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Grasiu's Haven

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  #1 (permalink)
Gdansk, Poland
 
Experience: Beginner
Platform: NinjaTrader + Jigsaw
Broker: AMP/CQG
Trading: US Treasuries
 
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Posts: 25 since Jul 2012
Thanks: 21 given, 18 received

Long story short I'm a former pro poker player transitioning to day trading (long story long here: ).

In the beginning this is not gonna be a typical journal. I won't be posting any trades, simply because... I will not trade even sim yet. I will only be learning by watching the market. I have something like this in my mind:
Phase 0: Pre-trading research (getting to know the discipline)
Phase 1: Watching the markets (dry learning)
Phase 2: Sim trading (true learning)
Phase 3: Live trading (profit)

I have spent October reading and watching about the subject of trading extensively, so Phase 0 is done. Somewhere along that way I decided, that I want to go with Order Flow, leaving Price Action / Volume Profile as a as a second option for later.
My weapon of choice is Ninja Trader + Jigsaw tools with CQG as data feed and AMP as broker (though I won't be using the last one for a long time). I will be learning using Jigsaw's website and No BS Day Trading course.

So onto Phase 1. Wish me luck

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  #3 (permalink)
Gdansk, Poland
 
Experience: Beginner
Platform: NinjaTrader + Jigsaw
Broker: AMP/CQG
Trading: US Treasuries
 
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Posts: 25 since Jul 2012
Thanks: 21 given, 18 received


I though NQ was gonna be the instrument I would trade in future, because of the smaller tick size than other index futures and other reasons from: .

But the jumping of NQ on the Jigsaw's Depth&Sales seemed super erratic. The price often moved after just a couple of market orders hit at a given bid/ask level. So I gave ES a try also and it seems way smoother and understandable for me there.
Maybe it's just because the ES market is thicker? On NQ it seems that someone can move the market with just a few contracts.

I watched ES for couple hours and I'll probably stick with it. Nothing set in stone yet, as I'm just starting and getting feelers for everything. I watched 6E for a few moments and it seemed ok too.

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  #4 (permalink)
Site Moderator
Sarasota FL
 
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grasiu View Post
I though NQ was gonna be the instrument I would trade in future, because of the smaller tick size than other index futures and other reasons from: .

But the jumping of NQ on the Jigsaw's Depth&Sales seemed super erratic. The price often moved after just a couple of market orders hit at a given bid/ask level. So I gave ES a try also and it seems way smoother and understandable for me there.
Maybe it's just because the ES market is thicker? On NQ it seems that someone can move the market with just a few contracts.

I watched ES for couple hours and I'll probably stick with it. Nothing set in stone yet, as I'm just starting and getting feelers for everything. I watched 6E for a few moments and it seemed ok too.

ES is traded by very big players in significant volume and size per trade, so it moves more slowly and absorbs more orders before moving.

That's one reason some people don't like it -- because it's more sedate than many others.

That's also one reason other people do like it.

Good luck with your journey.

Bob.

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  #5 (permalink)
Gdansk, Poland
 
Experience: Beginner
Platform: NinjaTrader + Jigsaw
Broker: AMP/CQG
Trading: US Treasuries
 
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Posts: 25 since Jul 2012
Thanks: 21 given, 18 received

Spent 2nd day watching the ES.

I have to constantly remind myself not to predict whether the price is gonna go up or down. I have a tendency to think about that, instead of just watching how the orders print in the sales columns.

BTW It was a fun day for me today. Good that I'm liking it, though it seems a bit strange, as it's just sitting in front of the computer staring at some numbers :P


One of the fun moments was when 1500 contract buy market order hit at 2058,75 a little before 10am CT. I was like "wow, that is $150M transaction"

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  #6 (permalink)
Birmingham UK
 
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grasiu View Post
S
BTW It was a fun day for me today. Good that I'm liking it, though it seems a bit strange, as it's just sitting in front of the computer staring at some numbers :P




Look at the blonde...

Travel Well
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  #7 (permalink)
Gdansk, Poland
 
Experience: Beginner
Platform: NinjaTrader + Jigsaw
Broker: AMP/CQG
Trading: US Treasuries
 
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Posts: 25 since Jul 2012
Thanks: 21 given, 18 received

.







@ratfink
<--- You inspired me

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  #8 (permalink)
Birmingham UK
 
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grasiu View Post
..

Love It!

Travel Well
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  #9 (permalink)
Gdansk, Poland
 
Experience: Beginner
Platform: NinjaTrader + Jigsaw
Broker: AMP/CQG
Trading: US Treasuries
 
grasiu's Avatar
 
Posts: 25 since Jul 2012
Thanks: 21 given, 18 received

Wednesday I had to skip due to some private matters, but Thursday I put in another day of staring at ES. My mind constantly pops up this thoughts "now it's more likely to tick up", "now it's more likely to tick down", "now I'm not sure / it kinda stays at current price". I stopped fighting it, as I decided it is ok to have such a stream in my mind, if I am aware that this is not gonna be itself reason enough to trade (in the future).

BTW what was that sudden spike in volatility at 11:30 CT yesterday (12/04)? Was there some unexpected news?

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  #10 (permalink)
Gdansk, Poland
 
Experience: Beginner
Platform: NinjaTrader + Jigsaw
Broker: AMP/CQG
Trading: US Treasuries
 
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Posts: 25 since Jul 2012
Thanks: 21 given, 18 received


Watched ES today again, was quite choppy. I've had enough of simple watching the T&S, so I added power meter and filtered tape.


During the weekend I will watch some videos on Order Flow from Jigsaw and from Monday I'll start adding more to my training, moving forward one step at a time.

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  #11 (permalink)
Market Wizard
New Orleans, La (Mardi Gras City)
 
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ratfink View Post



Look at the blonde...

Actually the Red Head is hotter.

Rejoice in the Thunderstorms of Life . . .
Knowing it's not about Clouds or Wind. . .
But Learning to Dance in the Rain ! ! !
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  #12 (permalink)
Birmingham UK
 
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DavidHP View Post
Actually the Red Head is hotter.

Yes, and stroppier.

Travel Well
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  #13 (permalink)
Gdansk, Poland
 
Experience: Beginner
Platform: NinjaTrader + Jigsaw
Broker: AMP/CQG
Trading: US Treasuries
 
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Posts: 25 since Jul 2012
Thanks: 21 given, 18 received

I watched lesson 1 of Jigsaw's order flow course and today I was looking for reversals described in this video (in forms of absorption, buyers/sellers fading away and rolls). I am seeing more and more things, but also getting more and more anxious to start sim trading / doing more than just watching those numbers. Have to keep reminding myself that I'm in it for the long run.

Also found out that my current limit is about 3 hours (including short break for a walk), after that my brain just stops registering and I drift away.

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  #14 (permalink)
Gdansk, Poland
 
Experience: Beginner
Platform: NinjaTrader + Jigsaw
Broker: AMP/CQG
Trading: US Treasuries
 
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Posts: 25 since Jul 2012
Thanks: 21 given, 18 received

I watched the first part of second video of Jigsaw's course titled "Practical Application of Order Flow" and felt good pre market open. But after the open it was tough, with the higher than usual volatility I did not understand what was happening :/


I asked Peter in his AMA thread:
grasiu View Post
Hi Peter, can you please talk a bit about what happened today on ES during first hour / hour and half? The volatility was quite high and I did not see any volume clusters forming on the volume profile (just one big flat bell curve, price going all over it). Also on T&S I did not see much, as the price was often jumping up and down few ticks while printing only couple hundredth contracts at each price level, while totals for each price level (on the mentioned volume profile) was cumulating up to 5 digit numbers.

Was there a way to read the T&S in a way that was giving information what/why was this happening? I'm only into my second week using Jigsaw, so I am not very experienced with the tools, but till yesterday I was feeling that I am understanding more and more each day. Today I again started feeling lost with what I'm seeing.

- maybe he will shine a little more light on it.

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  #15 (permalink)
Gdansk, Poland
 
Experience: Beginner
Platform: NinjaTrader + Jigsaw
Broker: AMP/CQG
Trading: US Treasuries
 
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Posts: 25 since Jul 2012
Thanks: 21 given, 18 received

A lazy day today, I didn't do much, observed ES for just about an hour. But before the market open I watched the second part of "Practical Application of Order Flow" and set up my machine to record the live session, so I have recording of the first two hours of ES. I plan to watch it tomorrow morning.

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  #16 (permalink)
Gdansk, Poland
 
Experience: Beginner
Platform: NinjaTrader + Jigsaw
Broker: AMP/CQG
Trading: US Treasuries
 
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Posts: 25 since Jul 2012
Thanks: 21 given, 18 received

Today I recorder first two hours of ES session and later watched it with stopping, rewinding and even playing some more intense moments frame-by-frame. It took over 4 hours to go through the 2, but it was interesting. The sudden moves, when big money comes in or when the high/low gets broken and stops hit in slow motion explains a lot.

It is a bit strange to write a journal like that, where there is practically nothing to report except every day saying: "I looked at ES order flow for a couple hours and I think I am seeing things", but there is a chance it keeps me motivated and focused more And when I am a successful 50 lot trader it is gonna be fun to have a chronicle of how I started

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  #17 (permalink)
Gdansk, Poland
 
Experience: Beginner
Platform: NinjaTrader + Jigsaw
Broker: AMP/CQG
Trading: US Treasuries
 
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Posts: 25 since Jul 2012
Thanks: 21 given, 18 received

Friday was super hectic, ES starts moving more and more like CL, with sometimes just double digits prints being enough to move the market. Over weekend I rewatched some parts of the day and it was better, but I am now quite sure I prefer slower markets. Maybe it was also caused by the rollover? I will give ES two more days and if it does not slow down the pace I will try to move the treasuries.

PS - Fourth season of Homeland is good

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  #18 (permalink)
Gdansk, Poland
 
Experience: Beginner
Platform: NinjaTrader + Jigsaw
Broker: AMP/CQG
Trading: US Treasuries
 
grasiu's Avatar
 
Posts: 25 since Jul 2012
Thanks: 21 given, 18 received

Watched lesson 4 of Jigsaw's course "Day Trading Without Charts" and tried it out in sim. Was a train wreck :/ I have recordings, so I'll review it later and decided if I should go back to just watching the market or keep trying the sim.

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  #19 (permalink)
Gdansk, Poland
 
Experience: Beginner
Platform: NinjaTrader + Jigsaw
Broker: AMP/CQG
Trading: US Treasuries
 
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Posts: 25 since Jul 2012
Thanks: 21 given, 18 received

In the second half of December volatility on the ES got insane and (after some e-mail exchange with Peter) I decided to take a break until 2015 and this is why the journal suddenly shot down. I spent some time re-watching the Jigsaw Course videos and reviewing my notes, but generally I took it easy. Then unfortunately, after the New Year's Eve party, I caught a cold that later transformed into sinusitis and middle ear infection :[ It took me couple weeks to get back to health.


I had quite a break (almost a month). I decided to start getting back on track with John Grady's No BS Day Trading Basic Course. It was a great decision. The style and clarity of its teachings suited me very well.
Peter's teachings (Jigsaw Course) are really nice too, but they are designed to speak to a broader audience (Peter is the provider of a platform that can be used by many systems, anything that uses order flow). John's materials show his specific approach, which I liked more. So to anyone thinking about getting into scalping / order flow I heavily recommend to get his Basic Course, at $70 it is a steal. John is also very helpful, he have answered all my questions and I have sent him quite a few in couple e-mails.


So.. because of the volatility, and because it is the instrument that No BS Day Trading teaches about, I switched to treasuries. I have spent the last week (19th-23rd of January) watching the Jigsaw DOM of treasuries from 7.20am to about 10am (sometimes live, sometimes recording with BB Flashback and watching later). I somehow didn't get back to journaling immediately, but after a very fruitful week I decided to show up =) I will not be reporting every day, but once a week I will post a summary of how am I doing.


So how am I doing? As I said fruitful =) I am understanding more and more. Most of the time when some exceptional volume shows up at a given price, I get an idea of what's going on (if not immediately, than after rewatching the recording). Sometimes it's not even in hindsight, but right away
One small problem is that I tend to lose focus every 15 minutes or so. I assume the problem is that I am not doing anything except watching numbers and imagining ideas behind them (from time to time even the screensaver kicks in, if I don't move the mouse to clear the columns in Jigsaw). So I think I might do the "just watching" for another week and than in February I will start to sim trade.
So onto the last week of Phase 1 (see the first post ;P).

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  #20 (permalink)
Gdansk, Poland
 
Experience: Beginner
Platform: NinjaTrader + Jigsaw
Broker: AMP/CQG
Trading: US Treasuries
 
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Posts: 25 since Jul 2012
Thanks: 21 given, 18 received

So I have spent one more week just watching the DOMs and adjusting the setup so I can place orders comfortably. On Friday I did some sim-trading, but with light attitude (entering at semi-random, just to see how it goes). All got set and ready.

--

Today was the first day of the actual sim-trading and it was going okay, until I misplaced an order (sold when wanted to buy) and after that I lost a bit concentration, did one more emotionally influenced trade and decided to call it a day. In all I did 9 trades in a little more than 2 hours.

For this week I will be doing just this - tracking just how much I trade (prolly fighting the initial tendency to overtrade), without focusing on the actual results of the trades. I want to just get the feel for it. I will start tracking expectancy, total PnL, etc, next week.

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  #21 (permalink)
Gdansk, Poland
 
Experience: Beginner
Platform: NinjaTrader + Jigsaw
Broker: AMP/CQG
Trading: US Treasuries
 
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Posts: 25 since Jul 2012
Thanks: 21 given, 18 received

So I did the first week of sim trading and it was so-so, had 2 winning and 3 losing days, with one of the losing days being a total flop. I averaged about 10-15 trades a day (in 2-3 hours), so bit of overtrading there as expected, but getting better.

My main issue seems to be the trades, when one just off the bat starts with 2-3 ticks against me. I seem to manage such a trade very badly, just wishful thinking for it to go back to at least break even.. such a standard :P If it starts going against me not-instantly then it is ok, as I don't know.. I have time to react mentally?

But in all it feels ok, especially when I do not overtrade and only take the best spots (hm.. spots are in poker, I think I mean setups ). Then I feel the edge being there than, I understand why it is there and I am satisfied with my execution no matter what the result loss or win.



On a bit different topic - I seem to have little motivation to keep this journal going, even on just a weekly basis. I was supposed to do last week's update on the weekend, then yesterday pre-market, than today pre-market.. you can see the pattern I think it might be the problem with order flow trading. With standard trading one can include a screenshot with some fancy lines/indicators/etc and show what trade was taken. With no-charts order flow trading one can't do any such thing. So it almost seems like I'm trying to do some random writing about emotional states, more than about actual trading (on the other hand, that's a very big part of trading, ain't it :P?)

Anyway I decided to drop any regular updating and only decide to write something if I feel like it. This might mean that the journal actually died right now, but I promise to write a post if something substantial happens (I go live, I become a millionaire, I go broke and give up trading at all, etc), so this little story has some closure

As I said order flow is tough to put into journal summary posts, but if there are out there any trades trying to learn order flow like I am (be it from Jigsaw, NoBS or any other source), feel free to send me a PM and we can chat/skype.

Till somewhen.

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