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Love of the Game: Former CME member starting over


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Love of the Game: Former CME member starting over

  #31 (permalink)
 
wldman's Avatar
 wldman 
Chicago Illinois USA
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John47 View Post
Thanks for the words man. Did you also spend some time in Chi around the exchanges?

Yes I was a NASDAQ market maker, then a local at CBOE..."retired" upstairs late '03

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  #32 (permalink)
 John47 
Pittsburgh
 
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wldman View Post
Yes I was a NASDAQ market maker, then a local at CBOE..."retired" upstairs late '03

Ever run into a local in Nasdaq w/ badge NUNZ?

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  #33 (permalink)
 John47 
Pittsburgh
 
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Mama said there'd be days like this, there'd be daaaays like this my mama said. Anybody else feeling that?

2 Winners, 2 losers today but I'm still down ticks because one of my rules is regressive sizing. First trade, 2 lot loser, cut to one lot, loser again, followed by two one lot winners. Granted this is my 4th day actually trading but I am not pleased to end a day down. I know, I know, the prevailing wisdom is losers happen but I'll tell you this....don't get comfortable losing. We aren't here to lose money. You should be uncomfortable when you end a day down and that discomfort should drive you to learn and improve.

First trade I give myself a bit of a pass because it was part of my plan. After the open I was expecting a test upwards and I wanted to sell 1.2320's or better to hopefully cover around 1.2300. Not a chance. Sold into a face ripping rally. I planned this, and executed, but I sold straight into a damn rally.

Second trade, def. a bit of revenge trading. Tried to buy the pullback and lost money both ways. This was definitely my most severe mistake because the market was not yet acting in a way that I was in tune with but I was too eager to enter.

I got my head out of my ass for my next trades....slow friday, no numbers no reason to move, no paper activity so look to fade volatility. So at least I was able to put on two winners to end the week. My 3rd trade I sold the absolute high tick....1.2325. Total luck to get that fill, didn't even go bid.

I did end my first 4 days with a very small positive expectancy and I will build on that.


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  #34 (permalink)
 
wldman's Avatar
 wldman 
Chicago Illinois USA
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John47 View Post
Ever run into a local in Nasdaq w/ badge NUNZ?

by NASDAQ market maker I meant over the counter equities, not in nasdaq trading crowd. I was on the screen first, then CBOE, then screen again.

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  #35 (permalink)
 Grantx 
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Hi @John47
How much do you rely on volume? Whats your method for identifying buying/selling zones? In the last chart you posted, what do you mean 'fade volatility'?

Thanks!

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  #36 (permalink)
 
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 rassi 
the congo
 
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Grantx View Post
Hi @John47
How much do you rely on volume? Whats your method for identifying buying/selling zones? In the last chart you posted, what do you mean 'fade volatility'?

Thanks!

Trade the edges outside in.

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  #37 (permalink)
 John47 
Pittsburgh
 
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Grantx View Post
Hi @John47
How much do you rely on volume? Whats your method for identifying buying/selling zones? In the last chart you posted, what do you mean 'fade volatility'?

Thanks!


I rely exclusively on price and volume to identify buying/selling zones.

"Fade volatility"....Just meaning trade the range. Like....if 6E is consolidating, but it's 9:15 AM and there's an important data point coming out at 9:30....chances are no matter what that data point says, we're going to break that range in some way and see volatility. Market is coiling like a spring. So I'd be game planning for what I want to do on a break in either direction.

Friday there were no data points at all, and across the board markets were choppy and directionless. 6E established the range it was trading in that day, and the Volume profile dist. was pretty gaussian. There was no building tension in the market, it was listless. There was no paper executing big orders. So recognizing that was the environment I was more aggressive to sell the top of the range and buy the bottom. More aggressive to make bets that the range wouldn't be broken. Why? The range was established and to break it we'd need some reason, need volume and participation. We weren't getting that. Not on a slow friday afternoon.

Does that make sense? There's a lot of discretion to my style and many of my trades, less black and white, but I'm happy to try to explain my thinking.

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  #38 (permalink)
 Grantx 
Reading UK
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John47 View Post
I rely exclusively on price and volume to identify buying/selling zones.

"Fade volatility"....Just meaning trade the range. Like....if 6E is consolidating, but it's 9:15 AM and there's an important data point coming out at 9:30....chances are no matter what that data point says, we're going to break that range in some way and see volatility. Market is coiling like a spring. So I'd be game planning for what I want to do on a break in either direction.

Friday there were no data points at all, and across the board markets were choppy and directionless. 6E established the range it was trading in that day, and the Volume profile dist. was pretty gaussian. There was no building tension in the market, it was listless. There was no paper executing big orders. So recognizing that was the environment I was more aggressive to sell the top of the range and buy the bottom. More aggressive to make bets that the range wouldn't be broken. Why? The range was established and to break it we'd need some reason, need volume and participation. We weren't getting that. Not on a slow friday afternoon.

Does that make sense? There's a lot of discretion to my style and many of my trades, less black and white, but I'm happy to try to explain my thinking.

Makes perfect sense thanks for explaining (I learned a new word as well... gaussian - will try and slip that into a conversation when I get the chance).
If you dont mind explaining how you use the volume by price (volume bars on the right of your chart) and also what that indicator is right at the bottom of you chart? When I was using the volume by price bars I found it extremely useful for confirming levels but I imagine there is more to it than that.
THanks.

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  #39 (permalink)
 John47 
Pittsburgh
 
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Gentlemen,

I apologize for not updating the past few days. This week I was only able to trade yesterday and today. Yesterday I had two losers and a winner, but was still down 6 ticks, and today I had one winner.


After reviewing my trades/trading over the weekend, I've come to some conclusions. First and relatively minor, I won't be posting charts of executions anymore. I don't have a great method right now for posting a chart that accurately shows executions, and drawing the arrows is a little clunky, so we'll move on from that.


Tied to that, I'm going to spend whatever time I get today and hopefully over the weekend to create a spreadsheet journal that I will instead post.

This all comes after reviewing my first week and realizing I need to simplify. Why? Being able to prepare and actively trade each day is a very big time commitment. It will a challenge for me to integrate it into my life without taking away from my other obligations and activities. That's the bad part. The good part is becoming a successful trader again while also maintaining and continuing my success in other areas of my life is truly about the most complete and content lifestyle I can image.

Cheers!

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  #40 (permalink)
 
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 Rrrracer 
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John47 View Post
Being able to prepare and actively trade each day is a very big time commitment. It will a challenge for me to integrate it into my life without taking away from my other obligations and activities. That's the bad part. The good part is becoming a successful trader again while also maintaining and continuing my success in other areas of my life is truly about the most complete and content lifestyle I can image.

I've struggled with this as well, and think I've finally figured out how to keep everything balanced and happy, but it's taken a couple of tries It is the ultimate goal, best of luck!

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