Breakout Journal - a journey to full time trading - futures io
futures io



Breakout Journal - a journey to full time trading


Discussion in Trading Journals

Updated
      Top Posters
    1. looks_one Silver Dragon with 511 posts (1,170 thanks)
    2. looks_two xelaar with 21 posts (21 thanks)
    3. looks_3 Big Mike with 21 posts (24 thanks)
    4. looks_4 PandaWarrior with 13 posts (44 thanks)
      Best Posters
    1. looks_one PandaWarrior with 3.4 thanks per post
    2. looks_two Silver Dragon with 2.3 thanks per post
    3. looks_3 Big Mike with 1.1 thanks per post
    4. looks_4 xelaar with 1 thanks per post
    1. trending_up 76,025 views
    2. thumb_up 1,404 thanks given
    3. group 62 followers
    1. forum 660 posts
    2. attach_file 463 attachments




Welcome to futures io: the largest futures trading community on the planet, with well over 125,000 members
  • Genuine reviews from real traders, not fake reviews from stealth vendors
  • Quality education from leading professional traders
  • We are a friendly, helpful, and positive community
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts
  • We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

(If you already have an account, login at the top of the page)

Closed Thread
 
Search this Thread
 

Breakout Journal - a journey to full time trading

(login for full post details)
  #1 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

After being inspired by @PandaWarrior, @GaryD I have decided to start journal is to chronicle my journey to becoming a full time trader.

Many thanks go out to @Big Mike for having this forum. I would not be where I am at today without the many outstanding people I have met here along with the platform to share ideas and most importantly learn from others.

---------------------------


The first step is too clear the table: I am putting my automated trading aspirations in a holding pattern during the week to focus on manual trading. I continue to work on it in my spare time on the weekends.

My edge: I am trading breakouts based on Support / Resistance and trend lines. After many years of playing around with different indicators I have discovered they cloud my judgement. Simple lines on the chart are my greatest allies. I will use them to exploit the market.

I will post trades and why I took it and why I set the targets. I also want to focus on my emotions. This is the biggest detriment to traders IMO. You can have the greatest edge in the world but if you can't control your emotion your still going to lose.

I am working on a detailed trading plan which I will post over the weekend.

Final Thoughts: I dont know why it has taken me this long to get to this point. Maybe fear, confidence, safety of where I am at in my life, the comfort of my current job... don't know.. But what I do know is this: I love trading and the markets more than any other work / job / hobby I have ever done in my life. It is a passion that is ingrained in every cell of my very being. Trading is without a doubt what I want to do for the rest of my life.

Robert

nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread

Journal Challenge April 2021 results (now extended!):
Competing for $1800 in prizes from Jigsaw
looks_oneMaking a Living with the Microsby sstheo
(582 thanks from 59 posts)
looks_twoSalao's Journalby Salao
(136 thanks from 25 posts)
looks_3Deetee’s DAX Trading Journal (time based)by Deetee
(94 thanks from 30 posts)
looks_4Learning to Profit - A journey in algorithms and optionsby Syntax
(85 thanks from 26 posts)
looks_5Maybe a little bit different journalby Malykubo
(46 thanks from 28 posts)
 
Best Threads (Most Thanked)
in the last 7 days on futures io
I finally blew up an account
471 thanks
The Crude Dude Oil Trading System
72 thanks
Spoo-nalysis ES e-mini futures S&P 500
49 thanks
Are candlesticks patterns statistically significant?
35 thanks
Can I trade ZN Future with zero spread?
20 thanks
 
(login for full post details)
  #3 (permalink)
 mokodo 
Bridgwater, UK
 
Experience: Beginner
Platform: Ninjatrader
Broker: MB Trading
Trading: Forex
 
mokodo's Avatar
 
Posts: 384 since Jun 2011
Thanks: 525 given, 346 received



Silver Dragon View Post
I love trading and the markets more than any other work / job / hobby I have ever done in my life. It is a passion that is ingrained in every cell of my very being. Trading is without a doubt what I want to do for the rest of my life.

Print this out and keep it visible, be proud of your commitment. Well done on your decision, best of British luck to you.

know thyself
Visit my futures io Trade Journal
The following 5 users say Thank You to mokodo for this post:
 
(login for full post details)
  #4 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,065 since Jun 2009
Thanks: 32,529 given, 98,479 received

Hi Robert,

Congrats - looking forward to your journal.

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal
The following user says Thank You to Big Mike for this post:
 
(login for full post details)
  #5 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

I used a modified version of the template @David_R posted here:

In order to focus on trading and not worry about blowing out my account I am starting with a small amount of 2000 to trade Forex. This will allow me to experiment with new entries. I will be using Micro Lots which is 10 cents a tick for experimental entries. I will be using 10,000 lot which is 1 dollar a tick for high probability trades. This will give me the best of both worlds.

The one thing which stands out is my risk to reward ratio. I have to figure out how to increase this or continue to hit a high% of trades.

I also pulled this from the TopStepTrader website:

Quoting 
Additionally, each product traded during the Combine must meet at least TWO of the performance requirements listed below AND have a trading average greater than zero ($0):

Overall Average Win greater than Overall Average Loss
Overall Average Win Duration greater than Overall Average Loss Duration
Total Win % of 45 or greater

These are good goals to achieve. I added them as 10, 11 & 12.

Robert

________________________________________________________
Trading Rules

Name: Robert
Live Account Forex
Account Size: 2000
Max. Position Size: 10000
Loss Limit: 60.00

Market(s) trading: FOREX
Trading hours (in Eastern Standard Time)
  • Start time: 8:30 am
  • Stop time: 3:00 PM

Trading style: Discretionary
Trading strategy: Breakouts
Loss limit:
  • Per day: 60
  • Per week: 120
  • Per trade: 20

What is your edge? Trading Breakouts and predicting price movements using support and resistance.

Risk to reward ratio 1 to 1

Mechanics (entering orders, placing stops, etc.): Use OCO orders to set stops and target. Enter on market during a breakout or use stop above breakout point to capture breakout.

Core discipline principles
Trade only high probability trades. If I miss it then I miss it. There is no getting in late on a trade. Never re-enter the market right after a big win or loss. If I lose 3 trades in row then I am done for the day. If I have 3 losing days in a row then I am done for the week


1. I will NOT hit my loss limit.

2. I will NEVER add to a loser.

3. I will NEVER add to a position

4. I will stop trading if my Net P&L is greater than $100 and my Net P&L has pulled back
25% off my high watermark (Net P&L high of the day) for the day.

5. I will take at least a 10 minute break after a large winner.
a. Define what amount you consider to be a large winner: 70+ ticks

6. If I am down for the day, I will take at least a 10 minute break if I experience 3 losing trades then I am done for the day. If I have 3 losing days then I am done for the week.

7. I will always commit to my stops and will never enter a trade without having a stop in place.

8. When my trade goes in the money by 10 ticks, I will slide my stop to breakeven [at the very
least].

9. My largest winning day will be greater than my largest losing day.

10. Overall Average Win greater than Overall Average Loss

11. Overall Average Win Duration greater than Overall Average Loss Duration

12. Total Win % of 45 or greater

nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 16 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #6 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

This is my typical trade. Wait for the price to breakout above the trend line or support/resistance and play the breakout.

The chart itself is clean except for the trend lines (copper) and support levels (blue)

This was a high probability trade

Robert


nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 6 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #7 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

Below are trades I posted in the EURUSD 6E EURO thread for weekending 9/14/12.

+76 ticks. 7 winners 2 losers. Could have done better this week letting some winners run and moving stops to break even.

Robert


















nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 7 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #8 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,385 received

Thanks for the mention.

I'm glad you are using naked charts. I have a naked chart I use for various purposes and today I was in sim mode at the time of this set up.

Take a look at the chart if you could and answer the questions for me based on how you would trade it. I am interested in getting some feedback from someone trading only a naked time based chart.

Thanks.

Brian


Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
The following 4 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #9 (permalink)
 devdas 
Al,India
 
Experience: Advanced
Platform: NinjaTrader
Broker: Z
Trading: NiftyFuture
 
devdas's Avatar
 
Posts: 1,562 since Feb 2010
Thanks: 1,508 given, 1,701 received

Leaving entry part ( truly, it doesn't matter much ).
I personally use three factor in stops/exits

1) Max stop i can afford.
2) Nearest demand/supply level.
3) A good winning(/poor loosing) trade would have small MAE(/large MAE) and large MFE(/small/MFE).

so based on that from my point of view i marked a red stop line if entry is as per his definition in/above marked rectangle.

Harvest The Moon
Nest The Market
Attached Thumbnails
Click image for larger version

Name:	2012-09-14_2138.jpg
Views:	368
Size:	104.2 KB
ID:	89062  
Follow me on Twitter Visit my futures io Trade Journal
The following 2 users say Thank You to devdas for this post:
 
(login for full post details)
  #10 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received



PandaWarrior View Post
Thanks for the mention.

I'm glad you are using naked charts. I have a naked chart I use for various purposes and today I was in sim mode at the time of this set up.

Take a look at the chart if you could and answer the questions for me based on how you would trade it. I am interested in getting some feedback from someone trading only a naked time based chart.

Thanks.

Brian


Hi Brian, (@PandaWarrior)

The highlighted area is the time frame showed on your chart. The green line is your trend line.

In short; I wouldn't have taken the trade. On the longer term view (see Chart1) the the price is in downward channel. Entering a trade in the middle of the channel on the trend line break going against the channel increases the risk dramatically of failure and being stopped out. It would be better to enter on a break of the channel line.

Chart1



As you can see on the Chart1 there were 2 downward channels formed. The original which was in purple was breached and a new channel was formed.

Take a look what happens after your proposed entry on Chart2; The price goes to the first outer channel line and pulls back then to the second outer channel and pulls back.

Finally after a large pullback the price retests the outer channel one more time then breaks through with a large bar. This would have been my entry point. I placed the stop and exit points on the chart. This would have been a roughly 2 to1 risk reward with a worse case entry @ 98.91; Stop @ 98.79; Target @ 98.12 Also notice the new upward channel that is being formed. (see Chart2)

Let me know if this makes sense.

Robert

Chart2

nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 8 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #11 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,385 received


Silver Dragon View Post
Hi Brian, (@PandaWarrior)

The highlighted area is the time frame showed on your chart. The green line is your trend line.

In short; I wouldn't have taken the trade. On the longer term view (see Chart1) the the price is in downward channel. Entering a trade in the middle of the channel on the trend line break going against the channel increases the risk dramatically of failure and being stopped out. It would be better to enter on a break of the channel line.

As you can see on the Chart1 there were 2 downward channels formed. The original which was in purple was breached and a new channel was formed.

Take a look what happens after your proposed entry on Chart2; The price goes to the first outer channel line and pulls back then to the second outer channel and pulls back.

Finally after a large pullback the price retests the outer channel one more time then breaks through with a large bar. This would have been my entry point. I placed the stop and exit points on the chart. This would have been a roughly 2 to1 risk reward with a worse case entry @ 98.91; Stop @ 98.79; Target @ 98.12 Also notice the new upward channel that is being formed. (see Chart2)

Let me know if this makes sense.

Robert

Chart2

So on the second chart, I see three potential entries then.

1. The first outer channel line short.
2. Second outer channel short.
3. Your long which I agree with which results in a BE trade since it went ten ticks and then came back to entry before making it into target zone.

Are these correct assumptions based on your though process?

I'm not trying to second guess or otherwise critique you. What I am trying to do is gather some ideas about naked charts and see how they mesh with my though process and perhaps learn something.

Thanks for the chart lesson. You saw things I didn't.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
The following 4 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #12 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received


PandaWarrior View Post
So on the second chart, I see three potential entries then.

1. The first outer channel line short.
2. Second outer channel short.
3. Your long which I agree with which results in a BE trade since it went ten ticks and then came back to entry before making it into target zone.

Are these correct assumptions based on your though process?

I'm not trying to second guess or otherwise critique you. What I am trying to do is gather some ideas about naked charts and see how they mesh with my though process and perhaps learn something.

Thanks for the chart lesson. You saw things I didn't.

@PandaWarrior

Your Welcome!

The answers depend on your methodology. If you saying whenever it touches a trend/ channel line then take the trade in the opposite direction then #1 would have been a valid trade because it touched but #2 would have been no because it did not touch.

My methodology uses line breaks. In this case #1 would have been questionable break and #2 is not a valid break.

My definition of a valid line break is when it touches the bars at least 3 non-consecutive times. In other words the trend has pullbacks.

1. Yes it touched the outer channel line and broke through the trend line but the break of the trend line was the third touch. I would have not taken this trade. This tells me I could have invalid trend line. Even if I had taken the trade the risk reward would have not been worth it because there is a support level 8 ticks below the line break.




2. Second outer channel short. The trend line drawn from the previous support is not a valid trend line because there is not 3 non-consecutive touches. There was 4 up bars then a break.

Check out what forms from the previous bounce; There is now a upward mini channel. The break of the lower channel line is just a few ticks from the support. I would have not taken this trade either because of the support being so close to the break.




3. Worst case yes, this would have been a break even trade. Normally on a line break the bar will shoot up then come back down to test the strength of the line. So, let it break and shoot up, then let it fade back to the line and enter. This is how I try to enter these types of trades. Down side to this is if it does not fade back then you miss your entry.

I did not notice in my previous markup, but there is a support line which could have been drawn off a previous high.if I were trading I probably would have caught this and instead of placing the stop at BE it would have been placed 3 or 4 ticks below it. In which case the target would have been hit. Supports are excellent places to place stops.




This is not to say that these trades could have not been taken, but from a probability standpoint the risk is high IMO.

Robert

nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 4 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #13 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

Here is my chart for the start of this week. A breakout above .3140 is a buy with a target of .3160. Breakdown below 3080 is a sell with a target of .3000

Robert

nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 4 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #14 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

FX Euro (-12 for the day)

Tried to place the bounce off the upper trend line channel but was stopped out -12. I got in to early and had my stop to tight.



nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 2 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #15 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

FX Euro -29 for the day

3 and out! Had my 3rd loss in a row today so I am done for the day. Commentary later.


nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 4 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #16 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received


Silver Dragon View Post
FX Euro -29 for the day

3 and out! Had my 3rd loss in a row today so I am done for the day. Commentary later.


Where to start.... I did all sorts of things wrong today. First off I ignored my rule of taking a 10 minute break after a loss. Second I tried something new. Should have tried the something new on a sim account.

I missed a breakout above a support level which should have been my 1 and only trade today. I caught myself saying "I am not going to miss this breakout" on the second trade. This should have been my cue to stop trading. Emotion was clearly in charge at that point.

I did not use my 30 minute chart to determine the entry. If I had I would have not made any of those trades.

What I did right: At the end I put my emotions in check. After the 3rd loss I felt a bit of bitterness/ anger that I had been beaten but I acknowledged those emotions were there and moved on. Tomorrow is another day.

I did not chase the breakout that I missed. It can be demoralizing watch the price go to right where you thought it would and realize you did not profit from it. Chasing an entry is like chasing a bus; By the time you catch up to it is already at the next stop. Then it turns around and goes the other way.

Robert

nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 7 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #17 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received


Silver Dragon View Post
Where to start.... I did all sorts of things wrong today. First off I ignored my rule of taking a 10 minute break after a loss. Second I tried something new. Should have tried the something new on a sim account.

I missed a breakout above a support level which should have been my 1 and only trade today. I caught myself saying "I am not going to miss this breakout" on the second trade. This should have been my cue to stop trading. Emotion was clearly in charge at that point.

I did not use my 30 minute chart to determine the entry. If I had I would have not made any of those trades.

What I did right: At the end I put my emotions in check. After the 3rd loss I felt a bit of bitterness/ anger that I had been beaten but I acknowledged those emotions were there and moved on. Tomorrow is another day.

I did not chase the breakout that I missed. It can be demoralizing watch the price go to right where you thought it would and realize you did not profit from it. Chasing an entry is like chasing a bus; By the time you catch up to it is already at the next stop. Then it turns around and goes the other way.

Robert

More thoughts on today:

I was unprepared for today. I had such a good week last week that my ego got the best of me. I forgot what my edge was. I went back to my old habits. Going forward I will have a daily ritual of re-reading my rules. In addition I need to remind myself what my edge is and how to use it. I will lay out a set of rules to review daily. Below is the start. I will add to it as I make more mistakes.

Rules for my edge:
  1. Use 30 minute chart to define entry.
  2. Use 5 minute chart to enter the trade.
  3. Exit trade based on support and resistance, trends and channels.
  4. Be cautious of range bound days.



Robert

nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 5 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #18 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

No trades today. I could not find a suitable entry. When I was looking at the 30 minute bars I realized what I didnt like about the charts; It was the long tails on the bars. These types of bars make it impossible to get a breakout without being stopped out.


nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 6 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #19 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

The last couple of days have been pretty much a was as far as my trading is concerned. To much other stuff going on. Had intentions of trading this morning but could not find the time to sit down and trade.

I did manage to get one trade in tonight. It was a high probability trade off a resistance. Price action was floundering around the resistance level.

Netted 6 ticks out of possible 8 at its lowest level.

Robert


nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following user says Thank You to Silver Dragon for this post:
 
(login for full post details)
  #20 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

I took 4 trades today. 3 winners and 1 loser. +7 for the overnight session and today. -22 for the week.

Today I was focusing on a new entry signal which should produce more ticks. I missed 2 entries which would have netted a significant return today using the new entry signal. They are the large circles on the chart. There was some uncertainty about entering these trades. I think because this is something new.

I have been practicing in sim but there is nothing like risking real money on something your not totally sure of to cause a momentary hesitation. If you look at those 2 entries there was nearly no risk involved. Next week I am reducing my size to a mini lot to get comfortable with the entries. I did this with my previous setups to get over the hesitation of entries.

I went back over my trades over the last couple of weeks and discovered I am missing lot of movement during the day. The purpose of the new entry signal is capture some of those ticks and potentially big moves.

This weekend I am going to go download replay data from the springtime when I was not watching the markets and trade the new entry signal.

Even with a loss this week I feel very confident about my trading and my progress I am making. In the past I would have been damn near depressed about having a losing week but now I cant wait for next week to get here. I am pumped!

I also used to get a adrenaline rush during a trade but this has gone away. I am very calm while watching the trade. I am focused more on watching the bar movement and trades going through than anything else.

Its interesting to watch the bars and the trades. When trade is trying to break through a resistance or support there is little wiggle dance it does right before breaking through. Then it breaks through the line the same way someone would breakdown a door; it line gives way to the bar with a quick burst of acceleration then (most of the time) it pulls back a little to regain composure before it moves forward.

Failure to break the line has completely different move; it goes up and touches the line 3 or 4 times or more then just hangs in mid air waiting .. then under its own weight it collapses upon itself and goes the other way.

Being able to recognize these movements will give me an edge on getting more precise entries and tighter stops.


nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 7 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #21 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

I spent a lot time this past week going over trades and notes of previous trades. I felt like I was missing something. The trades I was taking were good trades but the comments and emotions I was feeling at the time of the trades were not always positive. Some of the trades felt forced.

Then I came across a note I scribbled back in August. It said "Man, I could do this all day long!". I went back and looked at the trades I took that day and discovered they were scalps. I had a perfect 5 for 5. The trades I took were basically a 3 to 4 tick scalp off the bounce of the support/ resistance and the break of trend lines.

Thursday of last week I did some sim trading using the scalp method and was a perfect 7 for 7. I pulled out 19 out of the possible 21 ticks. I felt very comfortable taking the trades. I like taking them!! I believe the reason for this I very confident in predicting where the price will bounce or breakout will occur. So, the odds are in my favor that I will win.

This week I will trading live focusing on scalping. I have already been practicing in Market Replay with good results. One note: The spread in Market Replay is up to 5 ticks where my MB trading spread is a 1/2 tick to a full tick on a regular basis. I focused more on my entry than anything else. I exit the trade when the trade went above the trend line. In live trading I will have a defined stop of 3 to 4 ticks based on proximity to the support /resistance / trend line

I have also been playing around with a multiple contract entry with a targets of 2, 3 & 4 with a 3 tick stop in market replay. I will be testing this live this week as well.

Should be interesting this week. Cant wait to start!


nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 7 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #22 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received


Silver Dragon View Post

This week I will trading live focusing on scalping. I have already been practicing in Market Replay with good results. One note: The spread in Market Replace is up to 5 ticks where my MB trading spread is a 1/2 tick to a full tick on a regular basis. I focused more on my entry than anything else. I exit the trade when the trade went above the trend line. In live trading I will have a defined stop of 3 to 4 ticks based on proximity to the support /resistance / trend line

First scalp under my belt. +3. All downhill from here.


nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 3 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #23 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

Always like to see a pure price action guy. One that shows his trades too.

I flip between trading price action trades and scalping myself, really depends on a feel for the action/emotion that day.

Looking forward to following along. Keep up the good work.

 
(login for full post details)
  #24 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

+9 ticks for the night. Tried out the multiple entry setup. Not sure how to count that; is it one trade or three?...will go with one.. so, 2 winners and 1 loser.

I missed at least 5 trades. hesitation on my part. Need to train my mind to take the entry when I see it. Anyways... good start to the week. Let see if I can keep it going.

Robert

nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 3 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #25 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

Euro FX Night - +10 ticks

Didnt execute on several trades tonight. By the time I stopped I really upset with myself for not taking the trades. Felt like I missed out..totally stressed out about it. Then I reminded myself this was only DAY 2 of my new strategy and I have already set my expectations set way too high!!! So I lowered the bar too a sustainable level: One or two good trades a day. Going to build off of this.

It is also my intention to enter the Top Step Trade combine. After reviewing the goals which must be met I have decided to go with a 3 contract scalp.

I figure I need a average of 40 ticks a day to meet the profit goal. This would cover losing days and give some cushion. By going with 3 contract scalp which would be worth 9 ticks, I would need 4 to 5 good trades a day to meet the goal. This is obtainable. Tonight I missed out on 3 trades. With practice over the next couple of months I should be able to make those trades and hit the goal.

ok.. there's my goal.. now the first hurdle.

There is a psychological barrier for me taking trades; the first trade is easy because I have neither won nor lost so it does not matter to me what happens. However, once I get some ticks under my belt I start thinking about "not losing them!!". This causes me to hesitate and second guess my entry. I have to overcome this. I dont ever look at how much money or ticks I have made or lost however, I have a mental count. I know how many trades I have taken and how many ticks I have accumulated. How do I reset the counter in my head to zero before every trade??

Maybe it is more than just the losing the ticks. With my prior method I would make 5 to 20 ticks on a trade with a bigger stop. I somehow feel more comfortable about taking the 2nd, 3rd trade especially when the first was a decent size winner. I know its all in my head. I must identify the emotion (fear) and acknowledge it and let it go.

Maybe I want to succeed to much... I want to obtain my goal quickly.. I am reminded of Stars Wars quote "If you choose the quick and easy path as Vader did, suffer the same fate you will" The fate I will suffer is a busted trading account. I don't want to go there...

I have never wanted to do something so badly in my life.. Trading is my dream job.. If I am not careful my enthusiasm will be my downfall. Patience.. control.. clear vision of my goal... step by step down the right path.. doing it the right way.. These are the steps I need to take...

Feeling better than when I started my post. I know the path I must take and some of the walls I must tear down..



nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 6 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #26 (permalink)
 mokodo 
Bridgwater, UK
 
Experience: Beginner
Platform: Ninjatrader
Broker: MB Trading
Trading: Forex
 
mokodo's Avatar
 
Posts: 384 since Jun 2011
Thanks: 525 given, 346 received


Silver Dragon View Post
once I get some ticks under my belt I start thinking about "not losing them!!". This causes me to hesitate and second guess my entry. I have to overcome this. I don't ever look at how much money or ticks I have made or lost however, I have a mental count. I know how many trades I have taken and how many ticks I have accumulated. How do I reset the counter in my head to zero before every trade??

I've tried various techniques to try to overcome this too. Here's a few for consideration:
  • Don't do any admin /accounting for trades during the day, do that after your trading session
  • Make a 'mental transfer' for the amount of money you are willing to lose in a month and keep that visible (I use sticky notes). That way the fear of losing the money is somewhat muted as you have accounted for it anyhow.
  • Sounds like you are eager to prove to yourself you are a winning trader. That's great, but make this judgment on a monthly time frame. There will be winning/losing days and weeks but monthly things should average out better and if you are winning it will be more apparent from a distance.
  • Keep a 'passes' sheet to show you which trades you didn't take. All my trades start of life on the passes sheet and if I can find no reason not to take them - I have to take them!
  • I re-read my trading plan regularly which states in bold why I desire to succeed. That helps me to get over 'pulling the trigger issues', (to paraphrase the film) 1st rule of trade club - you have to trade!
  • Really hard this one but try not to be in a rush. Performance anxiety is a real killer. Peel off the pressure by lightening your expectation. Sounds like you are getting comfortable with a new approach/strategy? It will take time, so reflect that with realistic expectations.

Just some stuff I use/have used. Best of luck.

know thyself
Visit my futures io Trade Journal
The following 9 users say Thank You to mokodo for this post:
 
(login for full post details)
  #27 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

+15 for the day..

The 2 trades which worked best were the bounces off the support and resistance lines. The other 2 for the trend line breaks were iffy. I focused so much on taking the trade today that I missed a key support level which would have kept me out of my losing trade. I am ok with this.

What was the best thing that happened today:
  • I faced my fear and took the trades even though I was already ahead for the day. I had an adrenaline rush on the last trade. This was because I confronted my fear of placing the trade.

What was the worst thing that happened today:
  • I hesitated on two trades and did not take them. I got upset with myself for not taking them.



Overall it was a good day.

nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 2 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #28 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

Hesitation is not a option with scalping.. just watched another 9 ticks slip through my fingers. I saw the setup.. I was making sure there was enough space below the entry point for the target to be hit then BAM! euro drops 6 ticks in less than 30 seconds..

On the positive side I am seeing the setup... On the negative side I am waiting (thinking) to long before I execute.

Robert

nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 3 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #29 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

Random thoughts...

Looking at another trade setup and didnt want to take it because I was a bit emotional after missing the last one so I switched over to SIM. Then entered the trade without hesitation (no emotion) and the targets were hit....

I think @Big Mike mentioned this in another thread about trading better when it is not your own money. No way to test this of course unless someone wants to let me borrow their account for day.. Any Takers??

If I had an account with Top Step Traders, I wonder if my block of taking a trade would be lessened or just plain gone since technically it is not my money since they absorb losses.

nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following user says Thank You to Silver Dragon for this post:
 
(login for full post details)
  #30 (permalink)
 Xav1029 
Tampa, FL
 
Experience: Beginner
Platform: NinjaTrader, Sierra Chart
Broker: Mirus Futures/Zen-Fire
Trading: 6E, M6E, 6J
 
Xav1029's Avatar
 
Posts: 1,375 since Dec 2011
Thanks: 1,452 given, 3,369 received


Silver Dragon View Post
Random thoughts...

Looking at another trade setup and didnt want to take it because I was a bit emotional after missing the last one so I switched over to SIM. Then entered the trade without hesitation (no emotion) and the targets were hit....

I think @Big Mike mentioned this in another thread about trading better when it is not your own money. No way to test this of course unless someone wants to let me borrow their account for day.. Any Takers??

If I had an account with Top Step Traders, I wonder if my block of taking a trade would be lessened or just plain gone since technically it is not my money since they absorb losses.

I wonder the same thing sometimes. I have a buddy who wants to let me trade with his money because he knows its different(he doesn't care that I haven't had long term success with my money), but he's my best friend so I would feel kinda bad if I lost his money

Visit my futures io Trade Journal
The following user says Thank You to Xav1029 for this post:
 
(login for full post details)
  #31 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received


Xav1029 View Post
I wonder the same thing sometimes. I have a buddy who wants to let me trade with his money because he knows its different(he doesn't care that I haven't had long term success with my money), but he's my best friend so I would feel kinda bad if I lost his money

I could never trade family or friends money. Birthdays and holidays would be just too awkward if I lost their money.

Actually I could be a great over the shoulder trader. Its easier to see someone's else's mistakes than it is your own.

nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 3 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #32 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

I had a friend of mine ask me a question last night which has thrown my trading plan into question. He dabbles in the market but is not as serious as I am.. I told him about my plans for trying out for Top Step Trader which he thought was good idea. Then he asked me if they allow Forex trading on TST? Answer: nope... next questions: Shouldn't you be practicing with what they allow you to trade? uhg..

That made too much sense for me to ignore.. I know 6e follows the euro but one is future and one is not.. There are differences on how they trade.

Then I started talking about scalping, which I am leaning toward as a trade of choice.. He pointed out the volatility in 6e and suggested something a little more boring might be better suited for scalping.. which again was a good point.

We talked for about a hour and half about my plan. I walked out there with more questions than answers. The two questions above being the biggest. I need to answer those questions before I move forward.

The conversation was positive but a bit of reality check.. I would be lying if I said I didn't feel a little deflated at the moment. I have not even seriously looked at a chart today. Just watching.. I will give this more thought over the weekend.

As always, feedback is welcome.

Robert

nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 4 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #33 (permalink)
 Xav1029 
Tampa, FL
 
Experience: Beginner
Platform: NinjaTrader, Sierra Chart
Broker: Mirus Futures/Zen-Fire
Trading: 6E, M6E, 6J
 
Xav1029's Avatar
 
Posts: 1,375 since Dec 2011
Thanks: 1,452 given, 3,369 received


Silver Dragon View Post
I had a friend of mine ask me a question last night which has thrown my trading plan into question. He dabbles in the market but is not as serious as I am.. I told him about my plans for trying out for Top Step Trader which he thought was good idea. Then he asked me if they allow Forex trading on TST? Answer: nope... next questions: Shouldn't you be practicing with what they allow you to trade? uhg..

That made too much sense for me to ignore.. I know 6e follows the euro but one is future and one is not.. There are differences on how they trade.

Then I started talking about scalping, which I am leaning toward as a trade of choice.. He pointed out the volatility in 6e and suggested something a little more boring might be better suited for scalping.. which again was a good point.

We talked for about a hour and half about my plan. I walked out there with more questions than answers. The two questions above being the biggest. I need to answer those questions before I move forward.

The conversation was positive but a bit of reality check.. I would be lying if I said I didn't feel a little deflated at the moment. I have not even seriously looked at a chart today. Just watching.. I will give this more thought over the weekend.

As always, feedback is welcome.

Robert

I think if you have a method that is working for you, stick with it. As far as the instrument, I don't think the 6E could be too different from FOREX EUR/USD, though I have nothing to back this up with. If you are leaning towards scalping, you might actually benefit from switching over to futures because you would have access to order flow information(volume and TS), which IMO can be very useful for scalps.

Have a good weekend Robert and don't over-analyze your plan. Just make sure you are always moving forward.

Xavier

Visit my futures io Trade Journal
The following 2 users say Thank You to Xav1029 for this post:
 
(login for full post details)
  #34 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,065 since Jun 2009
Thanks: 32,529 given, 98,479 received

Just replace 6E for EURUSD spot, I wouldn't switch instruments if you are familiar with the Euro.

But yes, you should be practicing using the same position sizing you intend to use in the Combine.

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal
The following user says Thank You to Big Mike for this post:
 
(login for full post details)
  #35 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,385 received


Silver Dragon View Post
I had a friend of mine ask me a question last night which has thrown my trading plan into question. He dabbles in the market but is not as serious as I am.. I told him about my plans for trying out for Top Step Trader which he thought was good idea. Then he asked me if they allow Forex trading on TST? Answer: nope... next questions: Shouldn't you be practicing with what they allow you to trade? uhg..

That made too much sense for me to ignore.. I know 6e follows the euro but one is future and one is not.. There are differences on how they trade.

Then I started talking about scalping, which I am leaning toward as a trade of choice.. He pointed out the volatility in 6e and suggested something a little more boring might be better suited for scalping.. which again was a good point.

We talked for about a hour and half about my plan. I walked out there with more questions than answers. The two questions above being the biggest. I need to answer those questions before I move forward.

The conversation was positive but a bit of reality check.. I would be lying if I said I didn't feel a little deflated at the moment. I have not even seriously looked at a chart today. Just watching.. I will give this more thought over the weekend.

As always, feedback is welcome.

Robert

To me, scalping is about being in and out quick. A slower instrument will provide that? I doubt it. I would stick with the Euro at least until it goes the way of the dodo bird. Nice $ per tick, decent movement every day. You could be done in a couple of hours every morning.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
The following 4 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #36 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

I spent much of the weekend with my son watching movies, playing Wii and playing Star Wars. Miss being a kid!! The Star Wars battle was epic. He of course won. He beat me in Wii bowling 183 to 182. He was so proud of his self as was I. This was exactly what I needed to clear my head.

I decided I need to trade actual futures so I signed up for TST to have access to futures and to get used to the software they use. Once you get pass the learning curve of how it works it is quite powerful. The one thing I miss from NT is the charts and ATM strategies.

Sunday night and Monday were spent learning the T4 software. I tried to use their charts but it just was not happening. Went back to NT charts (FX EURO feed) with TST trade interface.

There is a big difference on how futures move vs the FX Euro move. The 10th pips allow you to see the movement between the ticks. This threw me off when trying to get into trades because the movement on the chart which is 10x as big and did not reflect the small movement in the trade entry window. Other issue is the futures is 10 ticks off from FX euro price. This was easier of the two adjustments

The scalping setup I had designed in NT does not really work well with their software. Its hard to enter 3 different prices with different targets. I will see what happens when NT is supported which they said it should be released next week. For now I am playing support and resistance moves and trend line breaks.

I added the 50 MA and 200 MA to the chart. I was seeing bounces off these levels. I am not sure if I am going to keep them. I really like a clean chart.

Finally I created a simple breakout indicator based on the 50 MA. If it makes a new high above the 50 MA the bar will be blue. If it makes a new low below the 50 MA the bar will be black. I created this to identify breakouts which occur near the 50 MA and a trend line. I don't think its working quite right... Seeing some bars which should be colored blue or black which are not. Again, I am not sure I am going to keep it.. Just a test.


Today was my first day of real (sim) trading. I ended up +9 for the day. The last trade saved me from having a negative day. I decided to end the day on a positive note.


The best thing which happened to me today:
  • I saw a breakout move coming and moved my target to just above the low of the day. I best part was i did not kill the trade before the target was hit.

The worst thing which happen to me today:
  • I took several trades which I should have never taken. Lack of patience prevailed for the 3/4 of the trading day.

The other thing I have to work on is cutting my losses short when I am wrong. I beginning to see in the charts when I am wrong and need to get out. I need to cut those losses short.

I need to quit cutting my profits short. I did this several times today. This ended up making my avg profit less than my avg loss.

re-reading the last two statements I realize I am doing it totally backwards! Need to cut losses short and let profits run.. not the other way around.

Trades today:


Screen Setup

nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 5 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #37 (permalink)
 indextrader7 
Birmingham, AL
 
 
Posts: 1,065 since Apr 2012

Keep up the good work man.

 
(login for full post details)
  #38 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

6E Night

Caught the breakout downward. +12
The x's on the chart represent entry and exit.


nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 4 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #39 (permalink)
 Futures Operator 
New York, NY
 
Experience: Intermediate
Platform: Sierra Chart, thinkorswim
Broker: Amp-Rithmic/TT, IB
Trading: CL, GC, NQ
 
Posts: 578 since Nov 2010
Thanks: 1,867 given, 251 received


Silver Dragon View Post
I know 6e follows the euro but one is future and one is not.. There are differences on how they trade.

Then I started talking about scalping, which I am leaning toward as a trade of choice.. He pointed out the volatility in 6e and suggested something a little more boring might be better suited for scalping.. which again was a good point.

As always, feedback is welcome.

Robert

I think after getting used to the minor differences, you will find they move very similarly/identically. And for scalping, the 6E should be superior, mostly due to overall spread+commissions costs, and also fills/execution.

Follow me on Twitter
The following user says Thank You to Futures Operator for this post:
 
(login for full post details)
  #40 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

6E morning session
+8 ticks
+ 20 ticks for last night and this morning.


Today was all about patience! Last night and today I took trades which broke the support / resistance or trend lines and had room to move beneath the lines. I placed a sell stop beneath the lines where I thought the price was beyond the reach of a false breakout but still would be a good entry point. This was actually good for me because it took away the hesitation which causes late entry or no entry at all.

The first trade I originally had a target of 2880 however it pulled back on the support. When it pulled back I was tempted to exit the trade. I kept a tick count of how many times I wanted to exit the trade.. It was 17 times in 35 minutes. I ended up exiting the trade on the double bottom. I felt there was a chance for a rebound and breakout, which the rebound happened but the breakout did not. In the end the price ended up 1 tick from my original target.

After being in the trade for 5 minutes a thought occurred to me: I should have traded 2 contracts. 1st target at the support and the 2nd target at 2880. I am going to try this next time this type of trade comes up. I would have felt more comfortable holding the second contract since the first target would have been hit.


The second trade was a scalp. It broke the support of the previous trade. I thought it was going to go a couple of ticks lower than it did. This trade could have easily been a loss or BE.

third trade: what could have been!! I had a buy stop 2900 and took it out. Dont have a good reason for it. I saw something I didnt like. My original thought was for a 5 tick target which it would have hit.

What was the best thing that happened today:
  • Patience! I stayed in the trade and let it run its course.
  • I took the hesitation out of my trading by using buy and sell stops.

What was the worse thing that happen today:
  • I didnt trust what the chart was telling me. I let some emotion get in the way of a final trade.

I am switching back and forth between my NT chart and the TST chart. The TST chart shows the trades, target and stops which is helpful. I have better vision of the market with the NT chart; using this to identify trades.

I am done for the day. As much as I want to trade more I am going to exercise restraint.

Final thought: I stared at my account window yesterday and today for what seemed like hours and I am finding great motivation to for doing this the right way; The $362 I made in Sim over the last two days could be "real" and mine! I want this bad!!!




nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 7 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #41 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

6E night

+8 ticks (4 ticks per contract)

Traded the breakout lower. Sames as today's trades; I placed the sell stop below the trend line and waited the for the breakout. I traded 2 contracts.

I exited the trade early because there was hesitation in the bars. I felt a bounce back could occur. Plus, I freaked out because I was holding 2 contracts . After I exited the trade it hit my target 5 minutes later.

Still pleased with my identification of the trade and the entry.


nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 2 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #42 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

The Yen..

One of the things I am considering is trading the Yen so I can trade at night. Most days, there is more movement between 8pm & midnight than there is on the Euro. Reason is I find time in the morning to trade the euro but I have to work it in.. At night between 8 and 12 I am free to trade no distractions other than posting on futures.io (formerly BMT).

I have been watching it the last couple of days. I may give it a try tomorrow night or next week.


Robert


nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 3 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #43 (permalink)
 NW27 
Newcastle, Australia
 
Experience: Intermediate
Platform: Multicharts 8 - Full Version
Broker: IB
Trading: SPI,FTSE100, 6E, 6A
 
Posts: 285 since Oct 2010
Thanks: 108 given, 186 received

Hi,
First, are you trading the actual 6E, and second what would be the yen symbol?
I'm in Australia so trading the yen may work better for me in the day.
Do you know what the details are or point value etc.

Regards,
Neil.

 
(login for full post details)
  #44 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received


NW27 View Post
Hi,
First, are you trading the actual 6E, and second what would be the yen symbol?
I'm in Australia so trading the yen may work better for me in the day.
Do you know what the details are or point value etc.

Regards,
Neil.

Hi Neil (@NW27),

Yes, trading the 6E.
Yen symbol is 6J. The contract details are below. 12.50 a tick just like the 6E.

Contract details: JPY/USD

Robert

nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 2 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #45 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

6e Morning

-39 ticks

Got my but kicked today. Majority of it was mental mistakes and the other was learning mistake with the new software.

First the learning mistake; Unlike NT when your position is flattened it does not cancel the attached orders which were part of the OCO. There is a separate button for removing orders. So, as I flattened my position just as my price was surging it closed and then the price hit my stop, which is now a buy order and of course the price went the other direction right after execution. Before I realized what happened the price had dropped 7 ticks. I was holding 2 contracts- loss of 14 ticks total. Lesson learned.

From a rule stand point I followed them, taking breaks of the trend and support lines. But what I didnt count on was the strength of the up trend. Normally I can get some scalp ticks with break of minor trend which lies inside the major trend line. but today it did not happen. The same thing happened with the support levels. The uptrend was too strong the breakdown did not work.
  • First trade was the break of the minor trend line. It failed.
  • Second trade was the execution of my stops which turned into buys.
  • third trade was a break of minor support. The trend was too strong and the trade failed.
  • fourth trade was the breakout of the support level. This was a decent trade. There was a breakout to the upside on a major resistance. I didn't see the follow through after the break. I should have closed it at that point when I was up a few ticks. The price ended up pulling back to my stop level and then continuing on to my original target level. Even if I would have held I would have been stopped out.

I marked on the chart the trade I should have taken. It was the break of major trend line.

What did I learn? I need to determine trend strength and consider only trading the major trend lines and support and resistance levels.

I tried to trade two contracts today and failed. Not ready to give up on it though. Need to have a good day for comparison.

Even though I lost big time today it was a good day from the stand point of learning. I am one step closer to my goal.

What was the best thing to happen today
  • After my final loss I stopped trading. I stayed away from revenge trading.
  • I reduced my position size to 1 after the first two losses.

What was the worse thing that happen today:
  • Trying to go short in a long market. Did not recognize the trend.



nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 6 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #46 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

6J Yen Morning.

+3 ticks

Missed the best moves on the Euro last night and this morning but saw a opportunity in the Yen so I took it.

The trade was a breakout of a major trend line. It stopped at the resistance. I didnt see any real follow through. Not surprising for a Friday. I still think it has the possibility to go higher but for now I took what the market gave me.

what was the best thing that happened today?
  • I managed my stop as the the price moved up.
  • I exited the trade when I realized it was not going anywhere.

what was the worst thing that happened today?
  • I missed the moves on the euro.

I liked the move in the Yen today. It was smooth with less volatility. I have noticed the Yen trends more than the Euro. This could be beneficial to getting more ticks out of a trade. I will be watching it closely.

This will probably be my only trade today. I have stuff to take care of.

Robert


nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 3 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #47 (permalink)
iankotze
thabazimbi limpopo/south africa
 
 
Posts: 27 since Oct 2012
Thanks: 65 given, 88 received

Great journal indeed. The fact that you do not over trade and stick to only trading your trade setups is very positive. You just need some time with it, get more in tune with yourself and your trading style and you will make it happen. The hardest part for a lot of traders is staying out of the market but you seem to have that down very nicely.
Ian

The following user says Thank You to iankotze for this post:
 
(login for full post details)
  #48 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received


iankotze View Post
Great journal indeed. The fact that you do not over trade and stick to only trading your trade setups is very positive. You just need some time with it, get more in tune with yourself and your trading style and you will make it happen. The hardest part for a lot of traders is staying out of the market but you seem to have that down very nicely.
Ian

Ian,
@iankotze

Thank you for the feedback! I have been working hard to learn just a few setups and be the best at executing those setups. I know when I trade them it feels right. My confidence is growing!

You are correct about staying out of the market. It was a difficult lesson to learn why it is important to know when to stand on the sidelines and watch and when to be in the game.

For the record; watching from the sidelines can be harder than being in the game.


Robert

nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following user says Thank You to Silver Dragon for this post:
 
(login for full post details)
  #49 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

Here is my compilation of the best and worst things which happened to me this week.

The best things which happened to me this week:
  • I saw a breakout move coming and moved my target to just above the low of the day. I best part was i did not kill the trade before the target was hit.
  • Patience! I stayed in the trade and let it run its course.
  • I took the hesitation out of my trading by using buy and sell stops.
  • After my final loss I stopped trading. I stayed away from revenge trading.
  • I reduced my position size to 1 after the first two losses.
  • I managed my stop as the the price moved up.
  • I exited the trade when I realized it was not going anywhere.


The worst things which happen to me this week:
  • I took several trades which I should have never taken. Lack of patience prevailed for the 3/4 of the trading day.
  • I didnt trust what the chart was telling me. I let some emotion get in the way of a final trade.
  • Trying to go short in a long market. Did not recognize the trend.
  • I missed the moves on the euro.





Robert

nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following user says Thank You to Silver Dragon for this post:
 
(login for full post details)
  #50 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

Weekend update :

I spent about 4 hours between last night and today practicing market replay for the Yen. My best trades were breakouts where I put a sell stop or buy stop on the other side of the line and waited for the breakout. My worst trades was where I tried to time the reversal or continuation of a trend. I should stick to breakouts!!

I am testing / using 2 types of breakouts
  • First is a breakout which will move 5 to 10 ticks. This is what I am using now
  • Second is the quick hit breakout which will be a 2 to 3 tick gain with a tight stop.

The Yen tends to move at least 5 to 10 ticks on a break. This fits well into my trading style. In addition it trends very well. Sometimes 50 to 80 ticks in a day.I found a lot of stops and reversals around 50 SMA.

Last week:
First week with Top Step Trader was good. I like the accountability it brings to my trading. This without a doubt make me a better trader. I will probably sign up for the combine in the next few weeks. Waiting for NT to be supported by TST. Below is last weeks results for the Euro.




The T4 software has definite learning curve. It also eats up a lot of memory. The one thing I like about it is the ability to place to stop orders, one above, one below, where I think the price will breakout. I tried this in NT but it will not allow me to do it. I can do one or the other but not both.

This week:
I have been playing around with calculations on what I need to make profit target for TST. Based on my trading style I will need 10 ticks a day @ 3 contracts. I took 1.5 the amount needed (5000) to calculate the ticks needed. This should help cover my losing days and get me used to trading size.


-
I plan on trading the Yen this week as well as the Euro. We will see what shakes out.

Robert

nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 6 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #51 (permalink)
 PandaWarrior 
In the heat
 
Experience: None
 
PandaWarrior's Avatar
 
Posts: 3,163 since Mar 2010
Thanks: 6,328 given, 13,385 received


Silver Dragon View Post
Weekend update :

I spent about 4 hours between last night and today practicing market replay for the Yen. My best trades were breakouts where I put a sell stop or buy stop on the other side of the line and waited for the breakout. My worst trades was where I tried to time the reversal or continuation of a trend. I should stick to breakouts!!

I am testing / using 2 types of breakouts
  • First is a breakout which will move 5 to 10 ticks. This is what I am using now
  • Second is the quick hit breakout which will be a 2 to 3 tick gain with a tight stop.

The Yen tends to move at least 5 to 10 ticks on a break. This fits well into my trading style. In addition it trends very well. Sometimes 50 to 80 ticks in a day.I found a lot of stops and reversals around 50 SMA.

Last week:
First week with Top Step Trader was good. I like the accountability it brings to my trading. This without a doubt make me a better trader. I will probably sign up for the combine in the next few weeks. Waiting for NT to be supported by TST. Below is last weeks results for the Euro.




The T4 software has definite learning curve. It also eats up a lot of memory. The one thing I like about it is the ability to place to stop orders, one above, one below, where I think the price will breakout. I tried this in NT but it will not allow me to do it. I can do one or the other but not both.

This week:
I have been playing around with calculations on what I need to make profit target for TST. Based on my trading style I will need 10 ticks a day @ 3 contracts. I took 1.5 the amount needed (5000) to calculate the ticks needed. This should help cover my losing days and get me used to trading size.


-
I plan on trading the Yen this week as well as the Euro. We will see what shakes out.

Robert

You need to figure 2X the amount needed in order to arrive at a certain average number of dollars per day......

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
The following 2 users say Thank You to PandaWarrior for this post:
 
(login for full post details)
  #52 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received


PandaWarrior View Post
You need to figure 2X the amount needed in order to arrive at a certain average number of dollars per day......

Updated to 2X. Thanks!

Robert


nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
 
(login for full post details)
  #53 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

Euro - Yen Night

First trade of the night was the euro. I made two mistakes; I got into too early and I moved my stop up too far. As a result I was stopped out -5 ticks. The price continued down another 50 ticks after exit. I missed the big move.

The 2 trades in the yen were better.
First Trade I placed my sell stop below the support level and waited for it to break. I ended up exiting the trade early. The price went down to my target 2750. +2 ticks

In both cases of the euro and yen I think the 3 contracts size physiologically did me in. This will get better after I get a few trades under my belt.

The final trade I tried something new. One of the things I am good at is placement of the support / resistance and trend lines. Normally I only play one side of the trade. Tonight I played both sides of the line. I placed the first sell stop 3 ticks below the trend line and when the price touched the trend line I placed a buy stop above the line. This way whichever way the price goes I can get in on the trade. The price bounced and I exited the trade right below the downward trend line. +2 ticks

Overall for the night I am down 1 tick.



nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following user says Thank You to Silver Dragon for this post:
 
(login for full post details)
  #54 (permalink)
 mokodo 
Bridgwater, UK
 
Experience: Beginner
Platform: Ninjatrader
Broker: MB Trading
Trading: Forex
 
mokodo's Avatar
 
Posts: 384 since Jun 2011
Thanks: 525 given, 346 received


Silver Dragon View Post
The one thing I like about it is the ability to place to stop orders, one above, one below, where I think the price will breakout. I tried this in NT but it will not allow me to do it. I can do one or the other but not both.

I believe you can use the OCO flag for this in NT. Right click the chart trader panel, and select OCO order to turn on (confirms with oco highlighted in green) and then set the two orders.

know thyself
Visit my futures io Trade Journal
The following user says Thank You to mokodo for this post:
 
(login for full post details)
  #55 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received


mokodo View Post
I believe you can use the OCO flag for this in NT. Right click the chart trader panel, and select OCO order to turn on (confirms with oco highlighted in green) and then set the two orders.

You are correct. Thanks!

Robert

nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
 
(login for full post details)
  #56 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

No trading today. Did some mental trading this morning on the Yen. Simply watching the bars move to get a feel for the movement.

I spent the afternoon trying to get NT setup with Topstep Trader but I am having issues. Managed to get logged in once Then logged out and have not been able to get back in. Will try again tomorrow.

Robert

nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 2 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #57 (permalink)
 Futures Operator 
New York, NY
 
Experience: Intermediate
Platform: Sierra Chart, thinkorswim
Broker: Amp-Rithmic/TT, IB
Trading: CL, GC, NQ
 
Posts: 578 since Nov 2010
Thanks: 1,867 given, 251 received

Hi Robert,

Nice journal. I noticed you decided to move to scalping, have you changed some of the rules you outlined in the plan you originally posted, ie win rate of 45% and risk per trade of 20 ticks? I'm curious to know the average stop, target you are taking now on each trade, and also the win rate and actual realized RR you have been getting?

Also, how is the Overall Average line on the TST stats calculated? It doesn't seem to be add up to the sum of all the previous days, which is what I thought it meant.

Follow me on Twitter
The following user says Thank You to Futures Operator for this post:
 
(login for full post details)
  #58 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received


Futures Operator View Post
Hi Robert,

Nice journal. I noticed you decided to move to scalping, have you changed some of the rules you outlined in the plan you originally posted, ie win rate of 45% and risk per trade of 20 ticks? I'm curious to know the average stop, target you are taking now on each trade, and also the win rate and actual realized RR you have been getting?

Also, how is the Overall Average line on the TST stats calculated? It doesn't seem to be add up to the sum of all the previous days, which is what I thought it meant.

@Futures Operator

Thanks for the feedback! Those are all excellent questions.... and I don't have solid answer for any of them at the moment. I am in transition state of moving from FX over to futures and moving from my broker over to TST. Plus I am exploring trading the Yen because it I will be able to trade it at night which will allow me to have uninterrupted trading.

I have only been using TST for about a week so any trades prior to that will not be reflected in the totals. Not that matters now because when I moved over to NT today it wiped my account clean. Also found out when my trial is up and I move to a member it will wipe my account clean. I have an excel spreadsheet but its a mix of FX and futures. Not sure any reliable trading stats can be squeezed out of it. I am in no mans land when it comes to totals and stats.

The plan right now is to get NT setup with TST and define my options for choosing a platform. I like the T4 entry system better than I do NT's. But I like the charting better on NT than I do T4. Some decisions have to be made before I go to the Combine because you can not use both platforms.

In summary: I am going to take this opportunity to keep practicing my setups and try some new ones until I sign up for the combine. When that time rolls around I will have a revised set of rules laid out and some real stats to make decisions.

It should be noted even though I am in transition state I still read the rules which still apply every morning before I trade. This has been extremely helpful to keep my head in the game.

Robert

AP: (after proofreading)
I rambled a bit!! I know the above may sound like a cluster but for me I am creating a sustainable process by which to trade. All of the pieces I need are there and end product is in sight. Now I have to put the pieces together and weed out the garbage to get to the goal.

Ironically creating processes out of clusters is what I get paid to do at my day job. Its about time I applied it to trading.

nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 3 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #59 (permalink)
iankotze
thabazimbi limpopo/south africa
 
 
Posts: 27 since Oct 2012
Thanks: 65 given, 88 received

I would suggest you take your time, do another week or two with the TST practice account before you go for your shot at the combine. As for your scalping style. I am not sure if it is the best route to take with TST. I tried that approach a few times and just could not make it happen because of the performance goals that are needed to be met as well as the profit target. If you manage to just stay above zero dollars but meet two objectives you can roll over. With scalping you have a hard time getting those performance goals in line and even if you make the profit objective you will not get funded if your performance goals are not in line unless you are doing a custom combine.

That being said I am a very big fan of small set stop losses and only trade 1 contract. I risk a max of 5 ticks on the Ultra Bond but cut sooner if the thing is not doing what I thought it would. If I have a loss I trade to get the loss back plus 1 tick. So that I am on even ground the whole time. When I do manage to get into a nice swing I hold for a long time and ride it out as far as I can. Thus the statistics come in line in the end even if I only have a nice trend once in 3 days. My performance goals are always very good just because of a few trades in a week that make the money. 80 % of my trades are just flopping around the 3 to 5 tick zone. A good winner is 10 to 30 ticks.

Ultra bond is $32 per tick. So an average of 12 ticks is needed per day.

My game plan is to get the 12 ticks on a day if it is just a normal day. This I do by 3 or 4 small trades taking 3 to 5 ticks if we are ranging. Once a week I try to catch a trend and get myself 20 or 30 ticks on the day. This I do so that I have a bit more profit in the bank for the dreaded down day which I cap at 20 ticks loss.

Hope that helps a bit
Ian

The following 3 users say Thank You to iankotze for this post:
 
(login for full post details)
  #60 (permalink)
 tderrick 
Nashville, Tennessee
 
Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker: AMP / CQG
Trading: NQ, YM and ES
 
tderrick's Avatar
 
Posts: 1,588 since Sep 2010
Thanks: 4,260 given, 2,529 received

I started late, but I'm on board now... looking forward to catching up on the read...

Best of luck to you, sir


AJ
Nashville, Tennessee


"Life On The Edge of SR"
Follow me on Twitter Visit my futures io Trade Journal
The following user says Thank You to tderrick for this post:
 
(login for full post details)
  #61 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

Update:

Working through my setup on NT using TST data feed. Feeling good about how it works. Did around 40 test trades between yesterday and today to try to reproduce some of the setups I had with the t4 software.

I had a couple good trades today however they were on the NT sim account (Sim101). Talked to TST this morning and my practice account should be setup today sometime. Then I will start making trades and posting them.

Now that I have identified my setups I like to use I have been looking into other chart time frames and bar types to see if I can 1) produce more opportunity; 2) Find a better trending time frame / bar type. Some of my better entries are on trend line breaks.3) stay longer in trades.

The 150 tick chart for the 6e looks interesting and the 100 tick chart for 6j look interesting. I will be testing these out.

150 tick chart for the euro. A lot of trend line breaks.

nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 5 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #62 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received


iankotze View Post
I would suggest you take your time, do another week or two with the TST practice account before you go for your shot at the combine. As for your scalping style. I am not sure if it is the best route to take with TST. I tried that approach a few times and just could not make it happen because of the performance goals that are needed to be met as well as the profit target. If you manage to just stay above zero dollars but meet two objectives you can roll over. With scalping you have a hard time getting those performance goals in line and even if you make the profit objective you will not get funded if your performance goals are not in line unless you are doing a custom combine.

That being said I am a very big fan of small set stop losses and only trade 1 contract. I risk a max of 5 ticks on the Ultra Bond but cut sooner if the thing is not doing what I thought it would. If I have a loss I trade to get the loss back plus 1 tick. So that I am on even ground the whole time. When I do manage to get into a nice swing I hold for a long time and ride it out as far as I can. Thus the statistics come in line in the end even if I only have a nice trend once in 3 days. My performance goals are always very good just because of a few trades in a week that make the money. 80 % of my trades are just flopping around the 3 to 5 tick zone. A good winner is 10 to 30 ticks.

Ultra bond is $32 per tick. So an average of 12 ticks is needed per day.

My game plan is to get the 12 ticks on a day if it is just a normal day. This I do by 3 or 4 small trades taking 3 to 5 ticks if we are ranging. Once a week I try to catch a trend and get myself 20 or 30 ticks on the day. This I do so that I have a bit more profit in the bank for the dreaded down day which I cap at 20 ticks loss.

Hope that helps a bit
Ian

@iankotze

The last paragraph of your post is a similar to a approach to which I find most comfortable. Setting up a trade with a 5 tick target and being able to exit it with a gain if it starts to fail is good for me. However, I have not been able to do the longer hold times to get a higher tick count. 10 ticks is about my limit before I start fretting about losing everything I have gained. I know this is emotional block that I need to work on.

Once I get things set I will need to participate in a combine to see if it works. Then I will make adjustments to my trading style based on what failed. I should note that I anticipate failure on the first combine. In a way it takes the pressure off of me to succeed. I will make better trades and learn more because I am not trying to be perfect. It should be a good learning experience.

Three contracts on 6J or 6E is 37.5 which is close to ultra bond at 32 a tick. I estimated I need 13 ticks a day to add cushion and cover losing days for the combine. 13 ticks a day is double the amount needed to meet the profit requirement in the Combine.

I dont plan on entering the combine until I am ready. I was originally thinking beginning on November (overly optimistic!!) but it will probably wont happen. I need time get things setup. I have been playing around with my setups in NT today. I felt very comfortable trading with software I am familiar with.

As I mentioned before I really want this. Despite my enthusiastic posts to get it done now I know I have to do this right. If it takes me six months to figure out the right way to do it, then it takes six months. No rushing.

Thanks for the feedback!!

Robert

nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 6 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #63 (permalink)
iankotze
thabazimbi limpopo/south africa
 
 
Posts: 27 since Oct 2012
Thanks: 65 given, 88 received

I think your head is in the right place and you are approaching this thing in the right way.
This is the hardest easy job in the world and it gives you the opportunity to learn much of yourself and the markets. Keep your passion going and be great full that you are in a position to work on attaining your dream job.

Best of luck in your mission and I am sure you will make it happen in the end,
Ian

The following user says Thank You to iankotze for this post:
 
(login for full post details)
  #64 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

My account is up and running. I took a single trade today to test it out. + 2 ticks. The rest of the day was sim. My mind was not into it today. Did not have focus or correct emotional state of mind to trade. I knew it this morning when I got out of bed. Spent the morning watching the charts taking random meaningless trades. Wasted day.

Best thing that happened today:
  • Recognizing I was not in the right frame of mind to trade.

Worst thing to happen today:
  • Taking trades that meant absolutely nothing.

Robert

nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 3 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #65 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

6E morning

+15 ticks x 3 contracts

Today I took a breakout trade with a larger target. Two things I did different today; I used a 50 tick chart and I had a max zoom on the chart so I could have a clearer picture of the price action.

I moved my stop up every time it broke a resistance level. The original target was 3075. Ended up exiting 3068. The movement in price felt like a top which is why exited early. (as I am writing this the price is 3056).

What was the best thing that happened to me today:
  • I had patience and waited for the breakout and let the trade run its course.

What was the worst thing that happened to me today.
  • I am still having issues with getting my TST account setup so this trade was executed in SIM101 and will not be reflected in my TST account.

Today was a near perfect trading day. I had full control over my emotions during the trade. I made a rational decision for my exit. Having a longer term view of the chart really helped me see where the price was going. Plus the move seemed smaller when compared to the rest of the chart. This allowed me to stay in the trade and let it run its course.

I am done for the day.

Robert


nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 5 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #66 (permalink)
 Xav1029 
Tampa, FL
 
Experience: Beginner
Platform: NinjaTrader, Sierra Chart
Broker: Mirus Futures/Zen-Fire
Trading: 6E, M6E, 6J
 
Xav1029's Avatar
 
Posts: 1,375 since Dec 2011
Thanks: 1,452 given, 3,369 received


Silver Dragon View Post
6E morning

+15 ticks x 3 contracts

Today I took a breakout trade with a larger target. Two things I did different today; I used a 50 tick chart and I had a max zoom on the chart so I could have a clearer picture of the price action.

I moved my stop up every time it broke a resistance level. The original target was 3075. Ended up exiting 3068. The movement in price felt like a top which is why exited early. (as I am writing this the price is 3056).

What was the best thing that happened to me today:
  • I had patience and waited for the breakout and let the trade run its course.

What was the worst thing that happened to me today.
  • I am still having issues with getting my TST account setup so this trade was executed in SIM101 and will not be reflected in my TST account.

Today was a near perfect trading day. I had full control over my emotions during the trade. I made a rational decision for my exit. Having a longer term view of the chart really helped me see where the price was going. Plus the move seemed smaller when compared to the rest of the chart. This allowed me to stay in the trade and let it run its course.

I am done for the day.

Robert



Great trade Robert Build on this and have a great weekend!

London Calling
Visit my futures io Trade Journal
The following 2 users say Thank You to Xav1029 for this post:
 
(login for full post details)
  #67 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

I came across an article I had saved many years back by Larry Connors. How many years back? Roger Clemens was still pitching and Lance Armstrong was still racing! It gave some good advice which still holds true today about trading.

At the time I had highlighted 2 parts. (they are in bold below): be a best at what you do and be the best at doing one thing better than anyone else. He is spot on with this advice. I am attempting to be the best breakout trader there is. This is what i am good at and this is what I am focusing on.

I can tell you it is a confidence builder when you focus making your strengths better than they already are. It comes naturally because you are already good at it. I think traders spend too much time trying to fix their weaknesses and get discouraged because its never gets better. A better approach would be to acknowledge your weaknesses and put processes/controls in place to limit the damage when they arise. Then focus on your strengths. IMO As you get better at what you are good at, your strengths will overcome your weaknesses.

Robert


Quoting 
With Sunday being Father's Day, I wanted to take the opportunity to write a letter to you about trading. This letter gets to the heart of my philosophy of how markets work and why traders succeed, and is based on my more than two decades of experience in this industry. Should you decide to enter Wall Street -- a place that I find fascinating, exciting and an arena that takes brains, skills, guts, perseverance, and a little bit of luck to succeed in -- I hope you take my words to heart. I wish someone had given me this letter when I started, and I'm hopeful it will take years off your learning curve to success.

1. BE HUMBLE - You will never be smarter than the markets. Never, never, never. I don't care which schools I send you to, or which colleges you attend or what your GPA will be. It's meaningless. The market will always be smarter. And the sooner in life you learn this, the more successful you will eventually become. Everyone comes into this game believing they possess the clairvoyance to outsmart hundreds of thousands, if not millions of some of the smartest people in the country. They cannot. The collective whole will always win. Maybe not short term, but certainly long term. For every one story of the guy who sits on a trading desk and year after year "outguesses" the market, there are literally thousands of others who have failed using the same approach. It's the one person who smokes two packs a day of cigarettes for 40 years and is still alive. For every one of him, there are thousands of others who are dead. What does this mean? Stay humble, stay focused and stay structured! And don't mistake a few winning trades over a few months or years as genius. There's a person out there I know, who now successfully manages over $1 billion in his money management firm (up from under $10 million dollars a decade ago). He makes money every year for his clients. He also earns somewhere between $30-$50 million dollars a year for himself and his family. You'd think a guy like this has it all figured out. But he doesn't. Here's what he had to say about himself in a recent magazine article: "I am very humble and assume that I will be wrong in my assessment of the environment which forms the basis of my trading." He's making more money in a year than most people will make in three lifetimes, and he always assumes he's wrong. Until you start making this type of money, live with the credo that the market is always smarter than you. Good things tend to fall into place if you do.

2. Worry More About Losing Money Than About Making Money - Worry about the losses first, the profits second. That means you go into every trade assuming the worst may happen. A plane may fly into a building in New York, a company of the stock you own may be indicted for accounting fraud, or simply that the market may have a very sharp turn and your stocks will turn with them. This means you place a PROTECTIVE STOP ON EVERY TRADE IMMEDIATELY UPON BEING FILLED. There's a reason your Dad put this in caps. It may be the single reason why some people make a lot of money at trading and a lot of people don't. If you need to be reminded of just how bad markets can hurt you, punch up the monthly charts of any stock you like beginning in March 2000 and ending at the end of 2002. (i.e. see Cisco Systems (NasdaqNM:CSCO - News), Amazon.com (NasdaqNM:AMZN - News), Sun Microsystems (NasdaqNM:SUNW - News), Applied Materials (NasdaqNM:AMAT - News), Charles Schwab (NYSE:SCH - News) and more). All excellent companies. And all companies that saw their shareholders' net worth mangled because their stock prices collapsed. There was no need to have stops in place for the few years before that. Risk control was meaningless. You were a loser if you didn't make 50% a year. It's so easy to get wrapped up in that nonsense until the day it all goes away and disappears. My guess is that your dad will see at least one more bubble in his lifetime and the three of you will you see at least two more. There will be a lot of money to be made from these bubbles. But, for the majority of your life, you will be living in markets that move like they have moved every decade for the past seven decades. And the only way to secure your future is to preserve what you have earned. And that is done with stops on every trade and daily positions sizes that cannot wipe you out incase the unthinkable happens (and trust me, it will). Focus on the potential losses. The gains will take care of themselves.

3. Learn From The Best - You are being sent to good schools in order to learn from top teachers, you are taking lessons in your sports from instructors who I consider to be top notch and you should learn to trade from people who know what they are doing. It's nice to figure it out on your own. I did that for many years. The path was fun but it was time consuming. I would have been far better off telling a guy like Kevin Haggerty that I would retrieve his golf balls every afternoon in exchange for sitting with him for a period of time, or babysitting Tony Saliba's kids in exchange for being the coffee boy on his trading desk for a year. Work for the firms that are the best and/or find a mentor you trust to assist you from there. The more you learn, the smarter you will be. Wall Street is made up of thousands of very brilliant people who you will be competing against. That means you need to learn from those who know, in order for you to have a chance of achieving long-term success in the shortest period of time.

4. Learn Everything And Then Really Learn One Thing - That means learn everything you can about the markets. Devour the books, the courses, the newspapers, the magazines, the seminars, the financial TV shows and anything else you can get your hands on that will make you smarter. And then, take all that knowledge, and simply learn just one thing. Be the best in the world at one thing. Generalists lose. Specialists win. You play sports so I'll speak in baseball language. This past Friday, we saw Roger Clemens win his 300th game and strike out his 4000th batter on the same night, an accomplishment that ranks him amongst the greatest pitchers ever to play the game. ROGER CLEMENS WILL BE IN THE BASEBALL HALL OF FAME BECAUSE HE DOES ONE THING...HE PITCHES! Yes, he plays baseball. Yes, he knows the game inside and out. But he specializes in one thing -- pitching. He doesn't play center field one game, shortstop the next and work on drag bunts in practice the following day. Roger Clemens has a 5-day routine that is completely structured around him being a great pitcher. Do the same with your trading. Become the best in the world at one thing. Decide what that one thing is and then go full force. If it's options trading, then get all your training in that arena. And only focus on options. Don't look at day-trading stocks and then scale-trading commodities and then something else. Think only about options. Think about them 24 hours a day if you can. Because this type of concentrated focus and effort is the only way to achieve true greatness in one's field. And we just saw this Friday night in a great baseball player who for two decades single mindedly focused on simply throwing a baseball better than everyone else.

5. Be Lance and Magic - And now I come to what I consider to be the single most important trait, not only to becoming a successful trader, but to succeed in life. And that's to stay mentally tough especially when adversity hits.It's knowing when and how to dig in when things go wrong. I know people who become unglued simply because they have a toothache. Their day and everything around them becomes undone because of a minor inconvenience. And then you watch people like Lance Armstrong, who had fourth stage brain and testicular cancer overcome the disease and then win the Tour de France, one of the most difficult athletic events known to man...four times. He did this AFTER he had cancer, not before.

Then look at a person like Magic Johnson, who is diagnosed in 1991 with the HIV virus and should have been dead within a few years. Instead, he's on the cover of Sports Illustrated 10 years later, healthy as can be and reportedly worth over a half of billion dollars because instead of crumbling from the diagnosis, he dug in and focused on achieving his childhood dream of building a business empire. When your father asked him at TradingMarkets 2001 (shortly after he cleaned the clocks of 100 TradingMarkets members in one-on-one basketball) what he attributed his sustained health to, he looked me in the eye, took his finger to the side of his head and slowly tapped his right temple over and over.

Succeeding at trading may be important but being mentally tough in the worst hours in life is many times more important. People like Lance Armstrong and Magic Johnson should be your heroes.

That's my message for you this Father's Day. It's still too soon to know if you'll make your way to Wall Street. If you do, you should print out my philosophy above. If you decide to take a different career path and seek your fortune elsewhere, please print out and memorize number five. Because, when it all comes down to it, it's the one that will ultimately decide where you will end up in life.

Have a great week trading (and happy Father's Day to all the dads out there)!

Larry Connors


nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 9 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #68 (permalink)
 Big Mike 
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
 
Big Mike's Avatar
 
Posts: 50,065 since Jun 2009
Thanks: 32,529 given, 98,479 received


Silver Dragon View Post
Today was a near perfect trading day. I had full control over my emotions during the trade. I made a rational decision for my exit. Having a longer term view of the chart really helped me see where the price was going. Plus the move seemed smaller when compared to the rest of the chart. This allowed me to stay in the trade and let it run its course.

I am done for the day.



Terrific way to end the week and start the weekend!



Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/

Visit other sites? Please spread the word about your experience with our community!
Follow me on Twitter Visit my futures io Trade Journal
The following user says Thank You to Big Mike for this post:
 
(login for full post details)
  #69 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

Weekly review:

I spent a lot of time this week thinking about the feedback I have received on my journal and my goals for the future. I have identified what I am good at now I am working to fine tune my setups with different chart setups. I have been looking at other instruments as well however, at the end of the day I keep coming back to 6e. This will probably be my choice for the combine.

My goal to become a TST funded trader is still in play. I determined this week I will start the combine when I am ready.

What I want to work on next is getting more from the market. I would like to capture a breakout and ride the wave like I did today. This can lead the really big days of 50 ticks or more. This would be outstanding.

My best and worst things that happened compilation is short this week:

What was the best thing that happened to me week:
  • I had patience and waited for the breakout and let the trade run its course.
  • Recognizing I was not in the right frame of mind to trade.

What was the worst thing that happened to me week.
  • Taking trades that meant absolutely nothing.

@Hoag - The TST support team has been fantastic with helping me out. Elena, Melissa, GS, Fred. They are extremely friendly and very helpful. Never giving up on the issues I was having. You have great team working there

I plan on spending a max of 4 hours this weekend testing setups in market replay. The rest of the time will be spent with the family and some well deserved time playing the X-Box.

The past few weeks have been the best of my trading career. I am getting more confident in my trades and everything feels right. I am excited about the future.

Robert

nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 5 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #70 (permalink)
 Xav1029 
Tampa, FL
 
Experience: Beginner
Platform: NinjaTrader, Sierra Chart
Broker: Mirus Futures/Zen-Fire
Trading: 6E, M6E, 6J
 
Xav1029's Avatar
 
Posts: 1,375 since Dec 2011
Thanks: 1,452 given, 3,369 received


Silver Dragon View Post
What I want to work on next is getting more from the market. I would like to capture a breakout and ride the wave like I did today. This can lead the really big days of 50 ticks or more. This would be outstanding.

Looks like we are walking similar paths right now Robert. I am currently working on capturing most of the trading range, which means I should be in a trade when breakouts do happen. Still have to work on riding the trend, because I am realizing I am a range trader, which causes me to always look for the reversal. Enjoy your weekend.

London Calling
Visit my futures io Trade Journal
The following 2 users say Thank You to Xav1029 for this post:
 
(login for full post details)
  #71 (permalink)
 lugopt 
Lisboa, Portugal
 
Experience: Beginner
Platform: TradeStation, NinjatTrader
Trading: ES, EURUSD
 
Posts: 31 since Mar 2012
Thanks: 7 given, 36 received


Silver Dragon View Post
This is my typical trade. Wait for the price to breakout above the trend line or support/resistance and play the breakout.

The chart itself is clean except for the trend lines (copper) and support levels (blue)

This was a high probability trade

Robert


Hi Silver Dragon.

Congratulations for having a trading journal and thank you for sharing it with us.
If you allow me I would like to comment a few things on your posts and trading style.

1) You said you trade Forex between 8:30am EST and 3pm EST and I saw you traded EURUSD. As you know the bigger moves on EURUSD happens on London open at 3am EST. So you might be trading an instrument at not at their best time interval.

2) I noticed you were filled this trades at Market. I would suggest you consider Limit or Stop Limit orders instead of Market orders as you will avoid some slippage. You may win a few ticks by changing to Limit from Market orders.

3) I am not sure if you have predefined values for Stop Loss and Profit Target but the image you share as a typical trade made me wandering if you are taking the most of your trades. For instance, in this trade you profit 15 ticks. That's fine! But the market moved more +40 ticks so you left most of it on the table.

One way one could improve their exits is to monitor an oscillator in a smaller time frame. For instance, you are trading at 5 minutes chart. If you had an oscillator to a 2 or 3 minutes chart you can better see the exit areas. Cyan Arrow and Line was your entry. Ping Arrow and Line was your exit.

Below I share two 2 minutes charts one with MACD and the other with a Slow Stochastic both with default parameters and at the same date and time of your typical trade chart.

I think both charts are self-explanatory and it is the way I use to exit my trades. In this case I will be looking to exit around 1.3160 going for a 50-55 ticks trade and I don't need to rush because I would had 12 minutes (six 2 minutes bars) to exit this trade.

Of course after this exit areas the market could continue to go up but I made the most of this run and I could always search for more entry areas.

Thank you,




The following 6 users say Thank You to lugopt for this post:
 
(login for full post details)
  #72 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

6E morning
+6 ticks

I was in a really good trade this morning but exited to early. I missed the initial breakout but waited a pull back which made a lower high and entered the trade. I had my initial target set for 5 ticks. I moved it out to 6 ticks which was right at a minor support level. The market was weak. I knew it but didn't act on it. This cost me 5 to 10 ticks.

I was watching volume levels on the DOM today. I am trying to learn how to recognize entry and exit points.


I didnt pull the trigger on 2 other entries which would have netted another 5 to 10 ticks. They are circles on the charts for my original entry I missed and secondary trades which I did not take.

Note: I made one additional trade by accident. I thought I was in SIM. it was a break even trade. Had I waited it would have been profitable!

What was the best thing happen today.
  • I was patient and waited for the pull back to and entered the trade. This was a excellent trade.

What was the worst thing to happen today?
  • I didnt look at the bigger picture and project where the trade could have gone. This cost me 5 to 10 ticks.
  • I let my emotions dictate my trading decisions.


I felt a little nervous today. I was looking at volume levels within the DOM which may have contributed to me exiting the trade early. Plus this was my first day on my TST account. Really wanted the first day to be positive. I let my emotions overrun rational thought.

Robert


nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 3 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #73 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received


lugopt View Post
Hi Silver Dragon.

Congratulations for having a trading journal and thank you for sharing it with us.
If you allow me I would like to comment a few things on your posts and trading style.

1) You said you trade Forex between 8:30am EST and 3pm EST and I saw you traded EURUSD. As you know the bigger moves on EURUSD happens on London open at 3am EST. So you might be trading an instrument at not at their best time interval.

2) I noticed you were filled this trades at Market. I would suggest you consider Limit or Stop Limit orders instead of Market orders as you will avoid some slippage. You may win a few ticks by changing to Limit from Market orders.

3) I am not sure if you have predefined values for Stop Loss and Profit Target but the image you share as a typical trade made me wandering if you are taking the most of your trades. For instance, in this trade you profit 15 ticks. That's fine! But the market moved more +40 ticks so you left most of it on the table.

One way one could improve their exits is to monitor an oscillator in a smaller time frame. For instance, you are trading at 5 minutes chart. If you had an oscillator to a 2 or 3 minutes chart you can better see the exit areas. Cyan Arrow and Line was your entry. Ping Arrow and Line was your exit.

Below I share two 2 minutes charts one with MACD and the other with a Slow Stochastic both with default parameters and at the same date and time of your typical trade chart.

I think both charts are self-explanatory and it is the way I use to exit my trades. In this case I will be looking to exit around 1.3160 going for a 50-55 ticks trade and I don't need to rush because I would had 12 minutes (six 2 minutes bars) to exit this trade.

Of course after this exit areas the market could continue to go up but I made the most of this run and I could always search for more entry areas.

Thank you,





Hi @lugopt,

Thanks for your feedback! See my answers below
1) I have thought about trading London however with work and family it would be difficult. To make up for the big moves I will trade size instead. For now 15 to 20 ticks will be sufficient for what I am trying to accomplish. Also, I recently switched over from EURUSD to 6e.

2) I am ok with Market orders. I have tried using limit orders but end up chasing a trade. By then I have more slippage on chasing the trade than if I would have entered on Market. Market for me is the lesser of two evils. I do use Stop Limit orders on breakouts. I will place my Stop Limit below the trend line and wait for the breakout.

I have two entries with set stops and profits. First is a 5 profit and 5 stop while the second is 10 profit 10 stop. Each of these has a different use depending on market conditions and price action. A tight range bound market will use the 5 and 5 where as a the 10 and 10 is used for more volatile markets where there is a potential for a larger breakout.

I will not move the stop further out. I will move it closer to the entry as profit is gained.

For the profit I move it out to where I think the price will go based on support / resistance levels and trend lines.

3) No argument about leaving ticks on the table. On one of my posts last week I identified this as a goal to capture more of the move. It will come, but for now I will be happy capturing small gains while learning to identify price movements.

As far as indicators go, I cannot use them. Its taken me 12 years to figure out indicators where 85% of my problem. They cloud my judgement because they give me conflicting signals when compared to price action. This causes really bad entries and exits. I end up losing badly. With price action I am getting good entries and I am beginning to see the market more clearly and making better trades. As time goes on I will be able to stay in the market longer and pickup more ticks.

Thanks again for your feedback!
Robert

nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following user says Thank You to Silver Dragon for this post:
 
(login for full post details)
  #74 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received


Xav1029 View Post
Looks like we are walking similar paths right now Robert. I am currently working on capturing most of the trading range, which means I should be in a trade when breakouts do happen. Still have to work on riding the trend, because I am realizing I am a range trader, which causes me to always look for the reversal. Enjoy your weekend.

@Xav1029

You are doing are doing a excellent job of capturing the trend this past week. I am still not there. I start thinking SELL SELL as soon as the market starts to go against my trade. Gotta work on that!

Robert

nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 2 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #75 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

TST Summary. Today is highlighted in red. This includes the test trades I did last week when I was trying to get my account working.

Robert


nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 4 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #76 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

Mentally changing direction.

Ran across issue I am having with mentally changing direction as the market does. Today for example the market started to turn down so I was looking for short entries. But like so many times in the past, when the market changed direction and headed back up, I ended missed the best long entry because I was still looking for shorts.

I will add recognition of trend change to my list of things I to be mindful of.

Robert

nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 3 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #77 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

Morning 6E

I was -5 ticks today. I have a lot going on at the moment. I will try to post a chart and analysis tomorrow.

Robert

nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 3 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #78 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received


Silver Dragon View Post
Morning 6E

I was -5 ticks today. I have a lot going on at the moment. I will try to post a chart and analysis tomorrow.

Robert

No chart. When I reloaded the tick chart this morning, the marker for the entry was off from where I actually entered.

I entered the trade on a breakout downward. Unfortunately it was the last leg down before the reversal. I was one tick away from my target before it reversed. I had a chance to get out at break even but didnt pull the trigger. I knew I was wrong. I was holding on to Hopium!

I didnt take the big breakout because the price was around 1.3000. This is the trade I should have taken. I had a fear of reversal. I need to get over the fear of losing. Its going to happen.

Best thing that happened yesterday:
  • I stopped after the loss because I was upset I didnt take the BE trade and that I missed the big move earlier

Worst thing that happened yesterday.
  • I let fear get in the way of my trading.


I am seeing a pattern over the past few days: Emotion is holding me back. When I took the trade yesterday I had a adrenalin rush. This should have told me I should have not been in the trade. Today's trade was emotion free.

What I am most frustrated with is I am seeing the trades. I am just not pulling the trigger.

Robert

Total from yesterday:


nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 4 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #79 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

6e Morning.

+6 ticks.

I missed the big move this morning. There was a double bottom on a trend line. There is a super high probability the price will move higher when this happens. I didnt take it. The price then moved 35 ticks higher.

I had posted the chart in the TST chat room and somebody else made the 35 ticks. Made me mad. Not that someone else made the ticks, but that I could have been the one posting I made the 35 ticks. I was determined to take the next trade.

So the trade I took was a breakout of a flag pattern to the upside. My emotions were under control when I took the trade. My original target was 10 but the price moved into congestion from the previous rally and stopped. This is when i exited the trade.

What was the best thing that happened to me today:
  • I posted my charts in the TST chat room and got good feedback.
  • I got a swift kick in the ass when I saw someone else take a trade I should have taken.

What was the worse thing that happened to me today
  • I didn't pull the trigger on a high probability trade.

Today was a good day trading. Having competition motivated me to take a trade. This was a good thing. My emotions were under control when I took the trade. I exited the trade with when I saw the price stop. Recognition of what was going on with the price was the key to this trade. Had I not been paying attention it would have been a BE or loss because there was a hard reversal after my exit.

Robert


nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 7 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #80 (permalink)
 lugopt 
Lisboa, Portugal
 
Experience: Beginner
Platform: TradeStation, NinjatTrader
Trading: ES, EURUSD
 
Posts: 31 since Mar 2012
Thanks: 7 given, 36 received


Silver Dragon View Post
Hi @lugopt,

Thanks for your feedback! See my answers below
1) I have thought about trading London however with work and family it would be difficult. To make up for the big moves I will trade size instead. For now 15 to 20 ticks will be sufficient for what I am trying to accomplish. Also, I recently switched over from EURUSD to 6e.

2) I am ok with Market orders. I have tried using limit orders but end up chasing a trade. By then I have more slippage on chasing the trade than if I would have entered on Market. Market for me is the lesser of two evils. I do use Stop Limit orders on breakouts. I will place my Stop Limit below the trend line and wait for the breakout.

I have two entries with set stops and profits. First is a 5 profit and 5 stop while the second is 10 profit 10 stop. Each of these has a different use depending on market conditions and price action. A tight range bound market will use the 5 and 5 where as a the 10 and 10 is used for more volatile markets where there is a potential for a larger breakout.

I will not move the stop further out. I will move it closer to the entry as profit is gained.

For the profit I move it out to where I think the price will go based on support / resistance levels and trend lines.

3) No argument about leaving ticks on the table. On one of my posts last week I identified this as a goal to capture more of the move. It will come, but for now I will be happy capturing small gains while learning to identify price movements.

As far as indicators go, I cannot use them. Its taken me 12 years to figure out indicators where 85% of my problem. They cloud my judgement because they give me conflicting signals when compared to price action. This causes really bad entries and exits. I end up losing badly. With price action I am getting good entries and I am beginning to see the market more clearly and making better trades. As time goes on I will be able to stay in the market longer and pickup more ticks.

Thanks again for your feedback!
Robert

Hi Silver Dragon/Robert,

Thank you for replying my comment. Here are my comments:
1) I perfectly understand what is to trade with family and work as I've too a full time job. If 15 to 20 ticks is enough for your that's good news because usually, EURUSD and 6E has plenty of 20 ticks moves to catch.

2) You tested Market and Limit orders so you know what's best for you. Great.

3) We react very different to leaving ticks on the table. I know it is not possible to take them all but I will feel very bad if I took only 15 ticks of 60 possible. If for you that's not a problem it's fine.

As I always heard you should trade in a way you feel more comfortable with. It's not possible to trade as someone else because we are not someone else.

In the future I will also share my live trades in EURUSD or 6E.

Wish you good luck.

Thanks,

The following 4 users say Thank You to lugopt for this post:
 
(login for full post details)
  #81 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

ES Morning
+ 21 ticks (3 contracts x 7 ticks)

Traded 2 trades in ES today. Zen Fire and TST had issues this morning so I do not have a chart. I did not trade for the rest of the day after the outage.

Changes:

I am looking to move over to ES from 6e. I spent a good portion of the last week looking at the different instruments available to trade with the combine. ES came out on top. It provided the least amount of risk for my trade setup. The volatility which occurred during a non news trend was tolerable. I had clear vision of the trends. It trends well and has good liquidity.

I did four weeks of Market Replay on ES and every week was a winner or BE. I did the same weeks on 6e and lost 3 out of 4.

Target daily for ES will be 4 points. Realistically to reach my goal for the combine I need only 2.

I setup a ATM strategy which moves the stop up as it gets closer to the target. It moves it up 1 tick for every tick of profit and when it gets to 7 ticks the stop is moved to the +4 ticks. This will help ensure a profits on hard reversals. I am working on a having a BE component in there but have not found a suitable place to put it.

I gave considerable thought about changing mid-stream but the numbers are to compelling not to give it consideration. We shall see how it works out.

Robert

nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 6 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #82 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

ES Morning

+24 ticks (3 contracts X 8 Ticks)

This will probably be my only trade for the day. Caught the downward movement after the break of the trend line and exited the trade right above the support. I did not hesitate on this trade and there was no second guessing or emotion.

What was the best thing that happened today?
  • I waited for the breakout and took the trade without any hesitation or emotion.

What was the work thing that happened today?
  • When the trade paused I thought about exiting the trade. It was pure emotion. Trying to get over this and let the trade play out and exit only when I have rational reason to exit.

I finally had everything working today. After no trading on Monday and Tuesday and technical problems on Wednesday and missing the majority of yesterday I was able to have a clean start to the day. It was a good day.

This type of trade is my bread and butter. The one thing I would like to do is hold the trade longer. The price after this trade continued lower after my exit. I either have to be ready to re-enter the trade or setup a longer term ATM to capture the bigger moves.

Changes to the chart:
  • I dropped the MA's from the chart and added MA Envelopes. This is helping visualize the trends.
  • I added super trend to the chart. When it super trend line goes flat it suggests a change in direction is coming. It is also can be used as bounce point for the price. I do not use it to enter a trade. Most of the time it catches the top of a trend which makes it totally useless.
  • I am now using a 300 tick chart. This is less choppy than the 100 tick chart.


Robert


nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 6 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #83 (permalink)
dave5578
......
 
 
Posts: 34 since Oct 2012
Thanks: 6 given, 15 received

Silver,

Hey. I'm Dave and I am new here. It may be obvious by my post count

I am in Columbus Ohio. I wanted to share a similarity that we both share, besides residing in this great state.

An important note to every reader. Trading is much more enjoyable and POSSIBLE TO BE PROFITABLE by keeping a clean chart. What we try to do here is master a tool, spend a f*ck ton of time watching 1 MARKET WITH ONLY THAT 1 TOOL, and then react.

I consider my love for the markets similar to my love of driving. I find myself constantly evaluating drivers that piss me off, and the only way they can do that is by showing habits of "lack of attention". It is much better for you and your safety to drive past them as quickly as they are picked out. This is a "tool" or "skill" that I use.

We need to use our systems in the same way, we find market movers, aka big money, aka big money attack with little rebound. That is the essence of my tool at least. It shows me how big the attack is, what the defense is to that single attack, and I decide from there.

Folks..... Trading is driving......... Please when you are on the road again and you are behind that guy who brakes too late...... the only thing you need to constantly repeat is, "this guy is gonna get me killed", and that if it happened once it will happen again shortly.........

Also, on the highway, a pattern that I find most enjoyable is the all mighty "brick wall" x the guy who brakes late. That pattern reveals the truth that a brick wall is always always 2-3 cars ahead of you. So what you need to do on the road is pick your teamates and trust them while finding ways to doubt them for redundancy.

While trading, pick your team, and protect your funds with stops..........

Here is my chart. Wanted to post to remind everyone things that have changed my trading......

1. Single tool.
2. Don't change anything.
3. Study until you need a break, eat, sleep, drink, study..... Repeat.
4. Purpose of the tool is to pick your team. Bulls or Bears.
5. Protect funds with stops and daily loss limit's.

Anyone who talks about these, you can try, but, I consider these equivalent to purposely letting air out of your tires when your goal is MPG.

1. CNBC, TV at all really.
2. Following Big Mike members and treating them like gods, having a shitty given/received thanks ratio. The higher the worse on this one. I can smell a n3wb from 20 miles away from using this indicator. No disrespect.
3. Changing your tools
4. Lack of enjoyment - obsession for the patterns and behavior of the markets
5. Making a physical checklist before you enter a trade. Sorry, but that is some pre-school shit.
6. Blaming anything but the above reasons for why you had a shitty day profit wise


MAN UP, DO YOUR HOMEWORK, TALK TO THE GUYS WITH LOW THANKS GIVEN/RECEIVED RATIOS. IF YOU DON'T ENJOY THE MARKETS LIKE I ENJOY THE CONSTANTLY OBVIOUS HUMAN WEAKNESSES APPARENT WHILE DRIVING...... BE HONEST WITH YOURSELF OR YOU WILL PAY DEARLY.

Best of luck to all and may sweet baby jesus bless all Big Mike Trading members with future success.




Oh, and BTW, DO NOT THANK ME FOR THIS POST, WE NEED TO KEEP OUR RATIO'S LOW OR FOREVER BE A MEMBER OF THE N3WB FAILED TRADER CROWD.

 
(login for full post details)
  #84 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

Quick update.

I finished reading . Gained some excellent insight on ES.

Spent this week trying to take longer term trades. Ended up taking lot of really bad trades in the process. Monday through Wednesday I lost around 1500 in my sim account.

Conclusion: I cannot take longer term trades with my current trading style. Sometimes I get it right but most of the time it ends up reversing. I think this is because I am a counter trend trader. This is why they almost always fail.

Strictly from a numbers perspective to pass the combine I need to have longer term trades. So I did some research last night on being more of a trend trader. Its not much of a change from what I am doing now. It really comes down to what side of the trend line / support I am on and where I take the entry. I put the process into action today and made some good trades. I will post some data thoughts and charts over the weekend.

Robert

nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 5 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #85 (permalink)
 Patrick S 
Raleigh NC
 
Experience: Beginner
Platform: Ninja
Broker: Mirus/ZenFire
Trading: Oil
 
Patrick S's Avatar
 
Posts: 628 since May 2012
Thanks: 394 given, 518 received

Looking forward to your Journey. I hope to spend some time this weekend going through your trades.

If you always do what you have always done you will always get what you have always gotten.
Celebrate because you executed your edge. Not because you won.
Visit my futures io Trade Journal
The following user says Thank You to Patrick S for this post:
 
(login for full post details)
  #86 (permalink)
 Patrick S 
Raleigh NC
 
Experience: Beginner
Platform: Ninja
Broker: Mirus/ZenFire
Trading: Oil
 
Patrick S's Avatar
 
Posts: 628 since May 2012
Thanks: 394 given, 518 received


Silver Dragon View Post
I took 4 trades today. 3 winners and 1 loser. +7 for the overnight session and today. -22 for the week.

Today I was focusing on a new entry signal which should produce more ticks. I missed 2 entries which would have netted a significant return today using the new entry signal. They are the large circles on the chart. There was some uncertainty about entering these trades. I think because this is something new.

I have been practicing in sim but there is nothing like risking real money on something your not totally sure of to cause a momentary hesitation. If you look at those 2 entries there was nearly no risk involved. Next week I am reducing my size to a mini lot to get comfortable with the entries. I did this with my previous setups to get over the hesitation of entries.

I went back over my trades over the last couple of weeks and discovered I am missing lot of movement during the day. The purpose of the new entry signal is capture some of those ticks and potentially big moves.

This weekend I am going to go download replay data from the springtime when I was not watching the markets and trade the new entry signal.

Even with a loss this week I feel very confident about my trading and my progress I am making. In the past I would have been damn near depressed about having a losing week but now I cant wait for next week to get here. I am pumped!

I also used to get a adrenaline rush during a trade but this has gone away. I am very calm while watching the trade. I am focused more on watching the bar movement and trades going through than anything else.

Its interesting to watch the bars and the trades. When trade is trying to break through a resistance or support there is little wiggle dance it does right before breaking through. Then it breaks through the line the same way someone would breakdown a door; it line gives way to the bar with a quick burst of acceleration then (most of the time) it pulls back a little to regain composure before it moves forward.

Failure to break the line has completely different move; it goes up and touches the line 3 or 4 times or more then just hangs in mid air waiting .. then under its own weight it collapses upon itself and goes the other way.

Being able to recognize these movements will give me an edge on getting more precise entries and tighter stops.



Exactly right!! Can an auto Trade system pick up stuff like that? I don't know. I am not a programmer. maybe it can.
Imho it is action like that that makes trading fun. To watch buyers and sellers battle it out. Excites the hell out of me!
My family laughs at me when I try to show it to them on a chart.. They say Uh Oh! here comes Dad again with his laptop. LOL

If you always do what you have always done you will always get what you have always gotten.
Celebrate because you executed your edge. Not because you won.
Visit my futures io Trade Journal
The following 3 users say Thank You to Patrick S for this post:
 
(login for full post details)
  #87 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

Personal note: Took some time off from futures.io (formerly BMT) to figure some stuff out and to get away for a while. To much of a good thing, even futures.io (formerly BMT), can be bad. The rest was much needed.

The last few weeks have been fruitful. I have been learning price action using techniques by Al Brooks. Really trying to expand my trading. After watching videos posted by @VinceVirgil in his journal which utilize Al's techniques I realized that I have a long way to go.

Seeing it in a video and reading it in books was one thing but putting it into practice is another. I have lost some thousands in my sim account as a result. But, I am starting to see more positive trades and more importantly starting to see entries and exits improving. I can see this in my losing trades because they are smaller and controlled.

One of the more valued skills I have picked up is the measured move. This has improved my target setting and has kept me out of bad trades because R:R was not worth taking.

I have always been a trend line break trader by nature. Learning to trade the trend has been hard. I have a conflict of wanting to trade the break vs taking the trade on the trend line bounce. I watched the Al Brooks webinar posted here on futures.io (formerly BMT) and found the following stat hard to argue with: 80% of line breaks fail. After hearing that I asked the obvious question why I am trading only breaks?? I should be trading the trend as well

Trading in ranges: I used to avoid this like the plague. Now, I am starting to take trades within the range. This still needs work but is starting to show progress.

The one thing I quickly realized is my current chart setup did not lend itself to the price action trading I was learning. I have been experimenting with different tick settings for ES (currently using 1500) and have been practicing with the 800 tick chart on CL so I can follow Vince's trades.

I know this has been said many times here on futures.io (formerly BMT) but its worth repeating; you really have to find your own trading style. You simply cannot use somebody else's technique. Although I am able to reproduce some of Vince's trades and entries / exits it really was not working for me on a consistent basis. So I have taken what I have learned from Vince and Al and applied it to my Support Resistance and trend line drawing which I have always been good at. The first day trading this way I felt very comfortable trading.

Below are my trades for the day. I over traded ES today. I had two trades where my stop was too tight and I was stopped out only to have the price go back the other way and hit my targets. Plus I totally missed the large downward channel lines which would have kept me from taking 2 other trades.

CL on the other hand was nearly perfect. I had one trade where I entered too early and had my stop to tight.







nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 8 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #88 (permalink)
 Xav1029 
Tampa, FL
 
Experience: Beginner
Platform: NinjaTrader, Sierra Chart
Broker: Mirus Futures/Zen-Fire
Trading: 6E, M6E, 6J
 
Xav1029's Avatar
 
Posts: 1,375 since Dec 2011
Thanks: 1,452 given, 3,369 received

Good to see you back at it Robert

London Calling
Visit my futures io Trade Journal
The following user says Thank You to Xav1029 for this post:
 
(login for full post details)
  #89 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

CL Day
-25 ticks

Today started great but ended badly. At one point I was up 35 ticks but ended down 25. I started keeping track of my trades a little more closely. Specifically why I entered the trade. First 7 trades I had clear reason why I entered the trades. The last 2 I have not a clue why I took the trades. The last 3 trades were also my 3 biggest losses of the day.

I had identified the 7th trade as trend line bounce but traded it as a trend line break. Ended up as a loss. Why did I do this? Because it broke trend line quickly and I made quick decision instead of making an informed decision.

I am not letting my trades play out. The first trade of the day should have been a 15 tick gain instead I cut it short @ 8 ticks.

I missed the biggest move of the day, 50 tick move, because it did not look good. The signals were there but I did not pull the trigger. I missed two other trades which were about 30+ ticks total. I think I was trading at the end of the day because I missed out earlier. It cost me big time.


What was the best thing that happened to me today:
  • At the beginning of the day I hit my entries correctly.
  • My best trade of the day I let run its course and kept the stop far enough away so the trade could develop

What was the worst thing that happened to me today
  • Entered into trades I had no business entering.
  • I played a break instead of playing the trend.
  • I over traded




nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 6 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #90 (permalink)
 Silver Dragon 
Legendary Data Wizard!!!
Cincinnati Ohio
 
Experience: Intermediate
Platform: TastyWorks
Broker: TastyWorks
Trading: FX, Stocks, Options
 
Silver Dragon's Avatar
 
Posts: 2,017 since Feb 2011
Thanks: 5,774 given, 4,908 received

CL
+52 ticks

Had a good day despite having issues with Zen Fire. I still am not confident entering an existing trend. I did not take 2 trades on the way up today. Each would have hit my 15 tick target. Actually I saw the entry on the open and did not take it. Could of, would of should of..

I made a trade today within a range. This was a first such trade where I recognized the range and took advantage of it.

I played around with the ADX today. Trying to identify strength of trends and when CL starts going into a range. I see where it may be useful but need more time with it. I added TMFT MA trend indicator to the chart to help to see the trend better. I am still on the fence about this one as well. I really like the clean chart but would like to see the trends better.

I set my stops better today. This turned a losing trade into a winning trade.

I am not posting my totals for the day out of NT because the disconnect from Zen Fire messed up my totals. Showing 100 dollars more than I actually made.

What was the best thing that happened to me today:
  • I stuck with my trading plan and only took trades where the rules were met.
  • I stopped trading when I hit a significant profit.
  • I set my stops up better.


What was the worst thing that happened to me today
  • I didnt take two entries on the uptrend. This would have put me above my total tick target for today.

Robert



nosce te ipsum

You make your own opportunities in life.
Visit my futures io Trade Journal Started this thread
The following 6 users say Thank You to Silver Dragon for this post:
 
(login for full post details)
  #91 (permalink)
 Surly 
denver, colorado
 
Experience: Intermediate
Platform: NT
Trading: ZS
 
Surly's Avatar
 
Posts: 704 since Mar 2011
Thanks: 628 given, 1,258 received

Nice work dragon!! Build on this success. Keep making small steps and don't take winning days for granted - keep doing the work. Best of luck.

Seek freedom and become captive of your desires. Seek discipline and find your liberty. - Frank Herbert
Visit my futures io Trade Journal
The following user says Thank You to Surly for this post:
 
(login for full post details)
  #92 (permalink)
 Patrick S 
Raleigh NC
 
Experience: Beginner
Platform: Ninja
Broker: Mirus/ZenFire
Trading: Oil
 
Patrick S's Avatar
 
Posts: 628 since May 2012
Thanks: 394 given, 518 received

I don't want you to sell yourself short when it comes to trading trend breaks.

The great thing about them is you can trade them both ways.


I will typically use them as scalp opportunities. I will use ATR based on the last 5 candles to decide how much of a scalp I want to use. Also taking into consideration the Hard left of my price action.

80% of them fail so watch for that opportunity to grab it coming back to test the channel it broke out of.

I liked that one I took today because it had a long failure wick on top. It was actually a higher risk trade because we were trending up. It could have very easily continued in trend. However notice the Volume? It was capitulation and that was an oversized candle.

Yeah it was big risk on the stop but remember the 80% rule. sometimes you just need to play the odds. Dangerous yes but this is gambling.

the correct stop placement would be at the top of the break out wick. Thats a HUGE stop. I wont use it. I will take my chances with what I willing to lose.

Concerning Al Brooks: I purchased his $250 course. Very informative but also very Dry to listen to. My mentor basis his teaching on alot of what Al teaches. My mentor also teaches his own individual style. Which gives credit to your earlier statement about following Vince. Personally I am trying to put together my own style just as you are. It will be a collective of everyone and everything we have ever learned.

My current trade I am in.
I am still having a huge issue with following the trend for mor than 2 or 3 points.
good luck to you and your Journey

If you always do what you have always done you will always get what you have always gotten.
Celebrate because you executed your edge. Not because you won.
Visit my futures io Trade Journal
The following 4 users say Thank You to Patrick S for this post:
 
(login for full post details)
  #93 (permalink)