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Trading fast markets
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Trading fast markets

  #461 (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

Practice trading - 2nd July

Done for today. Just 3 trades. Again chickened out of great trade no 3. Shame on me. This is my major fault. Will work on it.

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I will be journalling my trades with explanations, and record MAE and MFE for periods of 1,3 and 5 minutes past trade entry. It will help me to get a sense of statistical expectations for profit/loss as well as for duration of a trade.

Trade to live. Not live to trade.
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  #462 (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 to live. Not live to trade.
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  #463 (permalink)
 Vendor: diversifyportfolio.com 
PTA, Gauteng
 
Futures Experience: Advanced
Platform: Self built + Sierra + TWS
Favorite Futures: Stocks and Options
 
DarkPoolTrading's Avatar
 
Posts: 1,036 since May 2012
Thanks: 1,244 given, 1,304 received


Great interview. Lots of great information to be learned from what you said. I particularly liked your comments on keeping your trading plan succinct and not too lengthy. I think many of us have the tendency (at least initially), to create these massively detailed books we call a trading plan. But you need to keep it simple and to the point.

I was a Business Analyst in the corporate world for 8 years and it frustrated me no end when I would send specs out to business that had taken me weeks to compile, only to have them come back and ask me questions that showed me they clearly didn't bother to read the spec. I am finding the same to be true in trading. Keep it to the point so that you actually use it.

All the best.

Diversification is the only free lunch
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  #464 (permalink)
Trading for Fun
Yokohama South Korea
 
Futures Experience: Beginner
Platform: Sierra Chart
Broker/Data: CTS
Favorite Futures: gold
 
Posts: 102 since Nov 2012
Thanks: 87 given, 56 received

nice interview! is it the longest one also? I used to do a lot of sport as well, but nowadays I only have time to jog every day. you people in europe speak so many languages fluently and have so many activities. how envious! hope one day I could also have the opportunity to sail. (I'd always wanted to be a pirate :-).

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  #465 (permalink)
Market Wizard
Houston, Texas
 
Futures Experience: Advanced
Platform: NinjaTrader; BloodHound
Broker/Data: NinjaTrader Brokerage, Kinetick, Rithmic
Favorite Futures: ES, CL, 6E, UB, 6J, 6B, ZS
 
Posts: 921 since Oct 2012
Thanks: 672 given, 877 received

Great interview!

Thank you for sharing that great interview! I totally agree with a lot of what you said in the interview, and wish you the best of success in your trading. I too am learning to develop a trading plan before each day begins and journal my trades each day. This is very helpful in fine-tuning my system and allowing me to gain more confidence each day. I also agree that by having found Big Mike's has been an instrumental turn around in my trading success, by reading the posts like yours which has given me so much information and insight. I hope one day to be able to join you as a funded trader. Thanks again for posting the Top Step interview.

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  #466 (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

Thanks guys and gals.

Today wasn't the best trading day. Gold wasn't too good, but gave some setups. Too bad I started on the wrong foot.
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First trade gave me a headache - I put TP to entry but could not get filled on numerous attempts and 100 contracts or more traded there, my order was always the last. No FIFO in this Sim is very annoying, it's gold for Christ sake, it's not ES! I should have moved to -1 or flatten but could not believe I can't get filled.

Then I chickened out from next trade, this range was unbelievable, so much upward pressure but constant refresh of limit sell orders! It broker but my nerve broke earlier. Then I had another mashup, tried to move to BE+1 but misclicked or something, nothing happened. Reversed fast and hit my stop. Last trade was a pure loser.

No trading tomorrow and I don't expect anything decent on NFP Friday to happen. I never make well in Gold on NFP.

So I will try for next week to go for 6 ticks stop and 12 ticks profit instead of current 10 ticks stop and 15 ticks profit. The reason is I can't get to 15 ticks anyway (should work on it) mostly because I hate to risk 10 ticks after I got into some profit. And 10 ticks giving some space, true, but usually trade is invalidated before it moves 10 ticks against me anyway, so it's back into a range and the outcome is pure gamble then. So for next week I go for 6/12.

Anyway this week was a positive one, so nothing to be ashamed of, I traded like live, respected my plan, and only kept making mistakes with closing good trades too early. This is my fault number one.

Trade to live. Not live to trade.
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  #467 (permalink)
Elite Member
Mumbai, India
 
Futures Experience: Advanced
Platform: ChartNexus
Favorite Futures: Stocks, Commodities, Futures
 
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Posts: 1,659 since Feb 2012
Thanks: 3,312 given, 2,719 received


xelaar View Post
Thanks guys and gals.

Today wasn't the best trading day. Gold wasn't too good, but gave some setups.

.
.
.

First trade gave me a headache - I put TP to entry but could not get filled on numerous attempts and 100 contracts or more traded there, my order was always the last. No FIFO in this Sim is very annoying, it's gold for Christ sake, it's not ES! I should have moved to -1 or flatten but could not believe I can't get filled.

Yes I have observed this no-FIFO on SIM too - it is a sad thing that NinjaTrader would have handled better. Refer to my post here https://futures.io/trading-journals/27802-topsteptrader-s-real-money-combine-8.html#post340567:



iqgod View Post
The exit is always 10-ticks.

This is the rule that tests whether my discipline is in place.

I sat on my hands (ouch) till the 10-tick target was reached.

Okay, I did move the stop down to 9-ticks to account for the horrible algorithm used by T4 simulator to trigger the exit - if there are 9 orders before me and then I am filled my target is the 10th order.

But I see T4 not filling it sometimes when the number of orders increases to say a higher number (say 24 randomly chosen) and then I see the ask contracts decreasing from 24..23...22...21.... ..... ..... 8,7,6,5,4,3,2, and I am still NOT filled.

And voila it fills me at last when I should have been filled when the number was 14 (I was 10th in line).

However next time I will take all 10 ticks with patience.


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  #468 (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

Oh and I have forgotten to add - I will not trail or close any trades in profit manually next week, I will only put to BE or BE+1 after a retest and another push away. I opt to close or move TP to BE only if trade is stuck in a small loss. Idea is to let more trades work to their profit target.

Trade to live. Not live to trade.
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  #469 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,353 given, 83,234 received


xelaar View Post

Congrats, I am listening now... Volume is unfortunately extremely low, so having to crank it up!

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #470 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,353 given, 83,234 received



Big Mike View Post
Congrats, I am listening now... Volume is unfortunately extremely low, so having to crank it up!

Mike

Thanks for the shout outs

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
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