
  • Holding my winners longer

Robert




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Very nicely done man, I see you have learned a lot out of that combine and it will pay off. I like the less is more and think you are doing very well to control your down side. Things will come together in the end.

Keep up the good work!!!
Ian

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 Silver Dragon 
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Update:

I will be starting a new combine in the next couple of days. This time around I am choosing a combine which I am capable of completing successfully based on previous trading results, instead of picking one which my ego thinks I am capable of completing successfully. Should be a different result this time around. As with the last combine I will post occasional updates and charts.

Robert

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 Silver Dragon 
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I have been practicing in the yen over the past couple of months and have been considering it for a additional combine. I made this trade today for +40 ticks. (see green box) I use the hourly bars for the yen and hold time is anywhere from 1 to 6 hours. This trade was for 2.5 hours. What I like about the Yen is volatility is low compared to CL and it only needs to be checked once a hour. Risk reward is 2 to 1.

Robert


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 MsFutures 
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Hi Robert,

Thank you for sharing your combine experience. I looked at your combine report and it seemed to me you have until April 12th to complete this combine. It didn't seem like you hit a daily loss limit or max drawdown. Why do you consider this combine is over for you?

I am currently in a combine too. I have 8 more trading days to go. I can totally relate to what you said about how stress went through the roof in the beginning when it did not start well while being monitored. If I do another combine, i will have to somehow make sure the first few days build acct positively. In this combine, I started with some losses and at some point just 1000 dollars from hitting the max drawdown (I have 150k acct) --- that made all attempts afterwards diffucult because now I am trading on scared money. I am only hanging on and try not to hit daily limit or max drawdown.

Best luck to your next combine.

MsFutures

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 Silver Dragon 
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MsFutures View Post
Hi Robert,

Thank you for sharing your combine experience. I looked at your combine report and it seemed to me you have until April 12th to complete this combine. It didn't seem like you hit a daily loss limit or max drawdown. Why do you consider this combine is over for you?

I am currently in a combine too. I have 8 more trading days to go. I can totally relate to what you said about how stress went through the roof in the beginning when it did not start well while being monitored. If I do another combine, i will have to somehow make sure the first few days build acct positively. In this combine, I started with some losses and at some point just 1000 dollars from hitting the max drawdown (I have 150k acct) --- that made all attempts afterwards diffucult because now I am trading on scared money. I am only hanging on and try not to hit daily limit or max drawdown.

Best luck to your next combine.

MsFutures

Hi @MsFutures

If I were only trading CL I would have continued however, I was also trading UB. I lost my edge in UB and could not even come close to regaining it. I lost an additional 3 grand in SIM trying to find it. Plus, part of passing the combine is having passing numbers on all the instruments you are trading. I hit the numbers in CL but realized I had no chance of hitting the numbers UB. So I decided my time would be better spent keeping my momentum going in CL and start another combine.

The best thing you can do to get over the stress is make sure you have a plan and you trade your plan. Most of my stress came from the fact my plan changed daily. I have also picked up from the some senior members of TST that they care more about risk management and the fact you have a plan than they do profit. As I was told one day by one of the funded traders "You can make 5 grand a day but if your risk management sucks they will pass you over." That's a big statement about how TST operates.

Good luck with your combine!

Robert

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 MsFutures 
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Hi @MsFutures

... Plus, part of passing the combine is having passing numbers on all the instruments you are trading.

I see. That's why I opted for custom combine and removed all those numbers from the combine. I really think those metrics are very hard to pass. However in exchange for profit target only, I need to make $16k instead of $12k stardard profit, but I figured that if I were not able to get to 16k, I probably wouldn't get 12k either, so I took it. You need to decide which one is less "evil"

 
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 Silver Dragon 
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CL & Combine

I signed up for a 10 day minimum 30K combine. Daily loss limit is 500 with a max draw down of 1500. 3 contract max. Right now I am extremely comfortable with trading 1 or 2 contracts. Initial targets are 20 to 40 ticks with stops 10 to 20. Stops really depend on where I enter the trade. My avg Draw Down for a winning trade since March 11th has been 8 ticks. So anything beyond that I start thinking about getting out. The plan is to trade the plan. I am not worried about profits, rather I am focused on execution and keeping my losses under control.

I had three setups today. The first one I didnt take because I felt price was over extended. This turned out to be correct. Price went about 10 ticks in my trade direction and reversed.

The second setup I hesitated on. This would have been my one and done for the day. Missed out on at least a 20 tick move. I honestly talked myself out of the trade. As I watched price go lower I told myself I would take the next trade setup no matter what.

The final setup I took and ended +12 ticks. As a general rule if price does not move 10 ticks or more within 10 minutes of entry I start thinking about moving my target up. This is what I did on this one. I moved the target up to a round number. I found CL likes to touch round numbers and reverse. This is what happened.

Even though I missed my second entry today I am still happy with the outcome. This being a holiday week I plan to be somewhat cautious the closer we get to Thursday. Will see what happens.

Robert





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 Silver Dragon 
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I see. That's why I opted for custom combine and removed all those numbers from the combine. I really think those metrics are very hard to pass. However in exchange for profit target only, I need to make $16k instead of $12k stardard profit, but I figured that if I were not able to get to 16k, I probably wouldn't get 12k either, so I took it. You need to decide which one is less "evil"

I thought about the custom combine but after I looked at the conditions I thought the rules would make me a better trader with them in place.

With the exception of avg winners being larger than avg losers (and profit total) I hit all the criteria to pass the combine for CL in my previous combine. I am looking to improve on winners being larger than losers this time around and hitting the profit target.

Robert

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 Silver Dragon 
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Trial by Fire!!

This week has tested my resolve to trade the plan. I had a losing trade yesterday and started out with a losing trade this morning. First thing that went through my mind: "maybe its not working anymore, maybe I should tweak it". I shook it off and entered the second trade of the day. However, I had fear that I was going to lose more so ended up taking a BE trade. Of course price went 15 ticks higher after I exited the trade. By the time the third trade came around I had calmed myself down (again) and convinced myself that my plan works and in the end will make me money. I entered without hesitation and let the trade play out to a winning trade.

I ended the day BE but more importantly I know my plan, when executed properly, will work and I have made the resolution to stay committed to my plan no matter the outcome of the combine. Not changing or tweaking or throwing it out the window and just sticking with a single plan has been very hard for me to do. I never realized how much I changed things up in the past. Its no wonder I have never had success which has lasted much longer than 2 weeks. This week has been a eye opener.

Robert

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 indextrader7 
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I had a losing trade yesterday and started out with a losing trade this morning. First thing that went through my mind: "maybe its not working anymore, maybe I should tweak it". I shook it off and entered the second trade of the day. However, I had fear that I was going to lose more so ended up taking a BE trade. Of course price went 15 ticks higher after I exited the trade. By the time the third trade came around I had calmed myself down (again) and convinced myself that my plan works and in the end will make me money. I entered without hesitation and let the trade play out to a winning trade.

I ended the day BE but more importantly I know my plan, when executed properly, will work and I have made the resolution to stay committed to my plan no matter the outcome of the combine.

Robert

Even still though, read what you said above here... Even the positive resolution at the end: "...I know my plan, when executed properly, will work..."

This resolution is still based on very short term things. I hope you will broaden out your scope of what is working and what is not working. I hope you will work on not measuring success by a winning or losing day. I still have to work on this myself.

I can promise you, that your plan, no matter how good it is, when executed properly, will NOT work for extended periods of time. KNOWING THIS sets you free to execute that plan without hesitation, fear, or other things related to the previous trade or 3 trades.

-IT7

 
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 Silver Dragon 
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Below are some excepts from my personal journal.

Robert


Quoting 
....I have been guilty of only looking at the profit side of things. Now, that I am going through a process where I have to manage my downside I am beginning to realize how risk reward and the number of trades taken are key to becoming a successful trader. Over the last few days I have been looking at what I can do to improve R:R and reduce the number of trades even more.


Quoting 
This past week I had a bit of mental switch; I started thinking less about how much I could make and more on how much I could lose. Then I realized the combine a learning tool that teaches you how to control the downside. I still want to pass the combine, thats why I am doing this, but I have to put more focus on how much I can lose. I am thinking a 3 to 1 R:R is the way to go.

I was talking to a funded trader today (Friday) in the chat room and he confirmed what I am seeing; Less is more (in other words limit the amount of trades taken); risk reward is important; sitting on your hands and waiting to trade till your edge shows up takes patience and cannot be learned overnight; If you fail a combine and you learned something about yourself or your trading style then the combine was not really a failure; It may take years to put it all together.


Quoting 
.... its really interesting that most of the funded traders trade the same way. is this product of TST grooming the funded traders or is it the key to success??

...... Keys to success: Less trades, bigger targets, control risk, waiting for your edge before trading and taking every trade when conditions are met. This is the common theme of the funded traders


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 Silver Dragon 
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Making the transition to longer term holds is proving difficult. I had two trades today where I had a goal in mind and took the trades only to close them out early then to have them go on and hit my targets. I am still in scalp mode... I am thinking of walking away from my computer and letting the trade play out. If I watch it I want to fiddle with it.. total frustration here..

I think my other aggravation is my ability to let the trades play out in SIM but not in the combine. again pure frustration..

Shake it off. tomorrow is another day...

Feels good to vent!

Robert

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 Big Mike 
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Happy Birthday Robert





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 mongoose 
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Happy Bday!!!!

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 Daytrader999 
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Happy Birthday Robert !

Enjoy your birthday with your friends and loved ones rather than 'wasting' this special day with trading...

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 Xav1029 
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Happy Birthday buddy

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 addchild 
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Happy Birthday SD!

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 Silver Dragon 
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@Big Mike @mongoose @Daytrader999 @Xav1029 @addchild

Had a great day today. Thank you for the Birthday Wishes!

Robert

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 Silver Dragon 
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Weekly Chart. Broke out of the triangle on Friday. Continued down tonight and hit the first support. There is support just below 88 extending down to 86.80ish. I think we test this level this week.

Robert


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 Silver Dragon 
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Daily chart.... CL completed a head and shoulders pattern last week and broke the uptrend.

Robert


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 Silver Dragon 
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Some notes on last week.

Made some mistakes last week but none bigger than trying to pick a bottom. After the second stop out I realized what I was doing and backed off but the damage had been done. I am trying to let my trades run and not mess with them. As I posted earlier tonight in another thread I have been doing other stuff and checking on the trade every once in a while.

Another thing I noticed is I am thinking about money/ticks quite a bit. This is really wrong. I should be thinking about the trade and taking the trade when it presents itself. Going to shut off my Profit/Loss totals on my chart this week. I am so used to looking at them it will be tough not having it on my screen. What I am trying to get to is a zone where I am just trading. Not thinking about wins/losses or ticks and monetary goals and just trading. On the days I worried about losing or winning I do worse.

Robert

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 Silver Dragon 
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Weekly Chart. Broke out of the triangle on Friday. Continued down tonight and hit the first support. There is support just below 88 extending down to 86.80ish. I think we test this level this week.

Robert



Broke through first level of support and bounced off the second level of support overnight.

Robert

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 Silver Dragon 
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Took a trade this morning which met my rules and had solid entry. Price fluctuated back and forth around my entry point. On the second pull back from the low i exited the trade for +2.

What was good about this trade is I did not panic when it started to go against me. I also recognized that there was a stalemate between buyers and sellers. I still think it could go lower but felt my odds were getting less in my favor based on the movement.

Hindsight - My original target was 50 ticks which would have been a home run for the day. After the strength of the first pullback I should have taken a base hit and went for 10 ticks on the second push down.

Robert

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