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Trading fast markets


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Trading fast markets

  #781 (permalink)
Singapore
 
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Hi @xelaar,

Sorry about your losses, but it is best to stop trading today. Tomorrow will be a better day for you to trade..

Ok, just saw your reply below.. All the best for your combine!


Last edited by fourtiwinks; November 11th, 2013 at 07:03 AM.
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  #782 (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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fourtiwinks View Post
Hi @xelaar,

Sorry about your losses, but it is best to stop trading today. Tomorrow will be a better day for you to trade..

Absolutely, this is what I have decided too. Combine is a different matter though, I have 2 days to fill and only during this week. It is irrelevant if I post a small win or a small loss as long as it is small and follows the system.

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  #783 (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

Limiters


Looking at the log I cannot go without noticing I have quite a number of "re-entry" trades that go after trades either scratched or lost without price action actually confirming selected direction, advancing to it. So it makes it only logical to introduce some sort of filter to stop it.

I am not a proponent to put something like "stop trading after 3 losses, do only 3 trades a day, since it does not prevent from doing series of trades in wrong location or with not cooperating price action or momentum, and still limits you to trade later when conditions might be much better.

So here is what I have come up with:
1. I will only do 1 trade per hourly segment from :30 minutes to next :30 minutes mark
2. I will have at least 15 minutes between one trade close and another trade open
3. I won't stop trading after 1-2 winners if I have good setups and rules 1-2 allow it

Rule 3 comes up as I usually stop trading after some decent winner but keep trading after few losers, so I don't capitalize on good days and keep squishing it on bad days and racking up the losers. And I need more trades for stats analysis but they should not be desperation trades and re-entries.

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  #784 (permalink)
prague, czech republic
 
Experience: Intermediate
Platform: NT7, MT4
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Trading: DAX, Gold, Euro
 
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Posts: 1,517 since Feb 2013
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Late in the day CL woke up and I have decided to train as per updated rules. I can feel some improvements but now need to focus on keeping that runner afloat and not to be tempted to close out soon, as I cannot re-enter for at least 15 to 60 minutes.






Last trade was a part of new strategy tested and was taken not as a part of trading plan, it has its own plan.

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  #785 (permalink)
Pittsburgh, Pennsylvania
 
 
Posts: 563 since Jan 2013
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xelaar View Post
Absolutely, this is what I have decided too. Combine is a different matter though, I have 2 days to fill and only during this week. It is irrelevant if I post a small win or a small loss as long as it is small and follows the system.

So the fail was not in the Combine? Was it just test or real money?

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  #786 (permalink)
prague, czech republic
 
Experience: Intermediate
Platform: NT7, MT4
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Trading: DAX, Gold, Euro
 
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Pedro40 View Post
So the fail was not in the Combine? Was it just test or real money?

Since when DAX can be traded in combine? Its strategy incubation.

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  #787 (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

Combine

Combine-wise, I have did one trade in Crude today, despite relative long bias since the open, crude failed to perform. Stopped out for -30 ticks, but I had just 1 contract, so -305 into combine. Just one day to day. I won't resort to taking 1 ticks stop trades or try to get 1 tick profit. I will place a trade as per strategy, but use minimal risk. It does not matter for results as I have still over 1300 of extra profit but would like to have a winning trade in crude to end combine well. But tomorrow is the last day.

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  #788 (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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From what I can tell so far, this new rule of taking one trade withing hourly trading window is the best trading improvement I have done since the beginning of this journal. First, it stops you from getting chopped in developing ranges, but even more importantly, second, it forces you to look for better trade locations and precise timing, as you know you won't be able to re-enter after a quick stop out, and then forces you to let runner work as designed, as again, you can't re-enter this trade on a pullback. Great!

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  #789 (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

Took a series of losses in combine trading crude today. Of course I stopped well clear of profit target.

But I just could not take proper trades today, price action before it did big break down was super weird, at every minor level there was a big battle of bulls and bears repeated at next minor level 5 ticks away. I took a fantastic short at last high 9515, but it shook me off with just 8 ticks as it kept struggling. Sure, once it fell it never stop and kept murdering longs.

What lessons could I derive from it? Only few:
1. Trade per plan and don't let market influence you
2. Once in trade, keep it on, don't close prematurely, few saved trades will cost in huge winners not take. Place trade, place targets as per plan before the trade and walk away.

This is it. Nothing more. No trickery or secret sauce involved.

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  #790 (permalink)
In the heat
 
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xelaar View Post
Took a series of losses in combine trading crude today. Of course I stopped well clear of profit target.

But I just could not take proper trades today, price action before it did big break down was super weird, at every minor level there was a big battle of bulls and bears repeated at next minor level 5 ticks away. I took a fantastic short at last high 9515, but it shook me off with just 8 ticks as it kept struggling. Sure, once it fell it never stop and kept murdering longs.

What lessons could I derive from it? Only few:
1. Trade per plan and don't let market influence you
2. Once in trade, keep it on, don't close prematurely, few saved trades will cost in huge winners not take. Place trade, place targets as per plan before the trade and walk away.

This is it. Nothing more. No trickery or secret sauce involved.

Those bull bear battles are similar to my issue of time. In fact those battles often cause my trades to take a lot longer than I expect. And you are correct. Most of the time just getting up and walking away is the smartest trade management tactic we could use.

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