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Turismo Speed Scalping (YM)


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Turismo Speed Scalping (YM)

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  #1 (permalink)
TurismoTek
London/UK
 
 
Posts: 78 since Sep 2014
Thanks: 228 given, 121 received

Hello Traders,

Turismo here.

After reviewing this forum post Mike's "Benefits to creating a journal" thread I've decided to start my own trading journal here on futures.io (formerly BMT).

What this journal is for -
  • Creating accountability, personal and public
  • Creating a truthful, transparent, sometimes embarrassing journal of my trading
  • Promoting internal honesty and embracing reality, so as to learn and improve
  • Analysis of my trading to improve my performance
  • Share ideas, thoughts, quotes and connect with other traders
  • Measure and promote progress
  • Create a log for review
  • Taking responsibility for my trading decisions
  • Creating positivity, believe and confidence

Who I hope reads, contributes and offers insights, thoughts and advice -
  • Successful traders
  • People who want to promote and create a positive honest atmosphere around trading
  • People with inquiries about anything related to my journal
  • Friendly traders
  • People looking for a place or friend to discuss the YM, index futures, or day trading in general

What will be in this journal -
  • An account of my trading activity
  • Discussion, thoughts and ideas related to trading
  • Statistical analysis of my trades and performance reviews
  • Motivational quotes, pictures, ideas and videos
  • Interesting trading content
  • Occasional random content that's too good not to share!
  • I do not have proven consistent profitability trading *yet* and therefore this journal is not to give advice, or guide others trading decisions, to do otherwise would be to cement in my mind that I am a better trader than I am, and therefore give way to errors of convictions that aren't based in reality...

Now that I've set a foundation for the journal, a little information about me -
  1. I'm 23
  2. I lost £100 in 10 seconds on my first ever trade, aged 17, £10 per tick on the FTSE 100 index
  3. I've spent thousands of hours observing price action and order flow
  4. I'm an economics graduate
  5. I love trading, I love financial markets, I have been developing my knowledge and trading abilities since I was 16
  6. I'm in a tough spot right now, I have no money
  7. I live with my parents, I don't have a car, I don't have a job, I can't afford my dental filling the dentist said I need etc
  8. That was embarrassing to admit all that, but as I warned, I'm creating a place of honesty and transparency, because I truly want to improve
  9. Still embarrassed I had to tell the internet my problems, questioning now whether the details are neccesary
  10. ...

Starting again, this time with positivity,
  1. I have a girlfriend, she is super awesome and intelligent, next year she'll do her Masters in Amsterdam in economics and I plan to go there and earn money trading whilst she studies
  2. I'm really into fitness and work out pretty much every day, I eat a lot of protein, I squat a lot of weight
  3. I enjoy my own company
  4. Trading is a passion, that I'm now turning into a career
  5. Last time I traded live I turned £6 into £184 in a UK spreadbetting account in one day trading the DJIA, attached below is my statement for those 36 trades

Turismo Speed Scalping (YM)-trades-1.pdf
Turismo Speed Scalping (YM)-trades-2.pdf

Setup:

[Instrument] YM
[Trading times] 6AM ET until close
[Platform] NinjaTrader charting, likely X_Trader Pro for execution
[Brokerage] Currently simulating, no brokerage yet
[Equipment] Powerful PC with 2 monitors, and additional monitors if needed + Macbook Pro

Routine and approach:

6AM ET is 11AM in the UK (my location), therefore I have plenty of time to prepare for my trading day including a long sleep, a big breakfast, a workout, a shower and a pre-market preparation.

I start with a coffee watching CNBC, mainly for entertainment purposes and to wake my self up, besides I've grown fond of Seema Mody

I then check:

>ForexFactory News
>ForexFactory Calendar
>Econoday Calendar and information
>Tothetick.com data sheet for YM

I then:

>Set up my charts
>Assess what other markets other than the YM are doing
>Analyse my charts, representing different time periods and chart types, for the upcoming day, generating trade ideas
>Listen to the free Ben Lichtenstein S&P 500 pit squawk pre-market and post-open
>Start observing intraday price action and order flow fluctuations using the DOM, time/sales window and a micro time-frame price chart

Then: I trade

I believe in my own potential profitability, I have faith that I will be a successful trader and I have confidence to trust my own trading decisions, thoughts and opinions and processes.

My plan:

I am simulating, hypothetical combines with 1 contract with the following rules:

- Daily loss limit: 33 YM ticks
- Maximum account drawdown: 100 YM ticks
- Profit target: 100 YM ticks
- Assumed commission: $5 per RT
- 10 trading days in a 30 day period
- Always implement stops with an open position
- Permitted trading hours:
  • 6AM-9.30AM (ET)
  • 10AM-RTH close (ET)
- Achieve overall winning days of 55% or more
- Stop trading at daily target of 50 YM ticks
- Do not hold positions into major economic releases
- Stop loss automatically set at 15 ticks, non-adjustable in terms of increasing risk

Once I have successfully passed the above combine three times consecutively and feel confident I will be profitable instantly, I will go live trading either by:

- An investment provided by family, whereby share of profits is split at a pre-determined %
- A $300 investment in a two months of TST combines

Once live trading, my performance will be based on the rules as in the simulator, if I hit my maximum drawdown from my initial capital I will go back to simulating combines until prepared to go live again. Live trading includes a scaling plan, created using excel.


All the best,
Thanks for anybody who actually bothered to read all that and a final quote:

"Winning is not a sometime thing,
it's an all the time thing,
you don't win once in a while,
you don't do things right once in a while,
you do them right all the time,
winning is a habit."

Now that the details are out the way, this journal and journey to success begins...

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  #3 (permalink)
 matevisky 
Budapest, Hungary
 
Experience: Intermediate
Platform: Ninjatrader
Broker: TopstepTrader
Trading: NQ, TF, YM
 
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Posts: 469 since May 2013
Thanks: 633 given, 1,532 received


Hi There.

I am trading the YM as well, but here is some points what I don't understand around your plan (don't take it as an offense please):
- Are you planing to scalp the YM?
- What is your daily win limit? How many tick? (100tick is way too much on the YM. ofc it could move like hell, and you can make that, but there are some days, when just hanging around with 1 directional move for 60 tick, and thats it)
- Why do you want to trade the ETH? If you are not planing to trade the news, there is no reason to do that. You have to be super patient, even if you are scalping, to do it. Maybe before the open 30mins range worth to try, but the open could change everything....

I have not see your trading strategy. I see that you are planing to use 15tick stop, which is fine, but what is the profit target for that. Saying you would like to have 55% rate /trade or /day basis...?

So lots of things are missing from here, which should be aligned to the YM. Also if you are scalping, I would skip checking the at all. You don't need the news to predict the next 2 minutes, and most of the cases during the news you will see big violaty and some consolidation range, than after the news the market will continue to do what he was already doing (some cases are not ofc)

So please really don't get me wrong, as a start it is great but lots of piece are missing!

Máté
Full time traderLive journal here
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  #4 (permalink)
TurismoTek
London/UK
 
 
Posts: 78 since Sep 2014
Thanks: 228 given, 121 received


matevisky View Post
Hi There.

I am trading the YM as well, but here is some points what I don't understand around your plan (don't take it as an offense please):
- Are you planing to scalp the YM?
- What is your daily win limit? How many tick? (100tick is way too much on the YM. ofc it could move like hell, and you can make that, but there are some days, when just hanging around with 1 directional move for 60 tick, and thats it)
- Why do you want to trade the ETH? If you are not planing to trade the news, there is no reason to do that. You have to be super patient, even if you are scalping, to do it. Maybe before the open 30mins range worth to try, but the open could change everything....

I have not see your trading strategy. I see that you are planing to use 15tick stop, which is fine, but what is the profit target for that. Saying you would like to have 55% rate /trade or /day basis...?

So lots of things are missing from here, which should be aligned to the YM. Also if you are scalping, I would skip checking the at all. You don't need the news to predict the next 2 minutes, and most of the cases during the news you will see big violaty and some consolidation range, than after the news the market will continue to do what he was already doing (some cases are not ofc)

So please really don't get me wrong, as a start it is great but lots of piece are missing!

Hey Matevisky,

Great to hear from a fellow YM trader and of course no offense taken, input is welcome

I did not want to make my initial post too long, that is why so many details are missing, with time I will explain my entries, trade management and philosophy.

It's not that I do not have a plan for these things, simply that I will build this journal up slowly and thoroughly.

To answer your questions briefly, which later I will go through such topics with more detail:

- Yes, scalping the YM
- Daily win limit: 50 YM ticks ... Not a target, just a point at which I quit for the day.
- Trading ETH because statistically it's a very profitable period of time for me to trade.
- 55% of winning days (6 out of 10) to pass the simulated trial, along with other requirements
- 15 tick stop loss is my maximum loss on a trade, it's more likely I'll exit at break even or a small loss, I expect full 15 tick losses to be rare. What I care about is maximising my MAE and MFE averages, this implies my entry edge, trade management comes from statistical analysis of past trades.
- The news checking has three primary purposes, though it doesn't really directly affect my trades.
  • To further my learning and understanding of markets.
  • Entertainment, I find it interesting
  • To give me confidence I know what's going on, which makes me more composed/relaxed during the trading day


This pre-market routine is something that will likely simplify over time however, so I do agree with you.

I will address all the missing information and details with time
All will become clear with time.

All the best,
TurismoTek

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  #5 (permalink)
 matevisky 
Budapest, Hungary
 
Experience: Intermediate
Platform: Ninjatrader
Broker: TopstepTrader
Trading: NQ, TF, YM
 
matevisky's Avatar
 
Posts: 469 since May 2013
Thanks: 633 given, 1,532 received

Cool, I am looking forward to see it. Some comment:
- I am checking the news only for the following reason: Should I have to prepare a trending day, or the market will quite and slow. Many times, if red news are coming, before days, the market are quite. So I am oke with 20 tick win and I am looking for range moves, not trends. News days, I am not suppriesed, if the market moving heavly, and start to trend early. I never try to identify the numbers even I am not checking is it bad or good (bad or good has only meaning for retail traders like us everyone else, who is really understanding the news is looking behind )
- Once again, if you are doing a scalping 50tick seems to me way too much. Really it is a huge target for scalper. Ofc if you are using runners, and making some big winners, it is oke, but I can give you an example:
I love this guy ( @Jaguar52 ). Unforcuneatly I havent had a chance to learn from him, and he is trading Crude, but I've checked a lots of video from him on youtube, and also I've found a lots of link over his website, when he is teaching, mentoring people. As I understand it ,a high level, he is looking for trades with 2R risk 1R profit on Crude, also he is using runner as well. As far as I understand his advice is that, if somebody is ready with 20 tick/day on crude, than call it a day. Trading is not rushing, trading is being consistence over and over again. The only thing why I am trying to point this out, becuase that is once thing to love the market and giving you 10 hours trading window, but sooner or later you have to find a good spot, a good edge, and a good method to being consistence. And setting up goals like this in the begining makes it very hard

But that is my beliefe, so do your experiment on sim I am looking forward to see the results.

Anyway, dont get it wrong. 50tick is achieveable, for example @PandaWarrior doing it on crude, but with swing trades, and not with scalping .

Máté
Full time traderLive journal here
Follow me on Twitter Visit my futures io Trade Journal Reply With Quote
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  #6 (permalink)
 bobwest 
Site Moderator
Sarasota FL
 
Experience: Advanced
Platform: Sierra Chart, NinjaTrader
Trading: ES, YM
 
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Posts: 6,479 since Jan 2013
Thanks: 49,060 given, 21,721 received


TurismoTek View Post
Hello Traders,

Turismo here.

After reviewing this forum post Mike's "Benefits to creating a journal" thread I've decided to start my own trading journal here on futures.io (formerly BMT).

Good idea. I'll be following. Maybe even have something to say, now and then....

Welcome to journaling.

Bob.

When one door closes, another opens.
-- Cervantes, Don Quixote
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TurismoTek
London/UK
 
 
Posts: 78 since Sep 2014
Thanks: 228 given, 121 received


matevisky View Post
Cool, I am looking forward to see it. Some comment:
- I am checking the news only for the following reason: Should I have to prepare a trending day, or the market will quite and slow. Many times, if red news are coming, before days, the market are quite. So I am oke with 20 tick win and I am looking for range moves, not trends. News days, I am not suppriesed, if the market moving heavly, and start to trend early. I never try to identify the numbers even I am not checking is it bad or good (bad or good has only meaning for retail traders like us everyone else, who is really understanding the news is looking behind )
- Once again, if you are doing a scalping 50tick seems to me way too much. Really it is a huge target for scalper. Ofc if you are using runners, and making some big winners, it is oke, but I can give you an example:
I love this guy ( @Jaguar52 ). Unforcuneatly I havent had a chance to learn from him, and he is trading Crude, but I've checked a lots of video from him on youtube, and also I've found a lots of link over his website, when he is teaching, mentoring people. As I understand it ,a high level, he is looking for trades with 2R risk 1R profit on Crude, also he is using runner as well. As far as I understand his advice is that, if somebody is ready with 20 tick/day on crude, than call it a day. Trading is not rushing, trading is being consistence over and over again. The only thing why I am trying to point this out, becuase that is once thing to love the market and giving you 10 hours trading window, but sooner or later you have to find a good spot, a good edge, and a good method to being consistence. And setting up goals like this in the begining makes it very hard

But that is my beliefe, so do your experiment on sim I am looking forward to see the results.

Anyway, dont get it wrong. 50tick is achieveable, for example @PandaWarrior doing it on crude, but with swing trades, and not with scalping .

Thank you for the provided link, interesting stuff and many of the ideas there are consistent with my own trading methodology and philosophy.

50 ticks is not a daily target, or a trade target. Simply the point at which I will without exception quit trading for the day as a rule. Most likely I'll stop at 30 ticks, but in terms of fixed rules, at 50 ticks I'll switch it all off!

I'll talk more about trade management and targets at a later point in the journal It is a work in progress, I like to base many decisions off analysing the statistics generated from my trading journals. Optimization.

To be clear; I do not trade 10 hours, that is simply my permitted trading hours. I am usually done within 30 minutes. I trade with the goal of making money every day, nothing else. My trading decisions are entirely about making money today and capital preservation today. I'm like a mouse trying to get cheese from a cat, very swift, very flexible in entering/exiting and very careful Every day I'm hungry for more cheese, but every day I have to be very careful because the cat could eat me haha

" Trading is not rushing, trading is being consistence over and over again."

Wise words, I completely agree.

I think there is a slight misunderstanding, the rules I posted, are the rules of my simulated trading --- they are the bare minimum requirements to passing the simulated trial. For instance, I can only enter trades in those specific times, or else I have failed the simulation. However, I do not trade those hours, I am too intensely focused to last 10 hours haha

Thanks for the support and ideas,
Again I think with time it'll be more clear what I'm doing and I welcome your suggestions!
TurismoTek

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TurismoTek
London/UK
 
 
Posts: 78 since Sep 2014
Thanks: 228 given, 121 received

Post #1

Last night I talked with my good German friend I was at University with, he found a job in London in recruitment, he is on the phone making 200 calls a day closing sales. He earns a basic salary but the potential for bonuses are high. Like trading it's a performance job, and you get paid a commission for each sale. They have a high turn-over rate, often bringing in graduates like myself, giving them 3 weeks to 3 months to perform and if they do, they keep them on, otherwise "bye bye". Me mentioned he can get me an interview in 2 weeks and I had until the coming Monday to decide whether I wanted to or not.

It's a good opportunity, not particularly an ideal job but being good at sales isn't a bad skill to try to acquire, I'd be with my mate and living in London would be awesome. He said it was very difficult finding a flat and that he is paying £1100 per month for a shitty 1 bedroom with his girlfriend. I'd need to borrow money to purchase a suit and travel to the interview and to pay for my initial accommodation. But... I'm tempted, it'd give me somewhere to start in life, I'd have to move 6 hours from my girlfriend but I'd be in a cool City, I'd have financial independence, living at home isn't doing my integrity much good, problem could be if I didn't perform I'd be fired but I'm not exactly making any money right now... The other issue is that I really have a goal of becoming a trader, I'm not sure how to go about this professionally, I just know I love trading, I love markets, and it's what I want to do and I think I'd be good at it. On the other hand, trading is very competitive and difficult and I'm unemployed, I've got mixed feelings... He told me is hustling his ass daily trying to get some money together, and he's exhausted, I said I was proud of him for managing to establish a life, even if not perfect, we all have to start somewhere....

What do you guys think? Should I go to this job interview in London? Any wisdom from the elders?

-------------------------------------------------------------------------------------------------------------------------------

I'm sim trading, playing around with ideas and using a bit of trial&error to develop my definitive plan, so take the below results with a pinch of salt...

I'm done trading today, these are the results trading the YM this week (results denoted in YM ticks):



" I didn't just want to be a *trader*, I wanted to the best *trader* of all time.
Dig deep down and ask yourselves,
Who do you want to be?
Not want, but who.
I'm talking about figuring out for yourselves what makes you happy.
You have to think outside the box, after all,
What is the point of being on this earth if you all you want to do is be liked by everyone and avoid trouble.
We have so many rules in life about everything, I say break the rules, not the laws, but break the rules!

Trust yourselves no matter what anybody else thinks.
Don't be afraid to fail,
Anything I've ever attempted I was always willing to fail.
Don't be afraid of making decisions, you can't be paralysed by a fear of failure,
Or you'll never push yourself.

You keep pushing because you believe in yourself and your vision, and you know that it's the right thing to do. Success will come, so don't be afraid to fail.

I mean how many times have you heard you can't do this, and you can't do that, it's never been done before. So pay no attention to the people who say it can't be done.

I always listened to myself and said, yes you can. You're never going to fail because you didn't work hard enough, work your butt off.

I always believed leaving no stone unturned,

No pain, no gain.

When your out there partying, horsing around, someone out there at the same time is working hard, someone is getting smarter and someone is winning,

Just remember that.

You can't climb the ladder of success with your hands in your pockets. "


- AS


Everybody have a great weekend,
All the best,
Turismo.

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  #9 (permalink)
 tflanner 
Chicago, IL
 
Experience: Advanced
Platform: Ninja
Broker: Ninja
Trading: ES, Ym, NQ, VTI, SPY, VXUS
 
Posts: 166 since Jan 2013
Thanks: 797 given, 315 received

I would go to the interview. I don't think u r ready to be a profitable trader at this time.

I was in the business for over 10 years before I started trading. I worked on the floor of the Cbot...handling customer orders and then eventually went off on my own to trade. One thing about the floor is that you generally had to work there several years before you started trading. First to Learn and then to save money.

Unfortunately, these entry level jobs don't really exist in the mkt anymore. However, I would encourage to get a job, save money, and stay involved in the mkts in some way...the mkts are not going anywhere...be patient and try to have a long term perspective.

Best of luck

The Market is Smarter than You Are
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 PandaWarrior 
In the heat
 
Experience: None
 
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matevisky View Post
Cool, I am looking forward to see it. Some comment:
- I am checking the news only for the following reason: Should I have to prepare a trending day, or the market will quite and slow. Many times, if red news are coming, before days, the market are quite. So I am oke with 20 tick win and I am looking for range moves, not trends. News days, I am not suppriesed, if the market moving heavly, and start to trend early. I never try to identify the numbers even I am not checking is it bad or good (bad or good has only meaning for retail traders like us everyone else, who is really understanding the news is looking behind )
- Once again, if you are doing a scalping 50tick seems to me way too much. Really it is a huge target for scalper. Ofc if you are using runners, and making some big winners, it is oke, but I can give you an example:
I love this guy ( @Jaguar52 ). Unforcuneatly I havent had a chance to learn from him, and he is trading Crude, but I've checked a lots of video from him on youtube, and also I've found a lots of link over his website, when he is teaching, mentoring people. As I understand it ,a high level, he is looking for trades with 2R risk 1R profit on Crude, also he is using runner as well. As far as I understand his advice is that, if somebody is ready with 20 tick/day on crude, than call it a day. Trading is not rushing, trading is being consistence over and over again. The only thing why I am trying to point this out, becuase that is once thing to love the market and giving you 10 hours trading window, but sooner or later you have to find a good spot, a good edge, and a good method to being consistence. And setting up goals like this in the begining makes it very hard

But that is my beliefe, so do your experiment on sim I am looking forward to see the results.

Anyway, dont get it wrong. 50tick is achieveable, for example @PandaWarrior doing it on crude, but with swing trades, and not with scalping .

I don't really swing trade any longer. It was an experiment I ended up being bored with....

Secondly, 50 ticks is not HUGE in terms of intra day scalping if you are trading CL or something like it. That is about the normal leg size these days.....so a target of 50 is not unreasonable.

I define scalping as being in and out quickly for a few ticks...not the size of the target per se.

But each has their own way of defining things.....so one mans 50 tick trade is another man's scalp....and vice versa....

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #11 (permalink)
TurismoTek
London/UK
 
 
Posts: 78 since Sep 2014
Thanks: 228 given, 121 received


tflanner View Post
I would go to the interview. I don't think u r ready to be a profitable trader at this time.

I was in the business for over 10 years before I started trading. I worked on the floor of the Cbot...handling customer orders and then eventually went off on my own to trade. One thing about the floor is that you generally had to work there several years before you started trading. First to Learn and then to save money.

Unfortunately, these entry level jobs don't really exist in the mkt anymore. However, I would encourage to get a job, save money, and stay involved in the mkts in some way...the mkts are not going anywhere...be patient and try to have a long term perspective.

Best of luck

Thanks for your honesty tflanner,

Sounds like a great career you've had,

I'll take what you've said into consideration over the weekend, with regards to 'long term perspective' I'm not sure that a phone sales job in London meets that requirement but I catch your drift.

All the best,
Turismo

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  #12 (permalink)
 matevisky 
Budapest, Hungary
 
Experience: Intermediate
Platform: Ninjatrader
Broker: TopstepTrader
Trading: NQ, TF, YM
 
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Posts: 469 since May 2013
Thanks: 633 given, 1,532 received


TurismoTek View Post
What do you guys think? Should I go to this job interview in London? Any wisdom from the elders?[/B]
Turismo.

It is simple like hell Do you have savings for the next 1-2 years? If yes, there is no need to go for the opportunity, if no the safe play here, to go for it as well, and find a trading method what you can do next to the job

Máté
Full time traderLive journal here
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  #13 (permalink)
 artemiso 
New York, NY
 
Experience: Beginner
Platform: Vanguard 401k
Broker: Yahoo Finance
Trading: Mutual funds
 
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TurismoTek View Post
[*]I enjoy my own company

Don't take that as an excuse for working alone. I'd rather read a good book than attend a party; I skipped my high school graduation ceremony and prom; but I still love collaborating with people and working with them. I wouldn't have gotten anywhere in life without these people around me at every stage.


TurismoTek View Post
[*]I love trading, I love financial markets, I have been developing my knowledge and trading abilities since I was 16[*]Trading is a passion, that I'm now turning into a career[*]Last time I traded live I turned £6 into £184 in a UK spreadbetting account in one day trading the DJIA, attached below is my statement for those 36 trades

Trading is a passion, but trading solo/daytrading is not a viable path unless you have tremendous starting capital or a stable income. I'd recommend you find a job that you're passionate about, that would nurture you and expect no immediate profit from you (this excludes trading arcades, TST combines, 'trading room', 'trading class' whatever). UK and Amsterdam are thriving financial centers and there cannot be no place that would hire you.


TurismoTek View Post
[*]I've spent thousands of hours observing price action and order flow[*]I'm an economics graduate

I have a girlfriend, she is super awesome and intelligent, next year she'll do her Masters in Amsterdam in economics and I plan to go there and earn money trading whilst she studies

I'm really into fitness and work out pretty much every day, I eat a lot of protein, I squat a lot of weight

That's a wonderful thing! You have the educational background, mental and physical discipline, support and motivation to be successful, which already sets you apart from >50% of the people I've seen interviewing for jobs. You clearly love your girlfriend, you know that she deserves a stable life, and you have the responsibility to work hard for her sake.

So you should really look for a job.


TurismoTek View Post
Last night I talked with my good German friend I was at University with, he found a job in London in recruitment, he is on the phone making 200 calls a day closing sales. He earns a basic salary but the potential for bonuses are high. Like trading it's a performance job, and you get paid a commission for each sale. They have a high turn-over rate, often bringing in graduates like myself, giving them 3 weeks to 3 months to perform and if they do, they keep them on, otherwise "bye bye". Me mentioned he can get me an interview in 2 weeks and I had until the coming Monday to decide whether I wanted to or not.

Be careful to make sure it's not a MLM pyramid scam.

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  #14 (permalink)
 PandaWarrior 
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Take the job....and be on the lookout for something better. Build your trading capital. Keep practicing your edge. When you have enough capital, risk some live.... See if you have the mental chops to trade live money....keep the job until you make more trading than you do at the job. Then quit or at least think about it.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #15 (permalink)
 lsubeano 
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wish you the best!

you're young...

enjoy the moment and live a life full of joy! money is money...as long as you enjoy what you do and enjoy the passion of really learning and observing what moves price, keep it goin'

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  #16 (permalink)
TurismoTek
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PandaWarrior View Post
Take the job....and be on the lookout for something better. Build your trading capital. Keep practicing your edge. When you have enough capital, risk some live.... See if you have the mental chops to trade live money....keep the job until you make more trading than you do at the job. Then quit or at least think about it.

Thanks Panda,

I've read your journal many years a go, and much of it inspired me with my style of trading, in fact if there was any methodology from which I took ideas from it was yours, otherwise my style is based on personal observations, so firstly I should probably thank you for that ---- Thank you -----

Likely I'll be reading your newest journal over the weekend too and likely need to thank you again!

I think what you've said has resonated with me the most -- about what I should do and what I want to do -- you've found a balance. I can always practice trading at the US close and perhaps afterwards with the 6E, the slow movements suit me anyway when the market is asleep, it's easier to read order flow, because there is either no order flow or non-conflicted order flow.

I'll have to give this all some thoughts tomorrow,
Today just going to lift some weights, eat some chicken, watch some football, drink some beers

All the best,
Turismooo

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  #17 (permalink)
 bobwest 
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I agree with the others who said, "Get a job first."

You'll need an income to sustain yourself, and then you'll need it to save up enough to be secure so that you won't have to worry if something happens in your life, and then you'll need something to trade with, if and when you are ready to.

But get a floor underneath your feet. First things first.

(Note: sales is not the easiest type of job for most people to succeed at. Some are great at it, some not. So be willing to look at other options also.)

Bob.

When one door closes, another opens.
-- Cervantes, Don Quixote
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  #18 (permalink)
 tturner86 
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Having my business and a real income outside of trading is the only way I was able to truly focus on trading and not trying to 'make money'. Trading to pay rent, or other bills will put a stress on you that most people cannot handle.

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  #19 (permalink)
TurismoTek
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------
I appreciate everyones comments concerning me getting a job:



But seriously,
I'll take all your comments on board. I still have until Monday to decide whether to pursue this particular job interview.

So thank you!


Post #2

This is going to be a massive post about mentality and psychology. This post contains information and ideas gathered from elsewhere and myself, I am not claiming ownership, just describing things in the best possible way [Others often express better than I can].

I believe it's important to have a winning attitude. In fact, I don't think anybody should be trading unless they think they are making profitable investments, if you don't, I'd suggest you continue learning and making observations until you do recognise high probability situations with such accuracy, it would be stupid not to start trading them. Learning the execution platform is first what simulation is for, and then simulation is for making sure you were right that you've got a winning trading system [System meaning all the aspects that involve your trading business]


--------------------------------------------------
How priming impacts your performance:



Feeling like a winner, produces wins.
--------------------------------------------------

Below are the psychological considerations taken into account when forming and developing my trading approach, they are also generic rules to adhere to for success in trading. You can take the below and turn it into practical application. E.g. Never turn a winner into a loser = going to breakeven at x ticks profit.

Discipline

[1] The market pays you to be disciplined.
[2] Be disciplined every day, in every trade. [No exceptions]
[3] Always lower trade size when you’re trading poorly.
[4] Never turn a winner into a loser. [Greed factor]
[5] Never trade beyond daily target.
[6] Develop a methodology and stick with it. [No day to day changes]
[7] You always want to be able to come back and play the next day. [Daily downside limit]
[8] Earn the right to trade bigger.
[9] If the methodology isn’t working in a given trading session, don’t try to devise another one.
[10] Get out of your losers. [Get out of a losing trade once you recognise the trade is no good]
[11] Take losses immediately when you “hope it’ll come back” [Better safe than sorry]
[12] Don’t hope and pray to the Forex Gods. [Just get out]
[13] Don’t worry about the news. It’s history. [Avoid news periods + Reports are old news]
[14] Don’t be a speculator, if you do, you will lose. [Be a trader, small winners small losers]
[15] Love to lose money within your plan. [Accept your going to have losing trades throughout]
[16] If your trade is stagnant in a given timeframe, it’s time to exit. [Capital flow, wait for heat]
[17] Never take a big loss. Only a big loss can hurt you. [Small loss can restart the next day]
[18] Make a little bit everyday. [10 pip daily target, modest, consistency]
[19] Hit singles. Not home runs. [Never approach expecting a big winner]
[20] Don’t try to predict big up or down days. Assume averages.
[21] Consistency builds confidence and control.
[22] Make the same type of trades over and over again. [Build brick by brick by brick]
[23] Don’t over-analyse the trade. [Place the trade and then manage it]
[24] Don’t procrastinate. [Be active in following your plan]
[25] Don’t hesitate. [Execute the plan]
[26] Traders are equal in the eyes of the market [If you are disciplined you win, If not you lose]
[27] The market itself wields the ultimate scale of justice. [It will punish no discipline & greed & arrogance]
[28] Admitting that your entry point was wrong and exiting the trade immediately
[29] Scaling down when things aren't going your way

Focus

Opportunities can present at any time, often short-lasting. Successful trading requires consistent focus throughout the trading day in order to take advantage of them. Analysing opportunities based on strategy and probability and executing the trade quickly without hesitation with well-practiced hotkeys.

Behaviours to avoid

[1] Refusing the define a loss
[2] Not liquidating a trade, after acknowledging the trade's potential is greatly diminished
[3] Getting locked into a specific opinion or belief about market direction
[4] Revenge trading "give it back"
[5] Not reversing a position even when you clearly sense a change in market direction
[6] Not following the rules of your trading system
[7] Planning for a move or feeling one building, then being immobilised to hit the bid or offer
[8] Not acting on your instincts and intuition for exiting trades, timing entries and reversing

Desired Skills


[1] Focus on goal achievement, to stay positively focused on what you want -- not on fears.
[2] Learning to recognise the skills required to advanced ones trading and staying focused on developing them, instead of money, which is a by-product of those skills
[3] Learning to adapt and change gears in different market conditions more readily
[4] Identifying the amount of risk you are currently comfortable with, expanding it consistently aligned with your ability to remain objective
[5] Learning to execute trades immediately upon perception of an opportunity
[6] Learning to let the market tell you when you have enough profit, rather than assessing the potential from your personal value system of how much is enough
[7] Learning to structure your beliefs to control your perception of market movement
[8] Learning how to achieve and maintain a state of objectivity
[9] Learning how to recognise "true" intuitive information as opposed to boredom, recklessness by using journalling

Goals as a trader

[1] To maintain a fantastic record of your goals, your mistakes, your rules, your lessons, your trades
[2] To create specific, easy to describe and visualise goals
[3] To set goals realistically, but inspiring
[4] To write goals with a time horizon and time steps with objectives
[5] To write a plan to reach objective goals

Emotions as a trader

Anger
  • Moves against you immediately
  • Hit a key and nothing happens
  • Execution not working
  • Hitting wrong key
  • Buying/Selling wrong contracts or when you don't intend to

Anticipation
  • Can't wait for the new trading day
  • Waiting for a stock to reverse
  • Making profit and wanting to make more

Amazement
  • Making a mistake that makes money
  • Reversing and making money
  • Watching a stock go up/down very fast

Elation
  • Your first live trade
  • Your first live winning trade
  • When a trade plays out accurately
  • When you see your balance profitable at the end of a day/week/month

DO's and DONT's

DO stay positive
DO stay inquisitive
DO learn from every trade
DO write a new rule in your journal every time you make an error
DO stop any pattern that hinders your trading
DON'T beat yourself up -- there's always a great trade waiting

Psychological Hurdles

[1] Not defining a loss before executing trades
[2] Not taking a loss/profit when the market reaches your exit point
[3] Getting locked into a belief - going into 'hope' mode
[4] Trading on other trades tips
[5] Kamikaze trading - all or nothing
[6] Euphoric trading
[7] Regret trading
[8] Revenge trading
[9] Being more concerned about being right than preserving capital and making profit
[10] Trying to be perfect
[11] Losing confidence
[12] Lacking consistency in your system
[13] Not being in the right state of mind to trade - control what you can, accept what you cannot

Persistance

[1] Trading through obstacles like frustration or low morale, even if changing to sim --> Practice makes perfect
[2] Persistence combined with patience, walk away when you know your mindsets wrong

Preservation

[1] Preserving capital, as a primary short term goal
[2] Predetermining acceptable max loss on the day/week/trade

Patience

Not jumping into positions without reasons, number of trades drops, efficiency increases and net profit increases. Selective, with strong reasons to enter.

Battle Plan

Objectives for the day, other quantifiable goals.
Maintaining a sense of control and following ones plan
Nobody will buy a contract at the ask if it is falling quickly in price, and vice-versa, be prepared to pay the spread and execute quickly, no chasing the bid with limit orders and vice-versa

General Trading Axioms

Taking consistent small profits instead of waiting for that one elusive 'big' trade
No overnight positions (applicable to day traders)
When buying into strength, accept the ask and offer at the ask for target
More than one reason for entering a trade
Focus on the market for entry and exit points, intuitive trade management, not on profit or loss.
Don't hope the market will do something, or you're dead. Recognise when you are feeling "hope".
Make decisions on what the market is actually doing, not on "hope" or "it could be"

Transparency

[1] Good traders don't care about the opinions of other people if they know they are doing the right thing.
[2] They aren't ashamed of their results, even if they are bad. They know they can and will improve and that trading isn't a personal reflection of their value but simply a market place that facilitates the meeting of buyers and sellers to exchange goods and services, the role of the trader being to seek value, like an old bloke buying antique clocks and trying to sell them for a greater value, sometimes they sell, sometimes it's not got much demand - it's not personal.
[3] Hiding mistakes is one way of saying you don't accept the full responsibility of them.
[4] Real winners like open competition, as they do not fear the results, they know the road to winning is not in hiding ones results or ignoring them but in analysing them and improving and learning more, being humble opens the opportunity to improve. Everybody can and must improve, even the best
[5] Good traders accept blame when something happens, helping them build a feeling of control
[6] People who like challenges and set moderate goals, are transparent and potential winners.

Desires and faith

[1] Desire to succeed essential.
[2] Faith in yourself even more essential
[3] Strong desires and a firm belief that success will happen.
[4] Aligning actions to achieve these goals
[5] If in times of adversity, you have doubts, you will abandon your goals and plans too early for fear of failure, you must persist and analyse afterwards if results are negative. To overcome this, having faith in yourself and plan is important.
[6] You may have been very close to your goals, nothing is impossible to the one who has faith.
[7] Be convicted in your own success and make your actions aligned with that belief, never fail because you didn't work hard enough. Work your butt off, and success will come.
[8] Remain positive and continue expending energy on cultivating successful trading practices, not on hating previous mistakes or futile thoughts and actions.

Intuition, feeling the market

Intuition is often conceived by people like it is nothing from nowhere. Intuition builds with experience and observation.

Intuition is a very fast mental process, allowing for very practical applications to executing trades. Such as getting in extremely early in a move, and exiting before a quick turn around occurs.

From watching, learning and experiencing the market every day, some patterns will creep into your subconscious.

When signs of those patterns are repeated, your subconscious will send a message to your conscious to warn you that something is about to happen.

As you receive more of them, you will start to act on it and make money.

Eventually the goal is to extend that process until you feel the market like you feel your heartbeat after exercising.

Have the market in your veins, become one with the market

Instinctive people Vs Analysts

You can not choose your personality and attributions. People who rely more on their intuition and less on their conscious analysis make the best traders. Markets are very fast, without time for conscious analysis, requiring trades without hestitation. People who analyse too much like to try to understand the markets too much, trying to explain every movement and predict every trend and end. This amounts to mass confusion because of the difficult of the task they are amounting, similar to trying to frame a mathematical model that determines the formula of the universe, there are too many needed variables to establish an analysis which genuinely produces accurate predictions. This is not to say trading using conscious analysis processes is not profitable, both types of traders have merits and flaws.

Analysts like to be right too often, with fixed R:R rather than accepting the uncertainty and managing the trades as such. They want win rates greater than 60% whilst only 55% is needed and they stay convicted to their positions whilst the market tells them they are wrong.

Trying to know what happens next all the time will prevent me from taking opportunities quickly and will often get me in too late, therefore requiring sustained order flow for profits, rather than just profiting from the constant small order flow fluctuations that occur throughout every trading day.

Once again, both analysts and intuitive traders can be profitable.

Open-minded traders

Being open-minded allows consideration of more opportunities, finding the best decisions that might be uncommon.

They adapt and evolve, able to try different solutions to problems.

They are more creative and able to find opportunities nobody would have thought about.

Imitation
  • Admiration, not jealousy
  • Learning from those you admire, not denying them
  • Imitating those you admire

Traders I aspire to:
Paul Tudor Jones
Jesse Livermore
Paul Rotter
George Soros
Lex Van Dam




"All through time, people have basically acted and reacted the same way in the market as a result of greed, fear, ignorance and hope. That is why the numerical formations and patterns recur on a constant basis."

- Jesse Livermore


"I see the younger generation hampered by the need to understand and rationalize why something should go up or down. Usually by the time that becomes self-evident, the move is already over. When I got into the business, there was so little information on fundamentals, and what little information one could get was largely imperfect. We learned just to go with the chart. Why work when Mr. Market can do it for you? These days, there are many more deep intellectuals in the business, and that, coupled with the explosion of information on the Internet, creates the illusion that there is an explanation for everything and that the primary task is simply to find that explanation.

- Paul Tudor Jones





Patience. Discipline. Focus. Belief. Consistency. Confidence

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  #20 (permalink)
TurismoTek
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Posts: 78 since Sep 2014
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Quick Update

I've added the CL and FGBL to my permitted markets this week, alongside YM.

I've been trading since 3AM (ET) so will keep this short, as I'm now brain-dead but had a great day of patience.

Was extremely selective today. I use analysis to identify when I want to look for a trade, when I don't and my targets and stops. My entry is very specific. Sometimes I am always taking my entries and then managing the trade and sometimes I wait for specific situations before placing trades (E.g. trapped shorts) Today I was extremely selective about when to utilise my entries and got 7 winners.

+85 ticks in YM (5 trades)
+5 ticks in FGBL (1 trade)
+21 ticks in CL (1 trade)

Enjoyed today, completely in control and making good decisions, without over complicating anything.

Made a huge error by accidentally trading the November contract for CL today, had massive slippage but it still worked out. I had the december CL last week so not sure how this happened.... Cannot happen again! New item to my pre-trading prep.


All the best,
Turismoooo

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  #21 (permalink)
TurismoTek
London/UK
 
 
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Small Update

My trading platform now...

NinjaTrader for charting
JigSaw Trading for order flow
x_trader pro for execution

Maybe have to simplify this somehow.

Trades today: zero

Will post a few screenshots soon to show my setup and also a picture of my trading desk for fun.

I'm done trading for this week. I am simply planning, simplifying and preparing for starting to properly sim trade next week under all my rules/plans. Next monday I'll start my hypothetical combine Once I've passed a few of these hypothetical combines I'll be going live or doing a TST combine.

Also I contacted my friend about this job in London and told him to hook me up with an interview, so we'll see how that goes, I hope the interview isn't soon as I'd like some time to do some hypothetical combines but I should at least go to the interview to see if I like the job/environment.

Have a nice day everybody,

Turismo.

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  #22 (permalink)
TurismoTek
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Movie recommendation



This movie was awesome if you can read between the lines and understand the symbols... Of course I couldn't, I had to watch a 30-minute explanation on YouTube afterwards to understand this film with my girlfriend, after this I realized what a master piece it was!

If you like ambiguous mystery thrillers, check it out, stars Jake Gyllenhaal.

If anybody does watch it, come back here for some discussion about it, pretty confusing stuff.

All the best,
Turismo.

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  #23 (permalink)
TurismoTek
London/UK
 
 
Posts: 78 since Sep 2014
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Turismo with your UK culture blast:






Spending today just learning to execute orders using the JigSaw trading platform, so far excellent software, love it!



Get them ticks today!

Turismo

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  #24 (permalink)
TurismoTek
London/UK
 
 
Posts: 78 since Sep 2014
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Suffering from information overload.

I'm going through several trading materials simultaneously and developing my plan further and further. I want to get practicing trading as soon as possible, but I feel I need to process all the information before it will be beneficial to trade. My basic goal is to pass a hypothetical combine in November without breaking any pre-defined rules.

My main issue is defining entry parameters, since I like to act more intuitively and don't want to limit my flexibility to act in accordance with the flow/feeling of the market but at the same time I need a more solid framework for entries or else I'll be more prone to mistakes like overtrading, or impatience. I believe that anybody can trade like a pro by reading, sensing and hearing the market. The problems occurs when you try to apply this to all market fluctuations, without specialising.

I feel I cannot trade until I've gone through all this information, but at the same time I feel like the information isn't that important and that I already have all the knowledge I need -- and I just need to accept the uncertainty.

It is the feeling of "what is known is never enough" and "the demand to know more so as to be convinced before acting". I need to accept what there is to know and not demand what is not yet, or cannot ever be known.

I'll keep ploughing through.

Trading is one of these things where confidence feels delusional, because there is so much we do not know. Occasionally I get full confidence and positivity and then I read maybe something on a forum or something and feel completely humbled and like "I'm not ready to trade yet!" but really this is just a more subtle version of the holy grail search.

The best I can do is develop my plan and then practice executing my plan, making active developments to my plan through practice. In other words I need to practice trading, not learn more.

Right now I'm simply waiting for my mind to feel relaxed, confident and calm and not overloaded, before I start my hypothetical combine.

There is no absolutist experience in trading. I want to identify my simple setup parameters and then in such scenarios allow my intuition to take responsibility to "relating between what is actually given in sense and what is only thought or judged." It is my own intuition I have to trust: buying, selling - doing!

"A wrong note, a missed shot, a losing transaction, is all part of the passage. You can't be a better player without accepting that risk along the way - indeed, without having experienced loss along the way."

The quest for an absolute answer, produces a rejection of imperfect techniques -- without accepting what we do know: that it is an imperfect market.

Tl;Dr Developing an acceptance of uncertainty. Further defining entry parameters to prevent overtrading. Accepting imperfect techniques. Accept humility and an inability to trade all market conditions and fluctuations, i.e. patience. Realising the confidence and positivity that comes from being selective about trading conditions and entries. Focusing on developing simple consistency and not mastery.

I'd appreciate some feedback on some of these issues from you guys, as my mind is fragmented over it all.
Turismo

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  #25 (permalink)
 bobwest 
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TurismoTek View Post
The best I can do is develop my plan and then practice executing my plan, making active developments to my plan through practice. In other words I need to practice trading, not learn more.

Right now I'm simply waiting for my mind to feel relaxed, confident and calm and not overloaded, before I start my hypothetical combine.

My sense of these issues is that if you practice your plan, meaning, sit down and trade (sim) until you have gotten it down well and don't have any rough edges left in it, nor doubts about it, your mind will also feel relaxed and calm.

If you have a plan, practice it, stop thinking about it. If it needs to be fixed in some way, fix it, then practice more....

Just my two cents.... don't take it if it doesn't make sense to you.

Bob.

When one door closes, another opens.
-- Cervantes, Don Quixote
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  #26 (permalink)
TurismoTek
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Entry parameters

I trade very intuitively. I feel, sense and read the markets real time. I try to simplify the information I'm consuming whilst trading, after previously trying to complicate it. I use no indicators except a simple volume bar on each chart.

Screen 1:

Email, futures.io (formerly BMT), news, other.

Screen 2:

Market depth, Time/sales, small fluctuations chart

Screen 3:

Larger fluctuation charts that I switch between (I.e. 5 minute, 60-minute, Daily and large range charts)

I then spend my trading sessions focused on screen 2, after identifying interesting areas on screen 3.

I draw support/resistance on screen 2.
I monitor the market structure on screen 2 - ranging, trend. Volatile, unvolatile. Fighting, relaxing. Momentum, Flat.
I then monitor market depth and time/sales to identify exact entries.

My trades can be categorised into price action and order flow setups, though I use them simultaneously.

My price action setups can be classified into four types;

Trend continuations. This is buying pullbacks and breakouts inline with higher highs/higher lows. My target is the previous high (15 ticks) or beyond (30 ticks)

Range scalps. This is identifying a market structure and buying near or beyond the low. I only play an identified range once. My target is the other side of the range between 10-15 ticks.

S/R scalp. This is identifying a support level and fading the breakout. I wait for prints to look exhausted at the lows and buy. My target is +10 ticks above the S.

Trapped Traders. Identifying an impulsive movement lower, and if I feel the potential that we have a lot of trapped traders, I anticipate the move higher and buy the first signs of seller exhaustion.

My order flow entries are harder to classify, but I will post video examples in due time for me to try quantify/define them further.

To summarise: I use price action and order flow. I use charts and market depth. Sometimes trades are anticipations of momentum. Sometimes trades are buying and selling turning points. I use a logical framework of market structure and an intuitive understanding of market depth and order flow to time entries.

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  #27 (permalink)
TurismoTek
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bobwest View Post
My sense of these issues is that if you practice your plan, meaning, sit down and trade (sim) until you have gotten it down well and don't have any rough edges left in it, nor doubts about it, your mind will also feel relaxed and calm.

If you have a plan, practice it, stop thinking about it. If it needs to be fixed in some way, fix it, then practice more....

Just my two cents.... don't take it if it doesn't make sense to you.

Bob.

Thanks Bob,

It's a sensible approach and ideally that's what I want to do; practice and evolve my plan.

The issue for me is committing to a particular focus. How can I know what I'm practicing is relevant and fruitful?

I think you're right, I have to define a plan and stick with it, plough through it and adjust as I go and over time it will all become more clear what works and what doesn't. Is this what you meant?

Cheers,
Turismo

EDIT: Just wanted to say Bob, I've noticed you're really friendly and helpful on the forums to everyone, you're awesome, keep it up

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 bobwest 
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Thanks Bob,

It's a sensible approach and ideally that's what I want to do; practice and evolve my plan.

The issue for me is committing to a particular focus. How can I know what I'm practicing is relevant and fruitful?

I think you're right, I have to define a plan and stick with it, plough through it and adjust as I go and over time it will all become more clear what works and what doesn't. Is this what you meant?

Cheers,
Turismo

EDIT: Just wanted to say Bob, I've noticed you're really friendly and helpful on the forums to everyone, you're awesome, keep it up

Yes, that is what I mean. Find something that seems to have promise, or cook one up, and just work with it until you can execute easily and well, and of course, until it's giving you good results..... (And don't spend infinite time looking or finding....)

Thanks for the compliment. I do try to add something when I can.

Bob.

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TurismoTek
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Steps to becoming a trader

I'm going to try estimate where I am on this modified list, for fun.




We accumulate trading information - buying books, going to seminars and researching.
We begin to trade with our 'new' knowledge.
We consistently 'donate' and then realize we may need more knowledge or information.
We accumulate more information.
We switch the commodities we are currently following.
We go back into the market and trade with our 'updated' knowledge.
We get 'beat up' again and begin to lose some of our confidence. Fear starts setting in.
We start to listen to 'outside news' & other traders.
We go back into the market and continue to donate.
We switch commodities again.
We search for more trading information.
We go back into the market and continue to donate.
We get 'overconfident' & market humbles us.
We start to understand that trading success fully is going to take more time and more knowledge then we anticipated.

We get serious and start concentrating on learning a 'real' methodology.
We search for more trading information to develop our 'real' methodology.
We trade our methodology with some success, but realize that something is missing.
We begin to understand the need for having rules to apply our methodology.
We take a sabbatical from trading to develop and research our trading rules.

We start to take responsibility for our trading results as we understand that our success is in us, not the trade methodology.
We start trading again, this time with rules and find some success, but overall we still hesitate when it comes time to execute.
We add, subtract and modify rules as we see a need to be more proficient with our rules.
We continue to trade and become more proficient with our methodology and our rules.
As we trade we still have a tendency to violate our rules and our results are erratic.
We know we are close.
We go back and research our rules.
We build the confidence in our rules and go back into the market and trade.
Our trading results are getting better, but we are still hesitating in executing our rules.
We now see the importance of following our rules as we see the results of our trades when we don't follow them.
We begin to see that our lack of success is within us (a lack of discipline in following the rules because of some kind of fear) and we begin to work on knowing ourselves better.
We continue to trade and the market teaches us more and more about ourselves.
We master our methodology and trading rules.
We begin to consistently make money.
We get a little overconfident and the market humbles us.
We continue to learn our lessons.
We stop thinking and allow our rules to trade for us (trading becomes boring, but successful) and our trading account continues to grow as we increase our contract size.
We are making more money then we ever dreamed to be possible.
We go on with our lives and accomplish many of the goals we had always dreamed of.


Sheeeeeeiiiitt, I'm currently at the underlined, bold stages.



Still a lot of steps to climb. Fortunately persistence and time are some of my major strengths.

Onwards and upwards!

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 DarkPoolTrading 
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Movie recommendation



This movie was awesome if you can read between the lines and understand the symbols... Of course I couldn't, I had to watch a 30-minute explanation on YouTube afterwards to understand this film with my girlfriend, after this I realized what a master piece it was!

If you like ambiguous mystery thrillers, check it out, stars Jake Gyllenhaal.

If anybody does watch it, come back here for some discussion about it, pretty confusing stuff.

All the best,
Turismo.

I watched this over the weekend and have to admit that I also had to consult google after watching it to figure out what was actually going on. After figuring out what was going on, I enjoyed having watched it even more. Really good movie. Probably one of the only movies i've ever really sat and thought about after watching.

If you find any other similar mystery thriller type movies, let me know. One that comes to mind from a few years back which I recall being fairly good was Memento.

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TurismoTek
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I watched this over the weekend and have to admit that I also had to consult google after watching it to figure out what was actually going on. After figuring out what was going on, I enjoyed having watched it even more. Really good movie. Probably one of the only movies i've ever really sat and thought about after watching.

If you find any other similar mystery thriller type movies, let me know. One that comes to mind from a few years back which I recall being fairly good was Memento.

I'm chuffed anyone actually took my movie recommendation, so you're automatically my futures.io (formerly BMT) chum now, and I'll follow you everywhere. Not surprised a fellow trader liked it, we're a bunch who like a challenge in understanding complexities!

I have a huge s****r phobia, so that last scene really took me off guard. I've seen a ridiculous amount of films, so can definitely recommend a few along the same lines:

I enjoyed memento also, directed by Christopher Nolan (Batman director) if you weren't aware.

The director of Enemy made a previous film, Prisoners. Worth checking out, though it's a crime thriller mystery. Similar to Prisoners is a film Zodiac (also stars Jake) which is pretty awesome, also a crime thriller mystery --> I recommend both, preferred Zodiac.


Also check out the prestige, (directed by Christopher Nolan), trailer makes it look a bit crap but it's absolutely awesome, so good!

Actually I have a ton of recommendations but I don't want to bore you or overload,

Two more, if you haven't seen Pi, you must as a trader, it's funny comparing it to trading system development and it's an amazing movie by an awesome director (warning: black and white). If you like confusing films you need to google, I'd recommend Donnie Darko (also Jake).

Oh man, just thought of another great mystery film: Moon! you have to watch moon! Don't watch the trailer before hand.

Turismo

Edit: In order of recommendation, mystery/thrillers --

[1] Moon
[2] Pi
[3] The prestige
[4] Zodiac
[5] Donnie Darko
[6] Prisoners

In terms of general movie recommendations --- Anything by Darren Aaronofsky, Stanley Kubrick and Paul Thomas Anderson

lol ok that's enough,

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TurismoTek
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Sticky Note on my monitor:

WINNERS enter LOW RISK EXCITING trades and BAIL AS SOON AS THEY KNOW THEY'RE WRONG"

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 kronie 
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DarkPoolTrading View Post
I watched this over the weekend and have to admit that I also had to consult google after watching it to figure out what was actually going on. After figuring out what was going on, I enjoyed having watched it even more. Really good movie. Probably one of the only movies i've ever really sat and thought about after watching.

If you find any other similar mystery thriller type movies, let me know. One that comes to mind from a few years back which I recall being fairly good was Memento.

looks intense,
why not share what you found out?, because not everyone is going to bother to watch...

I know some traders, just don't have the mental disposition to endure something like this trailer, let alone the entire movie.

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 DarkPoolTrading 
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[1] Moon
[2] Pi
[3] The prestige
[4] Zodiac
[5] Donnie Darko
[6] Prisoners

Cool, ill certainly check these out. I've seen the prestige and Zodiac rings a bell. But the rest will certainly be new. Thanks.

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 DarkPoolTrading 
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looks intense,
why not share what you found out?, because not everyone is going to bother to watch...

I know some traders, just don't have the mental disposition to endure something like this trailer, let alone the entire movie.

Yeah it is quite intense and certainly wont be most people's cup of tea. To be honest there's no way I could sum the movie up in a thread post without going through the whole movie in detail. After the movie, I watched a 25 minute youtube video explaining what the movie was about. Yes,...I watched a 25 minute clip explaining a 90 minute movie, lol

I think it would be a disservice to spoil the movie by explaining everything here and potentially ruining it for anyone that watches it.

ps. if anyone does watch it. Do not ruin it by googling the hell out of it first. Just watch it first.

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 kronie 
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Yeah it is quite intense and certainly wont be most people's cup of tea. To be honest there's no way I could sum the movie up in a thread post without going through the whole movie in detail. After the movie, I watched a 25 minute youtube video explaining what the movie was about. Yes,...I watched a 25 minute clip explaining a 90 minute movie, lol

I think it would be a disservice to spoil the movie by explaining everything here and potentially ruining it for anyone that watches it.

ps. if anyone does watch it. Do not ruin it by googling the hell out of it first. Just watch it first.

@DarkPoolTrading

I am going to leave that one in the dark pool, as it were.....

I need me a Muppets, or Disney, or Cin-de-relli just to balance out all this reality

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TurismoTek
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My weaknesses


Overconfidence
Seeking approval
Arrogance
Hating losing
Rushing everything
Not good at handling pressure or stress
unorganised
poor self control
undercapitalised
Doubt
Inconsistency
Anxious
Seeking recognition
Perfectionist
Flittering discipline
Fear of markets being random
Unbalanced focus on skill/method rather than self/psychology
Easily distracted from boring tasks
Like to be right, like to be clever
Easily embarrassed from losing
Trouble committing to something
Overly sensitive
Ability for hope, greed, fear to affect decisions
Obsessive thought patterns
Bad at multi-tasking



My strengths

Reactive skills
Very sharp
Experience from thousands hours observation
Attention to detail
Passion
Work ethic
Knowledge
Ability to hyper focus
Ability to snowball success
Persistence
Winning attitude
Confidence
Patience
Extremely good pattern recognition skills
Very strong intuitive skills
Extremely resourceful
Extremely quick learner
Honesty
Genuine desire to improve
Contrarian/Creative
Logical thinker
Young age
Progressing, not regressing
Acceptance of need for skill and effort
Desire to improve and be good
Economics degree
Persistence in achieving goals
Realistic goals
Extremely good understanding of risk and money management
Acceptance of uncertainty in life
Reasonable risk tolerance
Not a natural gambler
No/little fear of failure, see failure only as a feedback, not a statement of value
Open minded
Very flexible
Realistic objectivity
Trust in my own intuition
Ability to control and react appropriately to emotions
Love performance based competition
Love competition
Love competition regardless of results
Love improving my performance
Love challenges
Love setting goals
Love trading
Good at filtering good and bad information
Exceptional analytical skills
Exceptional problem solving skills
Not a jealous person
Not an angry person
Not a hateful person
Very ambitious
Very hungry for success
Very dedicated to my goals
Love trading when I do it for myself, on my own terms
Trust my own ideas, opinions and thoughts
Don't seek shortcuts
Enjoy learning what moves price
Fascinated by price action and order flow
Healthy, physically fit
Proven ability to eliminate bad habits (i.e. stopped smoking cold turkey, don't drink, don't eat crap)
Proven ability of extremely high self control in areas I care about (i.e. aesthetics, diet)
Don't fear need for subjectivity, relish it
Ability to pursue work as a professional trader
Decisive
Very inquisitive
Growing ability to take setbacks in ones stride
Low risk approach, not reckless





Truth is, I severely under performed in my university classification and I've had serious trouble dealing with this failure to achieve my goal. I've analysed why I didn't reach my potential and am certain it was due to four things:

[1] A lack of hard work
[2] Avoidant due to unhappiness and anxiety
[3] Taking a path my heart wasn't in
[4] Immaturity, irresponsible, laziness

I've translated my learnings into

[1] Work my ass off from now on, which I've adopted quickly
[2] Work on my happiness and issues, rather than ignoring and hoping they disappear
[3] Only commit to things that are in confluence with my heart
[4] I have grown up a lot since then, my poor results were a result of early big mistakes, in later years I did much better but it wasn't enough. These are things that have naturally improved over time, I'm more mature, more responsible and not lazy at all.

I know this journal is suppose to be focused on trading but strangely I feel that everything in my life is related to my success in trading.

Areas to work on:

[1] My trading performance
[2] My methodology, rules and plan
[3] My lifestyle and happiness
[4] Being disciplined
[5] Integrity and pride: Doing what's right

They are all linked somehow.

Cheers,
Looking forward to a new week of trading

Turismo

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TurismoTek
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12 things I want to be able to say about myself, to be assessed monthly:

1. I am following my heart and intuition
2. I am proud of myself
3. I am making progress in my goals
4. I am happy and grateful
5. I am growing into the best version of me
6. I am making my time count
7. I am honest with myself
8. I am good to those I care about
9. I know what unconditional love feels like
10. I have forgiven those who once hurt me
11. I take full accountability of my life
12. I have no regrets

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 bobwest 
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TurismoTek View Post
[B]
I know this journal is suppose to be focused on trading but strangely I feel that everything in my life is related to my success in trading.

Of course it is.

And if you weren't trading, everything in your life would be related to whatever else you were doing....

It's funny that way.

Bob.

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TurismoTek
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Market conditions & Volatility

Whenever I have gotten the chance to trade in the preceding years, it has always been in a time of large volatility. For instance I came back at the end of September and had a month of strong volatility in the index futures.

Thus, I am always having good results because I am getting lucky with favourable market conditions. Then the volatility dries up and I run out of opportunities.

Based on this, I am considering chasing the momentum and volatility, where ever in resides. Looking for optimum market conditions like trends.

List of markets that interest me

ZC agriculture
CL energy
ES YM NQ TF FDAX FESX NKD stock indices
6A 6B 6C 6E 6J 6S foreign exchange
GC SI metals
FGBL FGBS FGBM ZN ZB ZF bonds

Fear of commitment to imperfection

One thing I've learnt from my trading journey is that I have extreme difficult committing. This is a big realisation and basically applies to all areas of my life. I have a tendency to do nothing rather than settle for something imperfect i.e. I give it all or nothing and lack moderation. I need to apply imperfect techniques to an imperfect market, instead of searching for perfection and certainty. As Bob said, I need to practice my plan and evolve it proactively, not find/look for the perfect plan.

I have at least committed to a few truths/things/ideas (For personal future reference):

Futures, low time frames, price action + order flow, anticipation instead of confirmation, Discretion not automation, trading based on expectations of new money and puking, anticipating momentum.. trends and fading through monitoring energy, seeking low risk entries that allow me to know quickly when I'm wrong, trading at market structure extremes, placing limits early to get a good queue position at places I'm likely to fade, bailing as soon as I know I'm wrong, going with the path of least resistance, focusing on bigger average winners than losers, using a hard stop in every entry, being flexible once in a trade, trusting intuition, focusing on hotkeys and no hesitation -- letting go of missed opportunities, proving profitability of strategy on sim before risking real money, the importance of observation and deliberate practice of market depth and charts, the importance of a winning attitude and relaxed mind, not holding trades into economic releases, trading opportunities around economic releases, treating it as a business, the relation between discipline and success, honesty with ones self, evolutionary planning, the necessity for extreme patience as opposed to mastery of all markets conditions, flexible approach to whether to trade or not on a particular day, viewing trading as a competition and not a mathematical problem, anticipating what the most money is going to do.



Cheeeeers,

Turismo

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 matevisky 
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I am reading your journal day by day, and maybe the error is on my sight, but what I see is chaos. When you do writing something you are really writing everything. I have been stopped counting your good and bad characteristic after 10, also right now you are highlighting a lots of market, just like to be a forex trader, to trade every pair.

Do not get me wrong I do believe you that you are a genius, but if you have some time a really would like to see a digested version, where you are highlighting maximum 5 good,bad characteristic, maximum 2 market to trade etc...

Sorry to bother you with this. I used to be a consultant, and we were doing this methadology all the time. Overloading the customer with lots of copy-pasted methadology, documentations, etc. We were sending these all the time around midnight, and asked the to check it over and commented it in 2 days, meaning they had no chance to do it. Or if they did, we were working again during overtime and send them back the ball almost immideatly. So they at the end agreed. Ofc we known what was important in the documentation and what was bullshit, so we were easly pointed that out during the execution phase

But coming back to my point, it is hard to know you better, or even really comment something because you are everything:P

Máté
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TurismoTek
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Advice I would give my younger self about trading


[1] Trading is a competitive game requiring skill. It's not a puzzle with a solution.
[2] Trade using price, time, volume and an understanding of whose trading.
[3] Seek to understand what moves price, no secrets (orders)
[4] Trust your own intuition and be sceptical of others who cannot produce a brokerage statement with good results
[3] Trade using market depth (dom) and/or simple price charts
[4] Price charts don't need to be based on time, they can be based on volatility (range) too
[5] Futures contracts are the best day trading instrument
[6] Understand how different traders/investors are active at different times, use this to your advantage
[7] News is history but can give sentiment and volatility
[8] Fundamentals don't apply to day trading
[9] Patience, discipline and accepting uncertainty is key
[10] Support and resistance, order flow, price action, vwap, volume profile, market structure (trend/range/chop), energy, volatility, gauging market participants likelihood to puke or enter, behavioural finance and structuring trading to avoid human flaws (yes you have them, and many!!)
[11] See yourself as your own coach. Both your mentor and motivator.
[12] Seek to make trading a positive experience, only trade with a particular goal in mind
[13] Assume most market movements are random to you, you cannot predict them, only look for specific circumstances that have good probabilities, these are rare and specific
[14] Work on improving yourself, honesty, transparency and accepting your flaws rather than hiding them
[15] Realise trading doesn't determine your value and that a losing trade is like taking a shot at football and missing - not a big deal and part of the game and you can't score with out the shots.
[16] Most people do not have a clue what moves price. The answer is, puking, new money, limit orders, market orders
[17] Try to understand when higher time frame participants are playing
[18] Try to understand when people are twitching their fingers on the mouse, waiting to make a move.
[19] Everyone is like you, taking on a difficult challenge that isn't easy and has a ton of failure. The key is persistence, hard work and deliberate practice and ability to take losing in ones stride.

Cheers,
Turismo

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TurismoTek
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matevisky View Post
I am reading your journal day by day, and maybe the error is on my sight, but what I see is chaos. When you do writing something you are really writing everything. I have been stopped counting your good and bad characteristic after 10, also right now you are highlighting a lots of market, just like to be a forex trader, to trade every pair.

Do not get me wrong I do believe you that you are a genius, but if you have some time a really would like to see a digested version, where you are highlighting maximum 5 good,bad characteristic, maximum 2 market to trade etc...

Sorry to bother you with this. I used to be a consultant, and we were doing this methadology all the time. Overloading the customer with lots of copy-pasted methadology, documentations, etc. We were sending these all the time around midnight, and asked the to check it over and commented it in 2 days, meaning they had no chance to do it. Or if they did, we were working again during overtime and send them back the ball almost immideatly. So they at the end agreed. Ofc we known what was important in the documentation and what was bullshit, so we were easly pointed that out during the execution phase

But coming back to my point, it is hard to know you better, or even really comment something because you are everything:P

No offense taken, actually I really appreciate your feedback Matevisky and do think I've fallen off track a bit recently.

Posts such as the strengths/weaknesses are more like a stream of consciousness and thoughts, than a structured/planned post. And there purpose is for my own personal future reference, I'm not trying to offer advice to others also, I think this journal can only serve as entertainment and friendship for others because I am not a consistently profitable trader (yet). And I agree this journal thus far has been very chaotic and lacks focus.

This is likely because I have trouble committing to a particular thing. I think... "What market should I trade" and I have so many answers, I cannot choose, so I think and think and think and never choose.

Your observations are very accurate.

And I do not consider myself a genius, really I believe everyone has the potential to be successful including myself. I only think that I will not fail at something again due to a lack of hard work.

When I wrote this list of weaknesses and strengths, originally I only planned on writing my negative characteristics that needed improvement. But by the end of writing the negative characteristics, I was quite down about the fact that I managed to think of so many and it's laughable but I hurt my own feelings lol So I ended up thinking "ok, write your strengths too" and as I thought of more and more, I felt better again, realising that I wasn't so bad after all.

I am over thinking everything. I am maybe finding all the choices and information hard to digest into as you say a 'digested version'.

Over time, the chaos will reduce and the journal will become more focused. And thank you for pointing this out to me, or else I couldn't notice and improve on this issue.

Whenever you or anyone else has feedback or an area for me to improve, I really appreciate the constructive criticism, or else I have a tendency to fall into my own little world.

Cheers,

Turismo

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 matevisky 
Budapest, Hungary
 
Experience: Intermediate
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Advice I would give my younger self about trading


[1] Trading is a competitive game requiring skill. It's not a puzzle with a solution.
[2] Trade using price, time, volume and an understanding of whose trading.
[3] Seek to understand what moves price, no secrets (orders)
[4] Trust your own intuition and be sceptical of others who cannot produce a brokerage statement with good results
[3] Trade using market depth (dom) and/or simple price charts
[4] Price charts don't need to be based on time, they can be based on volatility (range) too
[5] Futures contracts are the best day trading instrument
[6] Understand how different traders/investors are active at different times, use this to your advantage
[7] News is history but can give sentiment and volatility
[8] Fundamentals don't apply to day trading
[9] Patience, discipline and accepting uncertainty is key
[10] Support and resistance, order flow, price action, vwap, volume profile, market structure (trend/range/chop), energy, volatility, gauging market participants likelihood to puke or enter, behavioural finance and structuring trading to avoid human flaws (yes you have them, and many!!)
[11] See yourself as your own coach. Both your mentor and motivator.
[12] Seek to make trading a positive experience, only trade with a particular goal in mind
[13] Assume most market movements are random to you, you cannot predict them, only look for specific circumstances that have good probabilities, these are rare and specific
[14] Work on improving yourself, honesty, transparency and accepting your flaws rather than hiding them
[15] Realise trading doesn't determine your value and that a losing trade is like taking a shot at football and missing - not a big deal and part of the game and you can't score with out the shots.
[16] Most people do not have a clue what moves price. The answer is, puking, new money, limit orders, market orders
[17] Try to understand when higher time frame participants are playing
[18] Try to understand when people are twitching their fingers on the mouse, waiting to make a move.
[19] Everyone is like you, taking on a difficult challenge that isn't easy and has a ton of failure. The key is persistence, hard work and deliberate practice and ability to take losing in ones stride.

Cheers,
Turismo

Example here. You are giving a list with 19 item. What do you think which is the 5 most important for you. You have givin a characteristic about yourself. What do you think which is the 5 most aligned with you. Etc...

Concentrating these kind of things what you are writing down is to much to maintain, at least for me

Máté
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TurismoTek
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matevisky View Post
Example here. You are giving a list with 19 item. What do you think which is the 5 most important for you. You have givin a characteristic about yourself. What do you think which is the 5 most aligned with you. Etc...

Concentrating these kind of things what you are writing down is to much to maintain, at least for me

I wrote that post before seeing your previous one.

You are right. Too many things at once.

I need to stop aggregating thoughts and information and start focusing on executing specific improvements and trading ideas and adapting as I go, rather than trying to figure it all out in one go.

Is this what you meant?

Thanks,

Turismo

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 matevisky 
Budapest, Hungary
 
Experience: Intermediate
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TurismoTek View Post
I wrote that post before seeing your previous one.



You are right. Too many things at once.



I need to stop aggregating thoughts and information and start focusing on executing specific improvements and trading ideas and adapting as I go, rather than trying to figure it all out in one go.



Is this what you meant?



Thanks,



Turismo


Absolutly. If you can not make priorities here than how can you do that on the market. Do not get me wrong of course maybe that is your way but hard to analysis I your progress at least for me

Máté
Full time traderLive journal here
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TurismoTek
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Absolutely. If you can not make priorities here than how can you do that on the market. Do not get me wrong of course maybe that is your way but hard to analysis I your progress at least for me

You are right,

I will really try to take on board what you are saying and work hard on prioritising what's important.


Thanks Matevisky,

It's likely I won't post for a while until I've sorted out my priorities and where I need to focus my attention. Then I will post my actual trades in detail, and how they went, so that I have a record of how I'm doing to then take feedback and find areas that need work.

Turismo

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 kronie 
NYC + NY / USA
 
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@turismo

Hand sized lists,
Hand sized trading contracts,
Hand sized goals!

I just gave you the three finger salute, against a backdrop of a fist full of wisdom.

No more than 3 items on your list, or 3 lists.
No more than 3 contracts to focus upon and know inside and out...
.....(volume patterns, market participants, reaction to news events....)
.....(see, just 3 of the most important components only)
No more than 3 items on your goals list....
.....(change your trading for fun to trading for business/make a living/etc.
.....(get serious, will yuh...

all the best
and
good trading and health to you too....

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TurismoTek
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@turismo

Hand sized lists,
Hand sized trading contracts,
Hand sized goals!

I just gave you the three finger salute, against a backdrop of a fist full of wisdom.

No more than 3 items on your list, or 3 lists.
No more than 3 contracts to focus upon and know inside and out...
.....(volume patterns, market participants, reaction to news events....)
.....(see, just 3 of the most important components only)
No more than 3 items on your goals list....
.....(change your trading for fun to trading for business/make a living/etc.
.....(get serious, will yuh...

all the best
and
good trading and health to you too....

Update 12/11/14

I've had some time to think.

Goals:
1. Get a job
2. Evolve trading from a hobby to a business
3. Make fitness more routine

The decision became trading either [FGBL or ES or ZB] and I found it very difficult to choose, each having strong advantages and disadvantages. I decided to focus on the following:

Trading:
1. Only ES
2. Using market depth, a price chart with volume and time/sales
3. Anticipating orders by using order flow, volume profile, support/resistance & context

Feels good to find some focus. Now it's time to practice, practice, practice.

Turismo

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