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  #201 (permalink)
TampaFL
 
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saikodi View Post

I can perhaps help you if you are looking for automation.

Thank you for your post. Much appreciated.

I will DM you with my response as soon as I get a chance to put my thoughts down on paper (well, computer screen - you know what I mean).

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  #202 (permalink)
TampaFL
 
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Non-Day Trade: The biggest impact of doing this journal has been the way my view of writing options has changed. I would never have imagined a time when I wouldn't have option premium in my account. Markets change, and people change, but time never stops. I've always viewed time decay as an edge that, managed properly, would always be there. But having to write about it every day has really made me question whether or not the risk/reward is worth it. And I'm not sure that's the case any longer. I'm no longer convinced the retail trader (obviously with some exceptions) can make a living writing options. Should it even be a part of my arsenal? I have to ponder that. I have never been very good at sleeping. So it was never unusual for me to get up 2-3 times during the night to check the markets and make sure nothing too crazy had happened during the night - especially if I had any options that were getting uncomfortably close to the money. But I've really come to like the idea of being flat. Oh, I still wake up during the night, that hasn't changed, but I no longer feel the need to run to my desk and see what's going on. I like it! I closed out my Put from yesterday. Up about 200 for the day, and a positive trade. I still think it's extremely likely to expire worthless, but do I need it? Not really.

Day-Trade Side: Another beautiful day! After so many days of seemingly constant struggle, the past couple of days have been wonderful. Today just exploded out of the gate as the NASDAQ rocketed along. I was up over 2500 before the 3rd leg was even initiated. I elected to skip the 3rd leg, which ended up profitable, hence leaving money on the table, but I like the idea of minimizing risk. It continued working right up until I exited. It even kept working after that, but I was more than happy to call it a day. Up 3840 for the day and this month is off to a most excellent start.

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  #203 (permalink)
TampaFL
 
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fabricefer View Post
I just want open a new account at amp futures i send a 1k usd for test but this money have never been credited to my account and their bank certify they received the money .... i contact several time their support but no help ... do that hapened to other ? what i can do ? i send the money following their instruction for bank wire ... then the money never arrive to my trading AMP account and they dont help . What i can do thank you

Unfortunately, I have no way of assisting you with this. I don't use amp futures, nor do I have any contacts there. Perhaps a post to a more general section of this board?

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  #204 (permalink)
TampaFL
 
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Non Day-Trade P/L: +194.68 Month: +133.26 *Total: +3880.55
DayTrade P/L: +3840.00 Month: +8661.76 *Total: +63,481.76



* Total is since June 1, since I started this journal in June and June 3 is when I switched to using the micros in the daytrade portion.

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  #205 (permalink)
Legendary Pratik_4Clover
Mumbai, India
 
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jba1962 View Post
Non-Day Trade: The biggest impact of doing this journal has been the way my view of writing options has changed. I would never have imagined a time when I wouldn't have option premium in my account. Markets change, and people change, but time never stops. I've always viewed time decay as an edge that, managed properly, would always be there. But having to write about it every day has really made me question whether or not the risk/reward is worth it. And I'm not sure that's the case any longer. I'm no longer convinced the retail trader (obviously with some exceptions) can make a living writing options. Should it even be a part of my arsenal? I have to ponder that. I have never been very good at sleeping. So it was never unusual for me to get up 2-3 times during the night to check the markets and make sure nothing too crazy had happened during the night - especially if I had any options that were getting uncomfortably close to the money. But I've really come to like the idea of being flat. Oh, I still wake up during the night, that hasn't changed, but I no longer feel the need to run to my desk and see what's going on. I like it! I closed out my Put from yesterday. Up about 200 for the day, and a positive trade. I still think it's extremely likely to expire worthless, but do I need it? Not really.

Day-Trade Side: Another beautiful day! After so many days of seemingly constant struggle, the past couple of days have been wonderful. Today just exploded out of the gate as the NASDAQ rocketed along. I was up over 2500 before the 3rd leg was even initiated. I elected to skip the 3rd leg, which ended up profitable, hence leaving money on the table, but I like the idea of minimizing risk. It continued working right up until I exited. It even kept working after that, but I was more than happy to call it a day. Up 3840 for the day and this month is off to a most excellent start.

Option writing can be very lucrative for even retailers, its just that you should never do that in stock scripts or when you expect volatility to increase, this is the biggest nutshell problem, most retailers do not have good handle on this and when volatility increases you need to be capable enough to do adjustments both financially and mentally, and yes, you can lose sleep over it.

Ppl generally tackle this with some rule defining, some like to go with the specific days and times to write them and some just like to hedge them better (Greeks). It is one of those areas where you do need considerable expertise and good handle on risk management. Making it little less attractive than futures, especially mini and micro ones where you can suddenly have greater returns with relatively lower risks.

I regularly write options, but they are only my national index and often I'm also spreading expiry. Reward is less but it works out in longer term as a bit of safety net for my intra trades.

It is not something you would want to do with really volatile scripts or underlying assets, but it can be done and many do it.

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  #206 (permalink)
TampaFL
 
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LastDino,

Thanks for your input. I've sold options since 1997, so I've seen a variety of market conditions and volatility throughout the years. I've made a lot of money writing options, and had a couple of epic blowups. I know all the numbers (I'm a numbers guy) and have written my own pricing model, which I feel is more accurate than the Black-Scholes which assumes log-normal distribution of prices.

My question was more internal. Does it make sense for me? I've always liked having two sources of trading income. For many many years, my day trading was an adjunct to my options writing. Often times the majority of my income came from premium while my day trading puttered along. Now it seems to have flipped the script, and with the advent of micros and the increased granularity, I now derive most of my income from the day trading portion as you can see from my posted results. My intent was not to say that nobody can be profitable (and I apologize if that's how it read), but to say that, for me it might make more sense to focus primarily on the day trade portion.

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  #207 (permalink)
Legendary Pratik_4Clover
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jba1962 View Post
LastDino,

Thanks for your input. I've sold options since 1997, so I've seen a variety of market conditions and volatility throughout the years. I've made a lot of money writing options, and had a couple of epic blowups. I know all the numbers (I'm a numbers guy) and have written my own pricing model, which I feel is more accurate than the Black-Scholes which assumes log-normal distribution of prices.

My question was more internal. Does it make sense for me? I've always liked having two sources of trading income. For many many years, my day trading was an adjunct to my options writing. Often times the majority of my income came from premium while my day trading puttered along. Now it seems to have flipped the script, and with the advent of micros and the increased granularity, I now derive most of my income from the day trading portion as you can see from my posted results. My intent was not to say that nobody can be profitable (and I apologize if that's how it read), but to say that, for me it might make more sense to focus primarily on the day trade portion.

That's awesome!
You have certainly also given me something to think about.

Yes, of course, I'm not countering at all whether it can make money or not, sorry if it came like that. Just putting something of discussion point as I thought you were giving up on that stream of line, but like you said its more of an internal question and not one to outsiders, I might have jumped the gun. I apologies

But something did came out of it, for me at least, so thank you

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  #208 (permalink)
TampaFL
 
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Non-Day Trade: Nothing Done

Day Trade: Like the last few days, the trade took no heat today. Unlike the last few days it did not rocket into the stratosphere. It seemed to want to oscillate between +500 and +1000, doing so several times. Lowest was -200 and best was +1200. So after the last rotation up to +1000, I decided to call it a week. It's been a very very good week and I don't want to end it on anything but a positive note. So I am, like many corporate people do, leaving early on a Friday. Up 1087 for the day.

Exact numbers in the morning.

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  #209 (permalink)
TampaFL
 
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Non Day-Trade P/L: 0.00 Month: +133.26 *Total: +3880.55
DayTrade P/L: +1088.73 Month: +9750.49 *Total: +64,570.49



* Total is since June 1, since I started this journal in June and June 3 is when I switched to using the micros in the daytrade portion.

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  #210 (permalink)
Seattle WA/USA
 
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jba1962 View Post
Non Day-Trade P/L: 0.00 Month: +133.26 *Total: +3880.55
DayTrade P/L: +1088.73 Month: +9750.49 *Total: +64,570.49



* Total is since June 1, since I started this journal in June and June 3 is when I switched to using the micros in the daytrade portion.

JB,
I am relatively new to this game and I have to ask about your day trading. I know you have mentioned that the majority of your income is now coming from day trading since the advent of the micros. The micros offer small profit (for smaller risk, of course) and the amount of profit you are booking daily indicates that you must be trading a substantial number of contracts or using algos, or you're just a trading machine!

Could you just, in general, explain what your day trading consists of? I'm not asking you to reveal anything proprietary or personal, but as a new trader I just try to learn everything I can from people who have a successful track record. Plus I have a naturally curious nature, and we all know what curiosity did for the cat!

Thanks for sharing your information and have a great weekend!

Mike
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  #211 (permalink)
TampaFL
 
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Mike,

I am now trading 3 units, so yes the position sizing is fairly large, but the trades are mostly spreads and don't require a lot of margin to initiate. My algorithm for position sizing is the most complex thing in my trading, and it's not all that complex. I mostly spread the various indices against each other and position size per unit varies but is typically something like 6/11/5/8. The 11, as I write this, is the Russell. So if my first leg involves the Russell I will buy/sell 11 micros per unit, so 33 for 3 units. You can see that if the Russell is involved in all 3 legs, and there are no negations, I can end up +/- 99 contracts by the time the 3rd leg has been completed. Now that sounds like a lot, but these are spreads. The margin requirement is actually less than 10K per unit.

Now as the day goes along, I may adjust the position slightly. If I am getting beat up on one side of the trade, I may close a few contracts and/or add a few to the other side. The more trendy the market, the more aggressively I'll implement a bias. Ideally I do nothing all day but watch it until it's time to get out. In reality, that happens only about 20-25% of the time, and the rest of the time I have to tweak the position throughout the day. That is why I love the granularity of the micros.

Now you might be thinking, if you are going to buy/sell 33 M2K, why not buy 3 minis and 3 micros? Excellent question! And that's what I just started doing this week. From June through September I paid IB nearly $12,000. in commissions. I'd like to lower that and mixing minis and micros will, hopefully, allow that. Why didn't I think of that before? Who knows? I should have, but didn't. In any event I made that change this week, and it seemed to work well. I was still able to add and subtract and get the exact mix I was looking for, and commissions were somewhat less. IB charges me .94 r/t for the micros and 4.10 for the minis. But this week was a very good week, far better than average, so it remains to be seen how the mix will work when the model struggles. But I see no reason to believe I can't save $$ on commissions this way. The only negative I can foresee is the need to enter more trades. i.e. I need 33 Russells so I have to enter 1 trade for 3 minis and another for 3 micros. It takes me 10-15 seconds to enter a trade with IB, so it could take as long as a minute if I have to do 4 trades and the market can, at times, do a lot in a minute. No issues this week, but something to keep an eye on. I've always had this issue to some extent because you cannot do spreads with IB. They say you can, but they don't work. Anyhow, I'm rambling, so I'll stop now.

My entries are purely mechanical which is why I feel they are ripe for automation. But the adjustments are discretionary, and I am not sure I could codify them even if I wanted to, though someday I am going to try.

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  #212 (permalink)
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jba1962 View Post
Mike,

I am now trading 3 units, so yes the position sizing is fairly large, but the trades are mostly spreads and don't require a lot of margin to initiate. My algorithm for position sizing is the most complex thing in my trading, and it's not all that complex. I mostly spread the various indices against each other and position size per unit varies but is typically something like 6/11/5/8. The 11, as I write this, is the Russell. So if my first leg involves the Russell I will buy/sell 11 micros per unit, so 33 for 3 units. You can see that if the Russell is involved in all 3 legs, and there are no negations, I can end up +/- 99 contracts by the time the 3rd leg has been completed. Now that sounds like a lot, but these are spreads. The margin requirement is actually less than 10K per unit.

Now as the day goes along, I may adjust the position slightly. If I am getting beat up on one side of the trade, I may close a few contracts and/or add a few to the other side. The more trendy the market, the more aggressively I'll implement a bias. Ideally I do nothing all day but watch it until it's time to get out. In reality, that happens only about 20-25% of the time, and the rest of the time I have to tweak the position throughout the day. That is why I love the granularity of the micros.

Now you might be thinking, if you are going to buy/sell 33 M2K, why not buy 3 minis and 3 micros? Excellent question! And that's what I just started doing this week. From June through September I paid IB nearly $12,000. in commissions. I'd like to lower that and mixing minis and micros will, hopefully, allow that. Why didn't I think of that before? Who knows? I should have, but didn't. In any event I made that change this week, and it seemed to work well. I was still able to add and subtract and get the exact mix I was looking for, and commissions were somewhat less. IB charges me .94 r/t for the micros and 4.10 for the minis. But this week was a very good week, far better than average, so it remains to be seen how the mix will work when the model struggles. But I see no reason to believe I can't save $$ on commissions this way. The only negative I can foresee is the need to enter more trades. i.e. I need 33 Russells so I have to enter 1 trade for 3 minis and another for 3 micros. It takes me 10-15 seconds to enter a trade with IB, so it could take as long as a minute if I have to do 4 trades and the market can, at times, do a lot in a minute. No issues this week, but something to keep an eye on. I've always had this issue to some extent because you cannot do spreads with IB. They say you can, but they don't work. Anyhow, I'm rambling, so I'll stop now.

My entries are purely mechanical which is why I feel they are ripe for automation. But the adjustments are discretionary, and I am not sure I could codify them even if I wanted to, though someday I am going to try.

Brilliant. So basically you are a portfolio manager, right. Making daily income selling premium? A couple questions, please:
Why not lease a CME seat and stay with Micros ( BTW, IMHO micros are still better than miniz for what you are doing)? I think with the volume you do the 2K cost per month is more than worth it.
Do you use Delta or IV to adjust/change the spread?
Did you consider requesting for portfolio margin account? I just requested one. Your margin will drop drastically and you don't need to worry about the spread margin consideration. I think you may qualify for lower commissions. I hear with PM account and TOS, you may get better commissions than IB. Also, at times of super high volatility IB would change margin requirements which may force you to liquidate as the worst possible time.
Would Tastyworks be better since they don't charge for closing a position?
I do like your method and I am sure long term you will do very well. Best of luck next week. I anticipate very high volatility; which is good, right?

BTW, you are one of the few journal that I make a point to read daily

Take care,

K

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  #213 (permalink)
Seattle WA/USA
 
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jba1962 View Post
Mike,

My algorithm for position sizing is the most complex thing in my trading, and it's not all that complex.

For someone who has never done any spread trading, actually the whole thing is complex!


Thanks so much for taking the time to explain that! I find it fascinating and it points out to me:
1. How little I really know about trading
2. How glad I am to be a part of this community

Over the years I have traded various instruments (just now and then, never consistently). But whether it was stocks, ETFs, mutual funds, commodities, forex or options, it's all been pretty much "buy low, sell high", nothing very exotic. I do understand the concept of spread trading and did some simple spreads with options, but what you are doing is all Greek to me. I'll just continue to watch your posts and maybe do a bit of reading on the subject because I do like to have a general understanding of the markets and trading. I sincerely appreciate you taking the time to make your posts and to explain things as you go along.

By the way, I did change my ATM to move my BE on the second contract to +1 over my profit level on the first contract. Works fine except for the times when price hits my profit but doesn't move that one extra tick, but when that happens I can always manually move my stop if I so desire. Thanks for your input on that.

Hope you have an outstanding week!

Mike
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  #214 (permalink)
TampaFL
 
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First of all thanks to Kareem and Mike for input. I will respond to both tomorrow.

Today I went to the Rays-Astros game. That stadium is in the worst place possible, I think. It took an hour to park, game got over about 10 minutes to 5, and then over 2 hours to get home. Pretty sure I never got over 15 mph. Rays won which was good, but if I had to drive in that traffic every day I think I would shoot myself in the head. No, I wouldn't do that, but I would rather be poor and work a minimum wage job than deal with that traffic on a regular basis. Of all the fantastic benefits of trading for a living, I think working out of the comfort of your home has to be absolutely at the top of the list. I left at 11:30 and got home at 7. So 7.5 hours for a baseball game. They play again tomorrow. I will watch it on TV.

Nothing done on the non day trade side.

Day Trade: Trade did well right out of the gate. As I was preparing to leave, I was up nearly 1300. I thought of closing everything right then and there, and in hindsight, I should have, but I thought it might be fun to trade while watching a baseball game, so I didn't.

By the time I got parked ($25. for parking) and checked my IB mobile app, I was break even. Well, rats. But I had already missed the top of the 1st (Jose Altuve homerun for Houston) due to the parking nightmare so I hurried into the stadium and into my seat. After the 1st inning I checked my app, and that's when I found out how terrible the reception was inside the stadium, which is why I should have just closed the trade before I left, but I didn't know. During the 4th inning I finally got reception and was up 2400. What the heck? Well, that's good - I'll keep an eye on it. But alas, no more reception for a while, and the next time I could access it, I was only up 400. Rats again. From there I was able to get an update every 10 minutes or so, and it hung around from +400 to +900. At my normal exit time it was up about 700. I decided that trying to place orders, with the lousy reception, was going to be a nightmare. I thought about just holding everything and exiting when I got home, of course not knowing I wouldn't be home until 7:00. Then at about 4:10, I remembered that I've always been curious about the "Close everything" button on the app. I had never tried it and this seemed like an ideal place to give it a whirl. I went to the concourse to get 2 slices of pizza and a coke ($18.) but most importantly to see if I could access the app. I could. Even better I was up 1142. Nice. So I hit the magic button. Lo and behold, I had to play a game of 20 questions. Are you sure you want to do this? Did you know you were going to close all of your longs? Did you know you were going to close all of your shorts? Did you know you have open orders? What do you want to do with those open orders? On and on it went. Finally I was exited and the final tally was +943 for the day. I don't know if the difference was slippage, the probable lag time in getting the orders placed, or simply the market moving during the time I was answering all the questions, but in any case, that's where I ended up.

I'm exhausted and need a shower. Exact numbers in the morning.

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  #215 (permalink)
Dallas, TX
 
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jba1962 View Post
First of all thanks to Kareem and Mike for input. I will respond to both tomorrow.

Today I went to the Rays-Astros game. That stadium is in the worst place possible, I think. It took an hour to park, game got over about 10 minutes to 5, and then over 2 hours to get home. Pretty sure I never got over 15 mph. Rays won which was good, but if I had to drive in that traffic every day I think I would shoot myself in the head. No, I wouldn't do that, but I would rather be poor and work a minimum wage job than deal with that traffic on a regular basis. Of all the fantastic benefits of trading for a living, I think working out of the comfort of your home has to be absolutely at the top of the list. I left at 11:30 and got home at 7. So 7.5 hours for a baseball game. They play again tomorrow. I will watch it on TV.

.....o was +943 for the day. I don't know if the difference was slippage, the probable lag time in getting the orders placed, or simply the market moving during the time I was answering all the questions, but in any case, that's where I ended up.

I'm exhausted and need a shower. Exact numbers in the morning.

That's funny. I did a Rangers game before and yes never again. I glad you enjoyed. You know there is much in common between baseball and trading. But,..... that's for another day.

Take care,
K

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  #216 (permalink)
TampaFL
 
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Non Day-Trade P/L: 0.00 Month: +133.26 *Total: +3880.55
DayTrade P/L: +944.64 Month: +10,695.13 *Total: +65,515.13



* Total is since June 1, since I started this journal in June and June 3 is when I switched to using the micros in the daytrade portion.

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  #217 (permalink)
TampaFL
 
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Hectic day for me. Did not get to address the two posts that I intended to. Will try again tomorrow.

Day Trade Side: Did 4 units today as Tuesdays are generally a good day. But I did not manage the trade very well. I was too early biasing it to the short side, and then had to rebalance. Then I tried to bias on the long side and had to rebalance again. Ultimately at day's end I biased short again, and this time it worked. But I did a LOT of trading scaling up and down. Overall I finished up about 800, but left a nice chunk on the table. A frustrating day because I feel like I reacted poorly. Any of the moves I made would have netted me a nice winner if I had been more decisive, but easing up and down just got me whipsawed unnecessarily. Without the sustained down trend at the end it would have been a losing day - in fact I was down over 4K at one point, or more than 1K per unit.

Exact numbers tomorrow.

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  #218 (permalink)
TampaFL
 
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Non Day-Trade P/L: 0.00 Month: +133.26 *Total: +3880.55
DayTrade P/L: +746.23 Month: +11,441.36 *Total: +66,261.36



* Total is since June 1, since I started this journal in June and June 3 is when I switched to using the micros in the daytrade portion.

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  #219 (permalink)
TampaFL
 
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Brilliant. So basically you are a portfolio manager, right. Making daily income selling premium?

Not doing much premium selling lately. Over the years, that has been my bread and butter, but I am no longer getting the risk/reward ratio that I like. I am mostly on the sidelines when it comes to premium selling.


A couple questions, please:

Why not lease a CME seat and stay with Micros ( BTW, IMHO micros are still better than miniz for what you are doing)? I think with the volume you do the 2K cost per month is more than worth it.


Many many years ago I looked into the leasing of a seat and it just didn't make sense. Of course the dynamics have probably changed a lot since then, and this is perhaps worth another look. If you know a good synopsis of the plusses and minuses please let me know.


Do you use Delta or IV to adjust/change the spread?

This is probably asked with premium selling in mind, but the idea is the same. It might even make sense to create an indicator that gives me a "delta" of my longs vs. shorts. I kind of like that idea. I may play around with some numbers and see what it looks like. If I could come up with something, that might be a key part of automating the adjustments when I get that far. I like it.


Did you consider requesting for portfolio margin account? I just requested one. Your margin will drop drastically and you don't need to worry about the spread margin consideration. I think you may qualify for lower commissions. I hear with PM account and TOS, you may get better commissions than IB. Also, at times of super high volatility IB would change margin requirements which may force you to liquidate as the worst possible time.

As I said before, my main trading income came previously from selling options, and they were typically in place for 3-6 weeks, so commission wasn't anywhere near as big a factor as it is now that I am primarily day trading for income. I do need to start examining ways to lower those rates. Since I started this journal, I am averaging just over 3K per month commission. Is IB doing enough for me to justify that? I don't think so. As for margins, not really a factor for me due to the spread trading. As I write this, I only have 2 of my 3 legs on, and I am only doing 2 units today, but I am long 28 MES and short 44 M2K. The initial margin is 6940, and the maintenance 5552. It won't even go up too much when I add the 3rd leg. So not really a factor. Of course the margin does creep up when my positions get out of balance, but even then, not much.



Would Tastyworks be better since they don't charge for closing a position?


Don't know. Only vaguely familiar with them. But you have motivated me to start looking at ways to lower costs. I tend to focus on trading, sometimes at the exclusion of other ways to increase profits. Lowering costs counts every bit as much as trading profits. Dollars are dollars. I did receive an email from IB saying:

IBKR is pleased to announce a reorganization of our Key Account Services desk through which my colleague ***** ****** (Blanking out the name because I'm not sure I should post somebody else's name without permission) and I will now be operating as dedicated representatives for your account U*****27. As your dedicated representatives, we will serve as the primary point of contact for any inquiries or services you may require.

So I think I'll start there and see what they have to say.


I do like your method and I am sure long term you will do very well. Best of luck next week. I anticipate very high volatility; which is good, right?

No idea. And not because I haven't thought of it, just that I haven't been able to find a correlation. I'm sure it's there, but not sure how to find it and/or apply it.


BTW, you are one of the few journal that I make a point to read daily

Very kind of you to say. Sometimes, I feel like I am just talking to myself, but I do that a lot anyhow, so it doesn't bother me.

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TampaFL
 
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Don't sell yourself short with statements like "How little I know about trading".

I see posts on here with charts and annotations and awesome looking lines and graphs and arrows, and I don't have the first clue what they mean. It's impressive as heck to look at, but too complicated for me.

My trading is very simple, and it works for me. What works for you may be more complicated than what works for me. It may be less complicated. Either way, all you have to know is how to trade what works for you. Nobody on this planet could know every possible way to trade, but fortunately, it isn't required. Find/refine what works for you - understand it fully, and that's all you need.

Keep at it, and don't put yourself down.

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  #221 (permalink)
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@jba1962 thank you for all the responses and I look forward to more posts with winning trades.

I will follow up on few of your comments soon.

K

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  #222 (permalink)
TampaFL
 
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Today I discovered a whole new area of journals in the Elite section. I never knew about this before, probably because I was not an Elite member when I started this journal.

A few questions for anyone kind enough to respond:

1) Is there any reason to move my journal there now that I am a member? Any benefits?
2) Is there any reason not to?
3) I have read, and kept up with the active journals here and have found them quite interesting for the most part. There are WAY too many in the Elite section to sort through, at least on a timely basis. Are there any that you would recommend as "can't miss"?

Thanks.

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jba1962 View Post
Today I discovered a whole new area of journals in the Elite section. I never knew about this before, probably because I was not an Elite member when I started this journal.

A few questions for anyone kind enough to respond:

1) Is there any reason to move my journal there now that I am a member? Any benefits?
2) Is there any reason not to?
3) I have read, and kept up with the active journals here and have found them quite interesting for the most part. There are WAY too many in the Elite section to sort through, at least on a timely basis. Are there any that you would recommend as "can't miss"?

Thanks.

Welcome to Elite-journal-land.

1) Your journal can be moved if you want to. Let me or one of the other mods know and we'll do it. Is there an advantage to you? That's up to you, really. Anything in the Elite section is only available to other Elite members. Some posters want to limit their readership to Elite members, others don't, others don't care.

In general, the Elite section is where a huge amount of the action is on FIO, and I've always thought of this as a major incentive to go Elite (the other is to fully join and support the community.) But there's no direct benefit to you in just having your journal there. Unless you want to.

2) Is there any reason not to? Only that non-Elite members would not be able to see it, if that is something that you would regard as a negative. Again, some care, some don't.

3) There is indeed a huge number of Elite journals. Some of the people who read and post in your journal also have theirs in the Elite section. What you might do is look at the list of new posts on the main FIO page, in the right-hand part of the "chatbox" section. If you see a name you recognize and it's got a yellow or red (or purple ) background, then check out what they are posting. Some will be posting in their journals. Some of their journals will be Elite journals and some will not, but this can get you started. Then expand from there. The really active posters show up almost every day, and that can be another guide. Check out the people you see there frequently.

I'm sure someone else will make some more concrete suggestions, but you might start with these.

Bob.

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  #224 (permalink)
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jba1962 View Post
Today I discovered a whole new area of journals in the Elite section. I never knew about this before, probably because I was not an Elite member when I started this journal.

A few questions for anyone kind enough to respond:

1) Is there any reason to move my journal there now that I am a member? Any benefits?
2) Is there any reason not to?
3) I have read, and kept up with the active journals here and have found them quite interesting for the most part. There are WAY too many in the Elite section to sort through, at least on a timely basis. Are there any that you would recommend as "can't miss"?

Thanks.

My first Journal was in the elite section. When I decided to do a new one, with my final, final, final, final trading method, I did it in the public section. I also have my own blog/site with almost no hits/comments for the past seven months. Comparing both, in the public section, I am getting more feedback and views. The key question is why you are journaling. I have three reasons. First, to hold myself to be accountable to the goals in my journal post #1. Second, to get valuable feedback, which again has been much more in the public journal (@bobwest has been very helpful with great ideas.) Third to have a public record that cannot be altered for future trading jobs, etc. No planes in ever selling any education or services. There already many worthless ones out there.
Some believe that there are better traders in the elite, but I did not notice that. I think they are spread between both. So, with that said, would I move my current journal to elite, no.
But I still believe that there is tremendous value in being an elite member.

K

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TampaFL
 
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Non-Day Trade: Not sure this really fits here, but I did a couple little DAX trades today. I'm trying to see if it might slot into my rotation for the equity spreads, and I want to see how it works with IB as far as exchange rates. I think I was up about 40 bucks.

Day Trade Side: One of the rare days when I had to do nothing but initiate my trades. No adjustments required. That happens about 20% of the time, but it's nice when it does. I only did 2 units today. Oh well. A little bad luck on the exit. As it had been a pretty strong up day I exited the shorts first. Once out of those I started to work on the longs and the market took a decent size dump and I probably dropped about 500 on the exit. Disappointing, but what can I do? I can only move at the speed of human. Up about 1365 for the day.

Exact numbers in the morning.

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  #226 (permalink)
TampaFL
 
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Thanks Bob and Kareem for your input. I see no reason to move/change my journal. And I do appreciate your thoughts Bob, on identifying some elite journals to track. But all suggestions are appreciated.

As for reasons why I journal, that's a good question. I'm not looking for a job, and agree with you, Kareem, on no plans to sell anything. Accountability? Hmmm, maybe. I had received several emails from Mike (not him specifically I'm sure - just an automated email) suggesting starting a journal. One day, right after I had just started using the micros, I said ah, that's not a bad idea. So I did. I have gotten good feedback, and it's been a good experience overall.

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jba1962 View Post
... and I probably dropped about 500 on the exit. Disappointing, but what can I do? I can only move at the speed of human.

On the bright side, you have noted in the past that there were days when the staggered exits worked in your favor. Nevertheless, once you have decided upon a course of action (the discretionary component which is definitely one of your many edges), there should be automation in place for a simple task such as order submission. I know you're working on it.

Also glad that you're keeping this excellent journal here.

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jba1962 View Post
Thanks Bob and Kareem for your input. I see no reason to move/change my journal. And I do appreciate your thoughts Bob, on identifying some elite journals to track. But all suggestions are appreciated.

As for reasons why I journal, that's a good question. I'm not looking for a job, and agree with you, Kareem, on no plans to sell anything. Accountability? Hmmm, maybe. I had received several emails from Mike (not him specifically I'm sure - just an automated email) suggesting starting a journal. One day, right after I had just started using the micros, I said ah, that's not a bad idea. So I did. I have gotten good feedback, and it's been a good experience overall.

Don't forget that you also have chances to win fabulous prizes
Earlier, I had won a free NT8 and $50 amazon card. Just by posting, not bad, right

I do hope you keep your journal. It's very good.

K

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kareem40 View Post

I do hope you keep your journal. It's very good.

K

Agreed. It's also a bit unusual in that it's not straight-out buy/sell futures, which is what we see the most of. New stuff is interesting and fun, and we can learn something too.

For me, the best thing about journaling and/or posting here is just communicating with others who have some idea what we're talking about. Non-traders as a rule really don't, which makes this a very solitary game.

Bob.

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durham nc usa
 
 
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very interesting read , it seems on day trading you pick a direction you think it will trend in . and stay most of the day or until you are satisfied with the profits ? if so if you don't mind ,how do determine what direction to choose .
what ever you are doing ,its working . and" you cant argue with success "

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TampaFL
 
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TradingThomas View Post
On the bright side, you have noted in the past that there were days when the staggered exits worked in your favor. Nevertheless, once you have decided upon a course of action (the discretionary component which is definitely one of your many edges), there should be automation in place for a simple task such as order submission. I know you're working on it.

Also glad that you're keeping this excellent journal here.

Yes, overall I outperform my model by a fairly wide margin, so I try to keep that in mind on a day when I underperform. Yesterday wasn't really my fault, it was just bad luck. Normally the market doesn't move much while I'm exiting, positive or negative. Yesterday it did and it had an impact. But it's over and today we start again.

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very interesting read , it seems on day trading you pick a direction you think it will trend in . and stay most of the day or until you are satisfied with the profits ? if so if you don't mind ,how do determine what direction to choose .
what ever you are doing ,its working . and" you cant argue with success "

In the beginning I do not pick a direction. I enter into a spread position. With rare exceptions it stays that way for many hours, by which time I have all 3 legs of my trade on. After that, if circumstances dictate, I will start adding to and/or subtracting from one side or the other. This does create bias in one direction. I do not have fixed rules for these adjustments (yet) - it is discretionary and is based on how strong the trend is in one direction or another. Once in a while the trend isn't real strong but my trade gets beat up anyway. Those are usually bad days because there's not much you can do other than closing parts of the offending trades. This puts me out of balance and leaves me with a directional bias on a day with no trend. Like I said, those are usually bad days.

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TampaFL
 
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My DAX trades actually made 42.35 but IB charged me 13.71 for EURVALUENP FOR OCT 2019. I have no idea if that is a one-time fee, a recurring fee or what. So I subtracted it from the net for Non-Day Trade.

Non Day-Trade P/L: +28.64 Month: +161.90 *Total: +3909.19
DayTrade P/L: +1361.60 Month: +12,802.96 *Total: +67,622.96



* Total is since June 1, since I started this journal in June and June 3 is when I switched to using the micros in the daytrade portion.

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durham nc usa
 
 
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In the beginning I do not pick a direction. I enter into a spread position. With rare exceptions it stays that way for many hours, by which time I have all 3 legs of my trade on. After that, if circumstances dictate, I will start adding to and/or subtracting from one side or the other. This does create bias in one direction. I do not have fixed rules for these adjustments (yet) - it is discretionary and is based on how strong the trend is in one direction or another. Once in a while the trend isn't real strong but my trade gets beat up anyway. Those are usually bad days because there's not much you can do other than closing parts of the offending trades. This puts me out of balance and leaves me with a directional bias on a day with no trend. Like I said, those are usually bad days.

I see ,so you are going long on one futures like emini and short on another ? I thought of doing that on one instrument but different brokers . idk if that is even legal . but on a good day , hopefully one goes in the right direction or both . and not both going against you ?

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You wouldn't need different brokers. You could go Long Gold and Short Silver in the same account for example.

And yes sometimes your Long goes down and your Short goes up. It happens. And sometimes they both go your way. In general though, you make on one side and lose on the other and hope your gains outweigh your losses, while minimizing risk. That's the ideal. Of course, nothing works all the time.

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durham nc usa
 
 
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jba1962 View Post
You wouldn't need different brokers. You could go Long Gold and Short Silver in the same account for example.

And yes sometimes your Long goes down and your Short goes up. It happens. And sometimes they both go your way. In general though, you make on one side and lose on the other and hope your gains outweigh your losses, while minimizing risk. That's the ideal. Of course, nothing works all the time.

ok ,I remember a guy who wanted to go long and short on the emini the same time , then cancel the losing trade and he was asking if it was legal using different brokers etc. but your doing two or three similar but different instruments and letting it play out . for example I could go long on the emini sp 500 and short on the e mini Nasdaq .
if that works more often than not and profitable ,im in . I will try that out on the sim . by the way ,thanks for sharing on here . this is the first time I have seen some one post a honest and winning strategy online . with out selling a "program "

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Non Day Trade: Nothing Done

Day Trade: Not a good day. Trade was up 80 dollars when I initiated the 2nd leg. 10 minutes later I was down 3000. It was rather shocking in its speed. I lightened up some, and then did the 3rd leg. But it never started working at any point. My drop dead is usually about 1500 per unit and I was doing 3, so when it cruised past 4500 I exited. I never even looked at the final total.

I'm not irritated that I lost - that happens and really can't be avoided - I'm irritated that I did 3 lots. I did 2 yesterday because Wednesdays are typically not great days. But Thursdays are the worst. Always have been for me for some reason. I shouldn't have done 3 units. That was a mistake. But you get what you deserve as they say, so I take my spanking and come back to fight 'em again tomorrow.

Exact numbers in the morning.

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durham nc usa
 
 
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jba1962 View Post
Non Day Trade: Nothing Done

Day Trade: Not a good day. Trade was up 80 dollars when I initiated the 2nd leg. 10 minutes later I was down 3000. It was rather shocking in its speed. I lightened up some, and then did the 3rd leg. But it never started working at any point. My drop dead is usually about 1500 per unit and I was doing 3, so when it cruised past 4500 I exited. I never even looked at the final total.

I'm not irritated that I lost - that happens and really can't be avoided - I'm irritated that I did 3 lots. I did 2 yesterday because Wednesdays are typically not great days. But Thursdays are the worst. Always have been for me for some reason. I shouldn't have done 3 units. That was a mistake. But you get what you deserve as they say, so I take my spanking and come back to fight 'em again tomorrow.

Exact numbers in the morning.

yikes ! well your way up for the year . and if you had a business with brick and mortar store there would be overhead .
over all your doing great .

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