5 Feb was the most recent day I placed real Futures ES/YM trades. Almost 4 months have lapsed, I believe I have become a more informed and disciplined trader. Sometimes I think things happened because of some very important reasons. For example, 5 Feb was a day to remember .. not because of the "red" damage to my pocket and heart .. and rather it prompted me to explore ways to become a Better trader. More independent and humble I must add.
Gone were the days and hope that I should count on someone else and follow their calls!
Trading is a humble profession. A successful trader is one who owns the trades (green or red) and be responsible for every trading decision incl NO trade!!
2. Trading Plan inclusive of Systems/Charts/Indicators
I missed the GomiVolumeLadder or Buy/Sell indicator as stated on my early May post. Now I have an opportunity to change my charts and am reluctant to add it/them back (maximum 2 changes for the next two weeks).
I have decided to stay with the existing set-ups for another week and may exercise the "change" option next week LOL!
I have a strong urge to start cushioning some real trades .. should it be just one 1-contract trade per week. Considering the predetermined 8-tick SL ($100), it's nothing! The stock market crashed last week when I was out-of-town. My stock portfolio has shrinked almost 40% even I liquidated 80% last Aug/Sep.
Well, I am going to do it SOON!! To have an "Intermediate" promotion is a great incentive LOL .. haha ..
My heartfelt thanks again for your support and guidance everyone!
The following user says Thank You to wgreenie for this post:
Another Green morning!! Oh, I couldn't help placing a pre-market trade when it spoke to me LOL (actually I placed a breakout trade on both sides)! Unfortunately we had Internet disconnection while waiting for the PT orders to get hit. Price did hit my PTs and the orders were not filled?! Rather they were filled only when I was back on-line again. I need to sort out what's going on. Maybe I will only find out when I do live trades. IB has no record of the BT sim trades so far.
Well .. If I have to manage trades manually via IB so that the bracket orders will stay with the IB server, I will! It's too risky if pending orders are not executed when I encounter Internet disconnection. It's happening very often again. Identified cause: More leaves blocking the signal from the Internet tower our external modem has been pointing at. N climbed up 50' up the TV tower (3 times already this morning) to adjust the direction .. sigh ..
Back to today's Trading. Goals Accomplished:
1. An A- trade even it's a smooth sail. I missed the fact that my entry price 1087.75 was the overnight High.
2. B for Price Action. It's too soon to give myself a higher grade LOL!
Note: After reviewing the former systems I came across last night, I've added a new indicator to the 4-Range set-up (Panel 4). Quite often I missed an entry and did not know when to re-enter. This Snapback indicator may help esp when it crosses the zero line.
Happy & Successful Trading!
Beth (A little down that our Internet is not reliable + addressing the BT myth .. sigh ..)
Mon's Initial Balance: 1091.75 - 1094.25
Value Area (changed slightly since last night): 1093.75 - 1091.75 - 1090.75
Current VPOCs: Top 1133.00 / Bottom 1054.50 since price hit 1081.75, 1091.75 and 1094.50 this morning.
When I did some research last night, learned that 1078-1102 (24 points) trading zone is considered to be a balanced area for ES. Current price is quite far from both VPOCs. I will use the overnight Low 1069 for the breakdown reference and today's High 1094.75 for Resistance until Mr Market tells me otherwise.
1. If it's on "live" mode even for a paper account, the Buy/Sell order will be placed via IB TWS. The bracket orders are not submitted until the initial trade is filled.
2. Only upon execution of the initial trade, BT will submit the predetermined PT/SL orders to IB which will be displayed on the IB TWS platform.
3. If one needs to make changes to the pending orders, use BT and NOT IB. BT cannot detect IB amendment and will continue displaying the original bracket orders though the IB order will get executed.
For me "unfortunately" it's not going to work .. sigh .. I had a sim trade on around 2:00 pm with bracket orders. I lost my Internet connection when price hit my first target. Back online after 30 minutes and the 2-contract trade was still open with a stop order for 1 contract pending!! Having a unreliable Internet connection now poses another challenge and I don't know what to do anymore.
Life goes on .. Here it comes my PA Practice .. smile ..
I am done with both sim and PA practice for the day. Noticed my afternoon sim trade (short @1089.75) was a great one though the Internet disconnection has messed up my pending bracket orders .. Well, life goes on and I will find a way around it!!
Note: Our Internet has not been working properly since Sun. Lots of disconnection (over 10 since 9:00 pm last night). I may not be able to do any trading until we resolve the issue. Have explored the satellite internet option and we are waiting for a call to schedule a consultation visit. Yes, potential customer has to wait LOL!
Have a Successful day.
Last edited by wgreenie; June 2nd, 2010 at 09:25 AM.
Reason: Overnight H should be 1077 (not 1076.25)
The following user says Thank You to wgreenie for this post:
I am sorry to say, satellite internet will be very, very bad for scalping. It has a great deal of latency. If you were swing trading or using limit orders, sure. But if 3-5 seconds matter, satellite is going to be a problem.
You might search around on internet try to find some stuff related to satellite latency or satellite ping times.
I would say that even a wireless phone company might have a faster network than satellite, but I can't speak from experience.
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
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The following user says Thank You to Big Mike for this post: