You have a very bold attitude, and abundant zeal! I do not have the limitless capital, so am taking a much slower, more deliberate approach (which more closely approximates my personality i suppose), and i suppose there is a certain amount of merit in both. Heck, this is trading, which to me at it's very core, is dealing with and managing risk. So risk takers we all are to certain extents.
I will second that it does sound like you jump around a bit much with your methodologies. This is a problem i face as well, as there seemingly thousands of strategies and indicators out there!
Good luck my friend, and keep up the fight.
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There's a tournament that goes on called Battle Fin. You should check it out. It's for traders competing against each other online to win $15,000,000 in capital to trade for a firm. These firms pay big bucks, so it's a big trophy.
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Pot shot trades are so stupid. I've kind of tried them because I get so into my work that I focus down on the tiniest signals, and wanting to just keep working and plowing into my work I've tried them. It's painful like venom sinking in as a poison centipede captures you in a state unready to battle. Literally discomfort and paralysis kicks in while that market is eating out my guts is not something I want to repeat.
I just have to pull my head out of the monitor, and take a step back waiting for the big picture to tune in on my mind, and wait for the Big Signals to justify entering the market. Ironic as it sounds, this is hard to do at times. It's as if my mind believes I know what is going on, but I'm so far detached from it, I'm mired in it's little data bits like an schmuck trying to do business with hoods.
I traded three days this week, and I didn't write in until today.
I made $1600 on Tuesday, and was up and down $100 the rest of the day without losing more than $100. So I was flat on the day at $1500. I called out the bottom in the morning within .50 of the pivot, and I wound up doing okay riding a 15 contract steam shovel to the bank. I scaled in the size, and I scaled out. That was the ideal trade. Every single indicator and indication from my sources said it was going higher. I just hunted the bottom on the Jigsaw's order flow, let it test twice, and bounce up over the Harmony Line. It was great, and that was all for the day.
Last night I put a contract on, and I was stopped out. I put one on the other way, and I was stopped out, but had I had no stop on it would have been a $1000 trade.
I'm not recollecting Monday. I don't get enough sleep. Hehe
Today I woke up with the market open expecting some profit taking from all of the rallying with the Central Banks' decisions including ECB, China, and FOMC. So what do you think I did? I went with the assumptions about markets in my trades instead of with the charts. My order of rationale was out of order. Price, order flow indicators, news. That's the order I have to take, but I started with 3, and I ignored steps 1 and 2.
The trend was up, but I was shorting. I wasn't just trying to short, I was all in shorting a few times racking up the big loss. Not only was I completely backwards this morning in the market and illogically, I wasn't even risk managing by using scaling techniques and risk buffer accumulation techniques.
What I need to do is just take this red stupidity on my P&L window, and just act like I'm starting over for the day with contracted risk capital to use until I climb back up. That means fewer contracts, and that means earn more risk bufferage before using excessive contacts.
It's 2 hours past the open right now, and I'm down $2,500 although I'm all in now with 15 contracts with signals telling to short.
I almost want to sit out right now for losing so much money. Technically after $-1,000 down, I should be sitting out for the day, and studying my business's technical aspects. I don't know. I just took in $500 now, so my draw down is only $2,000.
I should just stop and study Jigsaw and so forth.
PRICE > SIGNAL > NEWS NOT NEWS > BS > LOSSES
Last edited by Trader2016; March 18th, 2016 at 11:51 AM.
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In the last hour a saw all indicators pointing at a short trade, but then it went against me. I scaled in, lost some a few hundred, and exited. Then they came over the air about $2.5bin to the buy side of the MIM.
It looked like it would get choppy, so to cut the white caps on the haul, I needed to take it on with both trades: short and long on the /ES and /NQ.
So, what I figured was the markets would kick up and down. And they did in fact. That worked, but I didn't play the piece the right way. This deal just turned into a break even dealy, and I dropped it all together at that.
I should have stayed out of the last hour all together. It's never predictable except when MIM is huge I thought, but it seems that that doesn't even have any value. $1bin is big going into the close. $2.5bin is like trying to fall away from Sun's gravity, but the price defied the direction of the pull.
I need to practice this box trade by scaling into and out of positions on both sides. It's actually easier than I thought.
I need to concentrate on these, take notes, review my notes in the notebook and on FIO, and review the studies that Peter the JigSaw Master has developed for his market flow students.
Great stuff, but I just need to stick to it. After spending the past few years running hardcore for the ability to trade soundly, I had to get funded, so now I'm working on getting funded for day trading in order to fund my own strategies in options. It's been hard, and I'm a little burnt out. I'm taking a little more time lately to watch movies or other intricate effects of my life to try to get the senses back into my study time. Just trying not to feel guilty about not working to get further ahead is challenging.
It's like mining down to a quartz stringer that you know is there, so you work like hell to get to it, and once you are there, you can actually look for the gold. That's what the barrier to entry into trading looks like. First, dig into markets to figure out where the areas of profit are, and then focus on those areas until they are understood second naturedly. I'm too the quartz.
To me scaling is built on the premise that a much larger position will be built, but justifying that large of a position at the start of the trade is unjustified because of the risk to capital. The buffer has to be built first.
-Scale in Small
-Add more Contracts tryleave room between the price and break even
-Take Profits off of the table when a reversal may be done
-Assume the Profits from the day are part of the buffer not just on the live trade P&L box
-Accumulate as massive of a buffer as possible for one big trade for the day (ideal)
-MAIN IDEA: START WITH LOW RISK CAPITAL, AND TRY TO EXPAND IT AS MUCH AS POSSIBLE FOR THE BIGGEST TRADE OF THE DAY
Boxing is something I thought of a while back when I first began to study day trading, but I put it off because I was not efficient at scaling ratios and order flow reading.
-Open two DOM's
-Short and Buy the same market such as the /ES against the /NQ or the /QM against the /CL etc
-At areas of stagnation such as resistance and support etc where oscillation is likely
I'm still trying to iron out the details, but the main idea is to run it so that you are capturing profits before your capital is captured. Not always does one DOM make at all. It may lose a little as long as it is less than the profits in the other. This is kind of fun.
Today was not a bad day to trade. If I would have traded it by the rules, I'd have been over $1,000 up on the day.
It was an unbiased market day on no news, so it oscillated with no trend problems until the last half, and it was all plain to spot ahead of any moves.
It seems like I need to trade to stay into the work as though I have no patience nor mindfulness in the morning as to whether or not there's a trade on the chart or not. The great trades of the day today gave momentarily tiny windows of time to expose the clues about the moves before they disappeared, and the moves happened. I'm not waiting for those.
I need to think of this like I'm buying 2 or 3 pieces of property, so I need scan the properties. Each moment in the chart's day is a new piece of property. The question is what are the prospects in it? what's it going to be worth in a few seconds, minutes, and hours.