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Mergodon TopSteptrader Live Account Journaling

  #181 (permalink)
Budapest, Hungary
 
Experience: Intermediate
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Intraday level indicator for YM ready for download

Based on feedback (recieved none: means no issue:P ) I have uploaded the indicator to download section:


Máté
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  #182 (permalink)
Budapest, Hungary
 
Experience: Intermediate
Platform: Ninjatrader
Broker: TopstepTrader
Trading: NQ, TF, YM
 
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IDLevelsV1 for Crude lovers!

Just for a sake of fun, and to my hungarian buddy : @daddy . I made a quick configuration to Crude oil. Once again, no analysis behind at all, just fun to see, how it is played out
(Globex period end : 9:00 - I KNOW there is no globex on crude I KNOW) nothing else needed to be changed. And here is the picture: (no need too much levels, to find good trade I guess:P )

I dont believe that it has to be overcomplicated. Begin for short, almost reach yesterday close time, than shoot up. Profit targets already calculated after market open. the 3. level has been hold (I know it was shoot over, but not shoot over like hell...) Comes back and kill the stops at the Initial ballance range, than moves back again slowly...

So the indicator has to be tested on other markets, and has to be tuned with your parameters, but it could be usefull

Máté
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  #183 (permalink)
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matevisky View Post
Just for a sake of fun, and to my hungarian buddy : @daddy . I made a quick configuration to Crude oil. Once again, no analysis behind at all, just fun to see, how it is played out
(Globex period end : 9:00 - I KNOW there is no globex on crude I KNOW) nothing else needed to be changed. And here is the picture: (no need too much levels, to find good trade I guess:P )

I dont believe that it has to be overcomplicated. Begin for short, almost reach yesterday close time, than shoot up. Profit targets already calculated after market open. the 3. level has been hold (I know it was shoot over, but not shoot over like hell...) Comes back and kill the stops at the Initial ballance range, than moves back again slowly...

So the indicator has to be tested on other markets, and has to be tuned with your parameters, but it could be usefull

Too bad I don't use Ninja.. I'd experiment with this a little, that's for sure Thanks, Mate!

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  #184 (permalink)
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  #185 (permalink)
Budapest, Hungary
 
Experience: Intermediate
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Scaling methadology...?

I have recieved a question about: wanted to please ask you how you trade, in regards to if you Scale-In , Scale-Out or use a All-in All-out approach ? Which is a great one!!!

I have also checked the thread which is it all about :
, even so I would like to answer here. I dont believe my view on this is good enough to pick up any fight about this topic, but hey this is my journal, it is easier here to speak

So there is no good or bad answer, always depend on what you are looking for, as usual this is trading no holy grail. Everyone could be profitable for this/that method.

99% of the time I am all on all out. Why? Because of my strategy, and because of my view on the market, which is that I am looking for a profit target for a day, I am looking for an expected move for a day, and I do have analysis behined what is the probabilty for these moves. If I have the math, and I can call it a day after 30 tick, why do earth would I scale out at 15 tick, and praying to go for 45 tick with TP2, just to have my day.
The other side of the story is my analysis. There is many way how you can do it, but more simplier your plan than more easy to follow up. If I am overcomplicating with scaling in scaling out strategy, than it is a way to hard to identify in 5 minutes how that given day most probably looked like in my trading journal. So no no overcomplication, just all in all out.
Oke now you can ask, what if I dont have 30 ticks. Hard one. If I have a feeling the picture is not looks as right as it in the begining I am trying to get out the trade in profit, and not with SL. Like here:
In this scenario, it was a good cool. Yesterday also it was a decent call. I mean it was much better to get out with +20 tick, or to w8 to hit my SL at -10 tick or at BE.

But, and here is the but. I do not believe this is the right way. I do believe this is fit for me because all the advantege what I told you is important for my trading (easy to do historical charting, easy to call a day and do not look back).
The other side of the story is the false confident what the all in scale out strategy will give you. Why? Easy. You are going in with SL: 10tick TP1: 10tick TP2: 30tick. Great. Your plan is working and many cases you are going to be in the safe mode after 10 tick profit. You are going to feel confident and pleasure you did it. And you can say that your avrage wining with this scaling strategy is 20tick (TP1+TP2/2). Which is not true. The truth is that you are giving yourself a confident to dont scare, but that's all. If you are loosing (I did loose a lot) You are loosing HARD. I mean really hard. with all in stack... and if you are winning, you will see that winning will be always very easy and clear, and you will feel sorry to did not go all in.
Oke than, but why do I say to all in scale out is a good strategy? Simple. You can do it right. Really. There are many way when the guys are doing this right, but they are always very very keen with the scale out. When they are really doing is to unload some stuff when the storm is coming. Huge level? ^TICK is peaking, all indicators on the edge? ups, lets unload some stuff... Good fallback, lets sit through this pullback. Oke here we go again. Cool we did the breakthrough, now wait for it wait for it, ups, it looks a false one, lets unload some stuff... oke. we are on the go, no worry gogogo... next level, hm All Time High, we can do it... We did it, oke I AM OUT, OUT OUT OUT... wow, greate ride...
The methadology behind this to scale out when it make sense. For me it is very hard to follow, but I have seen a room, where they are using this strategy with a good manner, and they are calling levels where the scale out makes sense in advance. And one more! They are using HardStops, but many-many cases they are getting out position with mental stops to minimalize the loss before the stop hit. They do know that if they are getting a full hit on the stop, it will be very very hard for them.
But getting back to the question you are saying that your trades are higher timeframe, and what is the best thing to do. I have no idea Really. I am training my brain to do peak performance for 30 - 90 mins on the market every day. I do not know how you can handel a position over weeks!

Anyhow. Without any math (both side could be proven), you have to figure it out how you would like to approach the market, and what is the best fit for you, in my list what you have to keep in mind:
- All in scale out:
- Do not fool your self, you have to be more and more disciplined to take trade, because if you are getting full hit stop, it will hurt you badly
- You also have to be very smart with scale out. Try to scale out on peak, and not resting. Your goal is scale out with a free mind I still have some stuff in, so I am free to scale out here, if it is going on I will still be in...
- All in All out
- Accept that fact you are done when you are done. You are avrage Joe, who will be ready fast, but never be the best
- Consider this, if you would like to do easy statistics, or historicals

(Yes I do know that there is strategy to scale in scale out. For me that makes sense only in case of very strong trends, which occure very rarerly 2-5% of the days on the market)

Hopes it help. There is lots more behind this, but hopes it helps with some idea to take away...

Máté
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  #186 (permalink)
Budapest, Hungary
 
Experience: Intermediate
Platform: Ninjatrader
Broker: TopstepTrader
Trading: NQ, TF, YM
 
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Posts: 469 since May 2013
Thanks: 633 given, 1,531 received

Weekly update - quick one only

Here is a quicky. I was not traded activly in the last 2-3 weeks. I was doing my indicator, setting up the new enviroment at @sam028 speedytradingservers, so I was just wondering around. My day-to-day activites was getting me lazy, and I was out of my form that is for sure.
So the goal as a funded trader here to go with your best, because you are going to paid for this. So my focus was on that, to not do as a worst Bad starts never good. I've been checked many many journal here around TopSteptrader. And there was only a few winners, after that nothing. Not a sign, is that working or not. Some guys were very transparent here, so it was a BIG BIG warning sign for me to do not go with full heat. Take a step back, take your time, relax and go.

But I am proud. I am proud because the market situation was not easy for my trading system, thus I was not loosing money. My daily goal is 20 tick, or at least BE if something crazy happens there. 30 tick, if it is a free ticket after market open. My classification for this 2 days:
- 1 crazy day - at least for me (win 12 tick after comission)
- 1 trend day, not as nice as should be (went out with BE)

So these are the goodies. The other side of the story, next week, I do have to trade for longer period. I do have to get mentally prepaired, to waiting for my signals, timestamp, and check out if something good is coming to take it. I do have to do it, because this is what I was waiting for. This 2 crazy day, the market was getting smoother, and nicer, after my safty timestamp, ready to get into the trades points, and it was easy to trade after that. So I have to be there, I have to wait what happen next, and I have to give him my best shot. The odds in my favor, I have the edge, and I have to play my edge...

So hope the best prepair the worst

Máté
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  #187 (permalink)
Budapest, Hungary
 
Experience: Intermediate
Platform: Ninjatrader
Broker: TopstepTrader
Trading: NQ, TF, YM
 
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Posts: 469 since May 2013
Thanks: 633 given, 1,531 received

Bottom fishing

Oke oke. I do not pratice these kind of trades yet. But as I told many-many-many time, I am checking them over and over and over again, because it is looks cool. So what is the my theory.


Quoting 
You don't have to enter a trade with comfirmed price action all the time

I have 2 scenario to this when I am considering this theory:
- Bottom fishing (catch trend high lows)
- Consolidation areas (catch the breakout move)

Lets speak about the first one. My trigger is to do this are the following:
The priceaction should be comfirmed my theory. It could be in 2 way:
- Nice steady move down, than I expecting a nice steady move up. It is easy because on MIN chart reading it will be dead bar anyway, So you could say it I know that....
- Crazy but nice steady move. I will shot this example. Here the point is the priceaction has to be trend like. It could be crazy, unreadable, but trend like!

The price has to reach my level of intrest
- I have a level of intrest. I am calculating this from globex range with my indicator. AND YES you could say that it is stupidness, but speaking frankly doesn't matter. This is how I see it, and because I have other factor in the game, I really dont care how stupid is this It is working, maybe has better theory behind why it is so, after that I dont care

It has to be a good timing
- Wow... This is the stupidest thing ever. Good timing lol... Yes it has to be a good timing. My 2 favorite timestamp here is: 9:32, 9:45, but there are others. Not too many, but others.

Oke. So if this is the case, than I will try to hit the execution button if the price go down to the level, then come back up. Without hesitation. Just execution!. Lets see the first example:

(the TP1 level is there from the begining of the market open. It is not a dynamic level)
1. Not valid. Time is not good, Level is not good
2. Not valid. Time is not good, Level is a go
3. Best entry ever. Good timing (not the best, the best if it does at 9:45), but the price action for the level rejection is perfect. If the level is failing, the price shooting down. But this case it went down, than it was coming back. THIS IS VERY IMPORTANT. Not to hit anything until you see it is coming back!
4. Safe entry. Trend was broken with a higher high, the price is printing only a higher low, lets go....

So cool. Almost never happens Kidding ofcourse, but it is very rare, to happen with a perfect manner. So I am a bit lazy of the rules. If the timing perfect, and the level is close, but the picture pretty and so on... I did not take it, I am just teaching my mind over and over again, it could be a method to take good trades.

Why? Because it is always fun to spot the trends end. And yes, it could be a full trend day, and it will looks like the same, but favor to the full trend day, against a rotation day, the rotation day will win. And I dont have to all the time do this strategy. It is just a thing, which is there, and take it if it makes sense.
And if you are checking the Risk:Reward ratio, you will realize that, the safest entry is the signal what I have been described. And even it is failing, we will have a good comfirmation, maybe it is a full trend day. And if it is, than it is not too late to looking for shorts

Máté
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  #188 (permalink)
Budapest, Hungary
 
Experience: Intermediate
Platform: Ninjatrader
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Trading: NQ, TF, YM
 
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Posts: 469 since May 2013
Thanks: 633 given, 1,531 received

DWYSSWYD - list review

Do what you say - say what you do recap

I was writing and telling about this stuff in my interview already I know. And I dont believe you can always be truthfull and transparent all the time, but you can try, at least you can try to not full yourself. Because of this I am trying to keep it simple. I am trying to dont overpush myself, or overestimated what I can do in real life, to improve my willpower during training. So here is a quicklist, what I do try to do every day. Even weekends
- Running. Not easy to start I know, but beating yourself over and over again, to go down for a run even if it is winter, even if it is raining, is a great thing. You can always say yourself. Hey man, if I can do this, it will be much easier to do trading without an error, without emotion! You can find me on runkeeper username: mergodon . Add me to friend list @iqgod already did, who will be the next one? As you can see my score card it is easy to beat me:P I am just jogging, but jogging every day
- I am trying to listen podcast. Good one. Which are not related to trading directly. I am reading and checking trading videos day by day, which is fine, but during my other activites, I dont want to think on trading. Ofc I do, but at least I try to get information from other things. So here is a very good podcast what I listen to and a good episode. Ramit Sethi on Persuasion and Turning a Blog Into a Multi-Million-Dollar Business | The Blog of Author Tim Ferriss . Just one part of the conversation, if you interested in listen it up:

Quoting 
- a girl: My goal is to run at least 3 times per a week but I am not able to do that?
- Ramit: Oke, why dont you start with 1 time per a week?
- a girl: Why would I run one time per a week?

- I am doing lumosity : Brain Games & Brain Training - Lumosity . It is a great fun, and I am using it usually before trading to check is my mind in a right place. If the results are bad, than something is definetly wrong.
- And it is a new on my list, but I am trying to blog every day on futures.io (formerly BMT). I dont try to filter my feelings, thoughts, I am just blogging out. That was one piece of advice my shrink. He said : Mate you are that kind of person who act first, and during your act you are thinking. You are not able to think alone, you are hate to rethink things over and over again, but you are ready to easly change your mind and accept that, you were wrong. It is a characteristic. Write it out, it will helps a lot, to summorize your feelings and thoughts, and do not bother how chaotic it is.

The list is simple right? Easy to do it? Yeeees... So ... we can call it a plan to prepair for trade

Ofc there are things which are connected strongly to the trading like, meditation, music selection market review etc... they will come

Takeaways and link:
- Topsteptrader interview : Newest Funded Trader Interview with Mergodon - YouTube
- Runkeeper : RunKeeper - Track your runs, walks more with your iPhone or Android phone - RunKeeper username: mergodon
- Podcast to listen Podcast ? The Tim Ferriss Show | The Blog of Author Tim Ferriss - He wrote the book called 4 hour work week. Sounds familiar right?
- Brain training : Brain Games & Brain Training - Lumosity
- More shrink story :

Máté
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  #189 (permalink)
Legendary Market Wizard
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matevisky View Post
- I am doing lumosity : Brain Games & Brain Training - Lumosity . It is a great fun, and I am using it usually before trading to check is my mind in a right place. If the results are bad, than something is definetly wrong.

Hi Maté
Interesting...
Find the futures.io (formerly BMT) thread about lumosity here:


Happy play!
GFIs1

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  #190 (permalink)
Legendary Market Wizard
Switzerland
 
Experience: Intermediate
Platform: Investor/RT
Broker: IB / DTN
Trading: Futures
 
Posts: 5,047 since Feb 2012
Thanks: 5,114 given, 10,570 received

One more..


.. to consider trainings:
As you are training your brain you could speed up your reading in a elegant way (even on smartphones)
on long texts.
A short thread about "spritz" is to be found here:


Happy reading
GFIs1

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