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Zen & the Art of The Small Account


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Zen & the Art of The Small Account

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  #121 (permalink)
 PandaWarrior 
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I am three days from the end of the experiment. So far, its going well. I am still tempted to quit now but will complete the task.

I moved to TF for at least a while. The oil margin is to big for me right now to trade the way I want and I won't trade the emini. Thus far, TF has been kind, or I am getting better at reading my signals. Either way, I don't care, its been a good month so far.

The real test begins next week. I have to decide if I will stay on NT7b15, move to b19 or go back to 6.5 for real trading. Any suggestions?

The income account is growing by about $100 per day. Gonna stick with the 10 tick target for now and just increase the contracts as appropriate. I'd like to get to 5 cars on that one.

The wealth account took a couple of hits but has reached a low point and is on track to end really well this month. I may not reach the high point of $4991 but I am ok with just being back on the path to recovery. The revenge trading episode earlier in the month really hurt the equity curve this month.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #122 (permalink)
 Big Mike 
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Good job, az!

My vote would be for NT 6.5 if it was stable for you. I would advise against upgrading to newer betas based on what I've read, unless you have specific reason to do so.

Mike

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  #123 (permalink)
 mahlonhersh 
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aztrader9 View Post
I am three days from the end of the experiment. So far, its going well. I am still tempted to quit now but will complete the task.

I moved to TF for at least a while. The oil margin is to big for me right now to trade the way I want and I won't trade the emini. Thus far, TF has been kind, or I am getting better at reading my signals. Either way, I don't care, its been a good month so far.

The real test begins next week. I have to decide if I will stay on NT7b15, move to b19 or go back to 6.5 for real trading. Any suggestions?

The income account is growing by about $100 per day. Gonna stick with the 10 tick target for now and just increase the contracts as appropriate. I'd like to get to 5 cars on that one.

The wealth account took a couple of hits but has reached a low point and is on track to end really well this month. I may not reach the high point of $4991 but I am ok with just being back on the path to recovery. The revenge trading episode earlier in the month really hurt the equity curve this month.

Az,

I have enjoyed reading both of your journals. I want to compliment you on your tremendous progress. Keep up the discipline and you will do fine.

I have been using NT7B15 since it was released. I trade both sim and live. I have had very few issues. Of course my charts are fairly simple and I'm not doing fancy stuff. With all the trouble with recent betas I've decided to stay put until something known to be solid is released. I had so much trouble with 6.5 that I couldn't even do anything anymore. I couldn't see myself going back to it.

I would caution you in your research into NLP. I know that having a positive and confident outlook is important. I know that visualizing a positive outcome can be helpful. Beyond that, I think it can be dangerous to subject our minds to things that are outside of our control. "Prove all things".

Good trading!

Mahlon

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  #124 (permalink)
 PandaWarrior 
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mahlonhersh View Post
Az,

I have enjoyed reading both of your journals. I want to compliment you on your tremendous progress. Keep up the discipline and you will do fine.

I have been using NT7B15 since it was released. I trade both sim and live. I have had very few issues. Of course my charts are fairly simple and I'm not doing fancy stuff. With all the trouble with recent betas I've decided to stay put until something known to be solid is released. I had so much trouble with 6.5 that I couldn't even do anything anymore. I couldn't see myself going back to it.

I would caution you in your research into NLP. I know that having a positive and confident outlook is important. I know that visualizing a positive outcome can be helpful. Beyond that, I think it can be dangerous to subject our minds to things that are outside of our control. "Prove all things".

Good trading!

Mahlon

Thanks for the input into NT versions.

As to the NLP, for that exact reason I am reluctant to explore. In fact, I have been thinking about taking the positive outlook stuff that NLP promises and find the equivalent in the source of the "prove all things" quote. I think all so called positive thinking methods and teaching, etc can be found in its original source and therefore that is the place I should look. Thanks for reminding me.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #125 (permalink)
 aslan 
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Big Mike View Post
My vote would be for NT 6.5 if it was stable for you. I would advise against upgrading to newer betas based on what I've read, unless you have specific reason to do so.

All of those versions you mention are options. What were you already using? That is what you should keep using for now. If it was NT7, then stay with what you have until you know a new version is not causing pain for a bunch of other people. Some of the versions have been problematic, but usually people are reporting that in the first day or two.

 
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  #126 (permalink)
 PandaWarrior 
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I was scared today of chop....after a trend day like yesterday, don't we most often get consolidation...so I went in thinking small ball..that was the right mind set, but still, I had real trouble staying in trades to completion.

I started with three cars, had a loss then a win, then another win, then a loss, then I thought to myself, "Self, my money management would be better served if instead of adding cars every time I have the margin to do so, why not add a car only when I have enough cash to withstand 3 losses in a row and still be able to trade with the next fewer number of cars comfortably." So I moved to 2 contracts and ground out the rest of the day.

Taking my legit entries, and in the 2 hour time frame I have to trade, there were 70 ticks of profit per contract to be had. Instead, I exercised poor trade management due to fear of chop and exited winning trades prematurely. To be sure, I tried to keep my losers small too and that helped, but in hindsight, most of my entries were good, I just should have stayed with the trades.

My next problem to work on is this; I have no mechanism for catching days like yesterday. I can catch some of those kinds of moves but often end up waiting until the leg is over to try to reenter. This is basically avoiding the big move to trade in the chop. So I will trade my income account as normal and then practice on sim the ways to capture larger moves as they happen. Once I am comfortable with that, I will gradually move the trading style over to encompass both. I think there is a way to do both, just need to prove it.

There were more trades today than normal. I took 8 when I'd really only like 5 per day, but the losses were not back to back and even though I struggled, I knew my entries were ok. Not perfect, but ok and I knew I would get a few winners and work my way to profitability. At $200 I quit for the day and thats when I realized how much profit I left on the table today looking back at the chart.

Thats a risk you take though when you trade....gotta take the good with the bad.

Two more days until trading cash. Looking forward to it. I wish I had a few more days to test my trend capture theory but I don't need it to make money. I'm also going to investigate a countertrend trading strategy on sim over the coming months that I have noticed seems to happen frequently on my charts....but for now, sticking with what got me here in the first place, trade with the trend, 10 ticks at a time, add contracts when appropriate and keep losses small.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #127 (permalink)
 mahlonhersh 
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AZ,

Have you thought about setting up your last contract as a runner and trailing your stop to lock in profits? You could also consider setting the target on the last contract to some high target, to which if hit you would be satisfied regardless how far it goes.

Mahlon

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  #128 (permalink)
 joed 
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anyone here can help me import a template in windows vista?

 
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  #129 (permalink)
 PandaWarrior 
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mahlonhersh View Post
AZ,

Have you thought about setting up your last contract as a runner and trailing your stop to lock in profits? You could also consider setting the target on the last contract to some high target, to which if hit you would be satisfied regardless how far it goes.

Mahlon

Thats what I am going to do....the trick is finding an entry that has that potential. I guess you never really know but I think those exist at the top of a run or at the bottom.....I also have a potential entry signal that could serve but need to further validate.

The other school of though is that all runs originate out of consolidation....that's hard to swallow but its probably true....then its time to find consolidation that I can get a run out of.....this will be an ongoing experiment AFTER I've made my profit goals for the day.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #130 (permalink)
 mahlonhersh 
Arizona
 
Experience: Intermediate
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joed View Post
anyone here can help me import a template in windows vista?

Joed,

You might look here -

How-to import indicators in NinjaTrader - Big Mike's Day Trading Forum

Mahlon


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