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Trading fast markets


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Trading fast markets

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  #421 (permalink)
Belgium
 
Experience: Intermediate
Platform: Ninjatrader
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Trading: FDAX, FDXM ...maybe
 
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Adamus View Post
There is a legend from Japan about a tea merchant who was challenged to a duel by a samurai.

So .. are you saying Xelaar is a bit of a swordsman ?

Have a nice weekend !

p

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  #422 (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
So .. are you saying Xelaar is a bit of a swordsman ?

Have a nice weekend !

p

Nope, my name is Austin Powers, International Man of Mystery!


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  #423 (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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adamribica View Post
Hi,
First thanks for the nice journal.
Can you please explain how you choose the area where you put your Entries?
Did you test this method for other market?
Volatility is a key in your trading, how can determine if the volatility is good to execute a trade?
Thanks in advance and happy trading day
Adam ribica

Hey Adam, good to see you here again.

Have a look at my videos, they are pretty explanatory. I have spent this whole week trying to work out a sensible low-risk high-reward approach in gold to use limit orders, and wasn't successful at it, it's just not the best instrument for this sort of trading. So gold likes mostly stop orders. I suggest to try it on crude, it works very well and should slip less.



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  #424 (permalink)
prague, czech republic
 
Experience: Intermediate
Platform: NT7, MT4
Broker: LMAX
Trading: DAX, Gold, Euro
 
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donzi View Post
Excellent journal Xelaar,

Thank you for sharing this journal. I respect it because it is qualified and vetted by a second party, Top Step Trader Combine. I wonder if Al Brooks could do this Combine as you have done it? I wonder if some of the other "BM webinar Guru's" will step up and earn respect as you have done? I am hopeful that your journal will bring a new insistency of complete performance transparency among us traders.

Question, this blog you have posted is a book in English, and very well written, as English is not your first language. You race motorcycles, as you mentioned in this journal. I think that speaking in several languages and putting yourself "out there" in a motorcycle race has given you an ability to speak the markets language and to trade instinctively? Please comment on your mental confidence when trading gold, racing bikes or speaking a foreign language?

Sorry if this sounds corny, but I believe that successful traders have to succeed at many other endeavors in life.

Warm regards to your new family, donzi

Thanks for your thanks! I enjoy writing it especially when I sense it can benefit others. It benefits me too for sure, disciplining and making accountable.

I am not a master trader, I am in a beginning of my trading career, being trading regularly only 3.5 years. So I am not a position to be compared to well respected gurus like Al Brooks. However I agree about many mentors having no track record publicly to prove what they are claiming, unfortunately this is so widespread in trading world, but I actually noticed it's the same in many other areas of life too, especially as we cross more and more from post-industrial to marketing era. It's more important to claim something and reap quick rewards instead of work tirelessly track record and then fail because people just don't believe it or find it dull comparing to fake stuff some guys put there.

I think comparing learning trading to learning other languages fluently is a good one. When you learn the language you not only learn alphabet, memorize words, but you actually learning a lot about the culture, traditions, mentality of the nation whose language you learn. It's quite a journey. I have left my home country 13 years ago and lived in several different countries, worked at multinational, so I speak 4 languages fluently, 1 bearable and 1 very limited.

Although talking language cannot be compared to trading, only learning both can be compared, IMO. However, it's very comparable to competitive sports. Both are hugely affected by state of mind, being in the zone (actually Douglas did not invent it, it's coming from professional sports psychology, athletes are trained to place themselves in the zone), fear and greed.

In both you need to be very sure in what you are doing, especially in risky sports, trust your skills and your edge, be calm and focused. You can't expect to win in both by throwing something up and see if it works. If you do this in trading, you can lose money. If you do that in racing, you can die. Practice makes perfect. You build up your skills and your positive state of mind. You need to work hard a lot, and then you need to work harder even more. But like in any process you can go a straight way or get strangled in loops. It happens a lot. This is where a good help can make wonders to see the way. But if you got no skills or understanding yet, any mentorship won't make you a champ.

There is no sacred truth here, just old same corny story, as you mentioned. But there are no secrets how to become a world champion or millionaire trader. You need to aim very high and work tirelessly towards it.

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  #425 (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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Finally I am putting an end on this frustrating week. I tried something very difficult, wasn't totally a failure but just doesn't fit the parameters I put in. I am talking about working out a system to fade moves in gold with limit orders and very small stops. I can do ok with it using stops like 10 ticks, but it's hard to expect moves of 20-30 ticks regularly from these setups to justify this risk, also several consecutive losses are very probably.

Instead I have decided today to focus on staying with the force of order flow, entering on failing pull backs with stop orders and small stops, using compressed price action and a trigger.

Here is few screenshots of my trials today. I plan to continue next week with this type of setups. I will write a formal plan here later on today.










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  #426 (permalink)
London, UK
 
Experience: Beginner
Platform: NinjaTrader, home-grown Java
Broker: IB/IQFeed
Trading: EUR/USD
 
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Hi Xelaar, what do you mean by "price action compression"? I think you mean those 1 tick range candles, right?

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  #427 (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


Adamus View Post
Hi Xelaar, what do you mean by "price action compression"? I think you mean those 1 tick range candles, right?

yes, very tight mini range that is happening not due to low volume but due to a lot of struggle on the ladder, one side has to give and can cause a fast move

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  #428 (permalink)
prague, czech republic
 
Experience: Intermediate
Platform: NT7, MT4
Broker: LMAX
Trading: DAX, Gold, Euro
 
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Pretty good summary

Jumpers, Dreamers, and Pretenders - ****understanding, knowledge, and tools for*Intuitive Performance

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  #429 (permalink)
Legendary Market Wizard
Mumbai, India
 
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Great stuff!

I found I had come as a pretender to the world of trading.

However once I exposed my ulterior motives (which were trying to masquerade as many things but definitely making money was not one of their objectives) I moved into the "Dreamer' state.

However I faced many blocks - all the blocks were inside me - I was the block. I had to mindfully train myself to what trading really was and not what I was trying to make of it (which resulted in complacence to do work and a ego stimulator as a substitute for the real pride of achievement).

I truly believe that now I am at the fag end of the 'Dreamer' state - actually there is nothing to 'truly believe' - I can humbly say that I can never comprehend everything I thought I could because the amount of work needed can span multiple lifetimes. However by putting faith where it belongs, by making myself available, and by doing all that hard stuff that needs to be done (rephrase this in present: I am doing all the hard work that is needed and I am succeeding in trading) that I will keep seeing success.

There is no substitute for the hard work - and I no longer add a'Sigh!' to these posts because that is how it should be!

P.S.: Ray's courses are highly recommended for anyone contemplating of developing their intuition.

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  #430 (permalink)
London, UK
 
Experience: Beginner
Platform: NinjaTrader, home-grown Java
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Trading: EUR/USD
 
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iqgod View Post
P.S.: Ray's courses are highly recommended for anyone contemplating of developing their intuition.

Have you guys actually done his course? It sounds great from the description but it actually tells me not very much at all that I can use to judge whether the course content is something I would benefit from. I've been looking at the psychology of trading pretty intensely now for the last few months because that's where my problems all lie, so maybe this course will only tell me stuff I know already - and the only benefit would be the personal 'coaching' element.

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