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

  #291 (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


Alinghy View Post
Could I ask if you can share and post the templates of the first two charts listed in the above mentioned post? (...not the one including the volume ladder indicator )
In the first chart starting from left to right is that small window showing the day range manual or automatically designed (plotted)?

Hi Alinghy

Thanks for your kind encouragement and best wishes (+ tips)!

Here they come the templates incl the Indicators Lists. You will be able to find the indicators from the regular and Elite Download sections. In the first MP chart, I only added the rectangular ellipse and everything else are automatically generated by the indicators.

Beth

Attached Thumbnails
Beth's Journey to Make Her Millions-indicators-list-perrysetup.jpg   Beth's Journey to Make Her Millions-indicators-list-mp.jpg  
Attached Files
Register to download File Type: xml Perry w Volume Bars.xml (43.8 KB, 28 views)
Register to download File Type: xml marketprofile.xml (20.7 KB, 26 views)
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  #292 (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


Alinghy View Post
Only one advise : remember always, SYM is not REAL, the emotional factor is the "x-factor" that is always different for eachone, ambush, and BTW involve each person with different aspects and evidences in the trading behaviour, but more frequently in their reactions to a specific situation.

Yes Alinghy. You are right on the most important/critical moment of my Trading Venture! After doing sim-trades for months (since last summer on-and-off), it's time to move on and cushion real trades to my trading mornings.

Now that I have the Balance Sheet in front of me, there're nothing standing in my way I just realized! Here it comes my trading plan for the coming week:

1. Mon: Optional 1 more sim trade before placing any real ones during the week.
2. Tue-Thu: The first trade has to be a real one. Maximum 1 1-contract trade per day.
3. Fri: Flexible on or off trading day. If no real trade has been placed up to Thu EOD, I MUST do a real one on Fri.

Well, let's see what will happen! Wish me luck!!!!!!!!!!!

Beth (Remaining to-do item: Trading hypnosis audio files. 10 of them and are good to go LOL!)

 
  #293 (permalink)
Elite Member
London
 
Futures Experience: Intermediate
Platform: Ninja Trader
Broker/Data: Zen Fire
Favorite Futures: ES 6E ZB YM
 
Alinghy's Avatar
 
Posts: 332 since Sep 2009
Thanks: 257 given, 59 received


Hi Beth,

dont be too much enphatic ! I hope you'll accept my suggestions, generated from the experience, from a humble friend, if I can say that.

Before you enter (I dont know if you already did it) a Real Trade, because this is the anxious target for each newby, to compare him / her self with the Market, please be sure you are extremely friendly with all the keyboard and mouse comands.

There is a check list to follow:

1) NO wireless keyboard BUT CABLE CONNECTED to the Pc.

2) NO wireless mouse BUT CABLE CONNECTED to the Pc.

3) Do you have your Pc connected to the electrical network provided with a POWER SUPPLY unit ?

If NO dont trade Real !

If Yes be sure to have under the same Power Supply Unit also the monitor / monitors, the Router (for DSL) and this unit must be enough strong to support all the periferals behind it for no less than 10 to 15 minutes .

4) Be Ready, means have in front of you the phone numbers of your broker with the direct number of the Support Desk and also the switchboard number .

5) MUST have available a phone connected to the ground line and a mobile, both with already memorized inside these important numbers above mentioned .

Please consider if electrical power fault down what could happen if in the mean time you are inside the Market with also only 1 lot ? ... and the Market goes rapidly to the countrary direction with respect to your entry .

You become anxious, you see the Pc falling down, you cant wait for the power come back or just in case the Pc or NT (the Platform) stops working or close, the time for the boot-strap, then the OS (Win) must wake-up, then NT must run-up and ... at the end ....
cause the anxiety, you 'll never remember if you were Long / Short and at what price level and worse at the limit the instrument involved...

BUT... BUT ... You NEED to be EXTREMELY clear when you are calling the Support Desk for this emergency, and be EXTREMELY CLEAR with the man / woman on the other side of the phone, the angel that can close your position and SAVE your money, maybe your Profit or stopping your Loss.

You NEED to take note asap you are inside the Market of your position : write on a paper --> instrument name (i.e. CL), # lots (i.e. 1) , entry price (i.e. 85,35) , Long / Short (i.e. L or S)
with one eye to the Chart / DOM and the other writing on the paper these precious info.

Last but not least : you MUST be extremely familiar with all the possible ORDER types LIMIT, STOP LIMIT etc. and with the keyboard sequence as I am sure you are aware that some kind of order (almost one) in NT require a keyboard combination .

Very LAST for now: BE READY to click MARKET or FLAT all positions button !

This I wrote it is not intended to chill your expectations but to prevent your life quality in trading and to avoid as much as possible any... any prob.

NEVER forget that when you start with a money base of $ 10000 i.e. when you have lost the 50 % ($ 5000) to come back to the original amount of money you must get profit for $ 5000 and this mean that you'll MUST realize the 100% of your actual remaining amount of money ($ 10000 - $ 5000 = $ 5000) ---> and having dropped down to $ 5000 mean that your power of fire to fight into the Market is less than the half with respect the very first starting, and the Futures Market is one of the very few that can give you the opportunity to recover your power of fire rapidly but also to lose it instantly, if you allow me this joke of words .

Thanks for sharing your templates, nice of you
Alinghy

What Life is ?
Only two things are infinite: universe and human stupidity, about the first one I am not so sure ... (A. Einstein)

Last edited by Alinghy; May 8th, 2010 at 07:40 PM.
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  #294 (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


Alinghy View Post
I hope you'll accept my suggestions, generated from the experience, from a humble friend, if I can say that.

...

There is a check list to follow:

1) NO wireless keyboard BUT CABLE CONNECTED to the Pc.

2) NO wireless mouse BUT CABLE CONNECTED to the Pc.

3) Do you have your Pc connected to the electrical network provided with a POWER SUPPLY unit ?

If NO dont trade Real !

If Yes be sure to have under the same Power Supply Unit also the monitor / monitors, the Router (for DSL) and this unit must be enough strong to support all the periferals behind it for no less than 10 to 15 minutes .

4) Be Ready, means have in front of you the phone numbers of your broker with the direct number of the Support Desk and also the switchboard number .

5) MUST have available a phone connected to the ground line and a mobile, both with already memorized inside these important numbers above mentioned .

Hi Alinghy

Thanks for being my eyes and ears!! My BIG BIG Thank You for preparing a checklist for me!

I paused and scrutinized your checkist and believe most of them are in place except the following:

3) Back-up Power Supply of at least 10-15 minutes - 50% right now. Will have a power back-up unit for the NJ charting desktop early next week. Actually I plan to use my laptop (with a backup battery good for an hour) for trade execution via my IB account as a start. To trade via IB, both PT and SL orders will be placed immediately upon execution of a Buy/Sell trade. Trade via Mirus/ZenFire requires more manual trade management as I do not have a live NJ licence.

5) We do not have a non-cordless phone. I am going to program my brokers' numbers to my cell phone. Will also have the cell phone close-by during trading hours.

About Type of Orders: Currently, I have the predetermined SL order as Stop Limit. I am thinking of changing it to Stop even it may mean slippage. Originally I prefer Stop Limit to safeguard slippage. Having witnessed the crazy fall last Thu, Stop may be a better choice. What do you think?

$5K loss is NOT in my plan. I will stop when the accu loss gets close to $500. My initial SL for ES is 3 points ($150) and every attempt will be made to get out of a losing trade before SL gets hit. Since I will only do 1 trade/day as a start, 3 consecutive losses in a row will be enough to stop real trading and decide what's next.

Let's see what will happen in the coming week.

Beth (grateful)

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  #295 (permalink)
Elite Member
London
 
Futures Experience: Intermediate
Platform: Ninja Trader
Broker/Data: Zen Fire
Favorite Futures: ES 6E ZB YM
 
Alinghy's Avatar
 
Posts: 332 since Sep 2009
Thanks: 257 given, 59 received

Hi Beth,

My example using $ 5000 or $ 10000 is just to give you an idea of what are the evaluations in terms of Loss, because Profits are good for definition !

For the various kind of orders that is possible to use this evaluation could be time to time depending what trading range you'll approach and definitely the stylish trade you'll understand more suitable for you and your "X-Factor" .

Just remember : if you'll see Market running sideways and you are IN, if the market will turn against you don't exitate to click the "Market" button or FLAT ALL POSITION in the right column of the DOM (depends the Platform) of course and get OUT .

You can lose $ 100 or 200 but you have still a lot of opportunities in front of you: if you lose $ 1000, literaly you lost roughly five more opportunities wth that money amount involved in various trading activities, to restore your initial capital !

You do not have 100 hit to fight with the Market ! and also in that case it will be too dangerous, and without sense to risk all that money !

You must enter the Market when you are pretty sure that it is the right moment, so 100 hesitations, and one shot ! Like for the tailor : 100 measurement and ONE CUT !

More you are in the Market much more you are in the OCEAN of RISKS : Market moves, strange move from an Operator (as seen couple of days ago, they say it has been an error, but I say: if the platform allows me to sell a so big quantity, the amount of stocks or the leverage was allowed !), DSL transfer data bit rate could you arrive a little "bit" late and the price gone away for fuc*ing seconds.

Please never forget that when you are in a "QUEUE" and you have several Sell or Buy orders placed in front of your the Market Price could also touch that level where you are BUT BUT you can be NOT EXECUTED at all . So the price will fly away and a trade that could be profitable could turn into a LOSS .

Stay ready and BE EXTREMELY carefull : As you could understand I have already spilled my blood to say that right !!!

Have a good trading experience, especially not having unusefull "HURRY" : the Market will deliver you opportunities every every every minute, hour, day, week, month ... so choosing the right moment is the real SECRET .

When there is an announcement STAY OUT (mandatory !) So, this means keep in touch with the Market news that have normally great correlation with the instrument traded. That indicator
I have already shown you for market news coming from JohnTom - jtEconNewsIndicator - the last release could be much valid.

Best always
Alinghy

What Life is ?
Only two things are infinite: universe and human stupidity, about the first one I am not so sure ... (A. Einstein)

Last edited by Alinghy; May 9th, 2010 at 08:32 AM.
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  #296 (permalink)
Big game hunter
NY
 
Futures Experience: Advanced
Platform: Esignal, MBT navigator
Favorite Futures: Currencies
 
Posts: 2,526 since Jun 2009
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Alinghy View Post

Only one advise : remember always, SYM is not REAL, the emotional factor is the "x-factor" that is always different for eachone, ambush, and BTW involve each person with different aspects and evidences in the trading behaviour, but more frequently in their reactions to a specific situation. .

Have a very good weekend
Alinghy

Alinghys got that right 100% . Sim trades can feel very real but the same course of action in a real account feels very different . Money has a weird way of making me act around a trading screen but the solution for me was very simple - switch markets and attain the ability to adjust my unit value to whatever I feel comfortable with . ES is $50 USD per point period and theres no flexibility for unit value so you have to adjust your emotions around that if you want to play .

What Im getting at is that on sim I could easily trade 6E , ES and TF but wasnt willing to jump to live trades because I felt intimidated by the risk associated with the unit value . Since Im a think outside the box kind of person I considered forex and etfs as an alternative to eminis , at least for now , so I could build up to trading futures by trading in a live environment . So I decided to trade forex first because I can adjust my unit value to as low as 1cent per pip and ratchet it up when I feel Im ready .

It turns out that I enjoy forex quite a bit and it opened my eyes to whats available and whats possible out there . I was able to cater to my comfort level and step forward as a trader , small steps but thats how you climb everest - small steps . Im not saying anything about it is easy becuse its not , there are the same things to deal with like fees , platform outages , slippages , etc. like eminis but there not the end of the world because Im totally at ease and deal with the small stuff so the big stuff takes care of itself .

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  #297 (permalink)
Elite Member
Birmingham/UK
 
Futures Experience: Advanced
Platform: Sierra Chart
Broker/Data: LMAX/ ADS
Favorite Futures: DAX/ DOW
 
ZCars's Avatar
 
Posts: 142 since Apr 2010
Thanks: 47 given, 102 received

Go for it Beth! You'll do great, I'm sure. Just take that one best trade a day and be ready to lose the bet if it fails. Try not to take small wins but let your stop or target get hit (this will be a big temtation in live trading so just be aware of your emtions and try and overcome your instinct to take small wins or move your stop too eraly). Remember it's a game of probabilities and if you wait for that high probability trade and let it run you logically cannot fail. On the other hand your emotions will try and scupper your plans so deep breath and concentrate on objectivity, clarity, coolness and the numbers being in your favour. You get a few trades under your belt and you'll start feeling calmer. You'll also begin to see trades more clearly as your mind will benefit from focusing every day. After a month or two you'll be laughing and then you'll have to start thinking of ways to conquer your boredom! Best of luck (but as James Bond would say "a man makes his own luck" and you have made yours. Time to make some money!).

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  #298 (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


Alinghy View Post
Please never forget that when you are in a "QUEUE" and you have several Sell or Buy orders placed in front of your the Market Price could also touch that level where you are BUT BUT you can be NOT EXECUTED at all . So the price will fly away and a trade that could be profitable could turn into a LOSS .

Stay ready and BE EXTREMELY carefull : As you could understand I have already spilled my blood to say that right !!!

Have a good trading experience, especially not having unusefull "HURRY" : the Market will deliver you opportunities every every every minute, hour, day, week, month ... so choosing the right moment is the real SECRET .

When there is an announcement STAY OUT (mandatory !) So, this means keep in touch with the Market news that have normally great correlation with the instrument traded.

My heartfelt thanks again Alinghy for uncovering the stones for me. They're GREAT advice and reminders!

For sure, I aim at only high probability trades. When my sim order was touched a dozen times and not filled, quite often I only do one adjustment else wait for another opportunity. Certainly it hurts when the trade rocks without me in. Yet I do not like chasing. It's decision on the spot and I always remind myself to stay calm and be PATIENT!

I find the News indicator very useful and it's on my checklist before considering any trade! If I was in a trade for an unexpectedly long time and it's getting close to an important announcement, I may choose to exit with a minimal loss.

Alinghy, I've contributed enough to the market (different instruments) and will not repeat my mistakes LOL!

Thank You a trillion times from the bottom of my petite heart for your guidance to get me prepared!

Let's have a Successful week (and more to come)!

Beth

The following user says Thank You to wgreenie for this post:
 
  #299 (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


Eric j View Post
What Im getting at is that on sim I could easily trade 6E , ES and TF but wasnt willing to jump to live trades because I felt intimidated by the risk associated with the unit value . Since Im a think outside the box kind of person I considered forex and etfs as an alternative to eminis , at least for now , so I could build up to trading futures by trading in a live environment . So I decided to trade forex first because I can adjust my unit value to as low as 1cent per pip and ratchet it up when I feel Im ready .

It turns out that I enjoy forex quite a bit and it opened my eyes to whats available and whats possible out there . I was able to cater to my comfort level and step forward as a trader , small steps but thats how you climb everest - small steps . Im not saying anything about it is easy becuse its not , there are the same things to deal with like fees , platform outages , slippages , etc. like eminis but there not the end of the world because Im totally at ease and deal with the small stuff so the big stuff takes care of itself .

Thanks Eric for your sharing. Comfort is one of the successful factors for one's trading. What's the point of trading if one is in fear all the time. I do not have exposure to FX (except a little bit on 6E and it's $12.5 per 0.0001) and will explore it at a later date.

Glad that you're doing GREAT! Congratulations!

Beth

 
  #300 (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



ZCars View Post
Just take that one best trade a day and be ready to lose the bet if it fails. Try not to take small wins but let your stop or target get hit (this will be a big temtation in live trading so just be aware of your emtions and try and overcome your instinct to take small wins or move your stop too eraly). Remember it's a game of probabilities and if you wait for that high probability trade and let it run you logically cannot fail. On the other hand your emotions will try and scupper your plans so deep breath and concentrate on objectivity, clarity, coolness and the numbers being in your favour. You get a few trades under your belt and you'll start feeling calmer. You'll also begin to see trades more clearly as your mind will benefit from focusing every day. After a month or two you'll be laughing and then you'll have to start thinking of ways to conquer your boredom! Best of luck (but as James Bond would say "a man makes his own luck" and you have made yours. Time to make some money!).

Thanks ZCars for your best wishes and suggestion! I'm going to give my BEST shot LOL! Smile.

I just reviewed my notes and will adjust my PT and SL as follows:

PT: 6-8 ticks
SL: 12-9 ticks

Since I am using Perry's set-up for entry, my research suggested 2-3 points and 9 ticks PT and SL respectively. This guideline will offer a better risk/reward ratio.

Yes, we make our own luck! haha ..

Beth


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