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Starting trading futures live again today...


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Starting trading futures live again today...

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  #11 (permalink)
Houston, Texas
 
 
Posts: 13 since May 2020
Thanks: 0 given, 9 received

I may have missed it but you stated this took years for you to develop, if I may ask how many years? I would be interested in other system you have tried that did not work. have you considered how much your commissions are eating into your profit? Thanks

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  #12 (permalink)
Langley
 
Experience: Intermediate
Platform: IB
Trading: Futures
 
Posts: 225 since Mar 2020
Thanks: 248 given, 191 received


Noobtrader123 View Post
I may have missed it but you stated this took years for you to develop, if I may ask how many years? I would be interested in other system you have tried that did not work. have you considered how much your commissions are eating into your profit? Thanks

Hello Noobtrader123.

Ya absolutely. I read my first trading book in 2015. I was hooked. The guy was explaining expectancy and that just clicked.

At that point it wasn't even the trading that got me. It was the idea of finding a system that as long as you made more on your winning trades than you lose on your losers you didn't even have to win %50 of the time to profit. That seemed doable to me.

So I went down the systems route for years. I studied, I read, and until recently I always had Tradestation account for testing and backtesting.

I learned a great deal from that. I used every indicator in the software. I bought and tested other peoples strategies... it was a rabbit hole and thats why quant funds higher PhD's and incredible programers.

I have spent countless on courses and material and to this day I recomend only one and thats Al Brooks Price action video trading course. The course has everything you need to understand the basic through to professional trading. And so much extra you could spend a lifetime there... like here . (I have no affiliation)

As for strategies it sounds ridiculous to say but Ive probably tried at least a variation of every style.

-Scalping
-Swing trading intraday
-Swing trading short term
-Trend following version (not real trend trading... I dont have billions of dollars to spread across many instruments)
-Stocks
-Penny stocks
-Futures
-Forex
-Small risk/high reward/low probably
-High risk/small reward/high probably
-Completely algorithmic
-%100 discretionary
-Algorithmic signals with discretionary order placement

Today I start with a wide stop of 8-12 points and try to hold for some points before having my stop get hit or deciding to manage my loss. I try to let the winners take care of themselves.

Also I try not to manage my loss after Im in a trade as much as possible because emotions will get you to do the wrong things nearly everytime... at the perfectly wrong time. But I will know ahead of time generally where the areas are.

I only use a volatility stop indicator on my charts and a 21 and 7 ATR below just to guage volatility.

Im completely obsessed with exits and trying to not take losses that are completely out of line as those are the real damaging ones not only to your account but to your psyche.

My philosophy on trading is THERE ARE NO BAD PROFITABLE STRATEGIES.

Not sure if that even answered ypur question. lol. If not ask away






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  #13 (permalink)
Langley
 
Experience: Intermediate
Platform: IB
Trading: Futures
 
Posts: 225 since Mar 2020
Thanks: 248 given, 191 received


So heres kind of what I ment above. Was it a nice trade? No. It was terrible. But in the end profitable. And if I do this one hundred times yes my full stop will get hit sometimes but I believe if I keep my hit rate high enough and have no outsized losses I should come out the other side ok.

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  #14 (permalink)
Langley
 
Experience: Intermediate
Platform: IB
Trading: Futures
 
Posts: 225 since Mar 2020
Thanks: 248 given, 191 received

My next trade is a peice of crap too. But holding out because of lack of conviction on side of bulls. I will take big hit or a small loss on this one I think. Rather than exit in middle and re-enter stupidly.

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  #15 (permalink)
Langley
 
Experience: Intermediate
Platform: IB
Trading: Futures
 
Posts: 225 since Mar 2020
Thanks: 248 given, 191 received

Good morning traders.

First trades of the day... not yet RTH.
As always ill update charts as day progresses.

Good trading all.

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  #16 (permalink)
Langley
 
Experience: Intermediate
Platform: IB
Trading: Futures
 
Posts: 225 since Mar 2020
Thanks: 248 given, 191 received

Update. Just before RTH.

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  #17 (permalink)
Langley
 
Experience: Intermediate
Platform: IB
Trading: Futures
 
Posts: 225 since Mar 2020
Thanks: 248 given, 191 received

Udated chart...

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  #18 (permalink)
Detroit MI/USA
 
Experience: Advanced
Platform: Multicharts, Custom own
Trading: All Futures
 
Posts: 65 since Sep 2017
Thanks: 37 given, 189 received


Sandpaddict View Post
Hello TraderDoc007.

Thank you for your response and your directness.

You are absolutely right. I DON'T have a "system" or a "strategy". But yes I do have a process, a method and a methodology. I use heuristics alot and I don't think anyone should trade like this and said so in my orginal post...

---------------
"NO ONE SHOULD TRADE LIKE THIS. (But after years of refinement this is just how I trade.)"
‐-------------

And that was absolutely true. I was in no way being facetious. No one SHOULD trade like this. And I mean that.

Also in my first post...

--------------
"Ive come to an amazing conclusion...

For ME to be profitable...

I CANNOT TRADE LIKE ANYONE ELSE!

And you know what... it DOESN'T MATTER as long as YOUR PROFITABLE!

If your strategy only wins %10 but your winners are so large your strategy is profitable is just as good as if your your percentage is high but when you lose you give most of your profits back but the strategy is still profitable."
------------------

So seeing as you didn't even read my post I would appreciate you refrain from jumping to conclusions. (Pure gambling?)

The data will play out. And yes, I probably will not make it this time, but maybe I will. If not this time maybe next time. I'm learning everday. And yes I am trading the micro eminis only.

I agree that it looks like a mess... and it is but thats the point. I want to see where I enter and exit and what I was thinking. And to be held accountable by forcing myself to post online for all here to see.

I hate STUPID mistakes. Thats what has ALWAYS taken me out (for that round at least).

Now I attempt to NOT take ANY outsized losses and couple it with TAKING profits. I know, crazy idea right?

Also I am OBSESSED with exits! Not entries. (This is a huge pitfall for me still) So as embarrassed as I am posting my mistakes and some ridiculous entries Im trying to admit my mistakes and the feelings that drive me to them such as "the longer I go live the more I feel the need to take small profits and let losers ride in the hope they'll come back." This is as novice as it gets but there it is... I wrote it. Damn it, fix it!

But again thank you for your response.

It's people being honest and real here that is what makes this forum the best in its class. (Thanks Big Mike) Thats why Im trying to be transparent as well.

Well gotta post my charts...

Good trading to you.



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I actually did read your entire post before I commented and I suggest you take your own advice and you should not be trading like this. You might think you have a method, but one can see, by looking at your charts, that you have no method whatsoever. You are assuming, when you are wrong, that the market will retrace back to where you entered. This can work on the micros when you don't have a lot on the line and it isn't affecting you emotionally but if you ever hope to make trading the markets more than just a whim and game from your perspective, then you need to learn how to trade properly. I will once again emphasize, you are pure and simply, gambling. This isn't heuristically searching for anything - this is simply nonsense.

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  #19 (permalink)
Langley
 
Experience: Intermediate
Platform: IB
Trading: Futures
 
Posts: 225 since Mar 2020
Thanks: 248 given, 191 received

How that last trade ended. In a profit but not my favorite trade. And then two more following. One still open. Will post more as chart progress...

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  #20 (permalink)
Langley
 
Experience: Intermediate
Platform: IB
Trading: Futures
 
Posts: 225 since Mar 2020
Thanks: 248 given, 191 received



TraderDoc007 View Post
I actually did read your entire post before I commented and I suggest you take your own advice and you should not be trading like this. You might think you have a method, but one can see, by looking at your charts, that you have no method whatsoever. You are assuming, when you are wrong, that the market will retrace back to where you entered. This can work on the micros when you don't have a lot on the line and it isn't affecting you emotionally but if you ever hope to make trading the markets more than just a whim and game from your perspective, then you need to learn how to trade properly. I will once again emphasize, you are pure and simply, gambling. This isn't heuristically searching for anything - this is simply nonsense.

Thank you again for your "advice". I am placing bets just as much as you are my friend. (I dont even know you, maybe you dont even trade?.. Maybe your a master? Whatever)

Its all BS except for the mathematics anyway but having said that...

You are right, heres a perfect example... I just took this trade and let it race againt me... stupid.

-Why didn't he even try to get out on that big pullback!?!!

Then I just turn around and do it again!...

Stupid. Right!?

Dumb entry. Tiny target. Wheres the stop... is there even a stop?

Bad R/R...

Overtrading... ect...

I have many faults but again and thats why im posting here. Im paraphrasing myself from one of my first posts but "Im doing this partly because people say not to trade like this or you can only trade like that... but if you have a profitable system then..."

well...

You said I just enter and wait for the market to come back.

Yes. Thats exactly what Im doing. Are you assuming I'm using no money management?

I take my stops religiously! And if I can reduce them I will of course but Im not going to cut a trade just because it goes against me.

If I had to say what Im trying to accomplish... its to become consistently profitable by having a high enough win rate to compensate for the higher sized losses. Im trying NOT to hit break even in trades preffering to take a lesser loss where full loss is imminent. I try to let winners take care of themselves. As for entries Im using no scaling to make it easier to track, yet harder too as I'm missing some good runners and not able to average and I try to enter where you don't want to. If I had to say thats it. Also Im not interested in a few ticks either way. Im looking for points.

About all I can say...



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