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Trading fast markets
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Trading fast markets

  #241 (permalink)
Elite Member
Brisbane, Queensland, Australia
 
Futures Experience: Advanced
Platform: NT8/JIGSAW
Broker/Data: MacQuarie Futures/AMP Clearing/CQG
Favorite Futures: ZB/FGBL/GC/CL/HG/6J/6M/6B/FDAX/NQ
 
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Posts: 483 since Feb 2012
Thanks: 381 given, 440 received


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

Oh for sure, i agree there are lots of markets with some nice setups in the depth. I just prefer CL and GC because i know them best at the moment...

NG is best during the pit session, the DAX has its moments though.

I'm happy to share any little setups is come across.

XS

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  #242 (permalink)
The Narrow Road
Belgium
 
Futures Experience: Intermediate
Platform: Ninjatrader
Broker/Data: Ninjatrader Brokerage, CQG
Favorite Futures: FDAX, FDXM ...maybe
 
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Posts: 379 since Sep 2012
Thanks: 443 given, 457 received


xelaar View Post
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 right there is the sentiment that has launched a thousand books and is certainly part of the futures.io (formerly BMT) Manifesto (Mike doesn't do this to get extra sleep ... judging by the times of day his Nexus is busy !). I also think it is why people like Al Brooks and Linda Bradford Raschke do what they do.

futures.io (formerly BMT) is a kind of facebook for traders. Shamebook for some, Tradebook for others, Sharebook for everyone. TST bundles up that human need of feeling being part of something together with a knowledgeable support group and .... funding from the founders and other partners. Quite clever really if you can find the talent and the Combine is pretty good at that. Not impossible but full of nasty little hurdles.

Interesting stuff really.

p

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  #243 (permalink)
Market Wizard
Sarasota FL
 
Futures Experience: Intermediate
Platform: NinjaTrader, Sierra Chart
Favorite Futures: ES
 
Posts: 3,635 since Jan 2013
Thanks: 26,754 given, 11,113 received
Forum Reputation: Legendary



xelaar View Post
I supposed to get a call from them, maybe tonight, I hope I will be able to convince them to make a slight change to the plan, since it cripples a bit my own risk management which I believe is more superior than theirs when used with my trading approach. Especially this rule about starting trading day with x lots and only increase or add when daily net profit is above 1000. That will essentially kill my opportunities to make money, because I only have few setups per day, and if I spend them all on small lot shots, when I get ammo finally it inevitable suggests I should take more shots but by this time likely good setups are already done and I might face a situation where I trade high quality setups with smaller position and take a loser from a worse setup on larger position.

I have probably missed something about your method, but it appears that, according to their rule, you can set the minimum x that you start out with, so it does not have to be so small that you can't get a significant return. Why not set it high in the beginning?

The answer is probably simple, but I don't see how you are restricted to small lot shots, just that you can't ramp it up quickly from whatever your initial number is....

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  #244 (permalink)
Market Wizard
Sarasota FL
 
Futures Experience: Intermediate
Platform: NinjaTrader, Sierra Chart
Favorite Futures: ES
 
Posts: 3,635 since Jan 2013
Thanks: 26,754 given, 11,113 received
Forum Reputation: Legendary


xelaar View Post
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.


podski View Post
That right there is the sentiment that has launched a thousand books and is certainly part of the futures.io (formerly BMT) Manifesto (Mike doesn't do this to get extra sleep ... judging by the times of day his Nexus is busy !). I also think it is why people like Al Brooks and Linda Bradford Raschke do what they do.

I have to say that these two statements have cleared up something that has puzzled me, which is why a successful trader would share their work -- it's to be not isolated. Sure, there are other motives too, but it makes trading less a lonely business, even for those who think of ourselves as "loners".

Thanks.

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  #245 (permalink)
Elite Member
prague, czech republic
 
Futures Experience: Intermediate
Platform: NT7, MT4
Broker/Data: LMAX
Favorite Futures: DAX, Gold, Euro
 
xelaar's Avatar
 
Posts: 1,517 since Feb 2013
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bobwest View Post
I have probably missed something about your method, but it appears that, according to their rule, you can set the minimum x that you start out with, so it does not have to be so small that you can't get a significant return. Why not set it high in the beginning?

The answer is probably simple, but I don't see how you are restricted to small lot shots, just that you can't ramp it up quickly from whatever your initial number is....

I will certainly try that, the ideal would be to change this rule from daily to weekly time frame, but unlikely to happen. I will try to get that x to be set at 7 lots, but I think they will push it low to 3-5 maybe. We will see.

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  #246 (permalink)
Elite Member
Georgia, US
 
Futures Experience: None
Platform: Various
Favorite Futures: Various
 
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xelaar View Post
I will certainly try that, the ideal would be to change this rule from daily to weekly time frame, but unlikely to happen. I will try to get that x to be set at 7 lots, but I think they will push it low to 3-5 maybe. We will see.

You will be talking to John, and he is a really nice and reasonable guy. If you explain that your strategy really works best when using the full 15 lots, then perhaps you two can agree to this.

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  #247 (permalink)
Elite Member
WA Europe
 
Futures Experience: None
Platform: Various
Favorite Futures: FUTURES
 
Posts: 122 since Mar 2013
Thanks: 44 given, 52 received

Hi Alex,
First sorry for the late reply to congratulate you ab finishing your combine.
IM a lazy person and little egoist and i realy start to change now especially after reading all this very good stuff which you share with us and bc of you im planning to start a journal here.
I personally know a person who was funded by TST and he is a member here too and i can say without hesitation that your style of trading are equal or little better than his.
It will be a shame if you don't get funded man.
Thanks my friend for all the great job and i hope you the best of luck.
Cheers
Adam ribica

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  #248 (permalink)
Elite Member
Guildford Surrey UK
 
Futures Experience: Intermediate
Platform: NinjaTrader, IG SpreadBetting with ProRealTimeCharts
Favorite Futures: DAX CL NQ EUR/USD
 
Posts: 82 since Nov 2012
Thanks: 356 given, 128 received


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.

@josh,
Thanks for this information and well done getting through the Combine. Are you good to get funded now? I remember reading that you didn't do so well in the LivePrep-was that a previous one?

In regard to the rule, "you can only trade x no of contracts..", am I right to assume that x = maximum trade size? Presumably can start smaller if desired? TIA
Regards
JS

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  #249 (permalink)
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Futures Experience: None
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jmsUK View Post
@josh,
Thanks for this information and well done getting through the Combine. Are you good to get funded now? I remember reading that you didn't do so well in the LivePrep-was that a previous one?

In regard to the rule, "you can only trade x no of contracts..", am I right to assume that x = maximum trade size? Presumably can start smaller if desired? TIA
Regards
JS

I'm currently not working towards a TST combine--and yes, that is maximum trade size. For example, if you have a max size of 10 contracts, then the rule might be "only trade 4 contracts until the profit is $800 dollars, at which point you may increase the size to 10."

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  #250 (permalink)
Elite Member
prague, czech republic
 
Futures Experience: Intermediate
Platform: NT7, MT4
Broker/Data: LMAX
Favorite Futures: DAX, Gold, Euro
 
xelaar's Avatar
 
Posts: 1,517 since Feb 2013
Thanks: 1,739 given, 2,592 received

Trade Plan


Finally had a conversation with Hoag. He's a nice guy, agreed, but it's hard to haggle with him on requirements and numbers. I understand that he has a rule set that is quite rigid to work with.

Well, as it laid out, LP does make a sense, as Hoag put it, it mimics live trading requirements for Junior trader. I would like a bit more freedom but I can work with what they gave me.

Basically it is a standard trading plan that can be found on their web with following numbers filled in:
1. Trading hours - we haggled but the best I could get was from 6AM to 3:10 PM, I understand why it is so - for Junior Trader there is a limit from 7AM, because someone is monitoring performance live. I can live with that.
2. Start a day with 5 lots until 1000 usd is built. That is bit crippling, I wanted at least 7 but it is what it is.
3. Max number of consecutive losers when in negative before pulling the brakes for a day: 3. That is what I offered, and I am fine with it.
5. Max draw down from daily profit high before quitting: 50%. It is fine again, and smart. I would cut probably earlier.

All in all, it would slow my process a bit, especially lot limited to 5 on most days, but again there are up to 40 trading days to trade and only 4500 to be gained, so no drama whatsoever. With 15 cars I could do that on one good day. And what to do after?

I plan to start LP on Tuesday.

This stage took a bit of time, I expected it to be somewhat faster, but have they got 3 traders to put to LP this week only that I know and maybe more. All in all I am ok with it, given that it mimics live trading environment rules, so a good chance to adjust and get used to.

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