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

  #191 (permalink)
Big game hunter
NY
 
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I agree about the one instrument Beth . Its good to know what the general market is doing but for scalping theres no way I can trade more than one instrument effectively . I see guys like Jaguar post big #s trading multiple instruments and have no idea how they do it so Ill stick to what I know - one at a time .

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  #192 (permalink)
Elite Member
Vancouver, BC
 
Futures Experience: Intermediate
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wgreenie View Post
I am going to use the enclosed chart for entry tomorrow. Since I am not paying much attention to DMplus (3 lines) and rather find the Top Left TEXT more helpful, I have combined it with the ADX histogram on Panel 3. Moved around the margin and am able to see the buying/selling volume better + the Buy/Sell Volume indicator will help!

When I get more advanced or used to read the volume numbers, I maybe able to benefit from the Gomi Volume Ladder. Now it's too advanced for me and my head still spins ooooo ..

Beth

Hi Beth, Any chance you could share your template for this chart. Thank you!

 
  #193 (permalink)
 Vendor: www.ezcolortrading.com 
Cambridge, Ontario
 
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exiledgoblin View Post
Hi Beth, Any chance you could share your template for this chart. Thank you!

Here it comes .. + the Eds Vol Price Bar indicator (save your finding it from the Ninja Forum). You will find the indicators from the regular and Elite Download sections.

Beth

Attached Thumbnails
Beth's Journey to Make Her Millions-indicator-list.jpg  
Attached Files
Register to download File Type: xml Perry w Volume.xml (40.4 KB, 36 views)
Register to download File Type: cs EdsVolPriceBar.cs (16.3 KB, 35 views)

Last edited by wgreenie; April 27th, 2010 at 01:13 PM. Reason: Add an Indicator List
 
  #194 (permalink)
Elite Member
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Much obliged!

 
  #195 (permalink)
 Vendor: www.ezcolortrading.com 
Cambridge, Ontario
 
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28 April Wed Trading Morning -$170 after commission - ES Sim Trade

It's a Red morning because I did something STUPID!!!!!! It could be a profitable green morning like yesterday - gosh!!

Mistakes Made (instead of Goals Accomplished):

1. Poor trade management on the first trade (I should add the second trade too even it's profitable).

2. Over-trade and not following the 1 trade/day rule. I was anxious to minimize the red LOL!

These 2 big mistakes justify a huge black piggie on my nose ooooo
I'm a bad girl this morning .. sorry!

Beth ... sad ..

Attached Thumbnails
Beth's Journey to Make Her Millions-es-sim-trade-log-28-apr-2010.jpg   Beth's Journey to Make Her Millions-es-06-10-4_28_2010-4-range-.jpg   Beth's Journey to Make Her Millions-es-06-10-4_28_2010-4-range-gomi.jpg   Beth's Journey to Make Her Millions-es-06-10-4_28_2010-30-min-.jpg  
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  #196 (permalink)
 Vendor: www.ezcolortrading.com 
Cambridge, Ontario
 
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Previous Day's POC (Point of Control)

How true it is! Previous Day's POC (also VPC - Virgin or Naked POC) 1189.75 has become today's Resistance. It was tested before 9:30 and it's being tested again. It may as well be today's Top?!!

Since ES has stayed within the Value Area this morning, the best strategy is to fade the extremes! I learned from some traders (in their posts) that these trades are their bread and butter.

Beth

Attached Thumbnails
Beth's Journey to Make Her Millions-es-06-10-4_28_2010-30-min-poc.jpg  
 
  #197 (permalink)
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My Next Move

After reviewing/recalling what happened this morning, I've come to the following realization:

1. I am being too aggressive in using the Volume indicators for trade entry. Still lots to learn and explore.

2. First I could not figure out why I did not have my usual 4- or 6-tick PT for the first contract. Instead, I had the 2 contracts at 8- and 10-tick respectively. Then I realized I was using 1212.5 as the top VPC which should be 1189.75!

3. I will stay with Perry's set-up for entry while having the Volume indicators to confirm the ideal price IF and ONLY IF I can manage multiple charts at the same time.

Regarding this morning's trades especially the first one, I failed to cut my loss earlier when everything was red. Guess I was too comfy with a predetermined SL!! Need to work on my trade management skill!

Good news is: I was quite calm when the SL got hit (minimal panic emotion).

My Next Move:

1. Continue watching more MP-related webinars/threads/websites etc.

I finished watching/going through the Electronic Local webinars/articles. What I learned:

- MUST identify ONE trade set-up and stay with it (I like "fade the extremes" and VPC ones)

- MUST have enough funds in the trading account to cushion occasional losing days, safeguard calls from the brokers and always have sufficient funds to place a trade (My Futures account will gain 150% weight next week)

- Difference between Auto Trader (trades are triggered by an auto strategy) and Mechanical Trader (trades are placed by a disciplined trader who follows his/her rules and trade his/her plan) - It's my mission to be a disciplined and successful mechanical trader LOL! I won't let this happen anymore!!

2. Resume reading the Mind Over Markets book with a big reminder: DON'T GET TOO EXCITED!!

3. Prepare myself (both physically and mentally) to trade with a small start (1-contract trade and 1 trade a day) in May. I listened to an inspiring audo-clip early this week. One has to start somewhere .. and not just talking or thinking. I have a DOER personality .. I believe I CAN DO IT!!

Beth

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  #198 (permalink)
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Another Interesting Trader (he's using Volume-based Profile)

I went through most of his articles + started following him on Twitter today:

www.futurestrader71.com

He's genuine in sharing his experiences .. You may want to check him out!

Beth (Now will watch his webinar on Context .. smile ..)

 
  #199 (permalink)
Site Administrator
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Beth,

You've laid out some clear objectives, and I would personally recommend emphasis on the focusing on just one setup.... so now just do it!

From a distance, I think you are "scattered" right now, you are not focused, you have so much going on it is hard to really focus on any one thing properly. So, in my opinion, and my advice would be to greatly reduce everything and simplify, simplify, simplify.

Mike

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  #200 (permalink)
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KISS (Keep It Simple & Stupid)!!


Thanks Mike for the Simplify Simplify Simplify Advice and Suggestion! It's a Great reminder as I really need to trim down my activities .. I dreamed of buying/selling tails and Initial Balance until 4:00 am this morning. I'm seriously thinking of NO webinar/thread etc after 10:00 pm when my psyche will have some minutes to calm down ... oooo

I am adding a 2nd S to my KISS plan LOL! I will finalize one trade set-up with guidelines this week. For example,

Fade the Extremes (I will need to do pre-market homework on daily range for the past few days, VPCs, High/Low/Open/Close etc. Good news: I believe I have the 80% Rule strategy in my petite head now.)

My trading day will be:

1. Trade until 11:30 am. If no trade signals, SOH and take things easy.
2. A few hours (maximum 5) in the afternoon doing studies and research.
3. Cushion at least 1 15-30 minute exercise break in the afternoon + an official lunch break (which I seldom have for months).
4. Minimal trading-related activities in the evening - no more than 2 hours.

Wish me luck in accomplishing the above to-do items .. smile ..

Beth


Last edited by wgreenie; April 28th, 2010 at 08:14 PM. Reason: KISS = KEEP It Simple & Stupid.
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