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Get Rich or Die Trying

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Get Rich or Die Trying

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  #61 (permalink)
Bend + OR/USA
Posts: 54 since Aug 2019
Thanks: 51 given, 140 received

Alright, so in seeing some success with the heatmap from the limit order book, I decided to give Bookmap a test run, and can gladly say I have adopted it as my new platform. I've thoroughly enjoyed the awesome power and the how intuitive the platform is. I'll be switching my brokerage from Ninjatrader to Amp, most likely, and getting the MBO data package from Rithmic (so I can see the order flow at all price levels, instead of the standard market depth of 10 levels on each side).

In employing Bookmap, there is a lot of stuff that I really like. For one, the market replay functionality is ridiculously good. It's FAR less choppy than Ninjatrader, loads much faster, and allows you to record your trading session so you can go back and replay it later. I also LOVE the API's that it comes with; there are 3 different algos that you can use - one that makes your order "hug" the current price by 3 ticks or so, and then consistently fills you when prices snaps back slightly, so you aren't sacrificing a few ticks by getting in with a market order. The second one will actually move your limit order AWAY from the current price if there isn't high liquidity backing you, on your side. The last one will fill you when there is a really big imbalance in the order book, on your side, and will actually close the trade for you when there's a big imbalance on the OTHER side. These strategies can be used in tandem, or by themselves, and can effectively help support your strategy. For instance, in trading a pullback, you can use the "chase" function (the one that will make your order hug price by a few ticks) in conjunction with the escape API (the one that will only fill w/ high liquidity), so you are getting in at better prices, with lots of limit orders supporting your trade.

I was also sent a free license for Bloodhound, which I'm really excited about. No idea if I can use it with Bookmap, but I sincerely look forward to playing with all of these new toys, and hopefully making some money too!

I was really sad to see my friend @NW Trader step back from trading recently. He has been a really great companion and "brother in arms" so to speak. However, I fully support his decision, as trading can be extremely costly, and lonely at times, when nothing seems to be going your way.

I look forward to sharing progress to come, and continuing to make better use of my tools while garnering a consistent strategy.

I'm still getting used to the platform here, so trading on sim for now, but here's one decent trade I took off the volume profile high.


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  #62 (permalink)
Bend + OR/USA
Posts: 54 since Aug 2019
Thanks: 51 given, 140 received

Alright, so I decided to jump on the Bloodhound challenge, and finally got it setup last night. For one, the install was a breeze, which was pleasant. I was also pretty stoked that it came with other stuff, like Raven - the backtesting suite, and v a nice zigzag indicator that calculates the range of swings for you, as well as whether it made a lower high/lower low etc..

Once I got into the software, I was really impressed at how sleek and “practical” it was. Building your system is just like building a circuit, by connecting the different elements, which is nice for visual learners like me. That being said, holy crap is there as steep learning curve. Granted, these guys have taken an incredible complex process and made it as simple as possible (without sacrificing capability), I definitely needed to get on their website (which has a plethora of different videos and resources, all nicely done) on how to do various tasks within the software.

Anyway, I’m just scratching the surface with it, but I honestly feel like the possibilities are endless with this. I look forward to experimenting with it some more!

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  #63 (permalink)
Bend + OR/USA
Posts: 54 since Aug 2019
Thanks: 51 given, 140 received

So there have been some major, new developments since I last posted. For one, I joined Convergent Trading - FuturesTrader71's trading community. There are a ton of video courses that I'm slowly going through, and all are equally powerful. Last night, I spent some time messing around in Excel, learning how to use formulas and drawing conclusions from large amounts of data. I hope to continue applying these skills, so I can develop a statistical edge that will aid the development of my trading plan. For now, I'm going to focus primarily on developing my trading plan, and vetting my edge, and THEN start to focus on trading. I'm not going to engage however without developing a solid plan.

I was able to get a solid trade in on the TopStep Simulator; I started the Combine process but I won't start working toward that goal until I have a solid plan. The market opened bearish (there was news that several, massive companies were pulling from Facebook in lieu of racist material). It turned into an open-test-drive, however, reversing the entire initial balance and pushing outside of a consolidation area. We pushed all the way to the beginning of a large breakout area from last Thursday, as well as the 16th stalkzone (CT levels). I took a short off the retest, scalping in the middle to improve my theoretical average, and getting out prior to HLQ and the next stalkzone level.

I'm also reading "Trade Mindfully" and it introduced me to a really great term - WYSIATI - or "What You See Is All There Is." It refers to the "intuitive mind" that cam get many of us in trouble when we're trading (these are the "gut shot" trades). I'm making a point to look for counter-evidence on all of my trades now, and I'm noticing that doing so allows me to visualize what a failure on the other side would look like - then I just have to wait.




Also, after watching Mark Douglas' presentation based on "Trading in the Zone" several months ago, I FINALLY did a sample size, and am really happy about what I learned throughout the process. I kept it extremely simple - I was trading pullbacks (strictly from Bookmap - no candlestick charts) with a 5 tick profit and 8 tick stop, after a sweep to a new level. My entry was at the low volume node on the chart volume profile.

As per what I learned, I learned that this strategy does NOT tend to work for extremely fast moves, as the pullbacks are often so shallow that I don't get filled. There will be two or three legs until I can finally catch a fill, but given how big the move was, this is often at the beginning of a large corrective phase and I'll get stopped out. It does have a high winrate, at 82%, however the amount this strategy eats up in commissions offset my profits by a whopping 40%!!! Another sample would be ideal, either with a 1:1 r/r, or entering with two contracts - one at five ticks and one at eight.

In any event, it was an extremely enlightening process. I think it will help me to become more deliberate with my trades, and to stop trading so randomly. Repetition will allow me to identify these opportunities, and will help me to get into a more robotic, mechanical mindset, minimizing both stress and risk. Breaking it down statistically is also encouraging, knowing that - if I ever encounter a string of losers - all I have to do is keep taking trades and eventually my edge will appear. Out of 20 trades, I made $112 gross (not incl. commissions), which was sadly reduced by $45. Although I don't think it's entirely practical, with some tweaking, it could hold some value, although I think the most significant benefit was what I learned about statistics/sampling throughout this process.

All in all, I'm making some solid moves, will continue to develop my trading plan, and go through the Convergent Trading material. Once I have developed a solid trading plan and the structure to exercise it, I will start moving on my Combine. I feel really positive about the near future, and the fact that I will be supporting my trades with statistics and a vetted plan. Anyway, looking forward to continuing to develop as a trader and to see what the future may bring.

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June 29, 2020

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