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Trading fast markets

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  #1 (permalink)
 xelaar 
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, 2,566 received

Here we go. I applied for a Combine yesterday and today is my first trading day. I have introduced myself in my first thread now moved from Elite to regular forum, so if you are interested - feel free to check it out. It also includes my pre-combine practice with both methodology and CTS T4 platform.

I am a momentum trader. I like to go with the flow and be done fast. I don't like to nurse winning trades and I despise keeping losing trades on a life support. So I trade with a small stop and large target, not being afraid to be wronged by the market even if it continues to move my way after stopping me out. It's not about direction only, much more important is anticipating volatility and timing the trade.

I am not married to a trading system or an instrument. I use what suits me best and what works best at the moment. I have found success previously trading news releases on Forex market, being consistently profitable. I could still do it, but I have chosen to move up to the professional arena and not be a subject of brokers' manipulations and tricks they play constantly in retails FX, having heated conversation with brokers confiscating profits and promising to have an FSA Ombudsman to go after them. Enough is enough. I traded different styles from 3 pip scalps to trades off daily charts with 500 pips stops. I am most comfortable however with intra-day trading and with fast trades that prove you wrong or right without unnecessary delay. Thus momentum trading in fast moving markets.

The reason I am taking a Combine is first and foremost I want to test myself as a trader, I want to force myself to improve my discipline and patience, and I want to place myself into a more professional atmosphere than trading from home lonely staring at charts and having zero accountability. I love very strict risk management of Combine and I believe it will improve my trading. I also wouldn't mind getting funded with a larger account, since I prefer not to put together a sizeable trading capital myself at this point, having other financial commitments. Perhaps when I am funded and if I like the way it goes I will look at option to trade both PTP and my own funds.

I believe there are two type of people in markets: analysts and traders. First group is much more populous. Most people with technical degree and analytical skills and mindset naturally assign themselves into a first group. These people concentrate on what market did before and trying to find out what it will do next. They find all the reasons to support their argument. They also find all the reasons why they are wrong and they wrong often enough. Another group is traders. These people trade what they see, not what they think. Paralysis by analysis never applies to them. I had started in the first group like most people, having a masters degree in IT and natural aspiration for analysis. It took me a long time to cross the border and get into a second group. I am by no means is master trader and I do have lots of faults like impatience, periodical lack of discipline. However I understand them and control them as much as I can.

Trading plan.
It is very simple. I trade with momentum. I start my day by doing a basic top-down analysis from daily to trading time frame. I mark major support and resistance zones and channels. I don't use any predictive indicators or oscillators. I use EMA 21 for general guidance and I use zig-zag for anchoring and knowing sizes of rotations and legs. I trade normally from just one chart but currently I use a secondary chart with range bars and Keltner channel to look inside bars of my main chart.
I have decided to trade Gold for the Combine, because this is the most appealing market right now with shocking volatility and huge swings. I have chosen 2 minute GC chart as my trading chart and 2 ticks range chart as my peeking-inside-candles chart. I use EMA21, 50 ticks zig-zag and volume on my 2 minute chart and 20/20/4 Keltner channel on my 2 tick range chart.

I have just one setup. I establish the direction of market sentiment by comparing recent rotations on 2 minute chart, which must be at least 50 ticks in size (zig-zag does it for me). I want to see a current rotation to be in the same direction as a previous one, so to play a reversal of sentiment I need to see one rotation completed before I will enter on next one. My trigger bar is a large 2 minute bar with little or no wick in a direction of sentiment. For current volatility is should be 20-30 ticks tall at least. During quieter times I would settle for at least 15 ticks. I enter with a stop market order 2 ticks above high or below low (for up and down markets respectfully). My stop is 10 to 20 ticks wide depending on volatility.

Normally I use 10 ticks even if market making large swings. I only opt to 20 ticks if price discovery is malperforming and spread is jumping, like it was last two days. I still try to decrease my exposure as soon as possible by reducing stop and putting to break even as I am 10 ticks in profit. If I use 20 ticks stop I use 2 times smaller position size. That simple.

I strive to trade less. This method allows me to take just few trades per day. I look to trade 3 to 5 trade per day tops and maximum 3 full stop losers. Then I just stop. Even if I had winning trades that day I stop after 3 losers, as it means either I can't read the market or market is too erratic.

I target 50 to 100 ticks depending on recent rotation sizes (I look for no more than 70% of rotation). I look to add to a winning trade once it is at BE and I have a new signal - another strong closing bar. Therefore I never risk more that just 1 position.

For 150k Combine I have chosen 5 cars position as my base position. Relatively large DLL can be deceptive and the Max DD is only 1.5 time of it, so it's foolish to risk a full DLL per day unless a sizeable cushion of profit is already established. Certainly not at the beginning of Combine. I will start first day with 1 contract positions striving to make some cushion to move to 2 contracts per trade. If I have a losing day and I stopped myself, next day I go down one car on my base position until my cushion is re-established that day or later. I will only trade maximum of 7 cars as a base position by the second half of the Combine when a large profit is already there, allowing for 1 scale-in. Normally I will use 5 cars as a base and allow 2 scale-in 5 cars each. (In reality last one will be just 4 cars as T4 has funny ways of calculating exposure but I don't care). This tactic will allow me survive much longer than I would with an inflexible position sizing.

20 day Combine required average of 800 usd net per day profit. In reality it can be as low as 400 as you can trade 40 trading days, not 20. But let's leave as a backup plan. My ambitious target is to look for 3100 usd per day target at which I stop trading. This figure assumes I trade with 5 cars base position size, I have 50% winning day rate and my losing day is 1500 and I need to make 800 per day, therefore 3100 will cover 1500 of losses and still make 1600 per two days. This is of course very simplistic approach and I do plan to have much less losing days than 50% and have few or non 1500 losing days, but I need to put some sort of boundaries in place.

Here I am, hope you weren't bored to death by reading it and let's enjoy this ride together!

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  #3 (permalink)
 xelaar 
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, 2,566 received


The first day is behind me now. Despite being a live trader before trading up to 30 contracts (lots) at a time, I had a bad night sleep before the Combine start. It felt like a high school exam! I knew I know the stuff but just need not doing things stupid. To reinforce it I have decided to start with just 1 contract and all the rules as written above. I.e. max 3 stop outs, etc. Well, gold was more less swingy during London session and I managed to book 16 ticks on two trades each. One of those trades could do 50 ticks but the move was not convincing. I should hold at Break Even of course but I wanted to get some cushion in. Then more trades in, all break even, some with slippage, from positive slippage of 1 tick to negative 2. I am happy about being protective of the trades as most of them would stop me out. During US session there was not much momentum continuation. Just one trade could again make me 50 ticks but likely to stop out at break even before that. Another 7 ticks gain, then bar reversed. And then I stopped. Still up 300 on the day after commissions. Tomorrow I look to move to 2-3 contracts given the market cooperation. And definitely less trades.


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  #4 (permalink)
 lancelottrader 
Legendary Market Wizard
west palm beach florida usa
 
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xelaar View Post
The first day is behind me now. Despite being a live trader before trading up to 30 contracts (lots) at a time, I had a bad night sleep before the Combine start. It felt like a high school exam! I knew I know the stuff but just need not doing things stupid. To reinforce it I have decided to start with just 1 contract and all the rules as written above. I.e. max 3 stop outs, etc. Well, gold was more less swingy during London session and I managed to book 16 ticks on two trades each. One of those trades could do 50 ticks but the move was not convincing. I should hold at Break Even of course but I wanted to get some cushion in. Then more trades in, all break even, some with slippage, from positive slippage of 1 tick to negative 2. I am happy about being protective of the trades as most of them would stop me out. During US session there was not much momentum continuation. Just one trade could again make me 50 ticks but likely to stop out at break even before that. Another 7 ticks gain, then bar reversed. And then I stopped. Still up 300 on the day after commissions. Tomorrow I look to move to 2-3 contracts given the market cooperation. And definitely less trades.


I, like you, am a momentum trader , I generally watch gold and oil..but the last two days I have only traded Gold on paper (but oil live). I have made some great wins on Gold..but it actually seemed too volatile and too fast to trade live right now. The meltdown has caused some pretty chaotic moves. I'm impressed that you would choose to trade this instrument considering the current conditions.

Failure is not an option
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  #5 (permalink)
 xelaar 
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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lancelottrader View Post
I, like you, am a momentum trader , I generally watch gold and oil..but the last two days I have only traded Gold on paper (but oil live). I have made some great wins on Gold..but it actually seemed too volatile and too fast to trade live right now. The meltdown has caused some pretty chaotic moves. I'm impressed that you would choose to trade this instrument considering the current conditions.

Well these conditions favor my method. Yesterday I had to trade with 20 tick SL due to rogue spreads and bad price discovery. But if days like yesterday would continue I would make Combine profit target during this week I only risk 10 or max 20 ticks and moves like yesterday could yield 300-400 ticks with no pull backs. 30-40 to 1 risk reward. Can one wish any better?

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  #6 (permalink)
 lancelottrader 
Legendary Market Wizard
west palm beach florida usa
 
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xelaar View Post
Well these conditions favor my method. Yesterday I had to trade with 20 tick SL due to rogue spreads and bad price discovery. But if days like yesterday would continue I would make Combine profit target during this week I only risk 10 or max 20 ticks and moves like yesterday could yield 300-400 ticks with no pull backs. 30-40 to 1 risk reward. Can one wish any better?

I agree with you for the most part..since on Friday I made over 200 ticks on Gold (on SIM). But I noticed if timing wasn't absolutely flawless..the moves could bounce 20 to 30 ticks against you in a few seconds...So yes, I love strong speedy moves, but I found it risky to go live..mainly because I feared with the huge volume that maybe some of my stops wouldn't trigger or slippage could be too great.
Anyhow, I wish you the best in your combine.

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  #7 (permalink)
 xelaar 
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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lancelottrader View Post
I agree with you for the most part..since on Friday I made over 200 ticks on Gold (on SIM). But I noticed if timing wasn't absolutely flawless..the moves could bounce 20 to 30 ticks against you in a few seconds...So yes, I love strong speedy moves, but I found it risky to go live..mainly because I feared with the huge volume that maybe some of my stops wouldn't trigger or slippage could be too great.
Anyhow, I wish you the best in your combine.

That is true and this is why I take entries very carefully and protect to BE right away. I dont thibk we will have volatility that great for a long time but a regular move on gold 50 ticks good is what I am planning for.

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  #8 (permalink)
 xelaar 
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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First report from yesterday


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  #9 (permalink)
 xelaar 
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, 2,566 received

I am more satisfied today. I took only 3 trades, market was very docile and very thin during London hours. First trade was a loser for 10 ticks, nothing could save it - it triggered entry and fell to SL right away. Second was more of a lucky one - captured 15 ticks, I have closed on stall and it reversed. No more opportunities until Comex open. I got in and should be getting 50 ticks at TP but closed manually at +33. Need to let good trades work better.





Very little trading opportunities in markets but I am very satisfied by not doing trades out of frustration, not getting chopped up (my manual simulation of Combine a week ago teached me a lesson of getting chopped up on low vol), not overtrading, and following my plan.



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  #10 (permalink)
 xelaar 
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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I have got a new MultiCharts 8.5 demo from Zenfire and fire it away if I need to release the urge instead of doing damage to Combine or live accounts.

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  #11 (permalink)
Pedro40
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That is a good idea, having another test or CFD account where one can trade for killing time or urges...

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  #12 (permalink)
 xelaar 
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, 2,566 received


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  #13 (permalink)
Amnesia
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I am wondering what is the cost to compete in the combine with your settings?

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Pedro40
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Amnesia View Post
I am wondering what is the cost to compete in the combine with your settings?

This is normal 150K/20days Combine so $400. The customized version would be $450...

https://www.topsteptrader.com/Combine

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 indiantrader 
Mumbai, India
 
Experience: Intermediate
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Nice performance.Good luck for the rest of the combine.
Just a little query....what EST time are you trading the gold? I see the june contract has a poor liquidity...do you manage to get fills with more than 5 contracts?

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  #16 (permalink)
 xelaar 
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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indiantrader View Post
Nice performance.Good luck for the rest of the combine.
Just a little query....what EST time are you trading the gold? I see the june contract has a poor liquidity...do you manage to get fills with more than 5 contracts?

Thanks, you can check the time of trades from the charts of logs, time there is CST, for EST just add 1 hour. This is demo, but T4 emulates slippages more less fine, on entries I get positive slippage most of the time. The fill will be always full with stop market order, the question is slippage. With limit or stop limit you may get a partial fill.

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 kevinkdog   is a Vendor
 
 
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xelaar View Post
Thanks, you can check the time of trades from the charts of logs, time there is CST, for EST just add 1 hour. This is demo, but T4 emulates slippages more less fine, on entries I get positive slippage most of the time. The fill will be always full with stop market order, the question is slippage. With limit or stop limit you may get a partial fill.

Are you getting positive slippage on limit orders? I can't see that happening much with real money trading. Can you give an example - maybe I am defining slippage differently.

Thanks

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  #18 (permalink)
 xelaar 
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, 2,566 received


kevinkdog View Post
Are you getting positive slippage on limit orders? I can't see that happening much with real money trading. Can you give an example - maybe I am defining slippage differently.

Thanks

No, stop market orders. I have seen 1-2 positive slips live before on my own account. On limit order it's either no slippage or partial fill IMO. On Forex you can get positive slippage on limit orders regularly though.

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 xelaar 
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, 2,566 received

Today was a short trading day. Low volume again, but not as low as yesterday. I did take 2 trades only, both winners. I am happy with both trades. First was 11 ticks good and that was pretty much that market offered before the pullback - closed on stall. Second was for 27 ticks, it did run around 60 ticks but I closed on stall in front of strong recent support that lasted multiple tests for several hours, even though it did go lower, it reversed from there, so I am fine with it. Today I traded as per my plan with 3 cars each trade and my profit is over 1100. I trade less and less and make more and more. I like it alot. I am not trading for adrenaline rush or to kill time. I am in it for money and self-development. It allows me to live the lifestyle I love. I went out today with my bicycle and rode 25 kliks. I am happy to do that instead of mincing the market to squeeze few more ticks. Slow and steady win the marathon.



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  #20 (permalink)
 xelaar 
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, 2,566 received

My trades:



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  #21 (permalink)
 xelaar 
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, 2,566 received


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  #22 (permalink)
Pedro40
Pittsburgh, Pennsylvania
 
 
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Finally a journal where the account value goes up...

(I hope I didn't jinx it)

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 kevinkdog   is a Vendor
 
 
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Pedro40 View Post
Finally a journal where the account value goes up...

(I hope I didn't jinx it)

It is nice to see. A rare sight indeed!

Keep up the great work!

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 xelaar 
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, 2,566 received

Thanks for cheering up, guys! Profitable trading according to plan is indeed boring But here is a phrase I heard from someone: "Treat your trading as a hobby and it will pay like a hobby". So trading is not a hobby for me, I have my hobbies elsewhere. I have a lot of them, in fact.

Market is dozy today. Even if gold was almost 300 ticks up on a day the move happened early, before 1 AM CST when you aren't allowed to trade gold in a Combine, and I don't like to be trading in these hours anyways, even if it is 8 AM for me. So far only 1 trade today, +10 ticks and market did not offered much more and reversed in 2 minutes. I stalked one setup for a while as breaking the support could trigger stop liquidation, but the sellers did not have enough force to push through and market went up again. I am trading 4 cars today as per my plan so I am +380 net on the day so far. I hope to do another good trade or two but likely only after Comex open. Even if I stay with this one today only I am fine with it. I will get few large wins eventually and they will make my Combine target, this is the plan.


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  #25 (permalink)
 Daytrader999 
Site Moderator
Ilsede, Germany
 
Experience: Advanced
Platform: NinjaTrader 8
Broker: Rithmic / CQG / Ninja Trader Brokerage
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xelaar View Post
Today was a short trading day. Low volume again, but not as low as yesterday. I did take 2 trades only, both winners. I am happy with both trades. First was 11 ticks good and that was pretty much that market offered before the pullback - closed on stall. Second was for 27 ticks, it did run around 60 ticks but I closed on stall in front of strong recent support that lasted multiple tests for several hours, even though it did go lower, it reversed from there, so I am fine with it. Today I traded as per my plan with 3 cars each trade and my profit is over 1100. I trade less and less and make more and more. I like it alot. I am not trading for adrenaline rush or to kill time. I am in it for money and self-development. It allows me to live the lifestyle I love. I went out today with my bicycle and rode 25 kliks. I am happy to do that instead of mincing the market to squeeze few more ticks. Slow and steady win the marathon.

Yep, that's exactly the way it should go.

Great and good consistent results so far ! Keep up the good work, stay focused on risk and money management, then you'll definitely make it !

Best of luck for your Combine !

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 xelaar 
prague, czech republic
 
Experience: Intermediate
Platform: NT7, MT4
Broker: LMAX
Trading: DAX, Gold, Euro
 
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Frustrating day today. Low volatility, but it's Friday so I should walk away after my first win of 10 ticks. But but but I thought I could work something there. Only to get next trade at BE slipped -1 tick on stop, wrong trade - I did put channel on chart earlier but as time passed channel disappeared and this trade happened to be right into the channel line. I was assuming it broke out already marginally. Next trade was a more legitimate, but I put stop market entry too far away to get past wicks hoping on stop run move. It did move and even printed some 4-5 ticks or profit but quickly moved back and stalled. I reduced the risk to -6 ticks hoping on continuation but it stopped me out and went down. Bad thing is it held me for almost 2 minutes and thus badly affected my statistics. I need to get finally some good runners to fix both balance and metrics. Another attempt, break even plus one tick. And a final trade for +4 ticks.

I had some potential trades and some trades I should have been in but I was unable to relax mentally and should have called a day after the first break even. All market on the chart below.



Marginally profitable day, but impacted metrics in a bad way. Low volatility and volume, Friday. You name it. There were few potentials but no any single really good trade. All chop and mincing.


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 xelaar 
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Stats.



Today my lengthy loss screwed up my holding time metrics. I have a plan for next week, just a very slight tweak to my trading plan to capitalize on single long candles, since I can't see really much classic scale-in opportunities. I am going to use trailing stop always from now on and will not screw with them manually. It will of course give an odd loser or two but that should be offset by not missing some nice winners. Also I will try scale-in based not on close of a next candle but on setting up next entry with stop market order 15-20 ticks apart from the original entry, with a trailing stop, a strong candle can take me in several times and by the time next entry is filled previous one should be protected. I know T4 trailing stop works in a funny way but it is more less rapid so it should be secure enough. In any case I have a good enough cushion built (4500 original Max DD and 2300 profits) to start going for the targeted profit and I need these scale-ins and need to capitalize on the moves.

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 xelaar 
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I am back to the markets for another week at practicing my method, patience and planning with Combine. I had a great weekend, spent Sunday at racetrack riding my Yamaha R1 race bike, all went just well and I enjoyed it alot.

So far Monday wasn't any better than last Friday. I did 4 trades, all pretty much break evens more or less. I missed one upthrust based on stop cluster liquidation above daily high and a swing high from last week, but with mismatched highs in the area I wanted some pressure to build up first there before setting a trap. All slow price action a huge move came and took my plans for a good setup out to the window. I tried another move and it could be moderately successful if I would let it work. It was slow. My plan with 10 ticks trailing stop is good for fast market but not for todays market. I will bite a bullet and set my stop to 20 ticks trailing, due to the fact I trade with the flow and sentiment and rarely my trades are wrong on direction, just that a fast momentum maybe not materializing and it takes time. So I will try another trade management approach allowing more space for rotations and leaning on the flow direction and sentiment. My entry signals are the same: either big candle in a right direction with small wick or a strong level of S/R with anticipated stop cluster behind it.

I am trading today with 4 contracts like on Friday since I did not lose on Friday to reduce me to 3 cars nor won any meaningful to qualify for 5 cars.



So far I am +360 on day day less commissions on 4 trades, i.e. +280

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 xelaar 
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Ok, I had got a big headache after the post so I took my bycicle and took advantage of summer weather we are having, spent 2 hours on the road and had a meal at village road cafe. Came back, saw I average quality setup missed. But got into another one based on stop run. Did ok. At the end +680 on the day, less 100 commissions, 580. Improved my winner holding time. No losers today.



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 xelaar 
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Here we go, now all green again. Will go 5 cars tomorrow with 20 trail stop (aimed to cap loss at 10 or less manually)


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 xelaar 
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 mgcharl 
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Great job! Keep up the good work.

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 COTtrader 
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Xelaar,

Just an observation. I note on your report a daily loss limit of 3K and a MAX drawdown of 4.5K. Therefore, you held onto the trade 1.5K below your daily loss limit of 3K confident that your trade would win.

With a 150K account, that 1.5K under your 3K max drawdown is exactly 1% additional risk to the trade.

Ken "COTtrader"

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 xelaar 
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Xelaar,

Just an observation. I note on your report a daily loss limit of 3K and a MAX drawdown of 4.5K. Therefore, you held onto the trade 1.5K below your daily loss limit of 3K confident that your trade would win.

With a 150K account, that 1.5K under your 3K max drawdown is exactly 1% additional risk to the trade.

Ken "COTtrader"

That's allowed max drawdown from the starting balance. I had no drawdown whatsoever.

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 COTtrader 
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That's allowed max drawdown from the starting balance. I had no drawdown whatsoever.

Great to see winning trades.

Ken

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 xelaar 
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 xelaar 
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Frustration today. No, the market is actually alright but I act like a scared chicken. I think I fell victim of statistics and record observation. I just don't want to get a losing day and I lose in unrealized gains. I did find two excellent trading locations and both entries were perfect. First I cut after a pull back from 30 to 9 ticks. Candle closed and I decided to re-enter on a break of the low, sure this trade did not work at all. It went back up something like 17 ticks nearly stopping me out and then I closed at -9 breaking even for the day, less 50 in commissions. Eventually this trade went 50 ticks in profit before making another leg up. Another trade was on a similar stop run setup but went 100 ticks in profit very fast. Sure it did pull back as well and I closed it at just +2. I let go 150 ticks of profit today to save just 10. This is criminal. So I think it worth to apply less proactive trade management even if it means few more stop outs, profits should cover and much more. Trail stop works bad in T4, it moves when it wants, if I move it manually to reduce risk it can move back on its own disregarding my action. No way to stop it just cancel OCO at all, and set up a manual OCO. I decided to revert back to original 10 ticks stop with fixed SL, trailing manual only after candle close above high on short and below low on longs, break even after entry candle closes.






Currently +25 net on the day, ridiculous I know. And stats screwed again. Need let winners run.

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 xelaar 
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Looks like my trading evolves slowly to trading the order flow (not scalping the Dom even if it looks like) from the stop hunt point of view. Which is a good thing, I spent a lot of time in Forex trying to master it but it works so much better in Gold (and Crude AFAIK). The type 1 setups I counted on when developing my ambitions targets vanished, sometimes popping before 1-2 AM only on very thin and illiquid market. Hopefully they will be back but there is a plentry of order flow setups to be traded. My fault is treating these more slower trades like type 1 super fast trades. There is just not enough time for them to develop. I need to allow stop run trades to work. But if I get a trade with momentum/long candle setup I will use trail stop and look to protect trade asap. They either work fast or dont.

PS I think I drive too much conclusions from just one break even day. Still +50 past commissions, so probably better keep that way and not think about stats. Tomorrow is another day and I will see what is the best way to trade. But surely I will not:
1. Use 20 ticks stop, unless very very volatile and large spread and huge 100 tick candles like we saw a week ago (unlikely)
2. Use trail stop - unreliable, slow, unpredictable
I will however exercise the option to put to break even soon if price action looks unreliable, but I will try not to use flatten all button and instead use limit orders to protect position, having pulled all working orders prior to that. It will take some practice on a fast market. T4 is not suited to trading fast markets even if it is very fast by itself and handles extraordinary activity well.

I think also I will try to setup unattended traps at clear stop run zones. I will use only 1 contract for starters, 30 ticks profit target and 10 ticks stop loss without trailing. I have seen more than once trade missing in the zone I anticipated earlier but failed to be present when break occured. If it works with 1 car I will move with this approach gradually to my normal attended position.

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 xelaar 
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Nothing to be proud about, a break even day, ruined stats, but due to +50 net on the day another positive day. And I did not trade during this AP hack, but Gold only did 50 ticks on it..


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 xelaar 
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ruined stats,

That is not a ruined stats, you are allowed to have 1 parameter red. It would be more difficult to fix if it was 5 mins average loser duration, but if you throw in 1 losing trade with 0 SL, that brings it down by 3 seconds (you have 9 losers with 29 secs average time), so about 2 planned losers would fix the problem.

But let's keep that until the end, shall we?

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 xelaar 
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That is not a ruined stats, you are allowed to have 1 parameter red. It would be more difficult to fix if it was 5 mins average loser duration, but if you throw in 1 losing trade with 0 SL, that brings it down by 3 seconds (you have 9 losers with 29 secs average time), so about 2 planned losers would fix the problem.

But let's keep that until the end, shall we?

Pedro, you are right, but it so much nicer to have all greens and no single losing day during Combine. It's just me showing off, I guess! Today I will go for the profit, not for the green lights.

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 iqgod 
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Frustration today. No, the market is actually alright but I act like a scared chicken. I think I fell victim of statistics and record observation. I just don't want to get a losing day and I lose in unrealized gains.

.
.
.
I let go 150 ticks of profit today to save just 10. This is criminal.

Currently +25 net on the day, ridiculous I know. And stats screwed again. Need let winners run.



xelaar View Post

PS I think I drive too much conclusions from just one break even day. Still +50 past commissions, so probably better keep that way and not think about stats. Tomorrow is another day and I will see what is the best way to trade.


My exact afflictions during my current combine.

How many times have I reminded myself that trading well is the process and good statistics are the product of the process.

Producing good statistics cannot and should not be a process.

But then I find myself playing peek-a-boo with statistics. Green. Red. And then letting them cloud my judgement.

A point comes when good trading will blow everything out of the water and that is being in 'the zone' for me. I am hoping that materializes in the last few days I have left of this combine.

Trade well @xelaar!

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 xelaar 
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My exact afflictions during my current combine.

How many times have I reminded myself that trading well is the process and good statistics are the product of the process.

Producing good statistics cannot and should not be a process.

But then I find myself playing peek-a-boo with statistics. Green. Red. And then letting them cloud my judgement.

A point comes when good trading will blow everything out of the water and that is being in 'the zone' for me. I am hoping that materializes in the last few days I have left of this combine.

Trade well @xeelar!

Thanks, man. Sometimes in a moment of blindness form replaces substance. Same happens in my live trading when I get to a winning streak. I stop thinking about profit just about maintaining the record. I think the cure can be to set a moderate and easily achievable profit target for the day, and instead of going for positive day try to get to the minimal profit level maintaining risk parameters.

Alex

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 xelaar 
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Man promised, man delivered! Ok, enough with cockiness but I concentrated on profits today, even if price action was not supportive and volume VERY LOW, by the Comex open we traded only 70k contracts, normally 120-150. I had a very clear stop run opportunity and took it with two entries. Bailed fast as could see too fast initial move and no follow up. It was a good decision. Another setup - I missed it by 5 seconds, it ran away from me and I ain't chasing it. Tried to long off the channel low based on momentum candle and clear pathway up from order flow perspective (no swings on move down therefore unlikely much limit sell orders on the way) but it did not work, made two attempts to go lower and I bailed at +2. Eventually pulled off up but not my cup of tea. Good day overall.



Worked a bit on my excel sheet with all trade record, fixed few errors in win rate calc, formatted cells and improved visuals.


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 xelaar 
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Here is what I wrote in the TST room reasoning my order flow stop run entry:


Quoting 
We had a classic stop run on triple top printed earlier today. I traded it. it reversed fast, normally it means someone was accumulating large short position through triggering early shorters stop against his sell limit orders.

Naturally once filled he started to move market down and some jump on bandwagon, classic trap against tech traders, watch out for another trap against long traders to unload that short. I.e. stop run on lows perhaps 14184, dip below, reverse and continue up.

I realized three attempts to move higher that failed would lead to stop cluster above it and once tripped it will cause a surge of order flow that can be traded with very high probability.


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 xelaar 
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 xelaar 
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Understandably this day should come at some point and end my nice little winning streak. Today started on extremely low volume, less than previous day and arrived to the Comex open on little over 60k or so. Very very low. Moves were unsustainable and made spikes and wicks all over the chart. I started off with 1 car testing a new twist to the same strategy, the twist was valuable but market wasn't good for it and stopped me out several times on chop. Big moves before Comex open and before Unempl. news but even if candle look good, the price action wasn't it was spiking and retreating and spiking again. After things settle I tried few setup but none was working well. The only winners I took were short scalps for 3-4 ticks before market was always falling back after the fill. I should have stopped there when went into the small profit but I hoped things will pick up. They did not. Another nice looking setups that did not work. Last trade was a thing of my desperation and was destined to lose.

This is my first losing day in the Combine, I stopped after 3 full stop losers and ahead of my personal stop loss. My net loss is 1220 usd for the day. In a sense it is a good day, except that bad last trade I did trade well on setups but should have the willpower to stop when went slightly positive earlier. But it demonstrated me that I should let winners run otherwise I will not overcome losers when they come. Now the losers came and winners must follow. I will look into letting winners run for the rest of Combine as I am done with "going for a record" thing and now must simply deliver results, not badges.

I had some nice markings on the chart explaining zones and trades but T4 apparently wants to punish me and when loaded again they all gone. So be it.



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 xelaar 
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Last stats.


Today I trade with 4 cars as per plan. If volume and price action support it I will go for larger profits.

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 xelaar 
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8 Principles to Improve Your Day Trading - JetSet Travel by Day Trading Emini Futures for Financial Freedom

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 xelaar 
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Well another day behind. Started early and took 19 healthy ticks, but around 60 were available, so should hold onto it. Another attempt, but no follow up, took a 2 ticks break even. Put straddle orders behind stop zones that would cause order flow with 50 ticks limits before the GDP and got it triggered, very fast 50 ticks. Got very close to that 3k profit, and went into "badge hunt" mode. I should stop when market sorta calmed after the report and equity open, but I got within 95 bucks of magical 3k and couldn't stop myself. Sure, then I lost 10 ticks, another trade another 10 ticks. Now I stopped. Still 2k in profits, but giving back 840 usd was dumbass idea. Of well, we learn every day. Today I stopped after a second hit, yesterday I could not stop before three hits.



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 kevinkdog   is a Vendor
 
 
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Well another day behind. Started early and took 19 healthy ticks, but around 60 were available, so should hold onto it. Another attempt, but no follow up, took a 2 ticks break even. Put straddle orders behind stop zones that would cause order flow with 50 ticks limits before the GDP and got it triggered, very fast 50 ticks. Got very close to that 3k profit, and went into "badge hunt" mode. I should stop when market sorta calmed after the report and equity open, but I got within 95 bucks of magical 3k and couldn't stop myself. Sure, then I lost 10 ticks, another trade another 10 ticks. Now I stopped. Still 2k in profits, but giving back 840 usd was dumbass idea. Of well, we learn every day. Today I stopped after a second hit, yesterday I could not stop before three hits.




Since you've mentioned "getting a badge" a few times, I have to ask: why is this important? It seems like an ego thing, since you don't need to earn badges to pass the Combine. And that is the real goal, right? Or is the real goal something else?

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 xelaar 
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Well you nailed it. It is an ego thing. I know it's not very healthy for trading but we all need some instant gratifications. Winning a Combine is a relatively distant goal, one need something to be proud of today. I should have been proud with 2915 usd in profits!!!

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Well you nailed it. It is an ego thing. It's like getting qualified for a race but in a second half of the grid, giving the complications of a race start and lots of people screwing around you there is very little chance or rather none making it to the podium finish; and not taking a race. I do it sometimes. I know it's not very healthy for trading but we all need some instant gratifications. Winning a Combine is a relatively distant goal, one need something to be proud of today. I should have been proud with 2915 usd in profits!!!


It is good you recognize it as an ego booster. Next step is to eliminate it. In trading, ego kills. And I can tell you know that already.

I wish you continued success in the Combine!

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 xelaar 
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It is good you recognize it as an ego booster. Next step is to eliminate it. In trading, ego kills. And I can tell you know that already.

I wish you continued success in the Combine!

Thank you Kevin. I think I need to do some sort of replacement gratification for a good day of trading. Since I am on a diet maybe getting some sweets will help. No sweets today for sure though!

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 xelaar 
prague, czech republic
 
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That sums up it pretty much




And it feels right this time*On his crash course with the big time*Paid no mind to the distant thunder*Today filled his head with wonder... boy*Says it feels right this time*Turn around and found the light lime*Good day to be alive... sir*Good day to be alive he said*Then it comes to be that the soothing light*At the end of your tunnel*It's just a freight train comin your way*Then it comes to be that the soothing light*At the end of your tunnel*It's just a freight train comin your way*Don't it feel right like this*All the pieces fall to his wish*Sucker for that quick reward... boy*Sucker for that quick reward they said*Then it comes to be that the soothing light*At the end of your tunnel*It's just a freight train comin your way*Then it comes to be that the soothing light*At the end of your tunnel*It's just a freight train comin your way*It's comin' your way*It's comin your way*It comes!*Then it comes to be that the soothing light*At the end of your tunnel*Was just a freight train comin your way*Then it comes to be... yeah

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FXwulf
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Looking good on your combine brother

Im doing the 10day 150K combine too... just finished up the first week
The biggest challenge for me was learning the platform as I know my system works.
I really wish that TST allowed more platforms other than just T4/Multi/sierra and ninja

I like and am used to esignal but they dont allow it yet

anyhow keep it up brother, Ill race you to the finish line


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 FKtrader 
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Good job and well done trades.Keep it up

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 xelaar 
prague, czech republic
 
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Pedro40
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At least now you know you could easily pass the 50K Combine and most likely the 100K. So you can relax a bit...

Good work....

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 xelaar 
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Pedro40 View Post
At least now you know you could easily pass the 50K Combine and most likely the 100K. So you can relax a bit...

Good work....

Thanks, Pedro. However that was a part of my plan - build up a cushion in a first half of a Combine and start swinging in a second. Now with a 5k in profits I can actually start going for the target profits by adding some size. Still, since I was trading with 4 contracts yesterday I will go to 5 on Monday and my max will be 7 contracts possibly by Wednesday if I make any reasonable profits every day, with one 7-contract scale in. I don't want to swing for the fences yet, still a lot of time to pass this Combine even if I just maintain my current average (need 29 days to pass, or 20 more), but as time passes I need to get that average up. That was a part of the plan from the start. I am thinking to adding that reverse setup I practiced previously, but I need to do quite a bit of research about it viability in Gold and conditions when to use, also need to use different stop loss distance and trade management, but it should give me longer duration winners that I need to improve metrics and get more ticks in on those low volume rangy days especially. I feel positive though. I did hoped to pull it off during the minimal time and technically still can do, but not very likely, need to have 1k winner every day with no losing days till the end. We are heading into the summer so volatility will be dying, also I have some important personal consideration why I don't want to keep it running into the June as well, so I will try to get to the point sooner rather than later.

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 xelaar 
prague, czech republic
 
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Hi there. I had reviewed my results so far over the weekend including failed trades. What I have found out is most of these trades never produced any profits, since I protect to BE fairly fast, and most of them hung around break even for some times, and then reversed on me hitting my stop loss. I find it very hard to pull the trigger to close out after some time literally hoping for a continuation my way. I decided to change my stop loss to just 6 ticks, instead of 10 to get stopped sooner and with less damage. My good trades rarely see any downside in most cases so it should limit only my downside. In many cases, after a hung in a drawdown, if my trade finally starts to move into profit I close it at break even anyway, but I believe getting more stop outs at smaller loss will be more beneficial.

Another tweaks:
1. I will remove any setups based on strong candle follow-up, at least for a time being, since market is not offering many continuation moves now, with large candle most often followed by a run on a high or low and then a reversal candle, leading to a quick stop out for me
2. All entries will be based on 2 range chart, not 2m chart. 2M chart will be the only one where I will decided setups (stop run zones), but all trades will be taken from 2 range chart
3. Standard entry will have 6 ticks stop loss and 30 ticks target
4. Scale-in will be done from 2 range chart, based on a swing pull back break, once the first trade is protected to BE or in profit, and the distance is at least 10-15 ticks from previous entry
5. Trade will be closed all-out once either momentum has stalled or a market reverses past previous pullback (stops will be moves there if time allows, or flatten will be used is not)

Risk management stays the same, but I will potentially allow up to 5 losers per day, given that it is still 30 ticks as before, but only allow 3 failed trades before stopping on the day. I.e. I can allow some loser on a scale in as an extra. In general it should decrease my risk per day and allow to increase size more safely.

Today I trade with 5 cars per entry.

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xelaar View Post
Hi there. I had reviewed my results so far over the weekend including failed trades. What I have found out is most of these trades never produced any profits, since I protect to BE fairly fast, and most of them hung around break even for some times, and then reversed on me hitting my stop loss. I find it very hard to pull the trigger to close out after some time literally hoping for a continuation my way. I decided to change my stop loss to just 6 ticks, instead of 10 to get stopped sooner and with less damage. My good trades rarely see any downside in most cases so it should limit only my downside. In many cases, after a hung in a drawdown, if my trade finally starts to move into profit I close it at break even anyway, but I believe getting more stop outs at smaller loss will be more beneficial.

Another tweaks:
1. I will remove any setups based on strong candle follow-up, at least for a time being, since market is not offering many continuation moves now, with large candle most often followed by a run on a high or low and then a reversal candle, leading to a quick stop out for me
2. All entries will be based on 2 range chart, not 2m chart. 2M chart will be the only one where I will decided setups (stop run zones), but all trades will be taken from 2 range chart
3. Standard entry will have 6 ticks stop loss and 30 ticks target
4. Scale-in will be done from 2 range chart, based on a swing pull back break, once the first trade is protected to BE or in profit, and the distance is at least 10-15 ticks from previous entry
5. Trade will be closed all-out once either momentum has stalled or a market reverses past previous pullback (stops will be moves there if time allows, or flatten will be used is not)

Risk management stays the same, but I will potentially allow up to 5 losers per day, given that it is still 30 ticks as before, but only allow 3 failed trades before stopping on the day. I.e. I can allow some loser on a scale in as an extra. In general it should decrease my risk per day and allow to increase size more safely.

Today I trade with 5 cars per entry.


I apologize for intruding, buy why do you need to change anything with your strategy?

You have traded 9 days, and averaged $558 per day in profits. You need $16,000 in profits, so that means at your current pace you need to trade for 20 more days or so out of a possible 30 trading left in your combine. Unless there is a statistic that will cause you to fail, it looks like your current approach is working just fine.

Personally, I think you are doing great so far - much better than most of the Combine journals here - and I see absolutely no reason to change your approach.

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 xelaar 
prague, czech republic
 
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Thanks, Kevin

I leave intact pretty much part of the setup that made money so far, i.e. stop zone runs. I also recognized that trades that made money did not do much drawdown and were into the profit fast - thus reducing the stop distance. And it will allow me to add more size to my trading - this is what makes better averages and this is what TST wants to see AFAIK. I am in it not for the fun but for the money, this is the reason for taking the most challenging Combine, and I need to utilize whole capacity given to make that money and eventually get more buying power. I am in no way changing my strategy, rather removing underperforming parts, while not adding any untested strategies.


kevinkdog View Post
I apologize for intruding, buy why do you need to change anything with your strategy?

You have traded 9 days, and averaged $558 per day in profits. You need $16,000 in profits, so that means at your current pace you need to trade for 20 more days or so out of a possible 30 trading left in your combine. Unless there is a statistic that will cause you to fail, it looks like your current approach is working just fine.

Personally, I think you are doing great so far - much better than most of the Combine journals here - and I see absolutely no reason to change your approach.


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 kevinkdog   is a Vendor
 
 
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Thanks, Kevin

I leave intact pretty much part of the setup that made money so far, i.e. stop zone runs. I also recognized that trades that made money did not do much drawdown and were into the profit fast - thus reducing the stop distance. And it will allow me to add more size to my trading - this is what makes better averages and this is what TST wants to see AFAIK. I am in it not for the fun but for the money, this is the reason for taking the most challenging Combine, and I need to utilize whole capacity given to make that money and eventually get more buying power. I am in no way changing my strategy, rather removing underperforming parts, while not adding any untested strategies.


I think removing underperforming parts is absolutely changing your strategy. And if you made changes just based on 9 trading days, there probably is not enough data to draw any meaningful conclusion.

I think you are doing great, and I see no reason to change.

Whatever you do, I of course hope your success continues!

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 xelaar 
prague, czech republic
 
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kevinkdog View Post
I think removing underperforming parts is absolutely changing your strategy. And if you made changes just based on 9 trading days, there probably is not enough data to draw any meaningful conclusion.

I think you are doing great, and I see no reason to change.

Whatever you do, I of course hope your success continues!

Well, I haven't made any profits with these underperforming parts, only several losses, so I do believe this part of strategy is not suitable for the current market. It worked great during my pre-Combine strategy build-up because of high volatility in GOld before the crash and during the crash, now gold is behaving more like Crude and I wouldn't trade that entry type on Crude either. Basically it's one of the setups that did not work so far, I can pretty much leave it in the rule set but not take it because of "low market volatility" condition. Same thing. All setups have some of discretion in them, based on recent market behavior, volume and volatility.

I understand your thinking and statistical approach, but I also recognize that market is changing quite a lot on an everyday basis. Over the long term your approach should be the best (although market can change and stay in a different condition for years), in a short term what Combine is, I believe one should adapt swiftly to everyday's changes. Still I reserve the right to review things only over the weekend and never during the week.

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 xelaar 
prague, czech republic
 
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A rather uneventful day. No news and volume the lowest during my Combine time. Less than 40% of the average. Well, no news and a slow Monday. I started with a test trade, wanted to see what sort of action a buy sell buttons will do on contract ticket, apparently they are only bid and ask buttons, so can place limit orders with them or if the tick value set to negative it will buy or sell at market with slippage limited to the number of ticks set. Can be useful on fast market for partial exit if needed. Not possible to place a stop market order with it.

I took 5 tick winner and then 6 tick loser. Glad I moved to 6 ticks, otherwise 10 would be lost. No chance there, immediate retreat. And then a larger move up, missed one setup due to typing in TST chat but managed a second one. Only took 10 ticks on it, and that was pretty much all that was on table. I decided to call it a day, modest winning day is a good result for a market like that.




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FXwulf
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Weekend audits and tweaks are an essential part of consistently acclimating to market conditions as well as improving ones edge IMO.

keep up the good work brother

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FXwulf View Post
Weekend audits and tweaks are an essential part of consistently acclimating to market conditions as well as improving ones edge IMO.

keep up the good work brother


If it works for you, more power to you. Don't change a process that yields good results.

My personal experience with constant tinkering is that I was constantly chasing good performance, always just one step behind ("if only I had done this, I'd be really profitable"). I had the illusion of doing well, since my current system looked great looking backwards. Yet, going forward I was usually one day late, one dollar short.

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 xelaar 
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kevinkdog View Post
If it works for you, more power to you. Don't change a process that yields good results.

My personal experience with constant tinkering is that I was constantly chasing good performance, always just one step behind ("if only I had done this, I'd be really profitable"). I had the illusion of doing well, since my current system looked great looking backwards. Yet, going forward I was usually one day late, one dollar short.

Kevin I think you are right in your approach but it seems you are dealing mostly with mechanical or even automated systems. With systems that apply discretion it is a constant adaptation process. Rules written dont describe any intricases appkied when taking setup or closing a trade. In my case taking setup 1 only applies to very volatile market with sustained continued move on high volume. We dont those right now which is normal after huge moves like we had recently. So technically I no changing rules About 6 ticks stop yes but this all pretty much work in progress. If I get too much stop outs and can see 10 ticks would save me good trades that run into profit I will revert to 10. Adapt.

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 kevinkdog   is a Vendor
 
 
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Kevin I think you are right in your approach but it seems you are dealing mostly with mechanical or even automated systems. With systems that apply discretion it is a constant adaptation process. Rules written dont describe any intricases appkied when taking setup or closing a trade. In my case taking setup 1 only applies to very volatile market with sustained continued move on high volume. We dont those right now which is normal after huge moves like we had recently. So technically I no changing rules About 6 ticks stop yes but this all pretty much work in progress. If I get too much stop outs and can see 10 ticks would save me good trades that run into profit I will revert to 10. Adapt.


Excellent points. I have never been long term successful with discretionary trading. One possible reason: I probably am trying to be too rigid in any rules I apply to discretionary trading. As you say, that approach may be more suited to mechanical trading.

For me, if I have flexible or adaptive rules, I can never prove to myself I actually have an edge, and therefore my confidence (and the ability to trade) is gone.

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 Silver Dragon 
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xelaar View Post
Thanks for cheering up, guys! Profitable trading according to plan is indeed boring But here is a phrase I heard from someone: "Treat your trading as a hobby and it will pay like a hobby". So trading is not a hobby for me, I have my hobbies elsewhere. I have a lot of them, in fact.

@xelaar

What you say is so true! My mentality has changed with the combine I am in now. I now see trading as a life long process. So yes, boring comes to mind! lol But it is also very rewarding. I see that now.

Good luck with the rest of your combine.

Robert

nosce te ipsum

You make your own opportunities in life.
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 xelaar 
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Another day behind. I thought it would be no trade day or somewhat break even day in small gain or loss, because in the morning (O/N session) volume was ridiculously low. I set up several trade levels but did not put any pending order there because price was so dozy, volume negligible. Of course right then Gold embarked on a rally of over 100 ticks in 5 minutes. No luck for me. But I would probably do the same again, volume and price action was not supporting this move. I tried another setup but closed at +1 tick, price stalled and then pulled back. And then after several hours of waiting a similar move up, finally I got in at the last part and got my fix of +15 ticks on two scale ins 5 cars each.

Then I decided I have did good on the day to do several tests. Small winners and losers there, no essential to the overall results. Overall around 1.5k in profits net today, knocking on 7k gains on the combine. Stats improved too, only 26 days to pass, or 15 more with this average. We shall see.



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 xelaar 
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 Cloudy 
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I just caught on to your TST journal Xelaar. Congrats! and thanks for sharing your journal. Nice to see the progress continuing on from your other journal.

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 xelaar 
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Cloudy View Post
I just caught on to your TST journal Xelaar. Congrats! and thanks for sharing your journal. Nice to see the progress continuing on from your other journal.

Thanks for good words, Cloudy. I have seen the original version of your post and wanted to tell something. I am not new to this game, true, but I have yet to conquer many weakness of mine that influence my trading in a bad way. I know them and while very slowly working on them (takes years and years) try to trade in a way those weaknesses make least damage to my results. I did trade live before for about 1.5 years in a constant style and manner out of my 3.5 years of being an everyday student of markets. This stretch taught me about importance of being stable with your risk management, having well defined strategy with minimal number of setups, preventing any style drift, and more than anything taught about trusting your edge so you can get over the loser quickly and enjoy profits. Journalling was another huge lesson, I have a huge paper book on my trades from planning a trade to actual setup and results.

In regards to this Combine, I like the stability of results but little bit disappointed in quality of setups and gains delivered. I hoped for more originally as market was giving me much more stuff to work with initially than now. Thus my rule of 3 losers, I did have 3-5 genuine setups to work with a day. Now it's 1 or 2. The rest of trades I do is more less exploratory. I am thinking about reducing a number of tries per day but hiking up the volume to get to the target quicker. But anything you do must be calculated before, you must project this statistics on your trade history to see if it will do more damage than good.

A piece of advice I can have is pretty much what it is in Mike's signature: stop changing things, journal and publish to be accountable to your peers. Also I would add: discover your weak and strong sides and build your strategy to utilize the former and avoid the latter. No successful trader uses exactly the same strategy from another one, you need to make it your own first.

I would just wanted to find out about Combine and TST much sooner in my trading career, for sure it would greatly reduce trial and error learning curve. So don't take Combine as a tool to prove yourself, take it as a learning tool that will put you into an accountable environment with stricts risk management and responsibility. The price they charge will definitely add responsibility and having your records public will add accountability. Just don't take it as a contest.

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 xelaar 
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Well it did not promise any good and it wasn't wrong by not delivering it. Gold volume was ridiculously low. First trade was a loser, 7 ticks including 1 tick slippage. Then few small scalps some could deliver at least 10-20 ticks let it them run at BE. One winner at 12 ticks, pretty much all market offered. Then I waited for FOMC planning to put stop buy above resistance and stop sell below double bottom support. It did not work because initial move was small. Then price went up and I put another trade at closer level of stop zone but it tricked me in to the tick, reversed on me, stopped and reversed and went back up. Happens sometimes. No reason to adjust stop or entry. I tried another long at next level, this one could work for 10 ticks or so but hesitated around entry and I bailed at +2. Hard to trade at such low volume day. Happy to end the day positive and not losing.



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 xelaar 
prague, czech republic
 
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Here is something for the day's end...

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 xelaar 
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 xelaar 
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Today was all about ECB rate decision and Super Mario Death under the Circus Dome show. I had my levels but the ultimate action was due from ECB clowns. I should have hold longer to my first trade but it did hecitate when it should go straight through. So I played it safe today. Another 1k day is not to sniff at. Done for the day now, don't believe any decent moves with NFP in sights tomorrow. Tomorrow will be day to be a tick counter!



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 xelaar 
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 xelaar 
prague, czech republic
 
Experience: Intermediate
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NFP day. I wasn't prepared for the move like that. Volatility was awesome but I put my buy stop too far away. I made a mistake with one short trade. Another short trade stopped me out by a chance - stopped and run my way, happens. And then I went down from 7 cars to 3 and allowed myself 2 more losers today but will let trade run to TP or managed based on candle close. First trade took 30 ticks and I decided to finish my day with it. Up 600 on the day, not 3 grand I counted on from NFP day (and well could have made it) but we all learn. I will start working next week on letting trades work and not killing it in the beginning.



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 xelaar 
prague, czech republic
 
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iankotze
thabazimbi limpopo/south africa
 
 
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Fantastic trading man, really good stuff!!!

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 burningman 
Singapore
 
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Keep up the good work, We're rooting for you.

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 xelaar 
prague, czech republic
 
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Thanks for support, guys, appreciate it!

I will be trying a modified approach today, something I have been considering in past two weeks. My very proactive trade management saves some trades from hitting SL and gaining few ticks in some cases, but it kills some profitable runners too, while it almost never save losers that don't go more than 1-2 ticks into profit at all - I have trouble pulling a trigger on them. Well, this is why I adopted so small stop loss - instead of limiting loss by killing trades I don't like, I should let them hit SL and be done. But I need to let ones that did not hit SL work better. Hence I will try this approach this week:
1. I will select entry levels beforehand, like I do normally
2. I will not wait for price action to get close and analyze it (I missed quite a few trades that went through my levels and raced to would be profits) but will put pending orders instead
3. I will split my orders 50/50, both halves with 6 tick stop loss, but one half with 10 ticks profit target, another one with 50. It will allow this semi-attended model to secure 10 ticks profit that will happen frequently (50% or more) and let the runners on the second half run, with manual management on 2 minute candle close like from original plan.
4. The only difference I won't be screwing up with them like I do for last 3 weeks (and my original plan did not intend it!), but let them work or fail. My strength is my entry selection and I have to lean on it and let it work and build up a strength in trade management when letting it breathe more freely.

I won't be going 8 cars today, but will stick with 6 car trades, having 3 car with 10 tick TP and another 3 car with 50 tick TP. We shall see how it works. I will allow 3 days to trade this way, since I will only be able to trade 3 days this week, being absent on Wed and Thu.

My expectations are this approach will deliver better results in 3 day week rather my regular approach in 5 day week. In any case I will still have another month to fiddle with it if this week proves to be unsuccessful. I still need to deliver around 7200 usd in profits and still have 5 weeks for it. Hopefully new approach will get me there in 2 weeks, this is my plan. Also it should improve my holding time for winners and bring me back to all-green state.

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 xelaar 
prague, czech republic
 
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As a way to say thank you for all my supporters here that follow my attempt with Combine, I decided to put few videos showing how I trade. I start with this small video, it does not have live trades per se, but I outlined a potential entry and commented along the progress of this would-be trade.


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 xelaar 
prague, czech republic
 
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Check out Peter Davis' webinar on order flow, at 7:20 you can see a slide with essentials of my trading method. There is no connection here and this is wicked!

https://futures.io/webinars/may4_2013/order_flow_techniques_part1/

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 xelaar 
prague, czech republic
 
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Today is a record low volume during this Combine. Overnight gold was moving up, then range and then when Super Mario's comment start hitting the wire it went down. But lack of participation on any move not based on comments. Tried two trades on very strong signals. First went 7 ticks and reversed, closed at +2, second only went 5-6 ticks, closed at +4. Only 300 usd on the day net, but did few videos during these trades, hope you folks appreciate them.



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 xelaar 
prague, czech republic
 
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I have started to record my trades to review my line of thinking and discipline while in trades later on, but edited this video for those of you who might be interested.


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 xelaar 
prague, czech republic
 
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 kevinkdog   is a Vendor
 
 
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You, sir, are crushing it!!!! This is the best Combine I have seen... Please keep it up!

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 xelaar 
prague, czech republic
 
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Thanks! I was bored to death today, waited for my first trade around 7 hours! Market went nowhere, and then Draghi turned it away from my entries. Two break even trades with overall 6 ticks profit. But I am glad I wasn't tempted to do any impulsive trades at all. I guess I am living this Combine through and I am liking it.

Spent some time doing two YouTube videos though about my trading method and capturing these two break even trades..

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 kevinkdog   is a Vendor
 
 
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Thanks! I was bored to death today, waited for my first trade around 7 hours!


Great discipline! Probably 95% of people out there would have tried to force a trade, rather than wait 7 hours.


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 Silver Dragon 
Legendary Data Wizard!!!
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Thanks! I was bored to death today, waited for my first trade around 7 hours! Market went nowhere, and then Draghi turned it away from my entries. Two break even trades with overall 6 ticks profit. But I am glad I wasn't tempted to do any impulsive trades at all. I guess I am living this Combine through and I am liking it.

Spent some time doing two YouTube videos though about my trading method and capturing these two break even trades..


Thats how my day went .. Waited 2 hours for the first trade to show up. Then it ended up being a loss. It was tough start to the day. Like you I am determined to finish my combine out and hit the goals.

Your combine is looking good! Keep it up! Just a thought though- dont get distracted by trying to do videos and stuff. Keep doing what got you to this point. No sense and changing your habits mid stream. We can wait till your funded to see hows its done!

Robert

nosce te ipsum

You make your own opportunities in life.
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 Big Mike 
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@xelaar,

Please click the word Youtube in my post to learn how to embed videos into posts, instead of just links.

Mike

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 xelaar 
prague, czech republic
 
Experience: Intermediate
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Big Mike View Post
@xelaar,

Please click the word Youtube in my post to learn how to embed videos into posts, instead of just links.

Mike

Thanks, Mike. I was wondering why there is no youtube button on the edit panel. Fixed now.

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 DarkPoolTrading 
PTA, Gauteng
 
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xelaar View Post
Thanks! I was bored to death today, waited for my first trade around 7 hours!

Most traders would not have been able to do that. Great discipline. Your combine report speaks for itself. Well done and keep up the great trading.

Diversification is the only free lunch
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 xelaar 
prague, czech republic
 
Experience: Intermediate
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Today was a funny day. O/N session wasn't volatile but volume was present, at least twice of yesterday's volume and higher than mornings of previous week. But price wasn't moving much. I had a long setup but it did not get there, did not get to another short setup, so I finally lowered my long pending order to a level where some order flow was looking probable. It got triggered and I took healthy 13 ticks. Later market went down, I wasn't really tempted to engage because huge orders were flowing up and down on the tape making market price jump up and down. So despite clear direction down the risk of stop out was very high. I stay the course with my system so I did not deviate. I have decided to end my day early today, having only this one trade in my log. I have to pack my van going early morning tomorrow for a two day race event, so I will be absent. Today was good in a way it allowed me to finish early and on a good note. I will continue on Friday. Up on the day 1000 usd net.




According to my spreadsheet I should be able to finish in 25 trading days, given that I have completed 16 days, it is still 9 trading days to go. Hopefully I will be able to post greater profits in the last part of Combine and complete it by 24th of May.

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 xelaar 
prague, czech republic
 
Experience: Intermediate
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