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Started From the Bottom

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  #1 (permalink)
Long Island, New York
 
Experience: Beginner
Platform: NinjaTrader
Trading: Global Warming
 
TennisOrDie's Avatar
 
Posts: 204 since Jan 2015
Thanks: 201 given, 214 received

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.

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  #3 (permalink)
Long Island, New York
 
Experience: Beginner
Platform: NinjaTrader
Trading: Global Warming
 
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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
 
Experience: None
Broker: Tasty
Trading: STONKS
 
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Posts: 525 since Jun 2012
Thanks: 1,566 given, 890 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)
Long Island, New York
 
Experience: Beginner
Platform: NinjaTrader
Trading: 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

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  #6 (permalink)
Long Island, New York
 
Experience: Beginner
Platform: NinjaTrader
Trading: 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)
Marketing Specialist
Portland, Oregon
 
Experience: Intermediate
Platform: F-16CM-50
Trading: GBU-39
 
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Posts: 6,172 since Sep 2013
Thanks: 10,456 given, 12,602 received

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)
Portland, OR, US
 
Experience: None
Platform: Investor r/t, X_Trader, ToS
Broker: AMP/IQfeed
Trading: ES
 
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Posts: 493 since Nov 2012
Thanks: 1,496 given, 1,208 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)
Long Island, New York
 
Experience: Beginner
Platform: NinjaTrader
Trading: 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?

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  #10 (permalink)
Long Island, New York
 
Experience: Beginner
Platform: NinjaTrader
Trading: 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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  #11 (permalink)
Marketing Specialist
Portland, Oregon
 
Experience: Intermediate
Platform: F-16CM-50
Trading: GBU-39
 
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Posts: 6,172 since Sep 2013
Thanks: 10,456 given, 12,602 received


TennisOrDie View Post
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?

I trade a 1000V as my entry chart and a 5 min as my medium timeframe. My avg hold time is 30mins-1hr.

I also use a 60 Min, RTH and ETH daily for longer timeframe analysis. But the core of what I looking at is price action on the 5 min. I use the 1000V to pinpoint entries.

EDIT: I tend to take 5-10 trades a day. I am looking to try and swing the day more. Although I may take small scalps if the opportunity is there. To me a scalp is ~5pts or 1:1 of what I am risking.

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  #12 (permalink)
Tampa, FL, USA
 
 
Posts: 28 since Jul 2013
Thanks: 2 given, 18 received


TennisOrDie View Post
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

TennisOrDie,

Maybe you will try NINJA TRADER BROKERAGE, their NT is a decent platform and low commissions mentioned on their website, not a mystery like some brokers that are not listing the commissions on their websites, I'll never open an account with such brokers.

You can download NT for free, they have good support, I use NT for several years with other brokers, I'm not a client of NT Brokerage, but I know that NT purchased Mirus Futures 1 year ago (more or less).

Maybe you check with Big Mike, he is very knowledgeable and a gentleman.

Did you try other tick charts than Fibonacci numbers, for example 150, 450 ticks for NQ? Every market is different (volume, tick size, volatility, daily range, speed, etc.) and you cannot day trade for example NQ, ES, CL using the same size charts. Of course multiple time frames is a must, usually multiples of 3.

Many traders are using Range bars to eliminate some noise but not to trade blinded as with Renko bars.

Success.

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  #13 (permalink)
Long Island, New York
 
Experience: Beginner
Platform: NinjaTrader
Trading: Global Warming
 
TennisOrDie's Avatar
 
Posts: 204 since Jan 2015
Thanks: 201 given, 214 received


tturner86 View Post
I trade a 1000V as my entry chart and a 5 min as my medium timeframe. My avg hold time is 30mins-1hr.

I also use a 60 Min, RTH and ETH daily for longer timeframe analysis. But the core of what I looking at is price action on the 5 min. I use the 1000V to pinpoint entries.

EDIT: I tend to take 5-10 trades a day. I am looking to try and swing the day more. Although I may take small scalps if the opportunity is there. To me a scalp is ~5pts or 1:1 of what I am risking.

When you say 1000v is that 1000 ticks? And thanks for responding.

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  #14 (permalink)
Long Island, New York
 
Experience: Beginner
Platform: NinjaTrader
Trading: Global Warming
 
TennisOrDie's Avatar
 
Posts: 204 since Jan 2015
Thanks: 201 given, 214 received


Bobo View Post
TennisOrDie,

Maybe you will try NINJA TRADER BROKERAGE, their NT is a decent platform and low commissions mentioned on their website, not a mystery like some brokers that are not listing the commissions on their websites, I'll never open an account with such brokers.

You can download NT for free, they have good support, I use NT for several years with other brokers, I'm not a client of NT Brokerage, but I know that NT purchased Mirus Futures 1 year ago (more or less).

Maybe you check with Big Mike, he is very knowledgeable and a gentleman.

Did you try other tick charts than Fibonacci numbers, for example 150, 450 ticks for NQ? Every market is different (volume, tick size, volatility, daily range, speed, etc.) and you cannot day trade for example NQ, ES, CL using the same size charts. Of course multiple time frames is a must, usually multiples of 3.

Many traders are using Range bars to eliminate some noise but not to trade blinded as with Renko bars.

Success.

Wow I didn't realize Ninja Trader's commissions were so low. And I thought you had to pay for the Ninja Trader platform?

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  #15 (permalink)
Tampa, FL, USA
 
 
Posts: 28 since Jul 2013
Thanks: 2 given, 18 received

TennisOrDie, If you will feel OK using NT platform, probably the best is to buy in the future a lifetime license. Having a lifetime license you can trade using NT with lower commissions. There are many brokers you can use to trade with NT (Dorman Trading, IB, MB Trading, etc...it is a long list...).

See also CME's Broker Directory and search for brokers with NT
https://www.cmegroup.com/tools-information/find-a-broker.html
Maybe you will find a better solution than Ninja Trader Brokerage, maybe using a different trading platform, who knows...you have to decide.
I prefer brokers located in Chicago for trading Futures on GLOBEX.

Link here for free/leasing/purchasing NT
https://www.ninjatraderbrokerage.com/trading_platform/purchase

If you decide for NT you can download the free edition, test it, take a look at the training they have
https://www.ninjatraderbrokerage.com/education

NinjaTrader Version 7 (see the videos first)

I'm sending you also a link for NT Trader Kingdom for "Gaining an Intraday Trading Edge Through the Understanding of Range, Time, Volume and Tick Bar Chart Types' - an article by rob Mitchell
Gaining an Intraday Trading Edge Through the Understanding of Range, Time, Volume and Tick Bar Chart Types - Trader Kingdom
(of course he is promoting one of his products, but there are some good info for new traders, I don't know your level of experience, sorry if you are informed already on this subject).


Success.

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  #16 (permalink)
Hi Mom!
Bridgeport, Ct
 
Experience: None
Broker: Tasty
Trading: STONKS
 
TheShrike's Avatar
 
Posts: 525 since Jun 2012
Thanks: 1,566 given, 890 received

I would hold off on purchasing a lifetime license until you get your feet wet a little. It's an added expense you probably don't need at this point. Focus on your trading first and worry about your commissions and costs if you become profitable. A few cents per trade isn't going to make a difference in your bottom line.

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  #17 (permalink)
Long Island, New York
 
Experience: Beginner
Platform: NinjaTrader
Trading: Global Warming
 
TennisOrDie's Avatar
 
Posts: 204 since Jan 2015
Thanks: 201 given, 214 received

I purchased Price Action Trading System last night. I have never read anything like this before. I now realize that up until this point I was basically just guessing on which way price was going to move.

It will definitely take some time to gain a full grasp on this new system, but it will be tremendously rewarding when I do. Price action rules all. I'm finally learning how to actually trade PROFITABLY.

I am still a little confused on second entries and fading false breakouts. I'll have to reread the manual again today.

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  #18 (permalink)
Marketing Specialist
Portland, Oregon
 
Experience: Intermediate
Platform: F-16CM-50
Trading: GBU-39
 
tturner86's Avatar
 
Posts: 6,172 since Sep 2013
Thanks: 10,456 given, 12,602 received


TennisOrDie View Post
When you say 1000v is that 1000 ticks? And thanks for responding.

1000 Volume chart. Tick is every transaction regardless of size. Volume is per every contract sold. To me it gives me a good gauge of the speed of the market.

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  #19 (permalink)
Long Island, New York
 
Experience: Beginner
Platform: NinjaTrader
Trading: Global Warming
 
TennisOrDie's Avatar
 
Posts: 204 since Jan 2015
Thanks: 201 given, 214 received


Bobo View Post
TennisOrDie, If you will feel OK using NT platform, probably the best is to buy in the future a lifetime license. Having a lifetime license you can trade using NT with lower commissions. There are many brokers you can use to trade with NT (Dorman Trading, IB, MB Trading, etc...it is a long list...).

See also CME's Broker Directory and search for brokers with NT
https://www.cmegroup.com/tools-information/find-a-broker.html
Maybe you will find a better solution than Ninja Trader Brokerage, maybe using a different trading platform, who knows...you have to decide.
I prefer brokers located in Chicago for trading Futures on GLOBEX.

Link here for free/leasing/purchasing NT
https://www.ninjatraderbrokerage.com/trading_platform/purchase

If you decide for NT you can download the free edition, test it, take a look at the training they have
https://www.ninjatraderbrokerage.com/education

NinjaTrader Version 7 (see the videos first)

I'm sending you also a link for NT Trader Kingdom for "Gaining an Intraday Trading Edge Through the Understanding of Range, Time, Volume and Tick Bar Chart Types' - an article by rob Mitchell
Gaining an Intraday Trading Edge Through the Understanding of Range, Time, Volume and Tick Bar Chart Types - Trader Kingdom
(of course he is promoting one of his products, but there are some good info for new traders, I don't know your level of experience, sorry if you are informed already on this subject).


Success.

What brokerage do you recommend using with the Ninja Trader 7 platform?

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  #20 (permalink)
Hi Mom!
Bridgeport, Ct
 
Experience: None
Broker: Tasty
Trading: STONKS
 
TheShrike's Avatar
 
Posts: 525 since Jun 2012
Thanks: 1,566 given, 890 received

Have you considered a trading combine from TST? Might be a good fit for a young kid such as yourself. If you prove you can trade and be profitable according to their metrics they will give you a funded trading account.

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  #21 (permalink)
Long Island, New York
 
Experience: Beginner
Platform: NinjaTrader
Trading: Global Warming
 
TennisOrDie's Avatar
 
Posts: 204 since Jan 2015
Thanks: 201 given, 214 received


TheShrike View Post
Have you considered a trading combine from TST? Might be a good fit for a young kid such as yourself. If you prove you can trade and be profitable according to their metrics they will give you a funded trading account.

Sorry, I have no idea what you're saying lol. What is a trading combine and what is TST?

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  #22 (permalink)
Hi Mom!
Bridgeport, Ct
 
Experience: None
Broker: Tasty
Trading: STONKS
 
TheShrike's Avatar
 
Posts: 525 since Jun 2012
Thanks: 1,566 given, 890 received

Tst stands for topstep trader. Their site is https://www.topsteptrader.com:443/. check it out and see if it's something you'd be interested in.

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  #23 (permalink)
Long Island, New York
 
Experience: Beginner
Platform: NinjaTrader
Trading: Global Warming
 
TennisOrDie's Avatar
 
Posts: 204 since Jan 2015
Thanks: 201 given, 214 received


TheShrike View Post
Tst stands for topstep trader. Their site is https://www.topsteptrader.com:443/. check it out and see if it's something you'd be interested in.


This is very interesting. Thanks for sharing. Are you in the program?

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  #24 (permalink)
Tampa, FL, USA
 
 
Posts: 28 since Jul 2013
Thanks: 2 given, 18 received

TennisOrDie, I'm not recommending a broker, you have to decide about it. What I can tell you is that I never had any problem with Dorman Trading and with Advantage Futures.

Beware that topstep trader is not free!!! Please read their terms and conditions, see if is for you.
If you can make decent money on your own, there is no reason to have them or anyone else controlling what you do or to share your profit, is not making sense.
The beauty of trading is the independence and privacy is offering (no boss, no people to manage, no clients, etc...), an important factor when making money. I'll never associate myself with anyone, I prefer to trade for myself and keep the total profit.

Very important - be focus, don't get distracted by trying too many potential ways. Trading is a business, treat it like a business - have a trading plan (risk management, trade management, etc.).

Success.

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  #25 (permalink)
Long Island, New York
 
Experience: Beginner
Platform: NinjaTrader
Trading: Global Warming
 
TennisOrDie's Avatar
 
Posts: 204 since Jan 2015
Thanks: 201 given, 214 received


Bobo View Post
TennisOrDie, I'm not recommending a broker, you have to decide about it. What I can tell you is that I never had any problem with Dorman Trading and with Advantage Futures.

Beware that topstep trader is not free!!! Please read their terms and conditions, see if is for you.
If you can make decent money on your own, there is no reason to have them or anyone else controlling what you do or to share your profit, is not making sense.
The beauty of trading is the independence and privacy is offering (no boss, no people to manage, no clients, etc...), an important factor when making money. I'll never associate myself with anyone, I prefer to trade for myself and keep the total profit.

Very important - be focus, don't get distracted by trying too many potential ways. Trading is a business, treat it like a business - have a trading plan (risk management, trade management, etc.).

Success.

I'll have to do some more research on different brokers. I don't think I'm going to switch to Ninja Trader just yet. I tested it out today and it seems a little bit more advanced than ThinkOrSwim. I also want to wait till I can afford a lifetime license. I'll have to prove myself by becoming profitably consistently so I can purchase it.

Also thank you for the advice about TopStepTrader. I was really excited when I first learned about it. Maybe a little too excited. I'm absorbing a lot of information right now and it is difficult to filter the necessary information from the unnecessary.

I do not think I will be going with the TopStepTrader route for the reasons you listed. I want to be in control of my destiny.

I'm also trying not to read too many books at once. I am going to just be reviewing and rereading PATS and Trading In the Zone. Then at the end of each day I will review any trades I took that day and review other locations where I could have taken trades. This should be all that I'm doing for the next few months. I finally feel like I'm getting a handle on how price moves. I'm excited for this week

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  #26 (permalink)
Tampa, FL, USA
 
 
Posts: 28 since Jul 2013
Thanks: 2 given, 18 received

TennisOrDie, one of the advantages of NT is market replay, you should think about it.

I don't know at least one successful trader who learned to trade from books and I know a lot of traders.
Please keep in mind that most of the books and "gurus" are talking about indicators which are lagging tools created before the existence of advanced personal computers, before HFT and more choppy than trending markets.

Based on my experience, the most reliable are Footprint and Volume Profile because markets are auctions and you must "see" in real time what is going on and to participate by entering and exiting a position.
You are lucky being a member of Big Mike's forum, what he did for traders is fabulous, he also did some webinars about the tools I mentioned.

Regular charts with traditional indicators are like trading partially blind and this is why an estimated 95% of people cannot make money trading. Unfortunately the trading field is full of useless books, courses, software, trading rooms, all kind of "guru" unable to trade profitable, etc. and too little real value.

Success, I see you are a New Yorker, I spent a significant part of my life in NYC and at 9/11/2001 I almost got killed in WTC area, I'll never be able to forget...

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  #27 (permalink)
Long Island, New York
 
Experience: Beginner
Platform: NinjaTrader
Trading: Global Warming
 
TennisOrDie's Avatar
 
Posts: 204 since Jan 2015
Thanks: 201 given, 214 received


Bobo View Post
TennisOrDie, one of the advantages of NT is market replay, you should think about it.

I don't know at least one successful trader who learned to trade from books and I know a lot of traders.
Please keep in mind that most of the books and "gurus" are talking about indicators which are lagging tools created before the existence of advanced personal computers, before HFT and more choppy than trending markets.

Based on my experience, the most reliable are Footprint and Volume Profile because markets are auctions and you must "see" in real time what is going on and to participate by entering and exiting a position.
You are lucky being a member of Big Mike's forum, what he did for traders is fabulous, he also did some webinars about the tools I mentioned.

Regular charts with traditional indicators are like trading partially blind and this is why an estimated 95% of people cannot make money trading. Unfortunately the trading field is full of useless books, courses, software, trading rooms, all kind of "guru" unable to trade profitable, etc. and too little real value.

Success, I see you are a New Yorker, I spent a significant part of my life in NYC and at 9/11/2001 I almost got killed in WTC area, I'll never be able to forget...

Check out my other thread. Maybe you can help me out.

And all I use is a chart with price. Price action rules all. No indicators for me.

Lastly, I'm just sticking to two books. Trading in the Zone and Price Action Trading system manual. Those are the only two books I need.

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  #28 (permalink)
Bamberg, Germany
 
Experience: Beginner
Platform: Sierra Chart
Broker: IB, SierraCharts data
Trading: MES, FDXM
 
Posts: 1,090 since Oct 2014
Thanks: 14,996 given, 2,589 received

@TennisOrDie,
Welcome! Good luck on your pathway to trading.
Some things that I found useful:
  • the webinar library on futures.io (formerly BMT) is great. A great resource for anyone especially the new trader.
  • Check out the Threads from Big Mike and Tigertrader. They are very helpful to see how the successful traders operate. Stops, sizing, price action are all covered in Big Mike's trading journal thread.
  • What I have learned is its all about the Mind and risk management. There is a section in futures.io (formerly BMT) about brokers but this is a small fraction of trading. The important thing is the right mental state and perfecting your risk management, which are two of the same thing. This is a business and once the capital is gone, its gone.
  • Regarding Stop sizing, I have found useful to check out the Average True Range (20 periods) for the timeframe that you want to trade. This will give you an idea of where to place the stop.

Good Luck,
JohnS

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Hi Mom!
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Also thank you for the advice about TopStepTrader. I was really excited when I first learned about it. Maybe a little too excited. I'm absorbing a lot of information right now and it is difficult to filter the necessary information from the unnecessary.

I do not think I will be going with the TopStepTrader route for the reasons you listed. I want to be in control of my destiny.

Which is fine, and I can see your reasoning. I don't think a consistently profitable trader would ever give up 20% of the profit they've earned if they don't have to. But also consider that at this point, you are unproven. You don't know if you can succeed yet. The combines are not free, but they allow you to trade and prove to yourself that you can do it. They also enforce strict risk control which may be helpful when you're first starting. Also keep in mind you you're not bound to TST forever. If you find success you can always ask for a wire and just start trading for your own account.

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JohnS View Post
@TennisOrDie,
Welcome! Good luck on your pathway to trading.
Some things that I found useful:
  • the webinar library on futures.io (formerly BMT) is great. A great resource for anyone especially the new trader.
  • Check out the Threads from Big Mike and Tigertrader. They are very helpful to see how the successful traders operate. Stops, sizing, price action are all covered in Big Mike's trading journal thread.
  • What I have learned is its all about the Mind and risk management. There is a section in futures.io (formerly BMT) about brokers but this is a small fraction of trading. The important thing is the right mental state and perfecting your risk management, which are two of the same thing. This is a business and once the capital is gone, its gone.
  • Regarding Stop sizing, I have found useful to check out the Average True Range (20 periods) for the timeframe that you want to trade. This will give you an idea of where to place the stop.

Good Luck,
JohnS

I'm unfamiliar with ATR. Do I just use the value it gives as a stop? For example if ATR=2, put a stop 2 points below/above my point of entry?

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  #31 (permalink)
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I'm unfamiliar with ATR. Do I just use the value it gives as a stop? For example if ATR=2, put a stop 2 points below/above my point of entry?

I got this idea from Dr. Steenbarger's The Daily Trading Coach, which is an excellent book.

How to use the ATR: So if you trade a 30 min chart, set the ATR to 20 periods and you will see the average range of the 30 min bars over 20 periods. This gives you an idea of the volatility in the 30 min period. so if the result is 20 points, and you your target is 50 points away, you might want to have a stop that is 20 points or greater to avoid the market volatility. There are other items such as support levels and swing lows & highs that should be considered. The idea behind this tool is that you can adjust the stops based on market conditions rather then using a fixed stop for all conditions and being stopped out when the markets become volatile. You can also use Volume for reading volatility. You don't want to get chopped to pieces because of volatility or noise.
I suggest you take a look at some threads and learn how different people place their stops.

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These are my trades for the day. I had 1 winner and 5 losers. Yeesh. Learned a lot though. This is just the beginning.

The first picture is a picture of the day with the major trend lines.
The second picture is of trade 1.
The third picture is of trade 2,3,4.
The fourth picture is of trade 5,6.
Yellow circles are sells. Blue circles are buys. So if a yellow circle comes before a blue it was a short attempt, if a blue comes before the yellow is was a buy attempt.
Every trade I took today had a stop loss of 3 points and a profit target of 3.75 points
Time to review.

Trade 1: Should not have taken this trade at all. Don't know what I was looking at. I didn't use the major trend line. There was absolutely no reason to take this trade, especially a short.

Trade 2: First entry short attempt. Was a solid scalp. Was my only win for the day.

Trade 3: Was looking for the downtrend to start without first being given a signal. There was no break of a major trend line. Should not have taken this trade.

Trade 4: Same as trade 3

Trade 5: Major up trend line was broken. Down trend started after retesting the high. Break out occurred. Was looking to fade the break out planning on it being a false breakout because trend was moving down, so that would have been a counter trend breakout. Break out was successful so the trade got stopped out.

Trade 6: Tried to fade the break out again and got stopped out again.

What I learned today
  • Don't fight the trend
  • Draw your major trend lines first!!!!
  • Create trading rules (ex: Max 3 losing trades per day)
  • When prices are above the 21 EMA, generally you should take long positions
  • When prices are below the 21 EMA, generally you should take short positions

P/L for the day: -288.04

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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

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Are these live trades or sim?

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  #35 (permalink)
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Lastly these are trades I should have taken.

The white ovals represents the trade. They are marked as either longs or shorts.

Long 1: Should have gone long here because it was near the bottom trend line and the trend was up. Simple as that.

Long 2: Same as long 1. And stochastic gave a undersold signal.

Long 3: Same as long 1. And stochastic gave a undersold signal.

Short 1: Trend was down so should have shorted near the top trend line.

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Are these live trades or sim?

These are live trades

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  #37 (permalink)
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Been busy with school the past couple of days but was able to trade today.

Very tricky day today. My first real experience with dealing with a trading range day.

Risk 3 points, gain 3.75

3 losses, 0 wins for the day.

-$180
Picture one is an overview of the day
Picture two shows a closer view of my trades
Orange circles are sells/shorts, blue circles are buys/covers


Trade 1- Short at 4447.50, Cover at 4450.50
Tried to get a first entry short. Should have been more patient and waited for the 2nd entry. Stochastic also showed oversold conditions. Wasn't a good time to go short.

Trade 2- Buy at 4438.50, Sold at 4435.50
Again, needed to be more patient or use wider stops.

Trade 3- Buy at 4442.00, Sold at 4439.00
Again, need to be more patient or use wider stops.

Take away for today
Going to try to use a different risk/reward ratio and wider stops the next time I'm able to trade.

Please let me know if you see any other obvious flaws with my trading. I'm here to learn

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  #38 (permalink)
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These are trades I should have taken today

Trade 1 was a second entry short.

Trade 2 was a maybe trade. Probably wasn't a good idea to pick that bottom.

Trade 3 hit the bottom support and also had an oversold stochastic indicator.

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  #39 (permalink)
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Haven't posted in a while. I have been active in the market. I had a couple of nicely executed trades that put me up for the year and out of the rut I was in. I made sure not to get too excited.

I have decided to switch to both Ninja trader brokerage and Ninja trader platform.

I am also going to school full time so there are some days where I will not trade at all. However, I will try to post pictures of good trade set ups for the day. I will also watch what PATs trading puts on youtube and see what Mack chose as his trades for the day.

These are trades I would have considered taking today. A line is drawn for where I would choose to enter using a stop limit order.

1. Broke the trend line. Fade the breakout.
2. Second entry short. Good for a scalp. The blue arrow points to where the count starts off.
3. Second entry long. Good for a scalp as well. The red arrow points to where the count starts off.
4. Short off that trend line that would have been there from the previous high.
5. Fade the break of the trend line that would have been there from the previous high.
6. Fade the break of the trend line that would have been there from the previous low.
7. Fade the break of the trend line that would have been there/ Second entry long. Purple arrow points to where the count starts off.
8. Fade the break of the trend line.

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  #40 (permalink)
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3/18

Today there was a trading range for the first half of the day because everyone was waiting to see what would happen at the FOMC meeting. I am still not comfortable trading in ranges so I would not have traded at all during this period.

These are my trades for the day after the news was released.

1. Pull back to the TMA. Easy trade to go long. The market moves in twos. This was the second leg up. Also stochastic decreased at this point.
2. Pull back to the TMA. Easy trade to go long. Also stochastic decreased at this point.
3. Pull back to the TMA. Easy trade to go long. Also stochastic decreased at this point.

Today the trend was up. Just had to keep going long when price pulled back to the TMA. Very easy day to make money.

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  #41 (permalink)
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I love daytrading

It's the perfect business.

There are no customers
There are no sales
The hours are good
You can do it from anywhere in the world
You can trade in a way that fits your personality

I love reading charts. I love seeing what happens next. I love making money.

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Me too. Nothing like a nice personal challenge with actual risk and reward.

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  #43 (permalink)
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⁃ Become RICH
⁃ Consistent winners think differently from everyone else.
⁃ I am a consistent and profitable day trader
⁃ I am a consistent ant profitable day trader
⁃ I am a consistent ant profitable day trader
⁃ I am a consistent ant profitable day trader
⁃ I am a consistent ant profitable day trader
⁃ I am a consistent ant profitable day trader
⁃ I am a consistent ant profitable day trader
⁃ I am a consistent ant profitable day trader
⁃ I am a consistent ant profitable day trader
⁃ I am a consistent ant profitable day trader
⁃ The consistency you seek is in your mind, not in the markets. It’s attitudes and beliefs about being wrong, losing money, and the tendency to become reckless, when you’re feeling good, that causes most losses- not technique or market knowledge.
⁃ Probably one of the hardest concepts for traders to effectively assimilate is that the market doesn’t create your attitude or state of mind; it simply acts as a mirror reflecting what’s inside back to you.
⁃ Think in probabilities
⁃ I take complete responsibility for everything that happens
⁃ Anything can happen
⁃ I am perfectly satisfied to let the market do whatever it wants to do.
⁃ I don’t need to know what is going to happen next in order to make money.
⁃ There is a random distribution between wins and losses for any given set of variables that define an edge.
⁃ An edge is nothing more than an indication of a higher probability of one thing happening over another.
⁃ Every moment in the market is unique.
⁃ The market is full of opportunities
⁃ 95% of the trading errors you are likely to make will stem from your attitudes about being wrong, losing money, missing out, and leaving money on the table.
⁃ Let go of all fear.
⁃ Trade without fear or overconfidence
⁃ Perceive what the market is offering from its perspective
⁃ Spontaneously enter the “zone” (a strong virtually unshakeable belief in an uncertain outcome with an edge in your favor)
⁃ You know that your edge places the odds of success in your favor, but at the same time I completely accept the fact that I don’t know the outcome of any particular trade.
⁃ By making myself available, I consciously open myself up to find out what will happen next; instead of giving way to an automatic mental process that causes me to think that I already know.
⁃ The degree by which I think I know, assume I know, or in any way need to know what is going to happen next, is equal to the degree to which I will fail as a trader.
⁃ Patience. Wait for the right entry and exit
⁃ You’re going to lose on some trades.
⁃ Losses are simply the cost of doing business
⁃ Capital preservation…Know your risk. Limit your risk
⁃ The market will do as it pleases
⁃ For your mind to be open to a true exchange of energy, you can’t be in a state of knowing or believing that you already know what’s going to happen next. When you are at peace with not knowing what’s going to happen next, you can interact with the market from a perspective where you will be making yourself available to let the market tell you, from its perspective, what is likely to happen next.
⁃ I am a consistent and profitable trader
⁃ I love day trading
⁃ I love day trading
⁃ I love day trading
⁃ We live during the most exciting time in the history of the world
⁃ Become RICH

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Market Wizard
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TennisOrDie View Post
⁃ Become RICH
⁃ ⁃ I am a consistent ant profitable day trader

Are you trading ants?

Seriously though repeating it ten times won't make it so.


Quoting 
⁃ There is a random distribution between wins and losses for any given set of variables that define an edge.

⁃ An edge is nothing more than an indication of a higher probability of one thing happening over another.

⁃ Spontaneously enter the “zone” (a strong virtually unshakeable belief in an uncertain outcome with an edge in your favor)

⁃ You know that your edge places the odds of success in your favor, but at the same time I completely accept the fact that I don’t know the outcome of any particular trade.

⁃ ⁃ Become RICH

All this is true if you have a definable edge. Do you know the set of variables that define your edge?

"The days when I keep my gratitude higher than my expectations, I have really good days" RW Hubbard
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I think it is important that you believe you can accomplish something, before you accomplish it.

I do believe I have an edge

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Market Wizard
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I think it is important that you believe you can accomplish something, before you accomplish it.

I agree. You do this in trading by testing your strategy.


Quoting 
I do believe I have an edge

If you can quantify it you will be alright.

"The days when I keep my gratitude higher than my expectations, I have really good days" RW Hubbard
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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

I got my rate down to $6.00 round turn but they to look at my past month's activity to verify that I am taking at least 3 trades a day. Call and ask them. All they can do is say no. It doesn't work to tell them you'll go to another brokerage though...I tried that and they really didn't care based upon how little I was trading at the time. You also need to have at least 20k in your trading account. That's my experience with Td

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Nashville Steve View Post
I got my rate down to $6.00 round turn but they to look at my past month's activity to verify that I am taking at least 3 trades a day. Call and ask them. All they can do is say no. It doesn't work to tell them you'll go to another brokerage though...I tried that and they really didn't care based upon how little I was trading at the time. You also need to have at least 20k in your trading account. That's my experience with Td

I called and they said I did not trade often enough for them to lower my commission. This week I will be switching to ninja trader and ninja trader brokerage. My roundturn commission will be around 3.50

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I called and they said I did not trade often enough for them to lower my commission. This week I will be switching to ninja trader and ninja trader brokerage. My roundturn commission will be around 3.50

Good, if you are actively trading and paying a high rate (like double the market rate) and you ask your broker to lower it a bit and they don't want, they better be offering you a lot of other value added services to make up for it. If not, then its best to move your business.

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I have set up everything using ninja trader. I am now trading the es using two contracts. I took one trade today and lost 200 dollars.


I have been very busy with school lately so I haven't had as much time as I wanted to trade. Gotta know when to trade and when to just take a break

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TennisOrDie View Post
I have set up everything using ninja trader. I am now trading the es using two contracts. I took one trade today and lost 200 dollars.


I have been very busy with school lately so I haven't had as much time as I wanted to trade. Gotta know when to trade and when to just take a break

TennisOrDie are you still trading "price action", I see that you have flip over to ES which is the market that I trade. Have you set up your charts now that you are trading a different market?

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vertiqa20 View Post
TennisOrDie are you still trading "price action", I see that you have flip over to ES which is the market that I trade. Have you set up your charts now that you are trading a different market?

I am trading a 2000 tk chart on ninja trader. I am still using price action with stochastic and 21 tma

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TennisOrDie View Post
I am trading a 2000 tk chart on ninja trader. I am still using price action with stochastic and 21 tma

Are you back to trading live are still in sym. I trade price action as well using EX-Moving Average only as signal point.

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vertiqa20 View Post
Are you back to trading live are still in sym. I trade price action as well using EX-Moving Average only as signal point.

I am trading live. I am scalping on the ES. Today I made 1,000.

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TennisOrDie View Post
I am trading live. I am scalping on the ES. Today I made 1,000.

How many trades? How much commission?

Sent from my phone

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double post

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  #57 (permalink)
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How many trades? How much commission?

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This might sound absolutely ridiculous. I took 92 trades while scalping with a 2 tick target and 4 tick stop loss. I traded with 4 contracts for a bit and then moved down to 2. I only take trades when the market is trending. I'd like to hear your thoughts Mike

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  #58 (permalink)
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Hey @TennisOrDie,

Could you post some charts with you entries and exits? I'm curious to see on a chart where you trade. I appreciate it.

Also, What's your name mean? Sounds interesting.

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  #59 (permalink)
Long Island, New York
 
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Itchymoku View Post
Hey @TennisOrDie,

Could you post some charts with you entries and exits? I'm curious to see on a chart where you trade. I appreciate it.

Also, What's your name mean? Sounds interesting.

Everytime I see a new post on this thread it reminds me of this song LOL




Cheers,
ıʇɔɥʎɯoʞn

I will post some trades later today. I am back to trading 2-5 times a day instead of that day where I traded 90 times super scalping 2 ticks. I am trading 4 contracts going for 1 point on the ES with a 2 point stop loss. Sometimes I will use runners for extra points, but only if the setup looks very good. I am still using PATS method with stochastic fast and a 21 TMA

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  #60 (permalink)
Long Island, New York
 
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Since I am busy with school I have been playing around with swing trades/longer term trades. This is a position I entered into today.

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  #61 (permalink)
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TennisOrDie View Post
This might sound absolutely ridiculous. I took 92 trades while scalping with a 2 tick target and 4 tick stop loss. I traded with 4 contracts for a bit and then moved down to 2. I only take trades when the market is trending. I'd like to hear your thoughts Mike

ridiculous is in the eye of the beholder.....but yes that is ridiculous

of course anything is possible.

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Long Island, New York
 
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So like I previously said, I am swing trading because I need to spend time on school. This is the trade I took today

I entered short at 2094.5 I plan on holding from anywhere from 1 day to 1.5 weeks

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