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Fundamentals for New Traders
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Fundamentals for New Traders

  #21 (permalink)
The fun is in the numbers
Point Roberts, WA, USA
 
Futures Experience: Advanced
Platform: IB and free NT
Broker/Data: IB
Favorite Futures: ES
 
aquarian1's Avatar
 
Posts: 3,235 since Dec 2010
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first part of sim trade - glitch in posting ulitily so its out of order

We have closed out on one contract are holding the second.
(This is called "scaling out" of the trade as opposed to all-out at one price.)
We have adjusted the sop on the second to the cost price 1589.75

You scale out if you believe the setup is still valid but you are concerned that the price action shows weakening.

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Keep your mind in the future, in the now.
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  #22 (permalink)
The fun is in the numbers
Point Roberts, WA, USA
 
Futures Experience: Advanced
Platform: IB and free NT
Broker/Data: IB
Favorite Futures: ES
 
aquarian1's Avatar
 
Posts: 3,235 since Dec 2010
Thanks: 1,165 given, 1,750 received
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Looking to next week.

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Keep your mind in the future, in the now.
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  #23 (permalink)
The fun is in the numbers
Point Roberts, WA, USA
 
Futures Experience: Advanced
Platform: IB and free NT
Broker/Data: IB
Favorite Futures: ES
 
aquarian1's Avatar
 
Posts: 3,235 since Dec 2010
Thanks: 1,165 given, 1,750 received
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This shows the entry of the trade for day 1.
As mentioned in the video the last retracement was to 3/8 (37.5%) and we could have waited til then.
http://screencast.com/t/frBDcY97cMm

However, I wanted to get the fill in on the video and moved up the price to get a fill.
So I'm filled at 1610.75 instead of 1610.
We are long 1 contract with a target of 1614.25 and a sell-stop of 1608.75
The day looks trendless and range bound so perhaps not the best to demonstrate a trend trade!

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Last edited by aquarian1; May 6th, 2013 at 12:30 PM.
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  #24 (permalink)
Elite Member
Michigan, Jackson
 
Futures Experience: Intermediate
Platform: NT and TS
Broker/Data: NT Continuum
Favorite Futures: ES, CL
 
Posts: 858 since Jul 2009
Thanks: 389 given, 547 received

Good trade and trade hold...

Ken COTtrader


aquarian1 View Post
This shows the entry of the trade for day 1.
As mentioned in the video the last retracement was to 3/8 (37.5%) and we could have waited til then.
Trade for Monday 6 May- Higher highs and higher lows - aquarian_ian's library

However, I wanted to get the fill in on the video and moved up the price to get a fill.
So I'm filled at 1610.75 instead of 1610.
We are long 1 contract with a target of 1614.25 and a sell-stop of 1608.75
The day looks trendless and range bound so perhaps not the best to demonstrate a trend trade!

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  #25 (permalink)
Elite Member
Michigan, Jackson
 
Futures Experience: Intermediate
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Thanks: 389 given, 547 received

ES - Monday's fib extensions

Aquarian1

Nice fib extensions on range days like today based on ON lo/hi.

Ken COTtrader
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  #26 (permalink)
The fun is in the numbers
Point Roberts, WA, USA
 
Futures Experience: Advanced
Platform: IB and free NT
Broker/Data: IB
Favorite Futures: ES
 
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Sold and out

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  #27 (permalink)
Elite Member
Michigan, Jackson
 
Futures Experience: Intermediate
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Posts: 858 since Jul 2009
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@aquarian1

Satisfying to capture a good trade.

Question, are you paying for your barchart service?

That very same information you can get on your NT charting for free.

I looked at the barchart levels and they exactly match mine on the daily and weekly.

I also run the monthly. These are on my 5 min chart.

Ken

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  #28 (permalink)
The fun is in the numbers
Point Roberts, WA, USA
 
Futures Experience: Advanced
Platform: IB and free NT
Broker/Data: IB
Favorite Futures: ES
 
aquarian1's Avatar
 
Posts: 3,235 since Dec 2010
Thanks: 1,165 given, 1,750 received
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Hi Ken,

the barchart was free. Sometimes it is easier to get a chart there that looks like how I want it to for a particular purpose which in this case was a simple educational example.

The thread is to showcase fundamentals for new traders an if you (or others) have questions new traders might ask please chime in.

New traders - please ask your questions and if you have a sample trade to be review please contribute

Sample questions - some of which I've answered in videos so far are things like
How did you pick the points for the retracement/extension tool?
How do you pick the level (the percentage) it might retrace to?
How do I draw a trend line?
How do I find S/R points and which are stronger?
How do I set a target?
When should I scale out?

etc.

Keep your mind in the future, in the now.
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  #29 (permalink)
The fun is in the numbers
Point Roberts, WA, USA
 
Futures Experience: Advanced
Platform: IB and free NT
Broker/Data: IB
Favorite Futures: ES
 
aquarian1's Avatar
 
Posts: 3,235 since Dec 2010
Thanks: 1,165 given, 1,750 received
Forum Reputation: Legendary

20 day "Combine" -not

So for fun I've started a 20 day test.
The sim account has $30,000 -pretend money - initial balance
The profit target for other might be $2,000 - let's do better than this, please.

They use $500 daily loss limit and $1,500 maximum drawdown - I think these are a bit silly, but this is only for fun.

Here is today day one - 0ne trade 3.75pts on 6 pt day.
This is 58% of the range. I hope to do better that this but this journal comes after my own trading so if I'm busy I may not get the best entry. Or if I'm sleeping, like today not the best exit.

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Keep your mind in the future, in the now.
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  #30 (permalink)
The fun is in the numbers
Point Roberts, WA, USA
 
Futures Experience: Advanced
Platform: IB and free NT
Broker/Data: IB
Favorite Futures: ES
 
aquarian1's Avatar
 
Posts: 3,235 since Dec 2010
Thanks: 1,165 given, 1,750 received
Forum Reputation: Legendary


9:48 AM 5/7/2013
Today is looking like a range bound day.
Thi is an example of a poorly timed trade which we scratched (which means entered and exited at the same price)

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