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cunparis journal, thoughts, and more

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  #481 (permalink)
 earlyriser 
Denver
 
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cunparis View Post
Some thoughts on the L2ST trading room:

Overall I learned a lot. I originally joined because I wanted to see how they used the ladder and I figured one month of the trading room ($300) would be cheaper than the OFA course. I underestimated their businessman skills and the complexity of trading off the ladder.

They not only sell the trading room but they sell their "Art of Adative Trading" video ($300) and also a 3 day intensive seminar ($2000). Quite a few times when a question is asked, the response is to buy one of these seminars. Despite this being really frustrating, I actually understand this approach. Kam has made a video several hours long explaining his approach and he can't interrupt the trading room every time someone asks a question that is covered in the video which is just about every day.

I spent a lot of time reading about market profile, studying Kam's trades, talking to ex-room members, etc. So I didn't get these programs. After 2 months I feel like I have a good understanding of his approach and I'm using a lot of his concepts in my trading.

If you're considering joining the room and do not have a good knowledge of market profile & the volume ladder, I'd say the art of adaptive trading is mandatory and if I had it to do over again I'd purchase it first so that the room was more productive.

He trades very fast. Sometimes scalping, sometimes going for bigger trades (depending on what phase he's in). I tried scalping with him. He lost money, I forgot how much but not a lot and I lost $1300, on sim of course! So don't think you can join the room and make enough money trading his calls to pay for the room. The room is educational.

That said he does show his DOM when he puts on a trade, sometimes it's offscreen when he enters just because he doesn't have room for charts & dom at all times. But once in a trade we see the dom and how he manages it. The first month he wasn't trading, he was just giving his analysis and advice "if you're long hold, if you're short tighten your stop" that sort of thing. He'd call out setups.

For the 2nd month he tried something new, trading live with real money showing his DOM. Not many rooms do this and I must give him credit, he has done it very well. I'm not sure he's had a losing day (even the losing day I saw he managed to come back later in the day). The past few days he's made around $500/day. And this is with 2 contracts. I'm sure he can make thousands trading by himself with 4 contracts and without distractions of the room. Kam is an excellent trader who can read the order flow. He trades on intuition. Often he trades things that are not in the trading plan. We probably couldn't get away with it but he can. One day I joined late and he had already made $450 in the first 30 minutes and was done trading for the day!

One negative point for me: He's always talking and that's very distracting. So if you plan to trade while in the room you will probably have trouble doing this. And if you trade something other than the market he's trading (currently crude) then it's almost impossible to trade & follow his trades. I tried to record it once and when saving it my camtasia crashed so it really comes down to listening to him and not trading or trading and not listening to him. Tough choice, especially when paying $300/month for the room.

So for this last reason I will not renew my membership after it expires end of next week. I am trading ES and his talk is distracting to me. This would probably be true of any trading room. I feel like I've learned the material and I just need more practice. I don't feel I need to pay $300/month to continue the room but a beginner would probably need many more months. I am using what I learned from L2ST and it has helped my trading.

One final note: There is another coach Brian who is there a few days a week in the afternoon. Since I don't trade the US afternoon I didn't get to hear Brian much. He is very passionnate (like Kam) and he teaches the basics of identifying value areas.

So there you have it. kam's an excellent trader who really is interested in teaching the members. He gives a lot. And I highly recommend the l2st trading room if you haven't been exposed to the ladder setups & market profile elsewhere. Just budget for at least one month of the room and the art of adaptive trading ($600 total plus more if you're new to trading and need to continue in the room for another month or two).

I have checked out IOAMT recently and Bill does a good job of instuction without pushing seminars on volume ladder/MD. I watched Kam's videos and it did help, but I don't like they don't offer a trial. Without your feedback I would have never considered them since IOAMT and Alexander Trading offer a a trial to their room. I appreciate your thoughtful post.

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  #482 (permalink)
 chipotlebop 
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cunparis View Post
I was expecting the area around 56 to hold but when buyers came in they were aggressive enough to push it higher than 64. And I kept getting stopped out breakeven. But I'm really surprised that sellers were aggressive in the 50's. They could have easily waited and sold around 1180 or higher.

I would have loved to have heard Ben's commentary as it unfolded. Maybe someone made a recording of it somewhere.


I found it for you. Amazing Ben had a voice the next day.

YouTube - May 06, 2010 CRASH - S&P PIT Live Squawk Broadcast - TradersAudio.com

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  #483 (permalink)
 fiki 
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market delta has one to with ben commenting...

YouTube - Market Crash - May 6th 2010

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  #484 (permalink)
 cunparis 
Paris, France
 
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earlyriser View Post
I have checked out IOAMT recently and Bill does a good job of instuction without pushing seminars on volume ladder/MD. I watched Kam's videos and it did help, but I don't like they don't offer a trial. Without your feedback I would have never considered them since IOAMT and Alexander Trading offer a a trial to their room. I appreciate your thoughtful post.

Kam stopped doing the trial at the same time he started his new format which includes showing his DOM trading live cash account. He said he didn't want to give away his edge for free.

I think a trial is cool because it re-assures us before we pay. But to get anything from l2st you really do need to do at least one month. I'm quite sure anyone could learn something, at least one thing, from a month in their room that would make the cost worth it.

If you try the Alexander or IOAMT rooms please share your experience.

I just got back from a short vacation and am working on a review of the charts.

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  #485 (permalink)
 cunparis 
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I just posted my weekly ES update on my blog. I'm slightly bullish and will look for a long setup however any additional signs of weakness will turn me bearish.

I'm currently thinking I'll focus the blog on identifying swing trade setups with a timeframe of 1-5 days and if things go well show some daytrades as well. In this journal I'm thinking of focusing on the quest for profitability and the P/L. Still not sure though so I welcome feedback on that.

Also I'd like to know if people like the video format? I've been wanting to do a video format for a long time and so far it's working out very well for me. It is much quicker for me to make a video than annotate charts and write out lengthy posts. I don't even do second takes, I just start recording and let it rip. Writing out posts has the advantage of being searchable so people can find information in the future. Videos have the advantage of me being able to elaborate on points and also the spontaneity of improvising on the fly. So please let me know which you prefer by clicking this link and voting on the format of your choice:

Video or Text poll

I'm also working on some videos explaining how I'm trading. It's working well for swing trading but I want to prove to myself that it works for day trading too so that's my priority. Unfortunately the crash & resulting volatility has messed me up a bit. I'll be day trading on simulator over the next few days but any swing trading will be for real.

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  #486 (permalink)
 Big Mike 
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Michael,

Would you mind selecting two very specific goals that you will focus on this week in your trading, and then measure yourself on these goals each day? If so, please share them with us.

Mike

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  #487 (permalink)
 cunparis 
Paris, France
 
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Big Mike View Post
Michael,

Would you mind selecting two very specific goals that you will focus on this week in your trading, and then measure yourself on these goals each day? If so, please share them with us.

Great idea Mike, here we go:

1 - Avoid trading against a big move, especially in an imbalanced market

2 - Be more strict with entry criteria to take only the best setups and not to take those early.

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  #488 (permalink)
 rassi 
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Funny that's something I was thinking about, the big move , unbalanced market thing and trying to trade against it. I have a slight issue with It as well as my trading is focused on responsive not initive entries. However the market spends more time in normal distribution than directional so I might just focus on what I'm good at and sit out the rest.

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  #489 (permalink)
 cunparis 
Paris, France
 
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Wrote a blog entry on the Pace of tape indicator. I made a short video showing how it was used in my last few trades this morning. I'm attaching the chart here.

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  #490 (permalink)
 cunparis 
Paris, France
 
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cunparis View Post
Great idea Mike, here we go:

1 - Avoid trading against a big move, especially in an imbalanced market

2 - Be more strict with entry criteria to take only the best setups and not to take those early.

Started out fading a move up on FESX and got stopped out a few times. Then I remembered about this little exercise and I was more selective. Made a huge difference.



For ES, I was more selective. Took some heat on one trade but everything came out just fine in the end. The problem with this volatility is that i'm often early and I see the setup developing even better so i scale in. With normal market conditions this will work but in this volatility it is too risky. And that's why I'm on sim.





You can see last Tuesday one of my trades didn't work out. Two actually. And I took a bit hit. This is very rare and the fact that it happened on sim makes me feel good that I had the sense to be on sim in the first place.

In my POT video earlier you can see I got stopped out on a trade and re-entered. Had I not used a hard stop there I would have done better. Then later on I didn't use a hard stop and came out ahead. So this is how I normally trade. I need more time with ES to determine the best way to proceed. I'm not really in a hurry to trade real money during this volatility so another week on sim is OK but if the volatility stays for a few months then I need to adjust my method. And that's what I'm working on now.




One more thing: while I like to say trading on sim is the same as trading real money, and for the most part it is the same. I sometimes get "stressed" on sim. But I think deep down there could be a subconcious psychological difference in that i'm willing to take riskier setups on sim than I would with real money. Something to keep in mind..

I hope you found this useful. Good luck to you in your tomorrow.

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