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Game Plan
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Created: by blackberry Attachments:19

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Game Plan

  #81 (permalink)
Elite Member
Huntington WV
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: ES, CL
 
TheTradeSlinger's Avatar
 
Posts: 402 since Jun 2015
Thanks: 639 given, 510 received


blackberry View Post
The chart is the manuscript and the tape is its discovery index. It shows that non random events {big contracts} push and pull the price. I'm learning more every day. Some days the big contracts are faster to read then others, but it's there. Every day like clockwork, the big money does its thing. The challenge I have is to learn to fully trust what I see, and not to believe what I think. And with the pressure of holding the wire, it may take me a lot longer then originally anticipated. Feeling sick looking where the price of the ES is at right now. LL. But I do love this trading gig very much.

Not a good answer.

Explain in detail your methodology, forget under capitalization, forget everything else.

Explain why you enter and exit the market.

If you can't, you are clicking buttons.

@blackberry, I really want to cheer for you, but I (and many others, @tturner86, etc) want to know if you have a plan first.

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  #82 (permalink)
Trading Apprentice
newport coast, california
 
Futures Experience: Intermediate
Platform: MultiCharts
Favorite Futures: RB, DAX
 
Posts: 48 since Aug 2015
Thanks: 59 given, 17 received

thank you


TheTradeSlinger View Post
Not a good answer.

Explain in detail your methodology, forget under capitalization, forget everything else.

Explain why you enter and exit the market.

If you can't, you are clicking buttons.

@blackberry, I really want to cheer for you, but I (and many others, @tturner86, etc) want to know if you have a plan first.

Thank you. Point taken. The price moves in two dimensions. And the contract orders are following larger contract orders. And since everything is being recorded. The tape shows it. Time and price. Martin Armstrong on his forecasting blog talks about time being more important. I'm learning to follow the tape. I study the daily,240m, 60m. And when I do my homework properly I can see when and where the price wants to go to. The tape recorded large orders of the past. I'm looking for the rotation or the continuation as the new large orders are coming in. The price goes to where those earlier large contracts brought it from.


Last edited by blackberry; September 10th, 2015 at 06:59 PM.
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  #83 (permalink)
Trading Apprentice
san diego california
 
Futures Experience: Intermediate
Platform: MarketDelta
Favorite Futures: ES
 
traderkcrq's Avatar
 
Posts: 16 since Jul 2015
Thanks: 10 given, 12 received

@blackberry


I think most of us been in a similar situation but maybe not that extreme
I think IF @blackberry want to become a real trader he will learn from his mistakes , we all did that!

it looks to me that this is a start of a new journey for @blackberry and in a couple of years from now he will be able to trade right , but he must wanted badly!

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  #84 (permalink)
Elite Member
Huntington WV
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: ES, CL
 
TheTradeSlinger's Avatar
 
Posts: 402 since Jun 2015
Thanks: 639 given, 510 received


blackberry View Post
Thank you. Point taken. The price moves in two dimensions. And the contract orders are following larger contract orders. And since everything is being recorded. The tape shows it. Time and price. Martin Armstrong on his forecasting blog talks about time being more important. I'm learning to follow the tape. I study the daily,240m, 60m. And when I do my homework properly I can see when and where the price wants to go to. The tape recorded large orders of the past. I'm looking for the rotation or the continuation as the new large orders are coming in, to take the price where those earlier large orders brought it from.

Closer.

Try this:

I enter long because of _________.

I enter short because of _________.

I exit positions due to _________.

And three examples on your charts and I'll be back in the cheer squad for you.

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  #85 (permalink)
Trading Apprentice
newport coast, california
 
Futures Experience: Intermediate
Platform: MultiCharts
Favorite Futures: RB, DAX
 
Posts: 48 since Aug 2015
Thanks: 59 given, 17 received

thank you


traderkcrq View Post
I think most of us been in a similar situation but maybe not that extreme
I think IF @blackberry want to become a real trader he will learn from his mistakes , we all did that!

it looks to me that this is a start of a new journey for @blackberry and in a couple of years from now he will be able to trade right , but he must wanted badly!

Thank you sir. Well said

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  #86 (permalink)
Elite Member
Sydney, Australia
 
Futures Experience: Intermediate
Platform: Sierra Chart, IRESS
Broker/Data: IB, IQFeed
Favorite Futures: ES, SPI, ASX stocks, options
 
Posts: 399 since Jun 2015
Thanks: 169 given, 446 received

So this is a logic based questions for you @blackberry and I have genuine curiosity.

You know you will blow your 1k and you almost have, in a week. How many 1k's do you have for reloading?

If you have multiple reloads, why not just put all of it in so you are better capitalised and lower your heart rate? Or do you feel you don't have the discipline to not blow it all up quickly?

If in this instance, you don't have multiple reloads or are limited, how will you pay the market to educate you?

You are looking at about 500 a week in education costs to be generous. Do you have 25k to last one year?

Sent from my SM-N9005 using Tapatalk

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  #87 (permalink)
Trading Apprentice
newport coast, california
 
Futures Experience: Intermediate
Platform: MultiCharts
Favorite Futures: RB, DAX
 
Posts: 48 since Aug 2015
Thanks: 59 given, 17 received

Studies in Tape Reading by Rollo Tape


TheTradeSlinger View Post
Closer.

Try this:

I enter long because of _________.

I enter short because of _________.

I exit positions due to _________.

And three examples on your charts and I'll be back in the cheer squad for you.

LL. Thank you. The cheering squad may be a positive distraction. The pressure of performing would do me infor sure. When i look at the tape in that moment the amount of incoming contracts will be a certain number. And that number certainly changes by the time that tape frame is over. As I do better in getting my head straight first, I'll certainly be able to explain my view of the tape better. There is a book by Rollo Tape (Richard D. Wyckoff) that I've been following for a while regarding this.

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  #88 (permalink)
Trading Apprentice
newport coast, california
 
Futures Experience: Intermediate
Platform: MultiCharts
Favorite Futures: RB, DAX
 
Posts: 48 since Aug 2015
Thanks: 59 given, 17 received

thank you


PeakGrowth View Post
So this is a logic based questions for you @blackberry and I have genuine curiosity.

You know you will blow your 1k and you almost have, in a week. How many 1k's do you have for reloading?

If you have multiple reloads, why not just put all of it in so you are better capitalised and lower your heart rate? Or do you feel you don't have the discipline to not blow it all up quickly?

If in this instance, you don't have multiple reloads or are limited, how will you pay the market to educate you?

You are looking at about 500 a week in education costs to be generous. Do you have 25k to last one year?

Sent from my SM-N9005 using Tapatalk

Thank you. A very good question. I absolutely lack the discipline simply because I'm new at this. But I respect it enough to know my place to start my journey from. And yes would most absolutely blow any larger account out of the water. It's the psychology of trading that matters to me the most. Otherwise I'd fund my account with $100K yesterday. I started with $50 on the micro forex, it took some time to make it $250+, now I'm simply challenging myself to do better. Yes my house is paid for and most importantly my wife is happy. Which makes my life very happy!

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  #89 (permalink)
Elite Member
Sydney, Australia
 
Futures Experience: Intermediate
Platform: Sierra Chart, IRESS
Broker/Data: IB, IQFeed
Favorite Futures: ES, SPI, ASX stocks, options
 
Posts: 399 since Jun 2015
Thanks: 169 given, 446 received


blackberry View Post
Thank you. A very good question. I absolutely lack the discipline simply because I'm new at this. And yes would most absolutely blow any larger account out of the water. It's the psychology of trading that matters to me the most. Otherwise I'd fund my account with $100K yesterday. I started with $50 on the micro forex, it took some time to make it $250+, now I'm simply challenging myself to do better. Yes my house is paid for and most importantly my wife is happy. Which makes my life very happy!

Fair enough, I didn't need to ask about the happy wife as it was implied, glad you had that in mind.

You should probably go to the webinars page and look at a few of the videos regarding capitalisation and the myriad of benefits you get from having proper cap, since you have the means to do it.

If you cap your account with 20k instead of 1k but have a proper trading plan which limits your risk, lot size and daily/weekly/monthly draw down, you will get all the benefits of proper cap and none of the negatives of a lack of discipline.

Learning discipline is just as important, serially undercapitalising yourself because you don't trust yourself is just handicapping when you don't need to. Discipline can and needs to be learnt. Even if you manage to turn 1k into 5k, your lack of discipline (because you didn't bother to learn it from the start) will kill you later.

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  #90 (permalink)
Trading Apprentice
newport coast, california
 
Futures Experience: Intermediate
Platform: MultiCharts
Favorite Futures: RB, DAX
 
Posts: 48 since Aug 2015
Thanks: 59 given, 17 received

thank you



PeakGrowth View Post
Fair enough, I didn't need to ask about the happy wife as it was implied, glad you had that in mind.

You should probably go to the webinars page and look at a few of the videos regarding capitalisation and the myriad of benefits you get from having proper cap, since you have the means to do it.

If you cap your account with 20k instead of 1k but have a proper trading plan which limits your risk, lot size and daily/weekly/monthly draw down, you will get all the benefits of proper cap and none of the negatives of a lack of discipline.

Learning discipline is just as important, serially undercapitalising yourself because you don't trust yourself is just handicapping when you don't need to. Discipline can and needs to be learnt. Even if you manage to turn 1k into 5k, your lack of discipline (because you didn't bother to learn it from the start) will kill you later.

My wife almost verbatim said the same when I started first with the micro forex. And again just most recently with the micro futures. I do acknowledge and agree with you both. And at the same time yes I still choose to start the way I have already. I'm reading or watching something about trading every single day. And the list of the videos to watch and the books to read is endless. Thank you sincerely for your time spent on a very valid point.

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