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Trading fast markets


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Trading fast markets

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  #891 (permalink)
Legendary Market Wizard
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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.

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  #892 (permalink)
prague, czech republic
 
Experience: Intermediate
Platform: NT7, MT4
Broker: LMAX
Trading: DAX, Gold, Euro
 
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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)
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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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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  #894 (permalink)
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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)
prague, czech republic
 
Experience: Intermediate
Platform: NT7, MT4
Broker: LMAX
Trading: DAX, Gold, Euro
 
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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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  #896 (permalink)
Pittsburgh, Pennsylvania
 
 
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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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  #897 (permalink)
prague, czech republic
 
Experience: Intermediate
Platform: NT7, MT4
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Trading: DAX, Gold, Euro
 
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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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  #898 (permalink)
Houston, TX
 
 
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xelaar View Post
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)
prague, czech republic
 
Experience: Intermediate
Platform: NT7, MT4
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Trading: DAX, Gold, Euro
 
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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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  #900 (permalink)
Pittsburgh, Pennsylvania
 
 
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xelaar View Post
And no eating any sweets for a week.

Now that is just plain cruel....

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