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Papa's Trading Journal

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  #241 (permalink)
 papa15 
Wake Forest, NC
 
Experience: Intermediate
Platform: Sierra Charts, Investor RT, Ninja Trader
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aztrader9 View Post
Does SC have an order entry screen, chart trader or something to enable you to actually place orders. Last time I looked at it, there was no order entry method at all. Charting only. That is why I passed on SC and went with NT.

AZ
You need to revisit. The order entry is really good. If you look closely at the 4R chart you see the chart DOM on the right. You call up a chart trade DOM to define the OCO order (and you can have up to 5 levels I think instead of NT's 3), then I closed that DOM to free up visual space and use the chart DOM. When the trade is entered, the predefined OCO is used. If you want a classic DOM, you can call it up and it gives the normal market depth look, whereas the chart DOM is not showing the market depth. When you place an order, the entry line is displayed as well as the OCO levels, so that you can adjust the stop and targets if price action indicates that should be adjusted. There is more flexibility in SC in just about everything and that includes trade entries. You can really customize it. With several brokers offering it for no additional cost to you, I would recommend you look at it again. I also recommend you look at Optimus if you have a need to switch brokers.
Papa15

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  #242 (permalink)
 papa15 
Wake Forest, NC
 
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Posts: 527 since Sep 2009
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Az
A picture is worth a thousand words I guess

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 PandaWarrior 
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I just noticed you live in NC....my brother in law just moved to Charlotte NC.....

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
 
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  #244 (permalink)
 papa15 
Wake Forest, NC
 
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aztrader9 View Post
I just noticed you live in NC....my brother in law just moved to Charlotte NC.....

Great city, about 140 miles away. Maybe if you visit, we can get together...

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  #245 (permalink)
 Big Mike 
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The SC chart trader and the way it can integrate the DOM depth into the chart is very nice. I definitely think it deserves some attention.

More about Sierra Chart here:


I hate to stray further but there will also be a Sierra Chart webinar next Thr, be sure to check it out.

Mike

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  #246 (permalink)
 papa15 
Wake Forest, NC
 
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Started looking at charts a little after 7am this morning. Just wanted to see what had happened overnight. Attached is the chart, with some areas of interest.

On the 12R chart are 3 blue areas showing good setups. The first one happened while I was sleeping so obviously not a trade candidate. I highlighted it for future reference. It also does not show up on the 4R chart, but if you look back at it, it is a model setup. The other areas are highlighted on both charts.

I am really liking this setup with the 6B. So far there have been plenty of opportunities each day, so no need to feel pressured to jump in. I must exercise patience to wait for the right conditions, and if I miss one, have confidence another one is coming. This has been a problem in the past and one that I am consciously working on.

Another thing I am liking is having a 1:1 (or nearly so) R:R. When I do have a stop, I recover on the next trade. I also am liking having multiple contracts. When the first target is hit, the trade risk is greatly reduced as one stop is removed and I am usually able to move the other stop closer to the entry point. I am focusing more now on risk control than I have in the past.

I added a swing high/low indicator that SC has. This is to make me focus on the swing highs and lows. Obviously for an uptrend the successive swing highs should be going up and for downtrends the swing lows should be getting lower. This is not an indicator I plan to have on the chart for an extended period but only to help train my eye to constantly look for it.

These are the 3 process goals I have now. Be patient and wait for the right setup to present itself. Control the risk. Watch the trend on each time frame and trade in the direction of the trend on the 12R.
Papa15

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  #247 (permalink)
 papa15 
Wake Forest, NC
 
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Trading: NQ
 
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I have used only SC the last two days (did not even start up NT). First impressions is that I really like this software. Much more flexibility than NT. For instance, I was able to modify the chart DOM such that if I click above the bid price, it inputs a buy-stop order. I don't have to use either the middle or right mouse buttons. Same for clicking below the ask price. There has been very little so far that I have not been able to customize. Additionally, the tools section contains all I need to clearly mark setups (text, arrows, circles, ellipses, etc). The learning curve has not been as steep as I had thought it would be.

The only drawback is that OCO orders are for sure held on my PC and if I trade through SC, the potential is there for some trouble. I can overcome that in a couple of ways such as placing orders through R-Trader or getting a backup internet connection.

Just wanted to capture this thought as it went through my mind.
Papa15

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 bluemele 
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papa15 View Post
I have used only SC the last two days (did not even start up NT). First impressions is that I really like this software. Much more flexibility than NT. For instance, I was able to modify the chart DOM such that if I click above the bid price, it inputs a buy-stop order. I don't have to use either the middle or right mouse buttons. Same for clicking below the ask price. There has been very little so far that I have not been able to customize. Additionally, the tools section contains all I need to clearly mark setups (text, arrows, circles, ellipses, etc). The learning curve has not been as steep as I had thought it would be.

The only drawback is that OCO orders are for sure held on my PC and if I trade through SC, the potential is there for some trouble. I can overcome that in a couple of ways such as placing orders through R-Trader or getting a backup internet connection.

Just wanted to capture this thought as it went through my mind.
Papa15

Or, broker on speed dial.

I was using VOIP and trading one time and I was live about a year ago and my internet went down and I had to boot up my cell phone and call information as I didn't have my brokers number in the cell phone. I was sweating!

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  #249 (permalink)
 papa15 
Wake Forest, NC
 
Experience: Intermediate
Platform: Sierra Charts, Investor RT, Ninja Trader
Broker: VanKar
Trading: NQ
 
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Posts: 527 since Sep 2009
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bluemele View Post
Or, broker on speed dial.

I was using VOIP and trading one time and I was live about a year ago and my internet went down and I had to boot up my cell phone and call information as I didn't have my brokers number in the cell phone. I was sweating!

It is already programmed

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  #250 (permalink)
 papa15 
Wake Forest, NC
 
Experience: Intermediate
Platform: Sierra Charts, Investor RT, Ninja Trader
Broker: VanKar
Trading: NQ
 
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Posts: 527 since Sep 2009
Thanks: 583 given, 1,246 received


Still on sim. This morning concentrated on looking for proper setups based on pullbacks to the moving average, controlling risk, and trading with the 12R trend. Started a little after 0830 and quit at 10:15. Multiple setups. One was a stop out but overall the day was profitable (34 ticks profit before commissions).

Overall trading is producing 77% winners. I marked the charts with ellipses showing the trade locations. The first one I squeezed it to get all the trades on it, the second is my normal view.

My comfort level with SC continues to grow, as does my comfort with this style of trading. I am not looking at any other market data other than what is displayed on these charts; no TV or any other distractions either. My objective is to focus on my process goals in order to execute the trading plan.

Papa15

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