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Beth's Journey to Make Her Millions


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Beth's Journey to Make Her Millions

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  #1641 (permalink)
 bobarian 
whitestone, new york
 
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wgreenie View Post
After dusting my head/heart, guess what I just did?

2011-04-04_1938 - Bethwgreenie's library

Remember I mentioned months ago about a program assessing one's trading competence in a 4-week program? If one proves to be profitable and meets the program objectives ($8K/month on a sim platform and maximum 5 contracts/trade), he/she will be assigned with a funded account to trade live. I just signed up for it with $120 deposit on stake now.

My Goal: It's time to assess my competence. If I do not make minimum $4K at the end (benchmark to qualify for a deposit fund), it's telling me that I must work/study harder. Let's keep our fingers crossed and see what may happen. Oh, will start the program next Mon.

Trading Schedule:

Instruments: 6E (primary) and CL (backup)
Trading Hours: 8:00 am to 12:00 noon EST
Trade Size: multiple-contract trades (maximum 5 contracts/trade)
PTs: 6 - 8 - 12 + a runner
SL: 4-6
Weekly Goal: $1K to $2K

I'm not sure if it's appropriate to include the link here. Please private message me if you want the link for your further investigation.

Continue enjoying your week + a Relaxing weekend.

Beth

hi beth ,as always, i enjoy reading your journal.i am currently simulating also, i think my method is good for time being, now ,i am just testing.i trade the CL from 8:30 am to 11 am eastern.my journal is called bobs quest for consistency..anyway, i ,like many others, have gonr thru many changes in the last few months, and i am very familiar with the grind.in a trading room i was previously in for a year(tradng Equities), the moderator , would speak often, about the things we all need to do, to attain the confidence, that is needed to make a living at this.one of the things he told me, was to dial in my entries with low shares, so i could focus more on the dynamics in real time , and not on the $.well, that pretty much saved me, as i never got out of low shares..but my account didnt take a hit.he told me i had to earn the right to trade larger shares, which was fine.my question to you, is, do you intend to trade up to 5 contracts if your simulating is successful?1 bad day can be pretty unnerving at that level.just so you know where i am coming from, i am simming with 1 contract.the way i figure it, for my method, if i cant consistently take 6 ticks{not much to ask for), than i know i still have work to do.i look at the results for the week, not so much day by day.
i always feel a little awkward , piping in with my 2 cents, in the forum..like im being nosy.if people reply to my journal, i always keep in mind, that we are all on our own path, so i respect others opinions.anyway, i wish you well, and keep up the hard work!

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  #1642 (permalink)
 wgreenie 
Cambridge, Ontario
 
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bobarian View Post
hi beth ,as always, i enjoy reading your journal.i am currently simulating also, i think my method is good for time being, now ,i am just testing.i trade the CL from 8:30 am to 11 am eastern.my journal is called bobs quest for consistency..anyway, i ,like many others, have gonr thru many changes in the last few months, and i am very familiar with the grind.in a trading room i was previously in for a year(tradng Equities), the moderator , would speak often, about the things we all need to do, to attain the confidence, that is needed to make a living at this.one of the things he told me, was to dial in my entries with low shares, so i could focus more on the dynamics in real time , and not on the $.well, that pretty much saved me, as i never got out of low shares..but my account didnt take a hit.he told me i had to earn the right to trade larger shares, which was fine.my question to you, is, do you intend to trade up to 5 contracts if your simulating is successful?1 bad day can be pretty unnerving at that level.just so you know where i am coming from, i am simming with 1 contract.the way i figure it, for my method, if i cant consistently take 6 ticks{not much to ask for), than i know i still have work to do.i look at the results for the week, not so much day by day.
i always feel a little awkward , piping in with my 2 cents, in the forum..like im being nosy.if people reply to my journal, i always keep in mind, that we are all on our own path, so i respect others opinions.anyway, i wish you well, and keep up the hard work!

Hi Bob

Congratulations on creating a thread sharing your journey with us!

I did primarily 1-contract trades on both sim and live for over a year. Very often got stopped out at breakeven and no chance to have a 2-digit pip runner. Doing multiple-contract trades is the way to go IF one wants to have a runner for the 2nd/last contract. Certainly, one may load up the number of contracts and stay with the 1 profit target. It will be fine too as I have a few trading friends who are doing 10- to 30-contract trades aiming for 3-4 pips/trade.

I cannot visualize myself doing big lots like them .. possibly stay with 3-5 maximum. With a realistic trade management strategy (incl a 1.5:1 or more reward/risk ratio and small stoploss), I consider the forthcoming 4-week program is a good opportunity to do multiple-lot trades. For the first week, I will not be loading 5 contracts and rather 2-3 with the last contract runs a little.

Meeting a weekly goal of $1-2K is more attainable with multiple-contract trades else I may over-trade especially when the market is not offering many sound signals that meet the book. I personally like 3 trades maximum/day. Let's see how the first week goes .. smile ..

Have a Relaxing weekend everyone!

Beth

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  #1643 (permalink)
 cory 
virginia
 
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you mean Patak Trading? beware that their trading platform is pretty funky fwiw.

 
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  #1644 (permalink)
 wgreenie 
Cambridge, Ontario
 
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cory View Post
you mean Patak Trading? beware that their trading platform is pretty funky fwiw.

Thanks Cory for your tip. I went through their software videos and set up the enclosed MT4 DOM for order execution. Will stay with Ninja for charts.

Note: 15 minutes delay data for the training platform. To familiarize myself with the DOM, I made over $30K within hours based on historical data .. haha ..

Beth

Good Trading is about Trading Right!
Want What the Market Wants!
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  #1645 (permalink)
 monpere 
Bala, PA, USA
 
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Does this firm train you to trade their proprietary trading method, or will you be using your current method?

 
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  #1646 (permalink)
 Big Mike 
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cory View Post
you mean Patak Trading?

One Klingon term used as an insult on numerous occasions was petaQ (also spelled "Pahtak", "Pathak", "p'tahk", "p'takh", "patahk", "pahtk", or "p'tak").

Klingonese - Memory Alpha, the Star Trek Wiki

Yes, I'm a trekkie. lol.

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  #1647 (permalink)
 cory 
virginia
 
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yes its sink or swim method.

 
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  #1648 (permalink)
 wgreenie 
Cambridge, Ontario
 
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monpere View Post
Does this firm train you to trade their proprietary trading method, or will you be using your current method?

Hi Monpere

As of this moment, the firm does not provide you with a system/set-up. Not sure about their future plan as they have a Training tab under construction. It does have a free chat room with moderator/coaches around during RTH. The program participant will be assigned with an evaluator to assess his/her consistency/attitude etc.

I have not been in the chat room (even its access comes with training) .. no idea if one may benefit. Actually when I did my diligence investigation, I came across posts on both sides.

In short, I am only using the MT4 DOM for trade execution and stay with Ninja charts to spot high probability signals.

Beth

Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
Visit my futures io Trade Journal Started this thread
 
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  #1649 (permalink)
 monpere 
Bala, PA, USA
 
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Broker: Mirus, IB
Trading: SPY, Oil, Euro
 
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wgreenie View Post
Hi Monpere

As of this moment, the firm does not provide you with a system/set-up. Not sure about their future plan as they have a Training tab under construction. It does have a free chat room with moderator/coaches around during RTH. The program participant will be assigned with an evaluator to assess his/her consistency/attitude etc.

I have not been in the chat room (even its access comes with training) .. no idea if one may benefit. Actually when I did my diligence investigation, I came across posts on both sides.

In short, I am only using the MT4 DOM for trade execution and stay with Ninja charts to spot high probability signals.

Beth

Are you trying this program because you want to try the MT4 DOM, or you want the learning experience of trading with a varied crop of traders, or the potential opportunity to trade a well capitalized account with someone else's funding? In the latter case, if you are successful with your current method, then it's a great move, but if you do not have a currently profitable method, and they are not training you, then I think you would just be switching simulators, and mostly likely will get the same results, and paying $120 for the experience. Of course, I don't know all the details of this program, so I may be way off base.

 
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  #1650 (permalink)
 wgreenie 
Cambridge, Ontario
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Zen-Fire
Trading: 6E
 
Posts: 1,773 since Dec 2009
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monpere View Post
Are you trying this program because you want to try the MT4 DOM, or you want the learning experience of trading with a varied crop of traders, or the potential opportunity to trade a well capitalized account with someone else's funding? In the latter case, if you are successful with your current method, then it's a great move, but if you do not have a currently profitable method, and they are not training you, then I think you would just be switching simulators, and mostly likely will get the same results, and paying $120 for the experience. Of course, I don't know all the details of this program, so I may be way off base.

Hi Monpere

Let me address your raised issues as follows:

1. I am not interested in trying the MT4 DOM.

2. As of this moment, I have no intention to sign in the live chatroom when I am trading. Will not be trading with a crowd and/or moderators/coaches there.

3. I do hope that I will complete the program with some green pips totalling $4-$8K. With $4K, I will get a refund on the deposit. If over $8K, I will be trading someone else's $ = no risk on my pool: Great!!

I consider it an assessment on my trading competence (incl set-up, emotion and trade management). With some $ at stake + incentive of a funded account + gaining experience on doing multiple-contract trades etc all add up. Even it's on sim, it will be more real than on NT sim which I did for months with an average 70-75% win performance.

Time to sign off. Enjoy a Sunny weekend. Here temperature will be 2-digit degr C with rain ooooo. Well, at least it's above 0 haha ..

Beth

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