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Started From the Bottom
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Created: by TennisOrDie Attachments:18

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Started From the Bottom

  #1 (permalink)
Former Ass. to the Reg. M
Long Island, New York
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: Global Warming
 
TennisOrDie's Avatar
 
Posts: 204 since Jan 2015
Thanks: 201 given, 214 received

Started From the Bottom

This is for me. This is to keep myself accountable. This is my journey. Enjoy.

A little about me
  • I trade the NQ
  • I'm a 19 year old college student
  • I trade a 144TK, 512TK, 1000TK chart
  • I will be using trend lines, channel lines, support resistances, and volume profile to determine my entry points
  • It's all about risks. It's all about probabilities. Risk less than what you are going for. Survive more losses.
  • Be patient. Wait for your opportunities
  • You don't have to always know what is going on in the market.
  • The market moves in cycles
  • You can't control the market. It goes up and down.
  • Go with the flow of the market. Don't fight the winning team.

Risk 2 points, gain 5 points
Risk 1.5 points, gain 4 points
Risk 1 point, gain 3 points

Those are my target moves

Do you think those stops are too small?

Lastly, I'm finally starting to realize how becoming a day trader is a personal journey. No one can walk the road for you because no trader trades the exact same way. You need to find what works for you. You need to ask yourself the right questions. You need to learn about yourself.


Last edited by TennisOrDie; March 1st, 2015 at 11:40 PM.
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  #2 (permalink)
Quick Summary
Quick Summary Post

Trading rules
  • Take at least 3 trades per day
  • Stop trading after 3 losses or $200 total losses
  • Stop trading after 2 losses, 1 win for the day
  • If I have 2 wins and 1 loss, take 1 more trade if it is a good opportunity
  • If I have 3 wins for the day, take 1 more trade if it is a good opportunity
  • Don't trade till 9:45
  • Don't trade after 4


Last edited by TennisOrDie; March 2nd, 2015 at 10:18 PM.
 
  #3 (permalink)
Former Ass. to the Reg. M
Long Island, New York
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: Global Warming
 
TennisOrDie's Avatar
 
Posts: 204 since Jan 2015
Thanks: 201 given, 214 received


This is an example of my charting

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  #4 (permalink)
Hi Mom!
Bridgeport, Ct
 
Futures Experience: Intermediate
Platform: Sierra
Favorite Futures: Gold, Oil
 
TheShrike's Avatar
 
Posts: 365 since Jun 2012
Thanks: 1,029 given, 472 received

I don't trade NQ but I've seen it regularly move 4 ticks within seconds. Almost instantly. Your stops are probably way too tight. You might want to ask someone like @tturner86 who is very active with NQ

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  #5 (permalink)
Former Ass. to the Reg. M
Long Island, New York
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: Global Warming
 
TennisOrDie's Avatar
 
Posts: 204 since Jan 2015
Thanks: 201 given, 214 received


TheShrike View Post
I don't trade NQ but I've seen it regularly move 4 ticks within seconds. Almost instantly. Your stops are probably way too tight. You might want to ask someone like @tturner86 who is very active with NQ

I agree. 4 ticks is definitely not enough room to give the trade time to move.
I will be going for a 1 risk to 2 gain ratio while including my commission fees.

For example,
Risk 1 point= $20
Commission= $7 Round trip
Total loss if trade goes wrong= $27

Gain 3.25 points= $65
Comission= $7 Round trip
Total gain if trade goes right= $58

27:58 is about 1:2

Since 1 point is too tight of a stop I will be going for the following 1:2 ratios
  • 2.5 points for 6.25 points
  • 3 points for 7.25 points
  • 3.5 points for 8.25 points
  • 4 points for 9.25 points
  • 4.5 points for 10.25 points
  • 5 points for 11.25 points


Last edited by TennisOrDie; February 28th, 2015 at 05:23 PM.
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  #6 (permalink)
Former Ass. to the Reg. M
Long Island, New York
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: Global Warming
 
TennisOrDie's Avatar
 
Posts: 204 since Jan 2015
Thanks: 201 given, 214 received

Anyone have any luck getting their futures commissions lowered by TD Ameritrade? What would be the best way of going about doing this. Right now I pay 7 dollars round trip

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  #7 (permalink)
Elite Member
Austin, TX
 
Futures Experience: Intermediate
Platform: F-16CM-50
Favorite Futures: JDAM
 
tturner86's Avatar
 
Posts: 5,784 since Sep 2013
Thanks: 9,849 given, 11,160 received
Forum Reputation: Legendary

I risk a minimum of 5 pts in the NQ. I have found that to be a good window to allow a trade to work. From time to time I may risk more, but on avg 5 pts tends to give me the room I need. NQ can ebb and flow 1-3 pts very quickly, especially during strong moves.

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  #8 (permalink)
Elite Member
Portland, OR, US
 
Futures Experience: None
Platform: Investor r/t, X_Trader, ToS
Broker/Data: AMP/IQfeed
Favorite Futures: ES
 
zander931's Avatar
 
Posts: 493 since Nov 2012
Thanks: 1,496 given, 1,206 received


TennisOrDie View Post
I agree. 4 ticks is definitely not enough room to give the trade time to move.
I will be going for a 1 risk to 2 gain ratio while including my commission fees.

For example,
Risk 1 point= $20
Commission= $7 Round trip
Total loss if trade goes wrong= $27

Gain 3.25 points= $65
Comission= $7 Round trip
Total gain if trade goes right= $58

27:58 is about 1:2

Since 1 point is too tight of a stop I will be going for the following 1:2 ratios
  • 2.5 points for 6.25 points
  • 3 points for 7.25 points
  • 3.5 points for 8.25 points
  • 4 points for 9.25 points
  • 4.5 points for 10.25 points
  • 5 points for 11.25 points

Welcome to the forum!

imo, it sounds like you're being much too static with your targets/stops. The market isn't static, and you shouldn't be either.

In other words, market conditions and dynamic, and so too should be your targets and stops.

Also, I don't trade the NQ... but those stops looks pretty tight (for any market condition). You're likely to be trading noise, imo.

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  #9 (permalink)
Former Ass. to the Reg. M
Long Island, New York
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: Global Warming
 
TennisOrDie's Avatar
 
Posts: 204 since Jan 2015
Thanks: 201 given, 214 received


tturner86 View Post
I risk a minimum of 5 pts in the NQ. I have found that to be a good window to allow a trade to work. From time to time I may risk more, but on avg 5 pts tends to give me the room I need. NQ can ebb and flow 1-3 pts very quickly, especially during strong moves.

Thanks for the response. I was also thinking that about 4 points is a good risk on the NQ. If you don't mind me asking, what timeframe/tick frame do you use to trade and about how many trades do you take per day?


Last edited by TennisOrDie; February 28th, 2015 at 06:25 PM.
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  #10 (permalink)
Former Ass. to the Reg. M
Long Island, New York
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: Global Warming
 
TennisOrDie's Avatar
 
Posts: 204 since Jan 2015
Thanks: 201 given, 214 received



zander931 View Post
Welcome to the forum!

imo, it sounds like you're being much too static with your targets/stops. The market isn't static, and you shouldn't be either.

In other words, market conditions and dynamic, and so too should be your targets and stops.

Also, I don't trade the NQ... but those stops looks pretty tight (for any market condition). You're likely to be trading noise, imo.

I see what you're saying. I think for now when I first start, it's important that I use good risk/reward ratios which is why I needed to right them out. I'm sure once I'm managing the trade while I'm in it, I won't be getting out at those exact ratios, but hopefully somewhat close. I definitely need to consider using wider stops.

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