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AJ's Journal
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AJ's Journal

  #51 (permalink)
Elite Member
Nashville, Tennessee
 
Futures Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker/Data: AMP / CQG
Favorite Futures: NQ, YM and ES
 
tderrick's Avatar
 
Posts: 1,589 since Sep 2010
Thanks: 4,260 given, 2,527 received

Chart for last few trades

OK... I need to start putting the chart in first... I keep forgetting.

Here we go...


I like looking for a position after a good volume spike.


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #52 (permalink)
Elite Member
Nashville, Tennessee
 
Futures Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker/Data: AMP / CQG
Favorite Futures: NQ, YM and ES
 
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Posts: 1,589 since Sep 2010
Thanks: 4,260 given, 2,527 received

London Open

Up again for the London open. It was moving this morning (CL). Caught a wave... Nice Tube



1/3 toward my profit goal of $200 a day... I can survive on that....

Much more selective today... More like when I was trading the real $$$$$... Hurry up savings!!! Is 2011 here yet??? Can't wait.... must have patience , patience, patience.... Don't trade my live account again until it's full...


may get a few more and wait for the yanks.....


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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Last edited by tderrick; October 8th, 2010 at 05:27 AM. Reason: addition
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  #53 (permalink)
Elite Member
Nashville, Tennessee
 
Futures Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker/Data: AMP / CQG
Favorite Futures: NQ, YM and ES
 
tderrick's Avatar
 
Posts: 1,589 since Sep 2010
Thanks: 4,260 given, 2,527 received

Yea, Still Up


On my second trade, I caught a little run off a MA crossing failure... Trading with the trend of course.
I'm fading less and less these days.



2/3 toward my daily goal...


I may look for a true Break Out trade today, using my "Big Picture Chart" of a 5 minute EMA 20. CL moves
are signaled clearly on that it seems..... very nice.

Break out trading would be a very low key way to trade I think.


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #54 (permalink)
Big game hunter
NY
 
Futures Experience: Advanced
Platform: Esignal, MBT navigator
Favorite Futures: Currencies
 
Posts: 2,526 since Jun 2009
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Big Mike View Post
Sim trading has its usefulness. But it doesn't matter if you sim trade for 30 days or 300, if your risking much more than 2 to 3% per trade and you have not previously established yourself as a veteran in this field, well, its not a good idea to say the least. You simply cannot control what happens next. All you can do is pull the trigger and focus on execution. Your account must be properly capitalized to get you through drawdown periods that are out of your control, plus you also must have enough capital so when you screw up the execution -- which is going to happen for a long, long time -- you have enough money in the account to keep going.

Bottom line, some have said 10,000 hours and I think that makes sense. Many say 2-3% risk per trade, and I agree. Yet so many ignore these things thinking they can do it better. Then they go broke and go away.

AJ, regarding which instrument to trade, some have suggested spot forex for a smaller account. I've suggested just swing trading equities if your account is small, so you can get the live practice of live trading, working on your execution and psychological conditioning, but keeping with the 2-3% risk limits.

Mike

Oh boy have I been where Mike is talking about !!!!!
Sim is where you develop your trading identity and forge your edge so you dont go broke while learning . The point at which you go live is when you can execute trades , manage your position(s) and have a stair stepping equity curve (upwards of course) . If you are changing your method before applying it for months and measuring the edge it has or have a boom/bust sim track record you dont go live . I prolly have about 6000 hours of serious introspective ( of myself ) trading time and have been trading live for only 5 months . Thats a lot of screentime and I spent most of it agonizing over finding my self as a trader so to speak .

The risk % Mike is talking about will be significant when you make a live trade . >2% risk per trade digs a hole into your account if you get a loser right out the gate you need +2 % to get back to breakeven , not getting into green yet . Two losers and you need like +5% or so just to get to breakeven and by then its downward spiral city !

Spot FX is where I went after simming futures because I was able to trade small lots with a live account . I risk about 1% on each trade and have no fear about pulling the trigger because its a cup of cofee thats on the line literally . My belief is that if im able to CONSISTENTLY gain x amount per week or month then its a function of slowly leveraging up to magnify my paycheck .

FX is not easy in regards to how you are filled , if you are filled , customer service , stops taken out when price wasnt there etc. Overall its like any other business , it has its ups and downs and adversity is a good way to build your intestinal fortitude .

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  #55 (permalink)
Elite Member
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Futures Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker/Data: AMP / CQG
Favorite Futures: NQ, YM and ES
 
tderrick's Avatar
 
Posts: 1,589 since Sep 2010
Thanks: 4,260 given, 2,527 received

Big Picture

Well, doesn't this chart make me look silly...

If I woul have just stayed in my short at the London open, I would be eating the big cheese...


My third trade was a silly chop trade at the bottom...

Back to my 1/3 profit goal ... up $70.80


PS.... How about that movment on the Jobs report at 730.... Does anyone trade that???


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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AJ's Journal-5min.jpg  

Last edited by tderrick; October 8th, 2010 at 10:09 AM. Reason: addition
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  #56 (permalink)
Elite Member
Nashville, Tennessee
 
Futures Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker/Data: AMP / CQG
Favorite Futures: NQ, YM and ES
 
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Posts: 1,589 since Sep 2010
Thanks: 4,260 given, 2,527 received

The Big Picture

Well, after I worked up my courage after the jobs report, I made two quick trades to meet my
daily goal.

Up $208 for the day.

Up $553.60 for my first test week in CL. This scalping system appears solid. Thanks to all for the help!!



Now for a transition...


As I was researching Range bars vs Time, I came across a post by Big Mike. He suggested a 5 min chart
with an EMA 20... only. I loaded up the chart over my usual trend watching chart of 15 min / candles.

It was like the secret was revealed .... The trend swings were obvious.

Observing the chart below, if I simply would have retained my initial short position at the London open,
I would have exited at the EMA re-cross at 80.70.

$800 on one trade... Now that's more like it. Sure beats eating your guts scalping. I already gave 50%
of my live account to that method. Although I have a much stronger scalping system now, break out
trading intrigues me.

Risk / Reward is off the scale... Simply put your stop just behind you, on the other side of the EMA
and ride the wave all the way to the beach. No profit target.

You sit in the water and wait for that one big wave.


I will test this along with my scalping system in the coming weeks while I get my account filled back up.
I will always have my scalping system
on my main screen, for those times that it will be required, but could it be the simple ,one chart, one
indicator set-up on my laptop screen that guides me to financial freedom?

Could it be so simple??? We shall see. This is getting exciting as I know I have plenty of time to
work out the details while I save up. My goal is to risk 1% a trade.

I 'm feeling good about every step forward.

Thanks to all for helping me re-vamp my system!!!!

When I came here, I was a bit lost. But, now I am found.

Lot's of hard work ahead, but I love it!!!


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #57 (permalink)
Market Wizard
virginia
 
Futures Experience: Intermediate
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tderrick View Post
..
It was like the secret was revealed .... The trend swings were obvious.

..
When I came here, I was a bit lost. But, now I am found.

Lot's of hard work ahead, but I love it!!!

welcome to the 5m universe. :0

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  #58 (permalink)
Elite Member
Italy (IT)
 
Futures Experience: Advanced
Platform: ATAS, R|Trader, NT8
Broker/Data: Rithmic
Favorite Futures: CL, Brent, GC, TF
 
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Posts: 1,501 since Apr 2010
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tderrick View Post
Well, after I worked up my courage after the jobs report, I made two quick trades to meet my
daily goal.

Up $208 for the day.

Up $553.60 for my first test week in CL. This scalping system appears solid. Thanks to all for the help!!



Now for a transition...


As I was researching Range bars vs Time, I came across a post by Big Mike. He suggested a 5 min chart
with an EMA 20... only. I loaded up the chart over my usual trend watching chart of 15 min / candles.

It was like the secret was revealed .... The trend swings were obvious.

Observing the chart below, if I simply would have retained my initial short position at the London open,
I would have exited at the EMA re-cross at 80.70.

$800 on one trade... Now that's more like it. Sure beats eating your guts scalping. I already gave 50%
of my live account to that method. Although I have a much stronger scalping system now, break out
trading intrigues me.

Risk / Reward is off the scale... Simply put your stop just behind you, on the other side of the EMA
and ride the wave all the way to the beach. No profit target.

You sit in the water and wait for that one big wave.


I will test this along with my scalping system in the coming weeks while I get my account filled back up.
I will always have my scalping system
on my main screen, for those times that it will be required, but could it be the simple ,one chart, one
indicator set-up on my laptop screen that guides me to financial freedom?

Could it be so simple??? We shall see. This is getting exciting as I know I have plenty of time to
work out the details while I save up. My goal is to risk 1% a trade.

I 'm feeling good about every step forward.

Thanks to all for helping me re-vamp my system!!!!

When I came here, I was a bit lost. But, now I am found.

Lot's of hard work ahead, but I love it!!!

Really good trades 5 win on 5, have u used some rules for entry/exit or is from your instinct/gut?

Take your Pips, go out and Live.
Luke.
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  #59 (permalink)
Elite Member
Nashville, Tennessee
 
Futures Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker/Data: AMP / CQG
Favorite Futures: NQ, YM and ES
 
tderrick's Avatar
 
Posts: 1,589 since Sep 2010
Thanks: 4,260 given, 2,527 received


LukeGeniol View Post
Really good trades 5 win on 5, have u used some rules for entry/exit or is from your instinct/gut?


I thought I had one loss that morning.... It must have been just off my screen shot.

I use a WMA 15 and 6 range bars. Fib, along with a big eye on prior support and resistance lines. A system
given to me by a good friend. Check the one I came up with by myself before I came here (First Post).... LOL
It's only been a month or so, but I feel like I've gained a year of insight!!

My rule is, enter on the second bar after a cross of the WMA. But, I must use instinct to weigh all the other factors mentioned above to pull the trigger or not. I like to trade with the trend but I like bounces off SR also.

If I have any reservations at all, I'm out.

Thank you for the kind words... I am working very hard to "feel" Price Action.... It seems to be the only
true indicator.


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #60 (permalink)
Elite Member
Nashville, Tennessee
 
Futures Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker/Data: AMP / CQG
Favorite Futures: NQ, YM and ES
 
tderrick's Avatar
 
Posts: 1,589 since Sep 2010
Thanks: 4,260 given, 2,527 received

Back to Work


I learned a lot during my down week, however, it is time to get back to the main gig.

Big session on Monday, so my posting will be a bit more sporatic. But I will be getting in screen time
whenever possible.

I sometimes have Ninja up and running at the studio while I'm working just so I can glance over and
check PA and the interday trend movement. I am always answering questions about it!! lol

Like..... "Hey, AJ.... You got the bass running through that??"

The Journey continues ....
My future looks bright...
I'm wearin' shades....

Thanks to all


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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