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Scalping the Bund with orderflow (DOM reading)


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Scalping the Bund with orderflow (DOM reading)

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  #1 (permalink)
 nestor2022 
paris france
 
Experience: Beginner
Platform: ninjatrader + jigsaw
Broker: AMP
Trading: Bund, FESX
 
Posts: 13 since Oct 2013
Thanks: 3 given, 37 received

Hello everyone,
Here will be the place for my orderflow reading trades.

First things first, I’m French, not English fluent, so there WILL be language mistakes, mix of words and so on. (and you haven’t heard me yet, because I will post videos. Static DOM explanation is pointless)

I rely almost solely on the DOM to trade (but I do observe longer term price action on my prep). I sim trade the Bund wich is the German 10 year note for 8 month now (now you know what to expect, I’m a beginner). This contract as a temper that suits me : volatile, but not that much. Thin, but not that much. And above all, it has inertia and that’s all need to grab a few ticks (at least try). The mornings are very different from the afternoon in terms of liquidity since in the morning you (U.S. guys) are sleeping. That’s a thing to know.

I use the Jigsaw set of tools (ninjatrader) as my main component but also:
- macro and daily volume profile on a 30mn chart
- cross market analysis (light)

I watch several DOM at the same time: Bund, FESX, FDAX, ZN, 6E, 6J.
I should be watching other European and U.S. bonds contracts, but my demo account has not those live, and I am missing a fourth screen to put them on. I am probably missing a few trades without those, but so be it.

I tend to fade swings on the estimate high probability side (the less resistance side and I’m talking about orderflow). I’m basically trying to spot momentum ignition and ride it a few ticks. Deep pockets WILL move the market when entering. They are just too big for the available liquidity. I’m not. If I can spot the early signs, I can ride that entry wave. They fail? If I’m early enough AND they have moved the market I can still grab a tick or be even. If they succeed? It’s generally a 4 to 8 ticks trade. But that kind of trade requires a little room since it’s often a pullback reversal or a range. So the risk lies in being too early or in being smacked down. No fixed rules here. I’m just trying to weight what people are doing and where they are positioned. If it seems the shorts have weakened (which means some exits to the long side) AND the 2 last pullbacks where 8 ticks deep and the current is at 7 AND a big player just took the offer and bid it, well… time to enter.

I record every session I make (only the main screen). The point is to be able to watch again and again some key elements. I need it too to complete my journal. I take 5 to 20 trades a day and I just can’t be typing while I’m in a position. So i usually reserve a day just to review the sessions i want to analyze. It’s half a day of work for a day of trading.

To be close enough to the combine, I’m resetting my sim mode starting now. And I will respect the combine’s restrictions (except of the contract obviously). I will trade the full 15 contracts size since i’m basically all in / out (and since it’s not big enough to really affect the fill). The commissions are based on the lease license of ninjatrader brokerage.

Due to the extra work needed for this futures.io (formerly BMT) journal (besides real work who puts food on the table), I don’t think I will be able to post more than 10 days of trading in October. I will try to make them count here and try to make a video to explain at least 1 trade a day (Winner or loser).

I will explain my workspace in the 1st video.

Let’s begin… tomorrow

Ps : I know people are arguing about the definition of scalping. That’s just the way I call what I do. Don’t be mad about it.

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Nice job journaling @nestor2022.

I want to let you and all your readers know that in October futures.io (formerly BMT) has a Trading Journal contest w/prizes. The contest runs October 1 to October 31, and the three best journals (as decided by futures.io (formerly BMT) members) will receive a 150K combine from TopstepTrader.

The contest thread is here:



That thread will be open for posting starting Wednesday, October 1. As the author of your journal, you need to make a post in that thread linking to your journal, and then ask users to press the "Thanks" button on that post if they want to vote for your journal to win the contest.

Members can vote for as many different journals as they want. Votes are cast in the Contest thread only, and only on the first post made by the author of the journal that contains a link to their journal. This is done so I can easily count the "Thanks Received" by author/journal, and award the three prizes.

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  #4 (permalink)
 nestor2022 
paris france
 
Experience: Beginner
Platform: ninjatrader + jigsaw
Broker: AMP
Trading: Bund, FESX
 
Posts: 13 since Oct 2013
Thanks: 3 given, 37 received

This first day is nothing i was expecting. Many things went wrong. So let's begin.
- data problems this morning. I was unable to load yesterday volume profile. so i was missing some my usual references
- i own a tired mouse. sometimes it don't click. (a new one is coming). So my recording didn't launch and i didn't notice it. I can't do my review nor show you something.

Now context :
As you probably know, An ECB press conference and min bid rate annoucement was due today. It made the european morning so slow it was untradable (i was expecting it). Usually i don't trade ECB press conference etheir because it induce too much volatility for my tight stops.

And here lies the first mistakes :
I took a trade before the press conference. It was a goog setup. +5 ticks.

But i wanted a bit more than a single trade to show here. So i traded the press conference. And what should happen happened: I took a full stop loss (that's 8 ticks for me) due to a spike.

Do you recognize this? I should have stoped. I haven't and now i'm down 3 ticks + commissions.
I spent the european afternoon trying to catch a few ticks without too much risk (remember the high volatility? that does'nt make it easy)

and now, i was scared. I missed a lot of entries by waiting too much. Tired of missing entries, i forced a trade that almost became a 2nd full stop finally scratched at +1 ticks, but it should have yield at least 10, if i were not scared.

final results +3 ticks. Time to stop or it won't end well.

Tomorrow is another day. (or not because german banks are closed)

Ps: here is my workspace with the trades of the day. the journal is not fully filled because of the missed record...

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  #5 (permalink)
 BenG 
London/UK
 
Experience: Intermediate
Platform: NT7 and MT4
Trading: Dax, ES, FX, Gold and Oil but what Bund and Bobl also.
 
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Hi Nestor2022

Great job starting a journal. I've traded the Bund outright on sim for a while. I do like it, but if I had a choice I would still spread trade it together with either the Bobl or Shatz. From what I know every 8 ticks is a basis point, and these are key levels that are often turning points. When I traded the Bund outright I wouldn't have an 8 tick stop loss, for me it would be 4 or less. If you follow the Bund prices closely you'll see the 8 tick levels very clearly, which should help you together with your orderflow to anticipate turning points. Either way great job starting your journal, look forward to see more.

Don't let money control you, control money!
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  #6 (permalink)
 nestor2022 
paris france
 
Experience: Beginner
Platform: ninjatrader + jigsaw
Broker: AMP
Trading: Bund, FESX
 
Posts: 13 since Oct 2013
Thanks: 3 given, 37 received

-2800Ä
Like in all disaster, there is several separate causes which add up.

- German holiday. The FDAX is closed. Very low liquidity is expected. So I should not be trading at all. Not even watching it because it will be boring. And in days like this, you can easily be GAMED by someone with firepower.
HERE IS THE MOST FUNFAMENTAL MISTAKE, because if I shouldnít be trading, so why am I?
I cannot say ďto make moneyĒ since if I really wanted to make money, this not the day to do it. So I was there for the wrong reasons, and I paid the full price for it.

- So, I am not in the right state of mind. The result is 3 full stops at -8 ticks. I havenít been stopped out in the last 10 days before I began this journal, and now, thatís 4 full stops in 2 days. I need to focus on the right things again. And that lies in CAPITAL PRESERVATION. When I look at my trading journal, I can see that I never cut my losses early today (or yesterday). Here is the second mistake.

- The third is more common and less harmful. Itís simply that I didnít let some winner win enough. I know I have to work on that. Sometimes I get perfect exits, sometimes Iím very early. It just means Iím comfortable with some context and not with others. Thatís a work in progress but not the main one. (Which is cutting losses early enough).

I took a first trade but forgot to modify the quantity and did it with the exit (absolute lack of concentration). So Iím short 12 contracts instead of being flat. That only should have warn me I was not there enough. And then I let someone gamed me on a bottom and took a full stop. I was stuck then, because I wanted it back, and instead of leaving, I stayed.

Does it sound familiar?

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  #7 (permalink)
 nestor2022 
paris france
 
Experience: Beginner
Platform: ninjatrader + jigsaw
Broker: AMP
Trading: Bund, FESX
 
Posts: 13 since Oct 2013
Thanks: 3 given, 37 received

the video takes a while to launch, but it does.

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  #8 (permalink)
 adamov 
Budapest, Hungary
 
Experience: None
Platform: ninjatrader
Trading: FGBL / FESX / ES / ZN / ZB
 
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BenG View Post
Hi Nestor2022

Great job starting a journal. I've traded the Bund outright on sim for a while. I do like it, but if I had a choice I would still spread trade it together with either the Bobl or Shatz. From what I know every 8 ticks is a basis point, and these are key levels that are often turning points. When I traded the Bund outright I wouldn't have an 8 tick stop loss, for me it would be 4 or less. If you follow the Bund prices closely you'll see the 8 tick levels very clearly, which should help you together with your orderflow to anticipate turning points. Either way great job starting your journal, look forward to see more.

hello BenG

I am studying the bund as well. What you mentioned sounds very interesting. Could you explain how to calculate those basis point levels?


Thanks

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  #9 (permalink)
 BenG 
London/UK
 
Experience: Intermediate
Platform: NT7 and MT4
Trading: Dax, ES, FX, Gold and Oil but what Bund and Bobl also.
 
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Posts: 106 since Jul 2012
Thanks: 108 given, 126 received


adamov View Post
hello BenG

I am studying the bund as well. What you mentioned sounds very interesting. Could you explain how to calculate those basis point levels?


Thanks

Hi adamov,

Its not a matter of calculation, just look at a recent chart and look at key levels, then from there take note of all the 8 point different levels. So if you have picked a specific price, from there each level is 8 ticks. When you do this everyday on the Bund it's 8 ticks, the Bobl its 4 ticks and the Shatz its 2 ticks and Euribor its 1 tick for a basis point. I use it for calculating spreads also. These levels will fluctuate a bit, but you can spot them from looking at a recent chart. I hope that helps.

Don't let money control you, control money!
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  #10 (permalink)
 nestor2022 
paris france
 
Experience: Beginner
Platform: ninjatrader + jigsaw
Broker: AMP
Trading: Bund, FESX
 
Posts: 13 since Oct 2013
Thanks: 3 given, 37 received


I want to apologize for not having updated this journal.
I have been absorbed in my everyday job in October and it just adds to the fact my techniques are not yet stable enough. this was too early to make a public journal on all this. I need better foundation before confronting my views to others.
I'm going back to drills for now, but i will start this again later...

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 Zefi 
Mount Martha, Victoria, Australia
 
Experience: None
Platform: Acme VP & MP, Jigsaw
Trading: FESX FGBL
 
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Posts: 230 since Dec 2014
Thanks: 128 given, 258 received

Hi there,

Enjoyed watching your video and reading your thread. I see it's gone a bit quiet since November. Would you consider keeping it going?

Perhaps we could share thread's as I'm trading the Bund and the Bobl at the moment too.

Cheers

Z

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 nestor2022 
paris france
 
Experience: Beginner
Platform: ninjatrader + jigsaw
Broker: AMP
Trading: Bund, FESX
 
Posts: 13 since Oct 2013
Thanks: 3 given, 37 received

Hi.

You are right. it's maybe time to update this thread a bit since i'm still trading. It may be of some use to other.

I have switched to FESX wich is deeper (in terms of liquidity), and less volatile. It suits my (very little) capital better.
I actually still trade the Bund sometime on specific setups (good established momentum to grab a few ticks, and the pullback reversal point i explained in november). but thats'it.
My prep as not changed (i added Market profile, but that is not a scalp timeframe nor sclaping purposes).
with the recent volatility i mostly trade momentum ignition to get 1-3 ticks (FESX). Ranges, trend pullbacks, stops triggering are my bread an butter.

I'm still on Sim since i have not met the consistency i am aiming for (yet).
I am profitable but not much.
I can stand at 85% winning rates for 2 full weeks, get back to my everyday job for 2 weeks, and when i come back, not get more than a 55% winning rates for the 2 weeks after (wich is not enough in scalping).

It's very hard for a wanna be retail trader to evaluate his current situation on the road to success (wich is consistency for me). There is no teacher, no mentors to point your failure. No one to yell at you, telling you to go home until you get your *** together when you reached your daily stop loss in one hour. You have to reinvent the wheel day after day all by yourself for every step forward you make. You can be stuck a week failing almost every day not knowing what has changed. Guys with real mentorship can rely on seniors to point a direction on such occasion. I cannot.
This is where i stand in my trading.

My reading does not change (it actually still improve over time). My setups don't change either (but i can stop trading some of them). I actually realize that all the difference between success and failure at my point is STATE OF MIND. I am in the right one: 90% winning rates. I'm not? 40%. same setups.

The difficulty is to set the rules that suits you, are relevant AND to recognize them for it. Let me explain:
I have recently achieved my first 2 weeks of high probability run. I was relieved. I thought i was finally there. After 2 years of work (yes i'm slow, but remember i'm alone), I was already seeing myself sending resume to some prop shop, to be able to live from my trading. I stopped 2 weeks, confident. When i started trading again, what a disapointment! loss after loss. everyday!

That was 2 months ago. I spend 2 month to understand that i was trading with a slightly different state of mind. I am now trying to identify the key elements to get them back. I had them, lost them, get some back, lost them again. It's a spinning wheel. it's reinventing the wheel day after day. Every point of your psychology is crucial. You miss one element at any moment of any trade for just a few seconds, and it's all gone (especially in those high volatility environement). You hit your stop loss. And you know you are done for today. That you probably won't make it for the rest of the session. You feel like shit for letting this happen. Your confidence is destroyed. You need a break. You will come back later.
That's why trading is crazy difficult. The key to success holds in nothing more than a state of mind. And it is as volatile as air.
The key is to be able to successfully induce it and keep it stable. That's what i am aiming for right now.

state of mind can be divided in rules. Of course i have some. You know? the ones you CANNOT deviate from. Like: "never let a winning trade becomes a loosing one" but here is a classic of what i want to demonstrate in my trading:
I take a setup. I don't know it yet but it's a below average probability setup (i will see it later on my review by telling me: "no no no, not here, it's too weak!") wich means i am already deviating from my "perfect" state of mind but i am not aware of it (error #1 weak setups).
The setups goes my way 2 ticks. I see the momentum slow. If i get out now (wich is what i should do), winning trade. But (and here is the state of mind deviation) i sometimes stay a little longer in the trade - it's the hope for the extra tick - but for now it is not shaped that way in my mind. it's just: "wait a little longer", it's blurry (error #2 not taking profits) and in a matter of seconds i get to my entry point (no support to my trade. Remember the weak momentum?). If i want out now, i have to exit on a market order and loose 1 tick. I don't want that. 10s ago i was on a winner (error #3 not accepting quick reverse of situation inducing a loss). I wait a bit more just to see if the market goes back. Someone smacks it for 3 ticks. I bail at -4.
That's my classic chain of reaction. The mess needs more than one mistake, but if i can eliminate the error #2 (the one i can master because i am not aware of the first one) or even the error #3, I'm safe.
But errors are justs thoughts and that's why it's so hard to eradicate them. It is just "come on, i give 5 more seconds to this trade".
You don't need anything more to fail. You just need to sit on your winning trade for 5 seconds. That's it. The world of loosers lies in those 5 seconds.

Trading is crazy difficult.

Don't worry, it gets better. Once you realize it, you can act on it. My rates are up again. But that thought is just around the corner.

Sorry, i needed to unburden myself a little. I hope it can be of some use or comfort to others in the same situation.

@Zefi.
I think it is a good idea to confront some scalping views, but maybe not on this thread. We can probably create a new one with links to our own trading journals video and comment it. I actually thank you to bring this back to my mind. It is probably time to continue it.

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 hadamkov 
Prague Czech Republic
 
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nestor2022 View Post
Hi.

...It's very hard for a wanna be retail trader to evaluate his current situation on the road to success (wich is consistency for me). There is no teacher, no mentors to point your failure. No one to yell at you, telling you to go home until you get your *** together when you reached your daily stop loss in one hour. You have to reinvent the wheel day after day all by yourself for every step forward you make. You can be stuck a week failing almost every day not knowing what has changed. Guys with real mentorship can rely on seniors to point a direction on such occasion. I cannot.
This is where i stand in my trading...

Excellent post. Explains a lot about trading. I ENTIRELY AGREE. And it is terrific IMHO.
Keep going as I am.

All well.

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 Zefi 
Mount Martha, Victoria, Australia
 
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Platform: Acme VP & MP, Jigsaw
Trading: FESX FGBL
 
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Posts: 230 since Dec 2014
Thanks: 128 given, 258 received


nestor2022 View Post
Hi.

You are right. it's maybe time to update this thread a bit since i'm still trading. It may be of some use to other.

I have switched to FESX wich is deeper (in terms of liquidity), and less volatile. It suits my (very little) capital better.
I actually still trade the Bund sometime on specific setups (good established momentum to grab a few ticks, and the pullback reversal point i explained in november). but thats'it.
My prep as not changed (i added Market profile, but that is not a scalp timeframe nor sclaping purposes).
with the recent volatility i mostly trade momentum ignition to get 1-3 ticks (FESX). Ranges, trend pullbacks, stops triggering are my bread an butter.

I'm still on Sim since i have not met the consistency i am aiming for (yet).
I am profitable but not much.
I can stand at 85% winning rates for 2 full weeks, get back to my everyday job for 2 weeks, and when i come back, not get more than a 55% winning rates for the 2 weeks after (wich is not enough in scalping).

It's very hard for a wanna be retail trader to evaluate his current situation on the road to success (wich is consistency for me). There is no teacher, no mentors to point your failure. No one to yell at you, telling you to go home until you get your *** together when you reached your daily stop loss in one hour. You have to reinvent the wheel day after day all by yourself for every step forward you make. You can be stuck a week failing almost every day not knowing what has changed. Guys with real mentorship can rely on seniors to point a direction on such occasion. I cannot.
This is where i stand in my trading.

My reading does not change (it actually still improve over time). My setups don't change either (but i can stop trading some of them). I actually realize that all the difference between success and failure at my point is STATE OF MIND. I am in the right one: 90% winning rates. I'm not? 40%. same setups.

The difficulty is to set the rules that suits you, are relevant AND to recognize them for it. Let me explain:
I have recently achieved my first 2 weeks of high probability run. I was relieved. I thought i was finally there. After 2 years of work (yes i'm slow, but remember i'm alone), I was already seeing myself sending resume to some prop shop, to be able to live from my trading. I stopped 2 weeks, confident. When i started trading again, what a disapointment! loss after loss. everyday!

That was 2 months ago. I spend 2 month to understand that i was trading with a slightly different state of mind. I am now trying to identify the key elements to get them back. I had them, lost them, get some back, lost them again. It's a spinning wheel. it's reinventing the wheel day after day. Every point of your psychology is crucial. You miss one element at any moment of any trade for just a few seconds, and it's all gone (especially in those high volatility environement). You hit your stop loss. And you know you are done for today. That you probably won't make it for the rest of the session. You feel like shit for letting this happen. Your confidence is destroyed. You need a break. You will come back later.
That's why trading is crazy difficult. The key to success holds in nothing more than a state of mind. And it is as volatile as air.
The key is to be able to successfully induce it and keep it stable. That's what i am aiming for right now.

state of mind can be divided in rules. Of course i have some. You know? the ones you CANNOT deviate from. Like: "never let a winning trade becomes a loosing one" but here is a classic of what i want to demonstrate in my trading:
I take a setup. I don't know it yet but it's a below average probability setup (i will see it later on my review by telling me: "no no no, not here, it's too weak!") wich means i am already deviating from my "perfect" state of mind but i am not aware of it (error #1 weak setups).
The setups goes my way 2 ticks. I see the momentum slow. If i get out now (wich is what i should do), winning trade. But (and here is the state of mind deviation) i sometimes stay a little longer in the trade - it's the hope for the extra tick - but for now it is not shaped that way in my mind. it's just: "wait a little longer", it's blurry (error #2 not taking profits) and in a matter of seconds i get to my entry point (no support to my trade. Remember the weak momentum?). If i want out now, i have to exit on a market order and loose 1 tick. I don't want that. 10s ago i was on a winner (error #3 not accepting quick reverse of situation inducing a loss). I wait a bit more just to see if the market goes back. Someone smacks it for 3 ticks. I bail at -4.
That's my classic chain of reaction. The mess needs more than one mistake, but if i can eliminate the error #2 (the one i can master because i am not aware of the first one) or even the error #3, I'm safe.
But errors are justs thoughts and that's why it's so hard to eradicate them. It is just "come on, i give 5 more seconds to this trade".
You don't need anything more to fail. You just need to sit on your winning trade for 5 seconds. That's it. The world of loosers lies in those 5 seconds.

Trading is crazy difficult.

Don't worry, it gets better. Once you realize it, you can act on it. My rates are up again. But that thought is just around the corner.

Sorry, i needed to expand myself a little. I hope it can be of some use or comfort to others in the same situation.

@Zefi.
I think it is a good idea to confront some scalping views, but maybe not on this thread. We can probably create a new one with links to our own trading journals video and comment it. I actually thank you to bring this back to my mind. It is probably time to continue it.

That was a great read and a lot of things here will be very useful for traders starting out and also people who've been in the game for a bit and are struggling with a few things. I certainly took something away from it, thanks!!

Have you invested in your education with order flow? If not I would HIGHLY recommend John Grady's NO BS day trading course. He usually coordinates them around US treasuries' hours however he has done a EUREX one and I believe at some stage will do a live course.

It's great because he acts as the mentor enabling you to fire any questions at him at any time if you've got some problems with your strategy/psychology. Plus there is so much depth to his course. Before it begins he sends you around 25 hours worth of material to get through before the live 2 week course even begins to get you up to speed with his trading setups etc.

Anyway, yeah I'd love to start a co thread soon on Bund/Bobl.

All the best

Z

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 LukeGeniol 
Italy (IT)
 
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nestor2022 View Post
Hi.
..........................................
I thought i was finally there. After 2 years of work (yes i'm slow, but remember i'm alone), .............

2 years it's not so much, and it's not about how many years but more about how many hours of practice. Search the rule of 10,000, in the Outliers book Malcolm Gladwell says that it takes roughly ten thousand hours of practice to achieve mastery in a field.....

Take your Pips, go out and Live.
Luke.
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 nestor2022 
paris france
 
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Hi
I know the 10 000 hours rule, and fully agree with it. But as you said, it's to achieve mastery in a field. We should be able to become decent discretionary traders in less than that. I do not know if i have what it takes to become a master trader. But a decent one consistent in his profits? I believe i do. I bring the 2 years period because prop shops train people in terms of month. Not years.
And it makes me question my ability to success in trading solely by myself. I play the violin. What is the most effective: a violin teacher or online courses on violin? I go for the teacher. I am not saying you can't do it by yourself, i'm saying a teacher gives you shortcuts when you need them. You may never find them by yourself, or it could take years for you to discover the same things.
10 000h with a teacher is not the same as all by yourself.

@Zefi
Yes I know John grady's courses. I have read his book but that's it. I'm a bit tired of online courses right now.
I have found in France a 2 month live seat training courses. it costs 10 000Ä. The main trader is there every day trading his own account. There is also some backed traders there i think. It may be a good place to learn. I don't know. That kind of money is my capital. I may go for it if i struggle too much. But for now, i still do it on my own.

Cheers

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 nestor2022 
paris france
 
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Hi,
I comitted a new video. I hope your english / american / australian ears are not too sensitive to my french accent / errors.

What i wanted to demonstrate in my last posts happenend to me again today. The exact same scenario. I was aware of it but i did not succeed to act on it.

I show my trading journal in the beginning of the video.
cheers

EDIT:
I realize i haven't answerd the previous question:
I actually trade an average of 10 days/month spending at least 5h/day on trading (sometimes more). And i don't count the books, webinars, forums (not so much these days) in it.

Attached Files
Register to download File Type: flv exemple_chain of errors.flv (151.83 MB, 106 views)
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 Zefi 
Mount Martha, Victoria, Australia
 
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nestor2022 View Post
Hi
I know the 10 000 hours rule, and fully agree with it. But as you said, it's to achieve mastery in a field. We should be able to become decent discretionary traders in less than that. I do not know if i have what it takes to become a master trader. But a decent one consistent in his profits? I believe i do. I bring the 2 years period because prop shops train people in terms of month. Not years.
And it makes me question my ability to success in trading solely by myself. I play the violin. What is the most effective: a violin teacher or online courses on violin? I go for the teacher. I am not saying you can't do it by yourself, i'm saying a teacher gives you shortcuts when you need them. You may never find them by yourself, or it could take years for you to discover the same things.
10 000h with a teacher is not the same as all by yourself.

@Zefi
Yes I know John grady's courses. I have read his book but that's it. I'm a bit tired of online courses right now.
I have found in France a 2 month live seat training courses. it costs 10 000Ä. The main trader is there every day trading his own account. There is also some backed traders there i think. It may be a good place to learn. I don't know. That kind of money is my capital. I may go for it if i struggle too much. But for now, i still do it on my own.

Cheers


Personally I have found what works for me is making sure everything I'm doing contributes to the be becoming a consistently successful trader. I'm certainly not there yet but by everything that I do that I've written down in my daily and weekly plan ensures my belief system that I will become a consistently successful trader at some stage and perhaps even mastery at some stage along the journey.

A few things that help me on a daily basis:

Morning prep: I do market profile prep of key levels and reference points however just a basic chart values assessment on key weekly,daily, previous day and overnight levels give me points to trade off and points to watch out for throught the day.

Written down setups: I fade mainly however my goal is to flow with the market and to take opportunities that arise dependent on the context of what is going on that day in the market.

Written rules: when to trade, when not to and the types of setups I'll trade and stick to etc.

Afternoon run/workout: Based here in Aus I'll do this around 2.30pm so that it gives me time to limber up before trading.

Meditation/Visualization/Affirmations: Visualizing the setups I trade and seeing it happen over and over. Affirmations of 5 lines that enable me to feel consistently successful.

Bio-mechanical feedback log: 1-100, if I'm below 50 I won't trade (perhaps I've got a cold or had an argument with the wife etc)

Once I start trading I will try to RIGIDLY stick to my setup plan and play the waiting game until the market makes an opportunity available to me. It's key for me not to get bored a fire off unnecessary trades although it can be hard to do a times. I'll try to judge the context of the day, whether it's trap action (thick/thin with unusual moves, as we've seen recently). If none of my setups are coming into play and the market is crazy I'll switch off the computer and go again another day.

Log trades and log how I felt on each trade and with the losers I'll write down a lesson learnt from that loser if there is one.

I haven't started recording my trades, although I think this could be really beneficial with my log especially.

End of week review: Have I stuck to my game plan? how many stupid trades were taken? How tricky was the market action this week? etc.


Thought I'd share this to offer some insight and secondly by telling others about my trading plan about it helps me become more committed as I like anybody can deviate away from it at times.

Btw: I'm having more success with the Bobl at the moment as it's thicker and less crazy with it's swings than the Bund, have you thought about trading it?

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 nestor2022 
paris france
 
Experience: Beginner
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Hi,
thank you to share your experience. I still haven't opened a real account yet so i'm stuck with the demo data feed in wich i have no access to the Bobl nor the Schatz.
That's why i do not trade the bund much these days (besides volatility). I am not able to see the relationships / spread activities as they go on. That put me at a disadvantage.

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 xplorer 
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nestor2022 View Post
Hi,
thank you to share your experience. I still haven't opened a real account yet so i'm stuck with the demo data feed in wich i have no access to the Bobl nor the Schatz.
That's why i do not trade the bund much these days (besides volatility). I am not able to see the relationships / spread activities as they go on. That put me at a disadvantage.

Hi nestor2022 and all, thanks for sharing your own experience.

I used to trade the Bund live up to around June this year - it seemed to respond well to certain economic data releases, such as German IFO, GDP and CPI.

Then in June Mario Draghi said the bonds would become more volatile - which they did - and the Bund has been more unpredictable ever since. So I too switched to trading the EuroStoxx 50, which is generally a thicker market. This too seems to generally respond well to certain economic releases - especially the German IFO one...

Regarding the 10,000 hour rule, I agree that's for mastery. Someone pointed me to a youtube video where they talk about learning anything in 20 hours, with a certain methodology, and I am doing that with Order Flow at the moment.

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DuckDodgers
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Hi Nestor2022 and others

Have you managed to progress at all? I have been trading on and off with live and SIM accounts but hope to be doing it full time now (just posted on Introduce Yourself page!).

Looking for some sort of journal template that I can update myself.

Thanks

Pete

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 xplorer 
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DuckDodgers View Post
Hi Nestor2022 and others

Have you managed to progress at all? I have been trading on and off with live and SIM accounts but hope to be doing it full time now (just posted on Introduce Yourself page!).

Looking for some sort of journal template that I can update myself.

Thanks

Pete

Hi Pete - welcome first of all.


The thread below has a comprehensive template, that should get you started. If you're handy with Excel it can give you an opportunity to customise it further.



Hope it helps.

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DuckDodgers
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Thanks very much xplorer - I'll have an in depth look at that tomorrow. Exciting times ahead

How have you been doing?

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