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Trading fast markets


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Updated January 25th 2016 by billbohm
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Trading fast markets

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  #231 (permalink)
prague, czech republic
 
Experience: Intermediate
Platform: NT7, MT4
Broker: LMAX
Trading: DAX, Gold, Euro
 
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Posts: 1,517 since Feb 2013
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josh View Post
They mean "today's P/L" -- in other words, if you make $1000, then you can increase your size that day. But at the start of the day, you cannot trade more than X contracts.

Thanks, this is what I understood too. This is crippling.

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Can you help answer these questions
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  #232 (permalink)
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Manta, Ecuador
 
Experience: Advanced
Platform: My own custom solution
Trading: Emini Futures
 
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BTW, funded or not I think the lessons are useful.

Sent from my Nexus 4

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  #233 (permalink)
prague, czech republic
 
Experience: Intermediate
Platform: NT7, MT4
Broker: LMAX
Trading: DAX, Gold, Euro
 
xelaar's Avatar
 
Posts: 1,517 since Feb 2013
Thanks: 1,740 given, 2,565 received



Big Mike View Post
Nicely done.

Let us know how the interview goes.

I admit to not reading your journal very closely, but just saw you are an algo trader. Do you have a post that describes what platform you develop on and any testing methodologies?

Sent from my Nexus 4

Mike, I am not an algo trader. I am a manual system trader with a healthy dose of discretion. It means I get an idea, find suitable parameters and market conditions, test it, build a system with well-defined rules and trade it. On opposite from pure discretionary traders who look at the market and generate a setup on fly from thousand of different parameters and ideas that cannot be properly tested and edge to be found because no setups are ever the same.

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  #234 (permalink)
Site Administrator
Manta, Ecuador
 
Experience: Advanced
Platform: My own custom solution
Trading: Emini Futures
 
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Posts: 48,781 since Jun 2009
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xelaar View Post
Mike, I am not an algo trader. I am a manual system trader with a healthy dose of discretion. It means I get an idea, find suitable parameters and market conditions, test it, build a system with well-defined rules and trade it. On opposite from pure discretionary traders who look at the market and generate a setup on fly from thousand of different parameters and ideas that cannot be properly tested and edge to be found because no setups are ever the same.

A mechanical trader.

I just got hung up one your last post wording. No biggie.



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  #235 (permalink)
prague, czech republic
 
Experience: Intermediate
Platform: NT7, MT4
Broker: LMAX
Trading: DAX, Gold, Euro
 
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Posts: 1,517 since Feb 2013
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podski View Post
Hi Xelaar,

Well done ! If you go for this you will be able to do it and work within whatever agreed params there are. I saw your video. Very informative.

Have a think about it and sketch out the params that you feel are acceptable, show them your video and explain them the method. If you get to speak one-on-one with John it will be interesting to see what he says about the method and how that fits. The contract can be changed over time of course.

This is ultimately where the clash between individuality and corporate risk management happens. It's a classic story that happens every day in many businesses. You seem like a talented individual with a lot of knowledge and are even able to share that so certainly have value for an organization. On the other hand TST need a single manageable process.

The questions you need to consider are

a. an I work out any sort of acceptable deal
b. will I learn, lets say over a period of 12 months, anything about risk mangement and the markets from TST
c. will working within this structure make me better, not just as a trader but as a team player for my own business, will I learn about how to manage other traders, the infrastructure required
d. it is clear that within the TST structure once you have a framework and earn money that you can change the params and up the risk or just change the working structure. It all depends on track record and a cushion of cash in the bank. That said ... the main question is ... will you be able to earn a living ?

p

Thanks, P

This was my original purpose - to learn both from the process and from experience trading for TST (if I get there). Trading is a lonely business and you can hardly learn from anybody if you trade from home, unlikely in most other businesses and professions where you have peers around and grab some their knowledge and learn from their experience. That was what I wanted to do: get experience trading for a firm, see how it works, how they manage it, get a proper risk management structure around, accountability and reporting.

Ultimately I can back myself as I did before, my previous trading endeavors were successful and profitable. However you can only get so far if you are isolated. So this is more about earning experience than living for me. At least for the moment. Still I need this to make money to justify my work.

Long-term I don't think I have any interest in it, I am a loner by nature, but would like to see trading as a business rather than profession, therefore getting experience in this field is very valuable.

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  #236 (permalink)
prague, czech republic
 
Experience: Intermediate
Platform: NT7, MT4
Broker: LMAX
Trading: DAX, Gold, Euro
 
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Posts: 1,517 since Feb 2013
Thanks: 1,740 given, 2,565 received


Big Mike View Post
A mechanical trader.

I just got hung up one your last post wording. No biggie.



Sent from my Nexus 4

Closer to that, but I wouldn't call it this way. Setups are mechanical but there is a lot of preconditions and trade management relies totally on immediate order flow.

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  #237 (permalink)
prague, czech republic
 
Experience: Intermediate
Platform: NT7, MT4
Broker: LMAX
Trading: DAX, Gold, Euro
 
xelaar's Avatar
 
Posts: 1,517 since Feb 2013
Thanks: 1,740 given, 2,565 received

Having been thinking about it some more now, I understand that conditions aren't the best now to do LivePrep or even go Live due to other commitments that are arising. However, I still have lots of free time on many days, and after being deprived of trading after finishing the combine and dying from boredom, I think this LivePrep can be at least taken as a developmental stage. What I don't like about is that they said they will refund my Combine fee after I finish LivePrep. Does it mean they won't refund me if I fail? That wasn't anywhere on the website once I signed up. Or they just use it a motivator to take LivePrep seriously, just like original Combine?

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  #238 (permalink)
PTA, Gauteng
 
Experience: Advanced
Platform: Self built + Sierra + TWS
Trading: Stocks and Options
 
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xelaar View Post
Having been thinking about it some more now, I understand that conditions aren't the best now to do LivePrep or even go Live due to other commitments that are arising. However, I still have lots of free time on many days, and after being deprived of trading after finishing the combine and dying from boredom, I think this LivePrep can be at least taken as a developmental stage. What I don't like about is that they said they will refund my Combine fee after I finish LivePrep. Does it mean they won't refund me if I fail? That wasn't anywhere on the website once I signed up. Or they just use it a motivator to take LivePrep seriously, just like original Combine?

As far as I understand, anyone who is net positive for a combine and has passed the scouting criteria will receive a refund / free rollover to do another combine. So in your case im sure you will get refunded or given another free combine regardless of the outcome of your live trader prep.

Diversification is the only free lunch
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  #239 (permalink)
Brisbane, Queensland, Australia
 
Experience: Advanced
Platform: JIGSAW/SIERRA CHART
Broker: MacQuarie Futures/AMP Clearing/CQG
Trading: HHI, HSI, FDAX
 
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Now that was a sweep Xelaar! 80-88!

Perhaps we should start a Gold Trading thread now....

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  #240 (permalink)
prague, czech republic
 
Experience: Intermediate
Platform: NT7, MT4
Broker: LMAX
Trading: DAX, Gold, Euro
 
xelaar's Avatar
 
Posts: 1,517 since Feb 2013
Thanks: 1,740 given, 2,565 received



xiaosi View Post
Now that was a sweep Xelaar! 80-88!

Perhaps we should start a Gold Trading thread now....

Sure but why limit ourselves to Gold? Crude, Gas, maybe DAX maybe even TF or NQ. Just Order Flow Trading.

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