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Thanks...I'm using a stop of 5 ticks mainly for risk management. I'm still having a lot of trouble reading order flow, so until I get it down, I'm gonna let my stop define whether or not I am wrong. I'm hoping someday that I can get to the point of knowing whether to stay in or out of the trade based on order flow and not my predefined stop.
Placing this self reminder here to test and see if my data feed is as good as DTN's when Big Mike posts up the gom files for september...I need to compare them to see if my data feed can be trusted, especially since I am using delta.
I wil try here to do an analysis and comparation on different data feeds and platforms to perfom studies involving bid/ask data, like comulative bid/ask difference or delta bars and footprint like.
Thanks @Big Mike...its good to know that there shouldn't be an discrepancies. I appreciate the analysis that others have done...probably still gonna compare because I just need the comfort of seeing it with my own eyes.
A couple of quick observations in my trading strategy/plan. I have been on a pretty good losing run since I have started my journal. I guess that is not a big surprise considering I am still a beginner. However, my journaling is revealing something interesting in my trade management and PT approach...I realize I only have a couple of days under my belt, but I have added some other metrics in my excel sheet to keep track of.
Thus far I have been using a 3 lot all-in/scale-out method. I am seeing that I am not having too much trouble getting to the first target most of the time. The 2nd and 3rd lots however are just not getting to their targets. Probably due do to the fact that I am still not reading the market correctly. This approach thus far has netted me -$1048.00.
Now, had I been using an all-in/all-out method, with the same PT of 5 ticks on all three contracts, I would be at +$414.00. Not much...but a whole lot better than being -$1048.00.
I will continue to do a 3 lot all-in/scale-out for the next few weeks, but in my spreadsheet, I will keep track of all-in/all-out metrics. I also changed the MAE to "MAE before 1st PT" to see how much draw down I suffer before my first profit target is reached. I am doing this so I can optimize my stop loss later on down the road when I have enough trades to statistically justify adjusting my stop loss.
