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asiaexpat journal
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asiaexpat journal

  #21 (permalink)
Elite Member
Bangkok
 
Futures Experience: Beginner
Platform: NT
Broker/Data: IB/IB,Mirus Futures/Zen-Fire, AMP/CQG
Favorite Futures: CL,YM, TF
 
Posts: 127 since Feb 2013
Thanks: 23 given, 49 received


xiaosi View Post
Good luck asiaexpat...if i were to start all over again with the knoweldeg of hindsight i would:

1.) Pick a market that suited my time available
2.) Put in the screen time with a basic chart set, a DOM, and the T&S
3.) put together a book of plays, ORB, GAPS etc...that i see repeat over and over
4.) Practice these until you double a SIM account and then
5.) Start over and triple a sim account
6.) Journal and work on an improvement plan to eliminate mistakes and errors, bad trades.

Apply real money to an account and start trading live, try to break even the first month.

Good luck!

Hey xiaosi

Thanks for the great advice

Question....How does the DAX move and what times do you find it best to trade it?

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  #22 (permalink)
Elite Member
Brisbane, Queensland, Australia
 
Futures Experience: Advanced
Platform: NT8/JIGSAW
Broker/Data: MacQuarie Futures/AMP Clearing/CQG
Favorite Futures: ZB/FGBL/GC/CL/HG/6J/6M/6B/FDAX/NQ
 
xiaosi's Avatar
 
Posts: 483 since Feb 2012
Thanks: 381 given, 440 received


asiaexpat View Post
Hey xiaosi

Thanks for the great advice

Question....How does the DAX move and what times do you find it best to trade it?

Its a thin market, so it moves pretty fast at times. The best time to trade it is from the open of the cash market at 8:00 AM GMT through until their lunch three or four hours later, then sometimes after lunch it might have a change of heart for a while until the US opens...then its sort of led around by the US.

The FESX (Eurostoxx 50), the Z (Ftse 100), and the CAC40 are cheaper to trade margin wise, and per tick.

The DAX has some nice stop runs though...Watch them all for a little while to see which one suits you. There are a group of Australian traders that just love the FTSE. Personally i want to migrate to the CAC as its a little thicker than the DAX and less margin. The FESX is thicker again and more like the ES, in fact its right up there for liquidity.

The DAX and/or the FTSE can be the main drivers here, so you'll want them on your inter-market screen.

Cheers,


XS

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  #23 (permalink)
Elite Member
Bangkok
 
Futures Experience: Beginner
Platform: NT
Broker/Data: IB/IB,Mirus Futures/Zen-Fire, AMP/CQG
Favorite Futures: CL,YM, TF
 
Posts: 127 since Feb 2013
Thanks: 23 given, 49 received

All roads lead to Market Profile


After close to a year messing with various lagging indicators I have been gravitating towards understanding and focusing on Market Profile concepts. My trading has improved tremendously because of it. I downloaded several of Dalton's videos.- converted them to mp3s and listen to them daily on my trip back and forth from work. Listening to them over and over again has helped to ingrain the concepts into my sub conscience and provided me with a insight into the market auction. End of the day its all about practice and sticking to one thing day after day.

Currently I am combining the Market Profile concepts with ultimate oscillator, gomi divergence, and ichimoku indicators to help give give me some great entry points. Trade off a 2 unirenko and using market profile and 30 minute charts as general long short bias guidance.

My biggest weakness remains to be getting out of trades too early and not getting out of the losers early enough.
My entries are good and win loss ratio is great but still losers bigger than winners.--overall way up in sim but still not satisfied and i wont go back to live till I have the experience of riding out those winners
The light at the end of the tunnel is getting brighter.

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  #24 (permalink)
Elite Member
Bangkok
 
Futures Experience: Beginner
Platform: NT
Broker/Data: IB/IB,Mirus Futures/Zen-Fire, AMP/CQG
Favorite Futures: CL,YM, TF
 
Posts: 127 since Feb 2013
Thanks: 23 given, 49 received

Been live for a few months now--at this point its all about psychology,risk management and patience. Still have a very bad habit of letting the losers run out of control and wiping out days of profits. Dealing with the pain of taking a loss is whats its about and I am getting much better at taking those (more frequent) smaller losses and moving on to the next opportunity.

Confidence is strong as I know what I have to do its just a matter of doing it. How many times have I gotten out before reaching my target--in fear of seeing it going back and giving back profits---only to see it reach my target as predicted? Way to many times..... How many times have I my moved my stop with the hope that It will come back--it always does--well it does not always come back...

Having said that--I will stop working end of June--early retirement... and I have noticed that as the day approaches I am much less risk tolerant knowing that I will have to depend on trading to supplement my limited resources.

I won't bore u with my entry rational but can say that one of my tools is the GOMCD divergence indicator. Excellent indicator taking into context of course..

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