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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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  #741 (permalink)
 bluemele 
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Sorry AZ, but when you say 'ticks' is that an average per contract or a total sum?

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  #742 (permalink)
 PandaWarrior 
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bluemele View Post
Sorry AZ, but when you say 'ticks' is that an average per contract or a total sum?

I usually quote in ticks per contract but leave the number of contracts out as that is not really material to the discussion. If I elect to quote in total net ticks, I usually will state that

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #743 (permalink)
 PandaWarrior 
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Ok, so watched the 5 min chart and the news at the same time....Japan got drilled over night with a huge earthquake and so I spent some time watching that on TV.

Just prior to this though, I took a trade off the 5M chart and netted 31 ticks. I decided that was enough for the day and stopped trading.

After the news, I spent some time sim trading and this was a mixed bag as I discovered the evils of a trailing stop.

My goal today was to watch the 5M chart and only look at the range chart when something was setting up. This resulted in me feeling like I was stepping in front of a truck when price got to locations in which I really wanted to trade. BUT those trades were fantastic. The stops were tiny and there was NO confirmation to be had anywhere except for around 20-30 ticks later on the range chart.

You will see from the charts what I am talking about. The red lines on the range chart are levels off the 5 min chart I transposed to the range chart. See how price really reacts at those levels.

CL almost always has at least one or two 100 tick moves each day. Not always but enough that it makes one lust for one of those. So after I was mostly done, a 100 tick sustained move already happened without me but there was enough room in the range for another one. So I decided to try and capture one on sim.

Check out the last range chart. I got in pretty early on the move just above support on the 5 min chart. The 50MA was now underneath and climbing...the perfect set up for a nice long move. I got in a little later than I wanted but still within the bottom of the move. As expected, it chopped around a bit and I moved my trail stop up to +4 and got hit. I tried again with the same results. So I quit......and came back a little bit later and sure enough, the target from my original entry had been hit.....100 ticks with no real heat.....damn and damn again....

BUT there is a ray of sunshine in this.....I saw what happens in real time during a real pull back and what must happen to take advantage of the move with the smallest possible stop. It is really flying naked. There is no confirmation to be had with the typical range of indicators.....certaintly not moving averages on the smaller chart....they were in full bear mode.....only the 5 min chart said it was ok to enter.....

For me, today was pretty tough trading. I went through a transition from a short to long environment without suffering to much loss in the chop that always happens in this zone. But I made money and that is what is important.

What I did wrong:

1. I was impatient with the stop....I moved them to fast
2. I was a little aggressive with the IB set up on the five min chart and ignored the trend and went long when the trend was short.
3. I did not get in right when I wanted. I waited for confirmation.....maybe this is ok, I've never really done that before so while I saw where I wanted to get in, those are zones where I have never actually done it before.

What I did right today:

1. I watched the 5 min chart for the most part.
2. I was much more patient than normal. Both for the set up and the exit.
3. For the first time in a long time, I believed it was possible for ME to achieve larger profit targets.
4. I held a sim trade for 50 ticks. Can I do this live? I think so. It remains to be seen.

Ok, I'm done for today. Time to move on to non trading activities.

Cheers

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #744 (permalink)
 tderrick 
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oooooo!! your charts are starting to look Quite spiffy!! I'm jealous!


I , also , enjoy the action of 5min SR levels along with a smaller range chart... I think we're on to something
captain!!!

What color Ferrari do you think?? I've always been partial to black!


AJ
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  #745 (permalink)
 PandaWarrior 
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tderrick View Post
oooooo!! your charts are starting to look Quite spiffy!! I'm jealous!


I , also , enjoy the action of 5min SR levels along with a smaller range chart... I think we're on to something
captain!!!

What color Ferrari do you think?? I've always been partial to black!

Probably gonna be a used Ford 150 four door.....I gave up the Ferrari thing a few years ago. If I buy a sports car, it will be a Chevy Corvette. I just like the look of them. Or maybe a Cooper Mini supercharged....or....or....or....or....maybe a motorcycle.....yeah, thats the reason I opted for the F150 Ford.....I can't decide on the huge number of fancy car choices. I want one of each.....I had an S type Jag....I loved that thing....until the payment was uncomfortable.....then I hated it.

So the F150 is the choice for now. And maybe a Prius for the wife...she wants something that gets 40mpg.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #746 (permalink)
 tderrick 
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aztrader9 View Post
Probably gonna be a used Ford 150 four door.....I gave up the Ferrari thing a few years ago. If I buy a sports car, it will be a Chevy Corvette. I just like the look of them. Or maybe a Cooper Mini supercharged....or....or....or....or....maybe a motorcycle.....yeah, thats the reason I opted for the F150 Ford.....I can't decide on the huge number of fancy car choices. I want one of each.....I had an S type Jag....I loved that thing....until the payment was uncomfortable.....then I hated it.

So the F150 is the choice for now. And maybe a Prius for the wife...she wants something that gets 40mpg.

The new F150 engines are great!! Keep synthetic oil in it and you may have it for 20 years...


AJ
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"Life On The Edge of SR"
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 PandaWarrior 
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tderrick View Post
The new F150 engines are great!! Keep synthetic oil in it and you may have it for 20 years...


Used baby, used....never buying a new car again....I learned that lesson the hard way!

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #748 (permalink)
 PandaWarrior 
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tderrick View Post
The new F150 engines are great!! Keep synthetic oil in it and you may have it for 20 years...


The 1998 Explorer I am driving now has 140,000 miles and running great. Paid for to boot...plan on driving until it falls apart in a pile of nuts and bolts in the driveway!.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #749 (permalink)
 tderrick 
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aztrader9 View Post
Used baby, used....never buying a new car again....I learned that lesson the hard way!


I got you on the used bit... I bought my '95 GT Mustang with 60K on it and it still runs strong at 210K..

That thing may outlive me, as it is partially retired now... lol


AJ
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  #750 (permalink)
 itrade2win 
New York
 
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aztrader9 View Post
Used baby, used....never buying a new car again....I learned that lesson the hard way!


Whats wrong with new? All I want to do is fill it up with gas and have the oil changed and that's it. And now some of the manufacturers are offering free maintenance programs for up to 5 years. I lease, it keeps my payments low and I get a new car every 3 years.


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