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Trading fast markets

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  #801 (permalink)
PTA, Gauteng
 
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xelaar View Post
On the other hand, I am still waiting on LTP to start, some delays from TST. However, I have used my time to download Sierra Charts and learn how to use it. It may look like a thing from 90-ties running on Windows 3.11 but boy how powerful it is, how robust and lightweight it is. Loads fast, don't clog PC, has tons of functionality. And it has a really nice DOM, full blown ATM strategies at least on par with Ninja. The only thing I really lack there is GomMP inie, and Jigsaw trading tools. Sierra has tape and DOM is very informative, but still Jigsaw gives me a little bit extra, namely absorption is much better seen there.

Thus said, for doing LTP and trading TST account live Sierra is a superior choice.

Sierra has both market profile and volume profile. Look for the following studies:
-Volume by Price
-TPO profile chart

As with everything else in Sierra, you'll find the profiling tools extremely lightweight, fast and with a ton of options.

Diversification is the only free lunch
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  #802 (permalink)
prague, czech republic
 
Experience: Intermediate
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DarkPoolTrading View Post
Sierra has both market profile and volume profile. Look for the following studies:
-Volume by Price
-TPO profile chart

As with everything else in Sierra, you'll find the profiling tools extremely lightweight, fast and with a ton of options.

Thanks, I use that VbP, but it's so ugly and I can't find a way to make is less annoying in colors. But is does the job.
I still try to figure out how to get it to show multiple volume profiles, one for each day, for more compressed chart, to compare profiles.

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  #803 (permalink)
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xelaar View Post
I still try to figure out how to get it to show multiple volume profiles, one for each day, for more compressed chart, to compare profiles.

Set Volume Graph Period Type to Fixed by Time .
Set the Time Period Type input to Days
Set the Time Period Length input to 1.

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  #804 (permalink)
prague, czech republic
 
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DarkPoolTrading View Post
Set Volume Graph Period Type to Fixed by Time .
Set the Time Period Type input to Days
Set the Time Period Length input to 1.

Thanks!


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  #805 (permalink)
prague, czech republic
 
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Alright, here is my final plan for the remainder of 2013:
- I will follow my written plan in regards to the setup entries
- I will only take max 2 trades a day per market
- I will always risk 15 ticks
- I will always have a profit target 30 ticks
- I will not manage my trade in any shape of form, allowing to collect proper set of MAE and MFE
- I will only take trades where profit potential is sufficient to hit my target and where my risk tolerance is sufficient for the volatility present and price action structure

I believe I should get some better data if I filter the market for only situation suited my plan, instead of adjusting to each and every trade moving stops and targets and in the end getting some very confusing information.

I was gratificated early with my new approach, getting 2 winners on the dax.






I will be trading DAX, CL and GC with exactly same rules, except that front run trade on GC, but 15-30 rules will still stand.

Besides anything this exercise will help me to improve patience a lot.

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  #806 (permalink)
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"Besides anything this exercise will help me to improve patience a lot."
Good Xelaar, agreed lessor trades shows we are more patient. Same thing is helping my P&L past few days.

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  #807 (permalink)
prague, czech republic
 
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Did some business in Gold. Two trades. Two consecutive levels. Ideally I would probably would leave trade one and just increase its target a bit, but I followed the rules, trades were takes as it they were unrelated.

Not sure how realistic they are, first trade entry would not slip on entry, hardly the exit would slip favorable so much like it did in sim, as it is done with limit so it would not slip at all most likely. But it is what it is.






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  #808 (permalink)
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It is beuatiful setup, xelaar. How can i see a signal on footprint? I am guess that the jig-saw and the footprint produce the same signals. Isn't it? Thanks.

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  #809 (permalink)
prague, czech republic
 
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And two trades on Crude to end the first day well.


First trade was totally stupid. No, setup was looking excellent but with small correction - I totally ignored a very strong bullish trend since the open, huge momentum and volume.


I got a quick and dirty stop out for 15 shekels.


A second trade was smarter, I decided to wait and see if pullback will continue, it seemed to end and I got a break of a trend line, pick up in bullish momentum, positive tape, second entry long. It made 23 ticks profit and new high but came back to the entry. If I would be managing this trade, that would be totally the end of it. However, as I let it to its own devices and went to see Dangerous Flights show on TV, it produced another push that ended in +30.


It's encouraging start to my new experiment. Stress-free too.

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  #810 (permalink)
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semoa View Post
It is beuatiful setup, xelaar. How can i see a signal on footprint? I am guess that the jig-saw and the footprint produce the same signals. Isn't it? Thanks.

Hey, it's pretty hard to see to enter when it starts moving - it takes just a second or two and you would get slipped badly. Basically you need to judge the market beforehand and see how price action behaves as it gets close to the level, how tape prints and how limits get thrown to stop the selling force. I have made a whole webinar/educational video for Pete Davis and explained exactly this sort of setups in great details and provided several real life examples and video recording of actual trades.

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  #811 (permalink)
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  #812 (permalink)
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Interesting concept, not to be managing the trade... sort of hard to understand or to do.

From a theoretical perspective, as well as a psychological one, it's not a bad idea. Theoretical: stay with a decision based on a previously-tested method until proven wrong; psychological: keep your hand off the mouse until there is a pre-set reason to make a change.

From a real-time trading point of view, it's pretty much a matter of self-control, and therefore tough.

I've been trying this the last couple of days, and it has at least made me calmer

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  #813 (permalink)
prague, czech republic
 
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bobwest View Post
Interesting concept, not to be managing the trade... sort of hard to understand or to do.

From a theoretical perspective, as well as a psychological one, it's not a bad idea. Theoretical: stay with a decision based on a previously-tested method until proven wrong; psychological: keep your hand off the mouse until there is a pre-set reason to make a change.

From a real-time trading point of view, it's pretty much a matter of self-control, and therefore tough.

I've been trying this the last couple of days, and it has at least made me calmer

It can only work if you trade with the predominant momentum or fading borders of well established range. I.e. not taking miniatue setups in choppy markets nor going counter trend. For me this is the most important matter.

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  #814 (permalink)
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Some decent trading today. First trade flopped, it was a ok entry, even if inside the bit of congestion at times and right in front of VWAP, it did lack momentum though. Not an best example.


Second trade was way way better, during lunch hours when markets tend to pull away from extremes. Took over an hour and several retraces from 20 ticks gain to under the entry but did work. The only danger was a trend line on M5 chart, but I reckoned it will be broken during off-hours.


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  #815 (permalink)
prague, czech republic
 
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  #816 (permalink)
prague, czech republic
 
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BTW, I had a long long debate with @Max Keiser today on Twitter about BTC real value.



My nick is (obviously) OrderFlow Pirate

I wonder if he will slam me in his next Keiser Report show on Saturday for not buying into "100,000 usd fair value" bitcoin dream and arguing it's grossly overpriced at 900

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  #817 (permalink)
prague, czech republic
 
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Here is a recording on the last trade. I think it is quite an inspiration to see how market developed, how often it tested the entry, and rest assured any trade management would have this trade stopped at BE or miniscule profit, giving much anxiety and later grief, when it broke free and rose.

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  #818 (permalink)
prague, czech republic
 
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I did not get a chance to trade Crude today - gold held me up for the whole day. First trade was a quick loser, a second one lasted almost 5 hours!! It was up to 20 ticks in profit, printed double top, daily close was close and strong level is above it. ETH strongly up.

Still it collapsed. Today before the open volume was 101% from 8 week average, but collapsed to 72% by the noon CST. Definitely there were points to exit in profit, but the strategy calls to collect data.

This is my experimental trading in GC with same rules as in DAX or Crude. I don't plan to trade live or in LTP with these, only evaluate their validity. My only strategy good to go live in Gold is working with levels and stop runs. Price action is difficult is gold, but today it was rather lack of volume that caused collapse of longs. Sentiment was definitely up but selling was just bit too high above for longs to break through. Done and dusted.



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  #819 (permalink)
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xelaar View Post
And two trades on Crude to end the first day well.

A second trade was smarter, I decided to wait and see if pullback will continue, it seemed to end and I got a break of a trend line, pick up in bullish momentum, positive tape, second entry long. It made 23 ticks profit and new high but came back to the entry. If I would be managing this trade, that would be totally the end of it. However, as I let it to its own devices and went to see Dangerous Flights show on TV, it produced another push that ended in +30.


It's encouraging start to my new experiment. Stress-free too.


LOL! looks like "set-it-and-forget-it" came to save the day. And who doesn't like to make 30 ticks while watching Dangerous Flights! Keep it up

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  #820 (permalink)
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Looking at today's market I think it is wise to add another rule:
- close out before the start of new session or end of current session
- close out if a trade did not hit target nor stop after 60 minutes since been opened

Second rule would provide me today with +16.

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  #821 (permalink)
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bobwest View Post
Interesting concept, not to be managing the trade... sort of hard to understand or to do.

From a theoretical perspective, as well as a psychological one, it's not a bad idea. Theoretical: stay with a decision based on a previously-tested method until proven wrong; psychological: keep your hand off the mouse until there is a pre-set reason to make a change.

From a real-time trading point of view, it's pretty much a matter of self-control, and therefore tough.

I've been trying this the last couple of days, and it has at least made me calmer

Bob, I have seen way too much trades during my trading career, live or demo, that did go to the profit after I cut them short to save it from a loss. And even more losses I did not save with any proactive management.

So this new approach (it's an experiment) is to trade with reasonable target within a reach and reasonable stop, focus on sound entry in line with prevailing forces and then step down and let it do its magic.

Thus said, few filters need to be applied mostly in relation to market volatility and new money flow. Hence limits on end of session or new session and trade life time limits of some sort. But still I don't want to mess with price action. My focus is on a sound entry.

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  #822 (permalink)
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I have gone through a similar thought process, and certainly, I have had the experience of "managing" a trade, when all I did was jump in and out and in again on a long move, when I could have made a lot more money by just staying with it.

And, of course, the experience of holding something too long, thinking that it would run when it didn't. So I am experimenting with ways to try to tell the difference....

One thing is to trade less; not to freak out when there is a pullback, not to jump so much. Well, we'll see. Good luck with your exploration. Nice to see the same issues being worked out from different perspectives.

Bob.

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  #823 (permalink)
prague, czech republic
 
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bobwest View Post
I have gone through a similar thought process, and certainly, I have had the experience of "managing" a trade, when all I did was jump in and out and in again on a long move, when I could have made a lot more money by just staying with it.

And, of course, the experience of holding something too long, thinking that it would run when it didn't. So I am experimenting with ways to try to tell the difference....

One thing is to trade less; not to freak out when there is a pullback, not to jump so much. Well, we'll see. Good luck with your exploration. Nice to see the same issues being worked out from different perspectives.

Bob.

I know it's been only two days trading with the new approach and it has been successful. However, I believe I can draw some important conclusions and add a twist to this approach for the next week:
1. I am a big proponent of not moving stop loss, more trade moved into profit, more breathing space it gained and more chances it will move more in this direction rather than reverse, no change here
2. I will add a second lot to position to work with two targets, first target will be from 1 to 2 R (i.e. 15 to 30 ticks) according to the market structure, obstacles, swing sizes, volatility; second target will be from 2 to 4 R (i.e. 30 to 60 ticks) also according to the market structure and assuming continuation of the move
3. I will not touch the trade until target 1 is hit,
4. I will look to manage target 2 if market is showing signs of weakness in chosen direction and is less likely to get to the target initially anticipated
5. I will close out my trade before the end of the current session or, or before the beginning of the pit session (if trading before RTH)

I will continue to use 15 ticks stop, I can see that for some entries I could have a smaller stop for momentum trades with smaller target and I anticipated using 8 tick stop and 15 tick target, but for the sake of experiment and data collection (MFE) I will stay with 15 ticks stop for both parts. Later, if my research will show I can reach 15-20 ticks with a smaller stop, I will apply required modifications.

I have had a conversation with Hoag yesterday. I will start my LTP ASAP, however I have requested to do so with Sierra Charts, and their rules stats I have to proceed with the platform I did Combine with, so it's pending approval.
In any case my plan is to start with gold using 5 lot position, and as I get close to or over the target profit to add crude trades. I need to trade all instruments I want to trade live and all have to have a positive average. But my primary focus is on gold.

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  #824 (permalink)
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xelaar View Post
BTW, I had a long long debate with @Max Keiser today on Twitter about BTC real value.

You said in that debate, that bitcoin's intrinsic value is the cost of electricity for mining. That doesn't count for the ability to quickly and cheaply transfer money to anywhere. but anyway, I read somewhere that all the computer power being used today for mining is using up electricity costing 11 million bucks. If true and 3600 coins are created a day, after a quick division we get that the cost of a newly mined coin is about 3K dollars....

So BTC being around 850$ is rather cheap...

Edit: That 11 million bucks per day seems very inflated, so I tried to recalculate. Back in April a Bloomberg article said that the electricity used for bitcoin creation is equivalent of 31K US households' usage. Well, I don't look it up but let's say $5 what the average US household's eletricity cost is, and the network is using more now, let's say equivalent 50K house holds, so the math goes like this:

50K x $5 / 3600 = ~70 bucks per coin

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  #825 (permalink)
prague, czech republic
 
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The calculator I had used and podted a link to gave me cost of mining one coin currently as 9 bucks. The issue is you mine a blick of 25 coins together and it would take almost 2 years so you need to pull, usr powerful rig clusters etc but the rate is ridiculous by any means.

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  #826 (permalink)
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One guy on reddit said his 1st generation ASIC miner's energy consumption for 1 coin is $49. That is pretty damn high and since ASIC miners are rather new and actually energy efficient, that means that mining with GPU back a year ago was probably a losing business.

But anyhow, the point is, if you base intrinsic value on mining cost, it is actually rather high....I wouldn't think the real utility value of bitcoin is more than single digits....

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  #827 (permalink)
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Pedro40 View Post
One guy on reddit said his 1st generation ASIC miner's energy consumption for 1 coin is $49. That is pretty damn high and since ASIC miners are rather new and actually energy efficient, that means that mining with GPU back a year ago was probably a losing business.

But anyhow, the point is, if you base intrinsic value on mining cost, it is actually rather high....I wouldn't think the real utility value of bitcoin is more than single digits....

I year ago mining was much more efficient. In a year time it will be 60% less efficient, it's a diminishing return. I would place max 5% of my investment into btc long term but more into short term appreciation if I can buy on huge dip.

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  #828 (permalink)
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These bitcoin lovers on twitter is a bunch of anarchist retards, mostly. And they have no clue what are talking about. All their talk is ideological propaganda, same as goverments use just with a different polarity. I am greatly disappointed.

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  #829 (permalink)
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xelaar View Post
if I can buy on huge dip.

This gives insurance for traders/owners. There are thousands like you with this sentiment and that gives a safety pillow and doesn't let the price fall too much. That is why it is bouncing like a very much alive cat...

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  #830 (permalink)
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This gives insurance for traders/owners. There are thousands like you with this sentiment and that gives a safety pillow and doesn't let the price fall too much. That is why it is bouncing like a very much alive cat...

The thing is I don't care if I don't.

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  #831 (permalink)
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...
I have had a conversation with Hoag yesterday. I will start my LTP ASAP, however I have requested to do so with Sierra Charts, and their rules stats I have to proceed with the platform I did Combine with, so it's pending approval.
In any case my plan is to start with gold using 5 lot position, and as I get close to or over the target profit to add crude trades. I need to trade all instruments I want to trade live and all have to have a positive average. But my primary focus is on gold.

I would be asking TST about this now that you've said this but here is my side:

Once I had taken a free trial of Sierra Chart.

I received my combine account information from TST which simply had login, firm and password. (I had specified that I wanted to do this using Sierra Chart).

However my trial was active so I entered the data connection as CTS T4 and was connected. I traded for a few days like this (Sierra Chart trial and connection T4).

However once my trial expired I had to go back to using T4. I had a profitable day using T4 and the next day I saw that the day was removed from the trade report.

While my illness prevented me from following up I wanted to know if this is allowed (opting for T4 and then trading via your own Sierra Chart account). Secondly, does a Sierra Chart combine contain a license for Sierra Chart?

And good luck with your wise tweakings to benefit your trading - your progress is heartening.

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  #832 (permalink)
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Two trades today. Started late, so missed the best time to trade. First trade was sound, and price went only 1 tick past the stop. I took a second trade as setup has re-affirmed itself, and never seen pretty much any drawdown.

The only problem was that the second trade was late in a session and most volume has left. So it was not sensible to expect any big move. Still my original target 1 was just before R3 and second target was around 2nd deviation band.

It would have worked just fine. But I capped it expecting a possible fade of these ATH. Usually from noon till 3 pm it is better to look for a fade, rather than continuation. But today was a big up day, I would not fade.




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Done with crude today too. The first trade was great, second was a redundant one.




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  #834 (permalink)
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Looking how trades progressed, I think I need to be more firm with target 2 and go for a bit longer runner.

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  #836 (permalink)
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I would be asking TST about this now that you've said this but here is my side:

Once I had taken a free trial of Sierra Chart.

I received my combine account information from TST which simply had login, firm and password. (I had specified that I wanted to do this using Sierra Chart).

However my trial was active so I entered the data connection as CTS T4 and was connected. I traded for a few days like this (Sierra Chart trial and connection T4).

However once my trial expired I had to go back to using T4. I had a profitable day using T4 and the next day I saw that the day was removed from the trade report.

While my illness prevented me from following up I wanted to know if this is allowed (opting for T4 and then trading via your own Sierra Chart account). Secondly, does a Sierra Chart combine contain a license for Sierra Chart?

And good luck with your wise tweakings to benefit your trading - your progress is heartening.



My LTP in Sierra has been approved. I will sort out that 3 month trial with the support, but even if it flops I will buy a license for a month myself, it's only a 27 bucks a month and can be purchased on per month basis. This is good news.

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  #837 (permalink)
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Sierra is IMO by far the best and most stable platform. Good luck with your LTP!

I also want to add that this rule by TST about being profitable on all traded instruments is simply ridiculous and needs to removed ASAP. This forces the trader to look for trades in the markets that he is negative, instead of looking for the best possible opportunities in all available markets. What does it matter where the profits come from, as long as they come?

This was one of the major reasons I blew my first combine and it made me request a custom one without this rule. Unfortunately, they only accepted that I am profitable in 50% of markets (and wanted more profits as well). Well, I have four days left, have reached the profit target already but I'm struggling to turn around one more market to be 50% positive. Ridiculous rule.

Good luck again.

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  #838 (permalink)
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A break even day in DAX today. A second trade went again for 2.5 hours well into the lunch time, I took off smaller profits and again more was available. Maybe I just leave it as it is no matter what time is, at least before 3 PM.





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  #839 (permalink)
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I did not trade Crude in Ninja, I wanted to get more experience behind my belt in Sierra as I will do LTP in it, so what I did is not good for stats (I did many small trades) but two trades are good for putting into the Play Book. Both would work with 8 tick stop.





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  #840 (permalink)
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I want to have this post in my journal. This is fantastic, both from Panda and Derrick.

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I would like to share with your a series of articles about order flow and prop trading:
Market Structure and Why Other People Matter - Part 1

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Some updates for the last two days. I haven't been trading right before and after TG day, so half of last week went on developing and testing automatic strategies for Ninja, verifying different trade ideas.

DAX yesterday has been good, huge fall down, could be a great winner, but I should have held it without screwing up with the runner.





Today DAX continued same short story, but initially it stayed in a tight range, I wasn't keen to enter, finally it started to move so I jumped on the pullback, but it was already lunch time so market has died once I entered. I could see price action becoming sketchy and should have pass on it. Tape was not support my trade either, it was bizzare, a truly bad trade that decisively lost.



Then all the hell broke lose and it started to slip so fast I missed several entries by being simply unable to enter it on breaks from consolidations! Finally it pulled back more and slower and produced a clear break. I took it. Trade went with no heat at all closing 30 ticks scale very fast. I moved my target 2 very optimistically to 9080 before S2.




I have left trade alone. It was a good decision but I did it for far to long. My runner went around 120 ticks in profit (!!!) and produced triple stop before finally reversing. I have kept it alive as much as I could closing only before start of US session. And rightly so. I should have exited after a double bottom developed or on a break of main intra day trend line.

Otherwise two very good days in DAX..

Crude wasn't bad today either. Did not trade it yesterday, one trade today. Entered before the report and first target hit on the back of the news. I had trade protected by the time report came out, so the loss would not be great even with slippage.



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The only trade today. I had to sit out through the pre-ECB numbness of market, through the volatility of ECB press-co, through the spike from US Equity open and then controversial moves. I went away to watch an episode of South Park, came back and saw the market producing a good move down, printed a new low and made a great looking pull. I put the trade on, and left. Came back to see first target hit +30 and second target +60. 3:1 risk reward. I consider this being my best trade to date, since I did not try to frack up with the trade and just opened it at the right time in the right place and left it to its own devices. The only management was from the ATM strategy that moved stop to BE+1 once first +30 target was hit.



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My LTP will start on Monday next week. I was permitted to do that in Sierra chart and TST kindly organized a prolonged trial for me to complete the LTP for free. After much thinking, deliberation, discussions with a fellow trader, I have come up with an idea to only trade gold in LTP, despite being able to trade all instruments available. Reasons are:
1. LTP has tough risk management rules and it is actually difficult to strategize several instruments inside the rule set once it kicks in on 10th trading day. The biggest issues are: all instruments must have positive expectancy on 10th day and biggest win day must be larger than biggest losing day.
2. Crude opens at 3 PM for me, and often picks up momentum and directional move as late as 6-7PM. I want to be done before that, not starting trading that late. There are pretty much no opportunities in pre-market for me in Crude.
3. Crude has often problems with continuity of the moves, i.e. there are no larger runners to be had often enough, so I think trading for 2R is most you could expect in crude. I.e. for 30 ticks with 15 ticks risk. DAX can be so much better than that.
4. Attention span as gold trading and crude trading would overlap and in result I would miss setups in one if I am already locked in in the other

So the plan would to be to press on in LTP with gold, trading high momentum moves only and only near the key levels. If I make it through, I will continue the same live until I become Senior Live trader. Then I will be able to get access to Eurex and trade DAX during my preferred time frame, and have gold as an auxiliary trade, which it really is.

Other than LTP, I plan to continue racking in experience in DAX till the end of trading this year. Then I plan to fund my CFD account and move to trade live 2 lots on DAX CFD, each 1/10th of futures contract. So I will risk around 40 euros per trade, not 400. If I am sticking to the rules well and proceed in profit, I will move to futures after a couple of month. If I will be live with TST and manage to get to Senior status, I will focus on that instead and trade DAX with them. You can only do so much at the same time.

I will still look to do an occasional trade in Crude on demo, selecting good days and moves only, but it's not my focus anymore. If it goes well, I will look to trade it live, but just like gold, as an auxiliary trade.

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This is my stats in DAX to the date since I started my new routing going for 1-2 trades a day and targeting 2:1 RR as minimum.





This is very small sample of data to draw any forward looking conclusions, but the remarkable part is that we had an uptrend, a range, a reversal and a downtrend in DAX during that period. You can see a cumm. profit graph showing a plateau in the middle which corresponds to flat days in DAX. I think I have managed it well. Now I need to keep it rolling same way: protect the capital on slower days and press on gas during the trend days.

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At this stage in your trading do you think you could trade without using the tape or DOM and you were only allowed to place trades on the chart hypothetically speaking. How much of an impact would it have if any?

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Itchymoku View Post
At this stage in your trading do you think you could trade without using the tape or DOM and you were only allowed to place trades on the chart hypothetically speaking. How much of an impact would it have if any?

I think by this time I can "see the tape" through the price action on the chart. So most likely trading from the chart with no DOM would not affect me so much. But it would be detrimental if I had only charts like 1m and above to my disposition. You need to have very short time based charts or better tick or volume based charts that print several candles per minute during the market active phase to really "see the tape". As you could see absorption, imbalances through these fast candles. But having the tape and DOM with time and sales feature does help and I prefer to stick to them.

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NFP day so I did not trade until after the news and some. Big rollercoaster in DAX and Gold. Finally some upward direction established in DAX and we took out yesterday's high. Given it is an NFP day and can produce continuation I entered the trade on pullback. It made some 15 ticks or so and came back roaring. I would have just watch it normally, but being again an NFP day I was bit wary so I put a break even in. It surely took it out and continued in the flag formation. Originally its been a pennant/banner formation with a big NFP move upward pole, transitioned into a range, broke out high producing another smaller pole and built a triangle flag, another continuation pattern. Tape was bullish, accumulation was clearly in action, printing constant higher lows and contracting the range. Once it broke I placed a limit on the border of my box and got filled on a quick test down. Then it took off. Cleared my target 1 @ +30 but failed to proceed higher. It was sensible to let it try to accumulate once again to attack 9200 level and R2 so I left stop at BE+1. It did not work and took it out. But it was a proper decision I would repeat every time in a situation like that. +29 ticks net, less 4 commissions today. Enough for the day for me.



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Tested my strategy today. Automatic entry and exit, used tick kill feature, exiting the trade after 150 ticks expired since entry.

First trade was so volatile NT was unable to exit on close and it exited on +30 ticks profit. Second exited at +15 on close command.


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No trades in any markets today. Dull and choppy. Insidish.

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  #852 (permalink)
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Crappy start of my LTP. Huge move up in gold, clearly in uptrend. My first order got rejected by CTS backend, because Sierra sent it with a GTC tag, apparently CTS only supports GTD, over the FIX at least. Two attempts to go long in gold on resumption of upward momentum, breaking trend line of the pullback and printing absorption, but both fell victims of a stop run. Technically correct, but maybe bit too late in the move, albeit close to the next level. First trade was planned to be 3 contracts entry and scale in 2 contracts by front running the level break, took loss of 15 ticks on 3 contracts. Second was more scaled back, 2 contracts on momentum resumption and 3 contracts on level break. In both trades it never came to the getting in with the second part. Took 750 loss on the day, well within my max daily risk tolerance of 1500 (worse case when both trades fail with full size to full stop). If the CTS would not screw me up I would have a profit of at least 1000 even in case of a significant slippage.




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Dull morning. Draghi was due to talk at 1 PM CET. I have only got a setup very late in the day and it converted itself into a range. Got out at +4. Later in a day it moved down big time but I was busy with gold in LTP.


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If it would work it would deliver 30% or more of my target.

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  #855 (permalink)
prague, czech republic
 
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Tough day today. I did not have any setups in European session, it just moved unconvicingly and on low volume. It picked up in US session, but I was busy watching gold that was closing on my levels. It did not produce a trade and I missed several setups in DAX. Apparently european traders are packing up for the Xmass already and the only trading remains coming from US.

I finally did one trade, but shame on me, closed it at +5, as it stalled a bit on the trendline and it was very late in the day. It would be a great winner though. Either trade according to plan, or shut it down for good.



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  #856 (permalink)
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An inside day. Made one attempt to join the stop run low. Split position in two parts, entered 2 lots on break of consolidation with absorbed buy orders, had 3 lot position sitting below daily low to scale in in case of big move. This trade got triggered as well. I tried to close out manually as trade stalled few ticks lower but to no avail. Sierra chart produced a bunch of errors from FIX, CTS unable to cancel pending orders, CTS delaying orders. How bizarre. I am scared to think what this combination can do when live if it can't work properly with the CTS sim. Sierra is very good, but it does not work good enough with CTS execution. Maybe it's a sim problem but it is very annoying.
Trade Order Error: Unable to Flatten or Reverse because there are working Market orders that will flatten the position for symbol: GC.CME_20140200_GCG4.CME_CO. Working orders for symbol are being canceled. | 2013-12-11 20:50:58
Trade Order Error: Unable to Flatten or Reverse because a position does not exist for the symbol: GC.CME_20140200_GCG4.CME_CO. Working orders for symbol are being canceled. | 2013-12-11 20:51:08
There was an error with the order cancellation: Order Cancel Reject. Info: Undetermined Order. Service order ID: 1238.3002136.C6EFCE42-5B09-499A-9C34-1A58120E52F2 | 2013-12-11 20:51:15
I have full logs and screen shots. In case anybody cares.



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  #857 (permalink)
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I haven't trade Crude for a while, but it worth looking at it and study possible setups.

Yesterday was essentially just two setups, if you would take one, a second would allow for a scale in, as the first target would be taken.





Gold is proving to be disappointing in this tight range. I might have a trouble with LTP, as it requires rules to be in force by 10th day of trade, and I already have two in. One is -775 and the other is +85 on gold. A road to Abiss.
We had that wonderful move on Gold on Tuesday but CTS did let me down and made me miss a trade of the week/month.

Maybe I should look to add Crude, as it seems to be a lesser evil now.

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Today I messed up with Sierra, as I sat tight waiting for the numbers to come and pass, I was drawing trend lines on the chart. Numbers came out and I adjusted my lines, then opened the context menu to switch from line to pointer and pressed buy market option instead! Of course it was still volatile and in no time got stopped out. I have planned my second trade more carefully. Market consolidated for a while and was ripe to break down again. I risked 15 ticks and targeted 30 and 60 profits. It did break down after 12 minutes in range, slowing before the daily low. I took profit there as it could pull back fast, of course it did not and proceeded to go lower and lower fast, eventually hitting my both tp. I should have waited, but same time I am down on gold overall and was down on day due to occidental trade so I wanted to fight it back. So took the profit. Not a good decision in the long run, but been given only 10 trading days to make good in all rules and be positive it's hard to play only strategic game, must be very tactical at times. Took +850 to offset -520 from earlier loss. +330 on the day with 50 in commissions, i.e. +280. Nothing to write home about, but better than a loss.




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  #859 (permalink)
prague, czech republic
 
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As of today I am stopping demo trading the DAX due to holiday markets already been kicked in and european session being totally useless, while US session being more active is interfering with my LTP in gold.

My track record with latest set of rules in bit too short still, being 1 month with not all days had been traded, but it is very promising. I have made an effort to stick to the same rule set for quite a period of testing, stuck to the principle of not over-managing the trade, stuck to the principle to target multiples of risk and patiently waiting for these target to get hit.

During this year the best improvement I got in my trading was a dramatic increase of patience and plan-following, detaching from the trades, and more strategic planning. I am grateful to TST for two Combines I did and won and it cost me no money, while time was well-spent. I used all the knowledge and inner self-improvement received during these combine runs into creating my plan for trading dax and it shows. I am very happy for my results in year 2013.








As of plan going forward, I will commence in the year 2014 by doing 1-2 months of CFD trading in DAX, reinforcing my discipline with real money risk on a smaller side. As results will prove not dramatically inferior to this demo run, I will then move to trading 1 futures contract in DAX and adding a second runner later as my cushion will permit.

I will fund my futures account again earlier to start trading my gold bot, since I have more than enough test results to support my trading plan.

LTP-wise, time will tell, I am pretty confident in my gold trading, but all depends on the opportunities market can give. I only expect a possible good trades next week related to FOMC event, maybe 2 days. That will be it for the year. I will have to trade minimum 5 more days next year and I will have time till beginning of February to put it in. It should be enough. If not - that will be it for the TST experience, I won't be taking more combines or ltp. They served a good job for me, but the returns are now diminishing. My future focus will be on DAX futures and gold will be my supplement trade when good opportunity to make a quick buck arises.

I will be publishing my trades in LTP here as they come, besides that this is it for the year. Have some great holidays everyone!

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  #860 (permalink)
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Thanks for sharing

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  #861 (permalink)
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xelaar View Post
Sierra chart produced a bunch of errors from FIX, CTS unable to cancel pending orders, CTS delaying orders. How bizarre. I am scared to think what this combination can do when live if it can't work properly with the CTS sim. Sierra is very good, but it does not work good enough with CTS execution. Maybe it's a sim problem but it is very annoying.

Use SC version 997 for CTS. CTS FIX is a nightmare, I believe they are trying to fix it.

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  #862 (permalink)
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alphagad View Post
Use SC version 997 for CTS. CTS FIX is a nightmare, I believe they are trying to fix it.

Yes, TST states on their website you should only be using version 997.

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  #863 (permalink)
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Yes, TST states on their website you should only be using version 997.

Could you please point me out where it is stated?

All I can see is


Quoting 
This page lists the descriptive titles to pages that contain answers to questions and issues you may have. If you are having a problem, then please be sure to update to the Current version of Sierra Chart. To update, simply select Help >> Download Current Version on the Sierra Chart menu. You may want to briefly review all of the titles below to be sure you find the answer you need, even if support referred you to a specific topic.


I have started with version 997 and while it could connect to CTS it could only fetch historic data and no real time data, not depth of market or anything else. Upgrading to last version made it work, but as we can see things can get messy still.

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  #864 (permalink)
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Could you please point me out where it is stated?

Here you go:

Sierra Chart 3-month Trial ? Help & Feedback Center

Make sure you're logged in to get to the link

Make sure you've followed the steps TST recommends to ensure everything works correctly:
http://help.futures.topstep.com/knowledgebase/articles/211607-connecting-sierra-chart-platform-to-your-combine-a

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  #865 (permalink)
prague, czech republic
 
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Here you go:

Sierra Chart 3-month Trial ? Help & Feedback Center

Make sure you're logged in to get to the link

Make sure you've followed the steps TST recommends to ensure everything works correctly:
Connecting Sierra Chart Platform to your Combine Account ? Help & Feedback Center

Looks like it's rarely updated if ever. At other place it says to download the latest version. In any case, 997 does not work any longer.

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  #866 (permalink)
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Looks like it's rarely updated if ever. At other place it says to download the latest version. In any case, 997 does not work any longer.

I have spoken to both Erika and Cait at TST support and they both say you have to use version 997. I specifically asked because I wanted to download a newer version but they said that was not advised. So I am using 997 and it works fine.

You can contact TST if you want to check for yourself.

Perhaps it is something with your settings? Maybe uninstall completely and reinstall. Just keep your data folder.

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  #867 (permalink)
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I have spoken to both Erika and Cait at TST support and they both say you have to use version 997. I specifically asked because I wanted to download a newer version but they said that was not advised. So I am using 997 and it works fine.

You can contact TST if you want to check for yourself.

Perhaps it is something with your settings? Maybe uninstall completely and reinstall. Just keep your data folder.

weirder and weirder. I will try to install into the other folder.

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  #868 (permalink)
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I have spoken to both Erika and Cait at TST support and they both say you have to use version 997. I specifically asked because I wanted to download a newer version but they said that was not advised. So I am using 997 and it works fine.

You can contact TST if you want to check for yourself.

Perhaps it is something with your settings? Maybe uninstall completely and reinstall. Just keep your data folder.

Got it working, thanks man!!

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Got it working, thanks man!!

Cool

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  #870 (permalink)
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@DarkPoolTrading, had a fast trade today, can confirm it worked out fine, much better than FIX version

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  #871 (permalink)
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Did not trade yesterday. A lot of movement but all chaotic, extremely low liquidity.

Traded on Tuesday. Good technical setups, but failed. Pre-FOMC day, holiday season. Now I need to start saving bullets: I have 4 days traded and around 1000 dollars loss with largest losing day of 775 usd. In order to survive in LTP, by 10th day I need to:
1. Have a larger winning day than 775 (unless I post a bigger losing day so it has to be above it)
2. Be overall positive
3. Have at least 6 positive days out of 10.

If I can manage that I can press forward to get to the 4000 target.
Normally it would not be a problem at all, but having started well into the holidays and FOMC-waiting period, I simply don't get trading opportunities. There was one huge, which was my first trade that got cancelled by CTS due to improper trade duration setting.

So in order to survive I will now only consider the best opportunities. That probably will mean no trading for the short remainder of 2013.





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  #872 (permalink)
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HAPPY NEW YEAR everyone, let it be the best year for trading and personal success for all of us!


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...OMG, WHERE did you celebrate Christmas this time...???

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  #874 (permalink)
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Hey ho, earthlings! Hope you all have some great time and fun was in excess!

Time to come back to market. Today was the first day I seriously watch the market for a setup on gold for my ltp.
Things aren't too great with ltp, I am down around 1300 usd and 5 days already in with largest losing day of 775.

I did not get any setup convincingly today prior to FOMC minutes. Then one medium strength setup presented itself, what made me take it with the full scale of 5 lots was the beauty of the actual entry signal. It was very nice on chart and on tape. It worked beautifully too, but it cut it at 17 tick hoping to beat my largest losing day, unfortunately price did bounce same moment and plus I paid 1 tick in spread so I made only 15 ticks and 750 usd less 25 commissions. So the task of making a greater winning day is still there. In a sense it does not worry me too much as I can win much more than that, but the issue is with a small number of days left to do that. We shall see.



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  #876 (permalink)
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Friday was the best trading day. No, I did not win big. In fact I made 3 losses and posted a largest losing day to the date. However it made me realize something very important. I have been thinking about it before, but always been moving it for another day in future. Now I know the time has come and that is my target for the year 2014.

However, let's review things at their historic order.

I did not trade on Thursday and on Friday before the NFP. The NFP was a biggest miss in several years resulting in a massive spikes and moves. There was no way to trade the initial spike, nor I was permitted to do so in LTP.
But market has come to my level in about 5 minutes past the NFP and I have placed an order to front run it.




Gold has hit my order, made 6 ticks into profit and fell back. I had 5 contracts in play. The trail stop was set to 6 ticks once in profit, but it failed to move 6, just 5. And for some weird reason Sierra was able to close only 4 of the contracts, leaving last one running naked. The exit was using stop market, not stop limit. I think it's not Sierra's fault but CTS T4 server, but I never had seen it doing that in T4. So I closed the last contract manually. The loss was minor, trade was valid, just did not work.

The second trade was done using my new approach. Price had fell back and printed a base, breaking the trend line and showing mild reversal signs on tape. I have entered the market with 2 contracts planning to add 3 more before the next level at 477.



Unfortunately it stopped me out. Price run 16 ticks against me and my stop was just 12. And then it moved into profit by a good margin.

At this point I have realized the day is already bad and I have just one chance to turn it around. It was unlikely that next level can produce a trade capable of offsetting losses, so I placed my bet with 5 lots on the next pullback setup.



It stopped me out precisely to the tick, slipping one more tick and immediately turn around and run high again, enough to take 2R profit.

In the end I have a large losing day (still below my personal daily loss limit and much lower than TST limit), and a total loss of -1800 usd in account. Which is not something dramatic as one good day could offset it, but the rules states by the 10th trading day I must have 55% of winning days and a largest winning day larger than a largest losing day. I have completed 7 days now and have 3 winning days and 4 losing days. In order to obey that rule I need to post 3 more winning days, i.e. not a single losing day by the time rule kicks in, and one of these days must be larger than Friday's loss. It's not impossible, just not very probably. I understand TST reasons for these rules (preservation of firms capital given to junior traders), but it is unnatural. I think a better model would be to follow other prop-shops lead and let people start with 1 lot live and give more size as they post good results, instead of making people focusing on beating not only market but also the TST's game same time, strategizing.



So I will commit to trade 10 days, taking 3 more days, but I don't feel like putting a lot of effort into it as it seems bit futile to me. Especially counting that since summer gold moves mostly in european session and by the time tst allows juniors to trade all moves are fake outs, especially my level trades.

But in any case I have learned a great deal from these exercises and it will help me in succeeding for my own account.

And now, finally, briefly about my revelation.
I have realized that my efforts are futile trying to frame market into my tight stop loss structure forcing my own rules on market, and then when the trade works, scaling out and reducing my wins when all fat is just starting. What I must be doing is entering light with a larger stop loss, and then scaling in more and more as market moves my way with enough energy and gusto. And close out all at once when it starts to fail the trend. It must not be complicated, there are very simple rules to enter, protect the entry, add and exit. Just few lines and that's all. What is difficult is that you have to be adding risk (however protecting earlier positions, so the risk remain constant) when you want to take something out and run to the bushes.

This is what I will be focusing from now on. No more changes in system, no more looking for short cuts. Principles are easy and they are working. Now I just need to use them properly and turn myself into a star trader.

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  #877 (permalink)
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Which is not something dramatic as one good day could offset it, but the rules states by the 10th trading day I must have 55% of winning days and a largest winning day larger than a largest losing day. I have completed 7 days now and have 3 winning days and 4 losing days. In order to obey that rule I need to post 3 more winning days, i.e. not a single losing day by the time rule kicks in, and one of these days must be larger than Friday's loss. It's not impossible, just not very probably.

Are you sure about this? Go over your email again. It should be 50% and not 55%. The combine is 55% but LTP is 50% - for the 30K one at least. Thats what my LTP email had and I had a 30K one. If it is 50%, you need to win 2 out of the next 3 days which is still doable and maybe you don't have to give up at this point.

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  #878 (permalink)
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LogicalTrader View Post
Are you sure about this? Go over your email again. It should be 50% and not 55%. The combine is 55% but LTP is 50% - for the 30K one at least. Thats what my LTP email had and I had a 30K one. If it is 50%, you need to win 2 out of the next 3 days which is still doable and maybe you don't have to give up at this point.

You right


Quoting 
I will achieve an overall Winning Day percentage of 50 or greater (enforced after 10 trading days)


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  #879 (permalink)
prague, czech republic
 
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I have attacked LTP today with a new approach in mind, given that I have not much to lose at this point. It gave me few shivers, but the plan worked, I did not even had time to scale 2 more cars in.





So the largest losing day is now stricken with larger winning day by 55 usd. But need to keep posting winning days and in perspective some wins. But today is another example how limit of trading time from 7 am cst is depriving of good trade and makes trade range and chop, at least in gold.

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  #880 (permalink)
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Hi Xelaar,

thank you for all those wonderful posts. I am just wondering if GC can only be traded from 7am CT? I thought it can be traded from 1am to 3pm CT.


mykee

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mykee View Post
Hi Xelaar,

thank you for all those wonderful posts. I am just wondering if GC can only be traded from 7am CT? I thought it can be traded from 1am to 3pm CT.


mykee

Hey thanks. Yes in Combine you can trade earlier but in ltp and live in junior phase you can only trade from 7 am. This is misleading as my system loses at least half of its potential or more

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  #883 (permalink)
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Yesterday was a day of big moves and reversals on all instruments. But I could not guess anything and wasn't sure about direction.

I tried to trade gold, if I have held it would be a grand trade but I think it's just a lucky coincidence not a strong setup. A second trade was taken by mistake when drawing in Sierra, promptly closed. Net result 0 in gold.

Also decided to walk the walk and took a trade in crude, my second permitted instrument. Setup looked good but I was too late to the party. It tanked immediately, once it recovered I closed it for +2. And it was a very sensible thing, as it immediately came back down under and the move reversed into a bearish trend. The only thing that saved this trade was a very good location and decent timing.

In the end I had a very small positive day. Still under, but now have a slight plus in crude. If I won't see some great setups, I will still have crude checked by the end of it.






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  #884 (permalink)
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Good!

I guess Zero (which means a small profit that is equal to commissions) is considered a positive day.

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  #885 (permalink)
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iqgod View Post
Good!

I guess Zero (which means a small profit that is equal to commissions) is considered a positive day.

It is. But the count overall day results, not per instrument. Overall day result is 45, thanks to crude.

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  #886 (permalink)
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Do I understand correctly, that you have to make $511 today so you would be positive by the end of 10 days? Or is it alright to be negative, as long as the days are at least 50-50% win/lose?

Otherwise go and get 'em!

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  #887 (permalink)
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Do I understand correctly, that you have to make $511 today so you would be positive by the end of 10 days? Or is it alright to be negative, as long as the days are at least 50-50% win/lose?

Otherwise go and get 'em!

Negative is not a problem, as long as other rules are followed.

I did not trade today, there was a marginal opportunity in crude right after the report, but not a bank buster and on a shaky ground. I took a winner in demo but it wasn't good enough for ltp. Gold is dead.

The issue is I am on a shaky ground from day 10, this is why it is best to win LTP by day 10. Or be massively in plus and have most days as winners. In my case every day would be a swinging to the fence after day 10 as I won't afford to have any losing days at all.

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  #888 (permalink)
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Crap day today. Nothing major but not helping. Gold is dead, ok move in europe morning but can't take it. Crude made a fake move down cost me 15 ticks, then died. Second trade break even. -450 on the day -960 total net. 10 days in. I just need two good days to make it happen but market just gives me a finger.

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  #889 (permalink)
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God doesn't want me to waste anymore time doing the same over and over again. I went full tilt today and it ended up badly, still running but it will close in loss, 1000 or 1 dollar loss is the same now.

I have decided not to pursue this matter any longer. I will go as per my plan live with my strategies, if after 3 months revision I will be not happy with my results, I will stop live trading and will do another combine. In this case I will chose most realistic combine as close to real trading we get at this stage as possible, i.e. 50k. Winning 150k feels nice, but tables are turned when you go to LTP and live, as you have to trade essentially with same risk as people who won small combines, but still have larger targets for going Senior and being able to earn a penny from it.

It was a good test, I think I managed it well, it went down because of two matters:
1. Holiday markets, drastically different to markets I traded during combine and when I have built my trading plan
2. Being a gold trader, being able to place a trade only from 1 PM my time (7 am Chicago) is eliminating most of the best setups as market is usually trading one way during Europe and start to range and reverse during US, given that US session is a minefield of news. I find european session being way calmer and more directional for trading.

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Hey Alex, thanks for the journal and for your honesty. To be constructive about your 2 reasons why you failed:

1. Different markets during the holidays is kind of expected. (less volatility and such) I guess it would have been smarter to wait 2 more weeks and start then.

2. Since the same rule applied to your Combine, I don't see this as a hindrance to your performance, because you did just fine during the Combine. Sure, there are missed opportunities, but so were in the Combine.....

Otherwise Happy new year to you!

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xelaar View Post
2. Being a gold trader, being able to place a trade only from 1 PM my time (7 am Chicago) is eliminating most of the best setups as market is usually trading one way during Europe and start to range and reverse during US, given that US session is a minefield of news. I find european session being way calmer and more directional for trading.

Alex, you know that I always appreciated following your journal as well as picking up the nuggets besides all the Combine and LTP stuff, which were sometimes 'hidden' between the lines...

So, IMHO No. 2 has been exactly the reason why you couldn't make it in the LTP and perhaps never will, presuming that you stick to Gold as your favourite instrument (because you really know the 'character of that beast').

You'll definitely do much better if you trade your own live account without having the rules, regulations and boundaries of the LTP which you'll need to follow, so don't be disappointed and resume trading your live account during your favorite session times...you'll certainly be much more satisfied and happier than now.

Just my $0.02.

"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." - Jim Rohn
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Pedro40 View Post
Hey Alex, thanks for the journal and for your honesty. To be constructive about your 2 reasons why you failed:

1. Different markets during the holidays is kind of expected. (less volatility and such) I guess it would have been smarter to wait 2 more weeks and start then.

2. Since the same rule applied to your Combine, I don't see this as a hindrance to your performance, because you did just fine during the Combine. Sure, there are missed opportunities, but so were in the Combine.....

Otherwise Happy new year to you!


Thanks. I asked to start later but they said they can postpone just a little bit not by a month.
In combine you can trade gold very early but not in ltp or live. My main setup worked only once during ltp, on the first day, i was using latest version of sierra and cts rejected my order. After that my bread and butter did not come. I think I managed it fine even without it. I am sure I would have it made without a limit in 10 days with 50% minimum win days. Honestly I just did not expect such a move from gold today and was playing range

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  #893 (permalink)
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Daytrader999 View Post
Alex, you know that I always appreciated following your journal as well as picking up the nuggets besides all the Combine and LTP stuff, which were sometimes 'hidden' between the lines...

So, IMHO No. 2 has been exactly the reason why you couldn't make it in the LTP and perhaps never will, presuming that you stick to Gold as your favourite instrument (because you really know the 'character of that beast').

You'll definitely do much better if you trade your own live account without having the rules, regulations and boundaries of the LTP which you'll need to follow, so don't be disappointed and resume trading your live account during your favorite session times...you'll certainly be much more satisfied and happier than now.

Just my $0.02.

Thank you. I am happy it is of help to others.
I am not sure I want to trade gold at this point. It has changed very much since summer. I will look to trade it on exceptional days like today for sure or when I have a rock solid setup. Otherwise I plan to have Dax be my main instrument. Its better than gold and has two full sessions per day to work with. Crude can be an auxiliary trade as well.

I plan to publish my live trades and statements here publicly Don Miller style as race to grow my deposit into something serious.

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xelaar View Post
God doesn't want me to waste anymore time doing the same over and over again. I went full tilt today and it ended up badly, still running but it will close in loss, 1000 or 1 dollar loss is the same now.

I have decided not to pursue this matter any longer. I will go as per my plan live with my strategies, if after 3 months revision I will be not happy with my results, I will stop live trading and will do another combine. In this case I will chose most realistic combine as close to real trading we get at this stage as possible, i.e. 50k. Winning 150k feels nice, but tables are turned when you go to LTP and live, as you have to trade essentially with same risk as people who won small combines, but still have larger targets for going Senior and being able to earn a penny from it.

It was a good test, I think I managed it well, it went down because of two matters:
1. Holiday markets, drastically different to markets I traded during combine and when I have built my trading plan
2. Being a gold trader, being able to place a trade only from 1 PM my time (7 am Chicago) is eliminating most of the best setups as market is usually trading one way during Europe and start to range and reverse during US, given that US session is a minefield of news. I find european session being way calmer and more directional for trading.

I have not been able to keep up with your journal very well due to lack of time.

However, unless I am mistaken, your method is wildly different than it was when you started and got funded the first time.

There is a saying that if you've been working on this for 10 years but with 10 different methods, you don't have 10 years experience but instead only 1 year experience.

Mike

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  #895 (permalink)
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Big Mike View Post
I have not been able to keep up with your journal very well due to lack of time.

However, unless I am mistaken, your method is wildly different than it was when you started and got funded the first time.

There is a saying that if you've been working on this for 10 years but with 10 different methods, you don't have 10 years experience but instead only 1 year experience.

Mike


Hi Mike. The entry location is different, but the philosophy of the trade is the same, it's momentum, it's strong level and tape/orderflow entry. What is different is I am taking a pullback entry instead of break out entry towards the level. I have been writing even during the first combine I would like to work on the entry as my original style is a subject to a possible massive slippage. So I did. More to this, markets change and gold does not behave anywhere close anymore to the spring and early autumn patterns. I think this is due to lack of participation, much less short term players and not anymore stop clusters past highs and lows like it was before. It might change back again but for now break out entry is a totally losing proposition.

I don't think anybody can have a 10 year experience in some particular specific method. Because specific methods are based on exploiting specific market inefficiencies and those tend to disappear much much faster than that. In my experience the average life of specific inefficiency is about 6 month. So much of doing a lot of testing and preparation before trading it live. Thus said, general principles and ideas remain the same and this is what counts towards experience. Not the knowledge where to place the order 5 ticks past the high or 1 tick before that. Monkey can be trained to be doing that.

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xelaar View Post
In combine you can trade gold very early but not in ltp or live.

I forgot about that, but of course, this doesn't make any sense. Anyhow you have to work with the rules they have, not with the rules you want....

I guess you have to come up with a strategy that works later in the day...

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prague, czech republic
 
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Pedro40 View Post
I forgot about that, but of course, this doesn't make any sense. Anyhow you have to work with the rules they have, not with the rules you want....

I guess you have to come up with a strategy that works later in the day...

Or I should trade my own money as it makes far more sense. I took a lot of educational value from TST but there is very little or none monetary value for me.

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Or I should trade my own money as it makes far more sense. I took a lot of educational value from TST but there is very little or none monetary value for me.

I would say trade your money, keeping most of TST rules. In my opinion, the combine rules are very helpful. Problem is, can you enforce them upon yourself?

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  #899 (permalink)
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LogicalTrader View Post
I would say trade your money, keeping most of TST rules. In my opinion, the combine rules are very helpful. Problem is, can you enforce them upon yourself?

Absolutely agree with it. Combine is very helpful for trader's development. Like Alex Gerchik said, if you can't be disciplined, there is no remedy for that, you should not be trading. Becoming more disciplined is an individual journey and often enforced by a major negative event. Or not enforced ever.

As for me, I plan to enforce discipline by being totally transparent and publishing my statement online, going in Don Miller type journey to prosperity. I will also introduce some punishments for not following the rules. Like having to run 10 miles no matter how shitty the weather is. And no eating any sweets for a week.

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And no eating any sweets for a week.

Now that is just plain cruel....

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