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Get Rich or Die Trying
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Created: by Wizard3ootz Attachments:6

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Get Rich or Die Trying

  #31 (permalink)
Mumbai, India
 
 
Posts: 46 since Jan 2019
Thanks: 54 given, 90 received

Lot of good progress

You have made lot of progress in a very short period of time, it took me good 2 years to reach where you have in just couple of months from the day I started to trade with lot of interest.

My 2c here is that make sure you keep track of changes you are going through, both mentally as well as your learning. Traders generally experience cycle of periods, down periods-dull periods-good periods-boom periods in both learning as well as earning.

When you start keeping record with all honesty (Charts+Trades+critique of what you did right and what you didn't) you will keep yourself away from going into dull or lower periods.

Also, people already said this, but avoid 1M TF as of now, it can be quite scary, 5/10/15 is generally good to test out different things. Also, make sure you are testing in same markets you plan to trade, one of the biggest miscalculations one can do when going places is make strategy for one market and then use it to trade other, not all strategies work in all markets, there are very minute detailing involved, curve fitting can be also very serious problem in testing periods, it takes time to learn and gain experience.

Little side note, you seem to have great potential in field, but don't ignore psychological aspect, mental conditioning is 80% of your trading ability till you go fully auto.

Keep up!

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  #32 (permalink)
Bend + OR/USA
 
 
Posts: 24 since Aug 2019
Thanks: 41 given, 83 received


LastDino View Post
You have made lot of progress in a very short period of time, it took me good 2 years to reach where you have in just couple of months from the day I started to trade with lot of interest.



My 2c here is that make sure you keep track of changes you are going through, both mentally as well as your learning. Traders generally experience cycle of periods, down periods-dull periods-good periods-boom periods in both learning as well as earning.



When you start keeping record with all honesty (Charts+Trades+critique of what you did right and what you didn't) you will keep yourself away from going into dull or lower periods.



Also, people already said this, but avoid 1M TF as of now, it can be quite scary, 5/10/15 is generally good to test out different things. Also, make sure you are testing in same markets you plan to trade, one of the biggest miscalculations one can do when going places is make strategy for one market and then use it to trade other, not all strategies work in all markets, there are very minute detailing involved, curve fitting can be also very serious problem in testing periods, it takes time to learn and gain experience.



Little side note, you seem to have great potential in field, but don't ignore psychological aspect, mental conditioning is 80% of your trading ability till you go fully auto.



Keep up!



Thanks for the awesome feedback man - really appreciate it. And I HOPE that it wasnít just a fluke - haha. The real question I guess is whether or not I can replicate these results, but time will tell.

And yeah, I was trading like garbage on the 1m charts. Iím trading 75 tick charts now, depending on the volume. If itís really crazy Iíll switch to 125 or 250, but Iím also keeping an eye on the 15/30min charts / volume profile while I use the 75 tick to place my orders.

And couldnít agree more with the stats. Fortunately, I found the awesome trade analyzer feature that TradeStation has, that cranks out all your numbers for you; I just sent off a check to ninjatrader last week though, so hopefully they have something similar.

Thanks again man. And will definitely take note of the mental aspect as well. I know, from experience, that I tend to pull my trades a little too soon, so trying to get better about stop placement, and sitting tight through pullbacks etc... itís tough business!


Sent using the futures.io mobile app

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  #33 (permalink)
Mumbai, India
 
 
Posts: 46 since Jan 2019
Thanks: 54 given, 90 received



Wizard3ootz View Post
Thanks for the awesome feedback man - really appreciate it. And I HOPE that it wasnít just a fluke - haha. The real question I guess is whether or not I can replicate these results, but time will tell.

And yeah, I was trading like garbage on the 1m charts. Iím trading 75 tick charts now, depending on the volume. If itís really crazy Iíll switch to 125 or 250, but Iím also keeping an eye on the 15/30min charts / volume profile while I use the 75 tick to place my orders.

And couldnít agree more with the stats. Fortunately, I found the awesome trade analyzer feature that TradeStation has, that cranks out all your numbers for you; I just sent off a check to ninjatrader last week though, so hopefully they have something similar.

Thanks again man. And will definitely take note of the mental aspect as well. I know, from experience, that I tend to pull my trades a little too soon, so trying to get better about stop placement, and sitting tight through pullbacks etc... itís tough business!


Sent using the futures.io mobile app


Yes, one only has sweaty palms when real money is on line.

Funny thing about this is that the more you know about market risks it is likely that more you are afraid of things going wrong.

One major difference between me when I started and me now is notably my willingness to trade, when I started out I would "trade anything", without a single care in the world. I was lucky that I was at least smart enough to not play with futures at that time, but I did get my hands burned in options. Lessons learned, after that I had to set rules for number of trades per session, position sizing and very rigid rules of entry and SL, exits are still all over the place but its work in progress. These things other ppl can't teach or you can't learn from others, because it will be part of your own personality. Hence the added importance to psychology.

Good luck on your journey!

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  #34 (permalink)
Bend + OR/USA
 
 
Posts: 24 since Aug 2019
Thanks: 41 given, 83 received

Turning a New Leaf

Well, I know I've been pretty sparse with my posts lately, but with good reason; if you read my last post, you saw that I had a killer day, and made a 73% win percentage. As I feared, however, I couldn't reproduce the results. Over the long term, it all came down to some core factors - overtrading being my #1, followed by poor money management (trying to win back losses - a cardinal sin of trading), and trading flat markets (or in my case, having difficulty identifying proper trends).

Although it was a sizable investment, I figured that - in the long term - it was better to invest in proper education, than continue, indefinitely, to lose money. Thus, I decided to pick up some of the materials that TopDog Trading had to offer, as their style has definitely appealed to me, for its concise, and calculated way about it.

There are a few things that definitely hit home to me, after breaking into the course materials. For one - I was probably getting 10% or less of the value, from my indicators. Although I'd been using the Stochastic and MACD for FOREVER, they pretty much did nothing for my overall strategy. Now, I am getting REALLY good at reading divergences, and using the Stochastic to TIME my entries (selling from the 80/buying from the 20), and the MACD to measure market momentum. I got rid of the histogram entirely on the MACD, and set the MACD-line as a histogram instead, with the signal remaining as a solid line. Both indicators are set pretty damn fast as well.

Concurrently, I am regularly counting the number of waves into a trend, and no longer trade a trend after its hit the 3rd wave (at which point, I start looking for reversals). Fortunately, whereas before, I had NO real rules set for myself, and no solid strategy either. Now, I have an extremely precise, concrete set of rules for myself, and have found myself PASSING on many more trades, reducing my losses and creating more room for profit.

I've only been trading with this new strategy for about a week, but am definitely seeing results. Last week was mostly just getting the ball rolling, but I traded the Asian session tonight, and had a 50% win percentage, with my avg. winner being more than 2x my avg loss.

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First, I'm on NT now, as you can see. Secondly, you can see how my MACD is set - the MACD line is the bars/histogram, and the signal line is the solid blue line. I use the MACD line to measure short term momentum (I don't take trades with the MACD not going in my direction) and the signal line measuring long term momentum. As per the stochastic, I have %K in green dashes, and %D as the solid blue line. These are what are helping me to time my entries. Lastly, i'm only taking trends in the direction of the 50MA, unless its a reversal trade, where I will enter as soon as it crosses back over the 50MA, presuming all my other indicators are in alignment. Lastly, I have all of these same factors on ANOTHER chart, whose timeframe is 3:1 what this chart is; I try to confirm (w/ regard to the stoch. and MACD) that I'm getting the same signals on THAT chart as well, i.e. the stochastic from both charts at a cycle high/low, and the MACD pointing in the same direction.

Anyway, its a process, but like I said, I am very glad to have invested more in education. At this point, seems like its worth every penny. Looking back, I feel like I was bumbling around in the dark, trying to find a light switch, but now that I have a solid strategy, clear rules for money management, and a significantly better understanding of how to read price action, I feel invigorated, and confident for the future. I'll be trading on SIM for the time being, until I have REALLY harnessed this strategy, and can trade it with my "eyes closed", but I've got no qualms about it.

Thanks for reading!

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