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Beth's Journey to Make Her Millions
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Beth's Journey to Make Her Millions

  #1341 (permalink)
 Vendor: www.ezcolortrading.com 
Cambridge, Ontario
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Zen-Fire
Favorite Futures: 6E
 
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Linds View Post
Congratulations Beth. So on the basis of your 10 trade experiment you've decided to continue with live trading and have mapped out a plan to do so. If you can now reduce execution errors and develop your trade management you will take things to a higher level. What kind of win percentage do you expect with your method over the first 50 trades?
Lindsay

Thanks Lindsay for your best wishes. I expect the following if I continue executing my trades according to the plan + developing more polished trade management skill:

First Phase (possibly until March 2011)

- % of Winning: 65% and above
- Expectancy: $35

Second Phase (2Q 2011 and after)

- % of Winning: 70% and above
- Expectancy: $40

Note:

1. It's based on 1-contract trades.

2. I estimated the subject based on my competence in trade management and not the % rate of the signals.

3. Will be content with a consistent 70% winning rate after cushioning the "human factor" me!

Beth

Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
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  #1342 (permalink)
Elite Member
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I have followed your thread with interest over the months but don't believe that I've posted before. I have been impressed with your ability to stay focused and disciplined and always thought that if anyone can make it as a trader, you certainly seem to have the skills to do so.

If I recall correctly, for a while you were trading CL using the "inside bar" setup. If you don't mind my asking, why did you stop using this setup? I was trading this setup for a while as well and am curious how other traders' experiences mesh with my own.

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  #1343 (permalink)
 Vendor: www.ezcolortrading.com 
Cambridge, Ontario
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Zen-Fire
Favorite Futures: 6E
 
Posts: 1,773 since Dec 2009
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worldwary View Post
I have followed your thread with interest over the months but don't believe that I've posted before. I have been impressed with your ability to stay focused and disciplined and always thought that if anyone can make it as a trader, you certainly seem to have the skills to do so.

If I recall correctly, for a while you were trading CL using the "inside bar" setup. If you don't mind my asking, why did you stop using this setup? I was trading this setup for a while as well and am curious how other traders' experiences mesh with my own.

Thanks Worldwary for your kind encouragement and faith in me! It's the most challenging venture so far .. never thought I have to work so so so so so so hard on "something" like this. No regret yet and I'm hanging on .. haha ..

Back to your inside bar question on CL. Yes, I tripped over Jeff's Three Set-up Thread in Jun. Fell in love with the Inside Bar set-up instantly (very clear trading rules and certainly easy to spot). Did real trades in Jul after a week or 2 sim-trading. I stopped mainly because of the SL cushion .. quite often 2/3 times on the first PT of 8. I gave back 2/3 of the gains I made in just a few trades. The risk/reward ratio does not meet my trading style .. unfortunately. I believe more advanced traders will be in a better position to trade the set-up profitably most of the time as they will be more alert to an early warning. For me, I am not there yet.

Hope the above may clarify your raised issue. Happy & Successful Ticks Always!

Beth

Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
 
  #1344 (permalink)
 Vendor: www.ezcolortrading.com 
Cambridge, Ontario
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Zen-Fire
Favorite Futures: 6E
 
Posts: 1,773 since Dec 2009
Thanks: 1,258 given, 1,196 received

Breakthroughs for this morning:

1. My charts are almost naked now .. smile .. I removed the divergence indicator .. weeks earlier than my Jan intention. Oh, don't think I can slim them anymore except myself physically ooo.

2. Quite happy with my trade management (per enclosed) even it's -1. Took heat instantly (-4 for almost 5 minutes). Certainly it went to my direction after my exit.

3. Emotion-wise. Have to confess a little moody .. then I recovered. No big deal as I chose not to stay in it (it's a valid signal and did not hit my SL) because I'm a scalper LOL.

Note: Yesterday was really choppy. SOH was the trade decision I made .. haha ..

Take care and have a Lovely weekend (maybe holidays shopping?).

Beth

Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
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  #1345 (permalink)
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wgreenie View Post
Back to your inside bar question on CL. Yes, I tripped over Jeff's Three Set-up Thread in Jun. Fell in love with the Inside Bar set-up instantly (very clear trading rules and certainly easy to spot). Did real trades in Jul after a week or 2 sim-trading. I stopped mainly because of the SL cushion .. quite often 2/3 times on the first PT of 8. I gave back 2/3 of the gains I made in just a few trades. The risk/reward ratio does not meet my trading style ..
Beth

This was my experience as well. The risk:reward ratio seemed too skewed. I tried various money management techniques (like using a fixed instead of variable stop) but just couldn't get it to work consistently. I've had this lingering suspicion however that this is a really good trading method and I gave up on it too soon.

 
  #1346 (permalink)
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worldwary View Post
This was my experience as well. The risk:reward ratio seemed too skewed. I tried various money management techniques (like using a fixed instead of variable stop) but just couldn't get it to work consistently. I've had this lingering suspicion however that this is a really good trading method and I gave up on it too soon.

Hi Worldwary

You may continue visiting Jeff's Three Set-up thread (me2) and get new ideas on how to make the SL cushion more effective/affordable.

Beth

Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
 
  #1347 (permalink)
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worldwary View Post
This was my experience as well. The risk:reward ratio seemed too skewed. I tried various money management techniques (like using a fixed instead of variable stop) but just couldn't get it to work consistently. I've had this lingering suspicion however that this is a really good trading method and I gave up on it too soon.

I trade the inside bar fairly consistently. I was not a fan of the large stop loss either, but Jeff made a comment on my thread that made a huge difference. If a trade does not go my way within 2 minutes of entry, start looking to get out as close to b/e as possible. These trades tend to reach the profit target quickly when they go your way. When there is hesitation to move to the profit target, it tends to meander around for a while and then go against you. Essentially the large stop loss is there in case of a catastrophic move caused by some sort of news, etc. Using this 2 min rule has allowed for smaller losses.
Papa15

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  #1348 (permalink)
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papa15 View Post
I trade the inside bar fairly consistently. I was not a fan of the large stop loss either, but Jeff made a comment on my thread that made a huge difference. If a trade does not go my way within 2 minutes of entry, start looking to get out as close to b/e as possible. These trades tend to reach the profit target quickly when they go your way. When there is hesitation to move to the profit target, it tends to meander around for a while and then go against you. Essentially the large stop loss is there in case of a catastrophic move caused by some sort of news, etc. Using this 2 min rule has allowed for smaller losses.
Papa15

Yes Papa15, thanks for the BE tip. When it's not working for 2-3 minutes, I started moving SL to 1 tick above or below the entry bar. Still quite a big SL cushion when it got hit. I once tried to have a fixed SL between 16-20. CL is a beast for newbie me. Having said that, it's on my instrument list as its personality does match my trading preference. I may pick it up again when I get settled with 6E LOL!

Have a Great weekend/Successful week ahead.

Beth

Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
 
  #1349 (permalink)
 Vendor: www.ezcolortrading.com 
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Platform: NinjaTrader
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Favorite Futures: 6E
 
Posts: 1,773 since Dec 2009
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Holiday Trading Hours on 20-23 Dec

I will only trade until Thursday noon, ie

Mon to Thu 8:00 am to 12:00 noon EST
Off from 24 Dec (Fri) and back 3 Jan (Mon)

Oh, for the first week (possibly two) of Jan, I will start really really early, ie

Mon to Fri 2:00 am to 4:00 am EST

Yes, try to be an early bird enjoying more profitable trades when the London session opens ... zozozo. Will have some toothpicks to keep my sleepy eyes open. If the early morning session proves to be more workable/profitable, I will not trade the RTH. I do not know if I can fit in this revised schedule, let's see how things play out .. smile ..

Beth

Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
 
  #1350 (permalink)
 Vendor: www.ezcolortrading.com 
Cambridge, Ontario
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Zen-Fire
Favorite Futures: 6E
 
Posts: 1,773 since Dec 2009
Thanks: 1,258 given, 1,196 received

Why the early morning session?


It's my backup plan. If I have to choose between finding a low-pay job in Toronto (= minimum 6-hour bus rides everyday .. getting up around 4:00 am and returning home after 9:00 pm Mon to Fri), I may as well get up early and trade the London session.

I am confident that trading RTH will work .. just that I would like to motivate UKNOWHO that we need to be more proactive in 2011. We are getting to a critical stage that either make it or break it. Of course I believe we're going to make it .. smile ..

Wishing you all a Healthy & Prosperous 2011!

Beth

Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!

Last edited by wgreenie; December 18th, 2010 at 04:54 PM.
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