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Propex seem to be every aspiring trader's shot at it here in oz. My mate is in the Sydney program at present and seems to be learning a lot he says. There is an office here in Gold Coast that has a nice view of the water.. hmmmmm
BTW you remember I requested you implement in Jigsaw 'Opposite Mode'? That accumulated (P&)L chart I posted just before would look unreal right now in Opposite mode
Vendor - PriceSquawk Audible Market Technology
Can you help answer these questions from other members on NexusFi?
Right now I want to prove to myself my discretionary trading (system) can bank ticks. Once that is apparent I will definitely be focusing on costs incurred and how to increase profits to overcome that, but seems a step beyond where I am at presently, though am sure many will argue that commissions are part of the system and should be dealt with from step 1. In a sense I am by being selective of my discretionary trades as drilled in by No BS material so I'm not racking up commissions (in theory). My March results had me feeling a lot better about my trading because I banked ticks - if I focused too much on the commission then I would not have been as amped to continue on with this style of trading in April having broke even only with all that effort.
Having said that... in my April results thus far this statement of yours is pretty relevant now in hindsight. This month I wanted to get more confident hitting the bids / lifting offers instead of waiting for limit orders to be filled and missing out a lot of potential trades and the number of trades represents this. Unfortunately I ripped through my account with the commissions amplifying my losses More so my losses though. Lucky its only mid April and that could not be a realistic representation of the overall months results which are going to be epic.. just.. epic :hopium:
Keep in mind that to ignore commissions with scalping is to grossly misrepresent the profitability of your trading. If you were position trading you could discount their importance because you're aiming for larger targets (still not a good idea but just for the sake of this argument). However with scalping, costs are of critical importance and will change your entire equity curve.
Trading is going swimmingly - I am just yet to make any money.
In a convo with a fellow scalping comrad today I came up with the following recipe for success:
Daily
Replay recording of previouds days trading every day
Pick out missed trades, Bad trades, Good Trades
Market Replay of previous days action for 2 hours trading it on Sim as ideal as possible
Before market opens make sure in mindframe to accumulate shitloads of ticks in the market (ie get pumped)
Have basic areas of business marked up in DOM that should give trades at minimum
From open - Nothing but poised to make money.. No Skype.. No browing internet.. just raw trading
This is what I was doing in Jan / Feb when I was on the SIM. I have now got caught in the emotional tornado trading real money and its time to turn things around. With the Ninja Market Replay, or Simulator, the only difference between making money on SIM and in the market Live is in your head. If I could make 10 ticks a day on SIM with about as many trades in Jan / Feb why can't I do it now? The fills feel exactly the same, the only difference is the thinking.
I am getting back to the basics now in the above list and lets see if things change.
I am greatful to have come across a few comrads in similar situations trying to have a go at it. Its remarkable though that if someone has paved the way before, they have left no mark whatsoever on the internet.. anywhere. Yes there are successful traders out there.. not so sure about ones that started with their small trading account and clicked their way to success from home. Plenty of people trying, fueling the online trading industry, receiving the same advice from wise dogs that are offering advice from perspectives completely different - probably trading as a hobby with retirement funds, have a thriving business supporting them while they trade up their account etc. Hopefully one of us is the first to truly pave the way. Please correct me if I am wrong and someone has, and has shown it. (thus my other thread Dream Maker).
Looking forward to hopefully Finish this weeks trading on a high!
@grahamg, I just thought of something to ask you--if you are scalping and using the DOM a lot, why are you using Ninja? Don't get me wrong, it has some good ATM management features like 1-click order modification which I always liked. But there is no volume at price view, which I would think most scalpers would almost need to have. Sure, you have the tape, but that can print so quickly that it's gone before it ever reaches your eye, and having a volume at price (like XTrader, Sierra, TradeStation, T4, etc.) view is pretty crucial IMO for the type of thing you are doing. Plus, NT only has 5 levels in the DOM, whereas 10 are available, if that's important to you. Finally, NT has a 100ms refresh rate across the program, and DOM changes for scalping at that speed are not very fast. The program I use refreshes every 40ms, and this makes a big difference when we are talking about short term order flow recognition (another one I didn't mention that is very fast is RTrader from Rithmic). In short, NT's DOM is limited and certainly not a tool many scalpers would choose--is there a reason you are using it given your style?
More so my losses though. Lucky its only mid April and that could not be a realistic representation of the overall months results which are going to be epic.. just.. epic :
