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AJ's Journal

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  #1 (permalink)
 tderrick 
Nashville, Tennessee
 
Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker: AMP / CQG
Trading: NQ, YM and ES
 
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Posts: 1,588 since Sep 2010
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Thanks for visiting my Journal.

Being a recording engineer in Nashville, Tennessee, I think trading would be a wonderful second career for me, as I enjoy the technology involved. Technical Analysis is fascinating.

So here is a brief history of my limited experience playing the markets...




I spent a couple of months searching the web in my spare time for a good, simple to start with Platform and an affordable broker...

I settled on the NT/ Amp / Zen-Fire set-up.

After Sim testing for a month or two, I liked it enough to spring for a lifetime license.

After another few weeks of Sim trading, I felt confident enough to dive in. I probably selected the wrong market to start with... The ES.

Trading live seemed completely different than Sim trading... Imagine that!! lol

After a %50 drawdown, I stopped live trading.

I cut back on all the nonsense of too many indicators on my chart and just started observing price action in the YM. Live Data without trading. Just making mental notes of when I would enter and exit.

I jotted down the best moving times and went back in.


I have been profitable ever since.


I will get into my system and rules in my next entry.
I think I am going to enjoy my time here at futures.io (formerly BMT).



I now begin my journey to earn enough coin to hang at the farm, look out the window at my horses and trade.


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #3 (permalink)
 Big Mike 
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Hi AJ,

Nice to see your journal here. Can you tell us a bit more about your method?

Mike

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  #4 (permalink)
 tderrick 
Nashville, Tennessee
 
Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker: AMP / CQG
Trading: NQ, YM and ES
 
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Big Mike View Post
Hi AJ,

Nice to see your journal here. Can you tell us a bit more about your method?

Mike


Will post some about my method, this evening... I'm about to go into session.

Tried to pick up a quick trade at the opening this morning, but the YM seemed quite confused. I was out. No trades today.
Have to start my regular gig...

Count it off!!!

See ya tonight with MNF...


AJ
Nashville, Tennessee


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  #5 (permalink)
 tderrick 
Nashville, Tennessee
 
Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker: AMP / CQG
Trading: NQ, YM and ES
 
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Posts: 1,588 since Sep 2010
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Well... My session ran late yesterday, so not only did I miss Monday Night Football, I was too fried to update my journal
with my trading method...

This all boils down to my current problem... When to find time to trade!!!

No time to trade this morning. Going in for vocals right now...

Should have time to post this evening...


Have a good day trading, all you lucky cats!!


AJ
Nashville, Tennessee


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 tderrick 
Nashville, Tennessee
 
Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker: AMP / CQG
Trading: NQ, YM and ES
 
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OK.... I finally have a little time to talk about my simple little trading system.


I use two screens. My Mac laptop and a satellite monitor.

On the Mac I have a one minute chart setup with the old 5 and 10 period EMA trick, along with a 100 period SMA following the price action.

In panel two a have the Volume Up Down indicator.
In panel three, Stochs (7,14,3)
In pane four, RSI (14,3)
I also keep an eye on the DOM with this screen, but I seem to be glancing at it less and less.


On the satellite monitor, I have a three minute chart with the same MA indicators as on the Mac following the Price Action.

Same Stochs
Same RSI

I have Chart Trader setup on this Chart.
I have two T&S panels running next to Chart Trader side of the chart. One filtering out very little and the other filtering out much, looking for Pro's.

My cues are...
1.) A volume spike
I then look at T&S to see how much activity is taking place and if some pro's are in or not.

2.) All Stochs and RSI indicators going in my direction. RSI must cross 50 on both charts.
I'm still watching the behavior of T&S.

3.) I'm a fan of the 5 and 10 EMA crossover trick. I never move until after they cross... at least on the
one minute chart

I don't like trading against the 100 SMA. If above Bullish, if below Bearish. It more often than not also works as support and resistance. And speaking of that....

4.) I always enter and exit a trade with recent support and resistance levels in mind and marked on my chart.

5.) The Elliot Wave....

This is the most fascinating thing I have come across in my research and observation of the markets.
Almost all breakouts have the five waves.

The first wave is the initial big run that comes from nowhere and nobody can predict.
The big volume spike happens after this. There is always a pullback (wave 2). The third wave is the one I try to time and ride. It always seems to be the most powerful. I will be out of the trade when this Wave
slows down and pulls back (wave 4). Sometimes I will go in again for the final wave (5), if the Volume and T&S support it.
I will then wait for the next setup. I usually only trade once or twice in the morning. Never more than four and rarely in the
afternoon. It simply takes time for these ideal moves to set up. The rest is just static noise.

Well, that's basically it.
I suppose I am a student of the theory that Price Action Rules and Indicators are only there to mathematically support
what your own instincts are telling you is happening.
RSI seems to be a very good indicator for me. When that baby crosses 50, it will most likely breakout, if supported by
Price action.

Man.... I hope I can do some trading in the morning....


AJ
Nashville, Tennessee


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  #7 (permalink)
 tderrick 
Nashville, Tennessee
 
Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker: AMP / CQG
Trading: NQ, YM and ES
 
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Posts: 1,588 since Sep 2010
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OK... got a bit humbled this morning...

I got so confident I thought I could just catch a quick before hours trade while I was
finishing up some editing work at the studio.

Not paying full attention to the trading, I filled a position without my strategy being selected
in Chart Trader! Seeing there was no stop on the chart, I closed out as soon as it went south.

That was the first loss... 4 ticks... You think I would have learned....


A few minutes later I see a big volume move with good looking indicators , I go in.

Position starts going south... glance over at T&S and it was against me the whole time. I never even looked
at it, I guess.

Stopped out....



lesson.... When you trade, ONLY trade...


I always remember these lessons when it costs me $$$$....


Oh well back in now at home... Let's see if I can make a bit back now that I'm focusing.....

only 4 hrs sleep at the studio, but I'm feeling pretty good and not mad at the market.... It was my
own fault... never should have taken the second trade and I'll never know about the first....


I'm giving myself two more trys this morning, if they form.... YM looks pretty choppy....


AJ
Nashville, Tennessee


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  #8 (permalink)
 tderrick 
Nashville, Tennessee
 
Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker: AMP / CQG
Trading: NQ, YM and ES
 
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Tried one more trade hoping for a break out back up to previous levels... No go- stopped out ... Done for the day...

broke one of my rules. I didn't wait for the RSI on my three minute chart... Sure enough, not enough strength to break through...

So much for my winning streak... three losses in a row






not so good


AJ
Nashville, Tennessee


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  #9 (permalink)
 tderrick 
Nashville, Tennessee
 
Experience: Intermediate
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Broker: AMP / CQG
Trading: NQ, YM and ES
 
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Came back for for one more after some rest with similar results... 4 down The YM looked like it
would break past 10800, but not for me....




The break out I was looking for earlier to 10800 , indeed happened just after I walked away... Doh!!


I was not feeling the timing today... Lost big ...

Tomorrow is a new day....

I may need to try some of the automated stuff I keep hearing about...


AJ
Nashville, Tennessee


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  #10 (permalink)
 tderrick 
Nashville, Tennessee
 
Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker: AMP / CQG
Trading: NQ, YM and ES
 
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I officially downgraded my trading experience to beginner... My mind got in the way too much today..


AJ
Nashville, Tennessee


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  #11 (permalink)
 tderrick 
Nashville, Tennessee
 
Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker: AMP / CQG
Trading: NQ, YM and ES
 
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Going to attempt to upload a chart of the carnage today...


I knew that breakout at 1030am was coming , I just pulled the trigger too early and then quit... : (


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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 Big Mike 
Site Administrator
Swing Trader
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tderrick View Post
Going to attempt to upload a chart of the carnage today...


I knew that breakout at 1030am was coming , I just pulled the trigger too early and then quit... : (

Thanks for the chart. What was the reason for placing the stop where you had it on the first trade?

Mike

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  #13 (permalink)
 tderrick 
Nashville, Tennessee
 
Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
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Trading: NQ, YM and ES
 
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Big Mike View Post
Thanks for the chart. What was the reason for placing the stop where you had it on the first trade?

Mike

I have a stock 10 tick stop in my NT ATM ... I would love to have larger stops, but I'm down to a grand now from $2k and that's all I feel I can risk... ( was back up to $1200 until today !! lol)



Thanks so much for your interest... I'm sure I need a little guidance. I have been trying this trading thing
all alone, until now...

I'm fighting like heck to not blow that first bank roll!!! Everytime I get to the 50% drawdown level I seem to
focus much better... Ha!! This will be the second time I've touched that level....

Thanks again, Mike....


AJ
Nashville, Tennessee


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  #14 (permalink)
 Big Mike 
Site Administrator
Swing Trader
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tderrick View Post
I have a stock 10 tick stop in my NT ATM ... I would love to have larger stops, but I'm down to a grand now from $2k and that's all I feel I can risk... ( was back up to $1200 until today !! lol)



Thanks so much for your interest... I'm sure I need a little guidance. I have been trying this trading thing
all alone, until now...

I'm fighting like heck to not blow that first bank roll!!! Everytime I get to the 50% drawdown level I seem to
focus much better... Ha!! This will be the second time I've touched that level....

Thanks again, Mike....

My advice is you can't set stops based on your account size. The market doesn't give a damn about your account size, so why would a stop dictated by your account size make any sense? It doesn't.

You do need to set risk limits. Most traders recommend that no single trade exceed 2% of your capital, this means on a $1000 account, your maximum risk (stop) per trade is $20. You can't trade futures with such a small account, you really need much more. Let's say you had $10,000 instead of $1,000. With a 2% risk, your maximum stop is allowed to be $200 per trade. If you are trading 4 contracts, this means each contract is $50. So if you want to really trade four contracts, you probably need around $40,000 before you can really even consider it.

Now, just because your max risk is $200 per trade using that guideline, it does not mean set a stop at 20 ticks every time. It means if the proper stop, as dictated by price action and your research of your methodology, is more than 20 ticks then you should pass on the trade. If price action dictates a 5 tick stop, then you'll use that, not 20 ticks just because you "can".

"Death by 1000 cuts" is what you will end up doing to your account with the wrong stop position. You can't afford a proper stop, so you end up taking bad stops over and over again. One day you may say, ok, I will do a bigger "proper" stop, and it too will get hit and then you'll change everything again. You can't judge trading results from a small sample size. The reason people suggest 2% is so that you have to take 50 stops in a row to go broke (or more, because each trade is a MAX of 2%, but usually ends up being less with good management). You really need 100-200 trades in your sample size before you can make any sort of statistical analysis as to the edge or probabilities of your method.

But, I can tell you for sure, you need far more than $1,000 to trade futures. It doesn't mean go deposit $20,000 from your IRA, everyone needs to learn at their own rate. There are several threads here that discuss this here on the forum.

Mike

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  #15 (permalink)
 tderrick 
Nashville, Tennessee
 
Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker: AMP / CQG
Trading: NQ, YM and ES
 
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Big Mike View Post

But, I can tell you for sure, you need far more than $1,000 to trade futures. It doesn't mean go deposit $20,000 from your IRA, everyone needs to learn at their own rate. There are several threads here that discuss this here on the forum.

Mike


Of course I realize all you say is true... It would be so easy to take trades if I could set my stops in accordance
to support and resistance levels.

However, I gave myself $2K to see if I can pull off a miracle and I will see it through. I am putting up the good fight. If I lose down to my margin. I will Sim until I can save up that $10K.

Pray for me Mike, I'm gonna need it...

thanks so much for your input.


AJ
Nashville, Tennessee


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  #16 (permalink)
 Big Mike 
Site Administrator
Swing Trader
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Manta, Ecuador
 
Experience: Advanced
Platform: Custom solution
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Posts: 50,094 since Jun 2009
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tderrick View Post
Of course I realize all you say is true... It would be so easy to take trades if I could set my stops in accordance
to support and resistance levels.

However, I gave myself $2K to see if I can pull off a miracle and I will see it through. I am putting up the good fight. If I lose down to my margin. I will Sim until I can save up that $10K.

Pray for me Mike, I'm gonna need it...

thanks so much for your input.

AJ,

I understand. I really do. Through this forum I've met a hundred traders like you. But if you want to succeed at trading, you need to position yourself for success! To win at trading someone else must lose. In order to beat these other traders, you must not be at such an enormous disadvantage.

Now, if you look at 2k as just part of your tuition, which is how I would approach it, then nothing is lost. You are paying money to learn how to trade, just like paying money to attend a campus for college courses to learn something. But, don't expect for your college professor to start writing you weekly paychecks for attending class --- and don't expect to make any money trading. Not until you graduate. And even then, it means you'll need to properly fund your account (probably 25k minimum) to trade for "real".

I will leave you to it. I am not trying to give you bad news or be negative. I am just trying to help.

Mike

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  #17 (permalink)
 cory 
the coin hunter
virginia
 
Experience: Intermediate
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tderrick View Post
Of course I realize all you say is true... It would be so easy to take trades if I could set my stops in accordance
to support and resistance levels.

However, I gave myself $2K to see if I can pull off a miracle and I will see it through. I am putting up the good fight. If I lose down to my margin. I will Sim until I can save up that $10K.

Pray for me Mike, I'm gonna need it...

thanks so much for your input.

anything is possible, from a blog

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 Big Mike 
Site Administrator
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cory View Post
anything is possible, from a blog

I agree with you. It is possible for a seasoned trader to take 2k and run with it, but not a beginner. Sure, maybe every now and then a beginner can do it, but not over a large sample of beginners. Is the blog you mentioned run by a seasoned trader, or a beginner? Are you sure it is cash and not sim? Obviously you and I know that just about everyone can make money hand over fist on sim.

Mike

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  #19 (permalink)
 cory 
the coin hunter
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Big Mike View Post
I agree with you. It is possible for a seasoned trader to take 2k and run with it, but not a beginner. Sure, maybe every now and then a beginner can do it, but not over a large sample of beginners. Is the blog you mentioned run by a seasoned trader, or a beginner? Are you sure it is cash and not sim? Obviously you and I know that just about everyone can make money hand over fist on sim.

Mike

yes he posts his broker statements and also has his broker phone number for you to verify. he is a vendor doing this to showcase his skills so he is not a beginner.

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  #20 (permalink)
 tderrick 
Nashville, Tennessee
 
Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker: AMP / CQG
Trading: NQ, YM and ES
 
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Posts: 1,588 since Sep 2010
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Big Mike View Post
AJ,

I will leave you to it. I am not trying to give you bad news or be negative. I am just trying to help.

Mike


Oh, no worries brother!! You're not suprising me with your input. I researched the web for several months
before taking the plunge. I certainly know the odds.

...and those profit numbers from that other account starting w/ $2K... seems to be an awfully good trader at that
wheel...

I realise I am on a journey. It's all good. I'll just learn as much as possible and that only seems to come with
a live account... SIM bores me to death because you don't get the real pain, I trade too much etc. I just banged
out a quick, easy system that would win if I made the correct trades and moved to live.

If there is a bright side... I'm going into my sixth month trading a live account and I'm still kicking!!!
After the initial getting used to the emotions draw down of 50% ... I've been breaking even for quite a while now, with occasional gusts to the upside. I just have such little time to actually pull the trigger live. I can't quite feel comfortable.... Studio hours are long...

But the bottom line is that I love it more than just a way of making money. I love the high tech nature of it.

I better make it, cause I'm hooked. I'll find a way. Just bare with me for awhile....

Hopefully you will give me a hand every now and then... If I don't drive you crazy...
This is the first site that I've come across where I think I can actually learn some technics.

I feel I am a 1%er getting into my current field of recording engineering - Now going on twenty years.
If I can pay the same dues I did there, maybe I can be a 1%er making it in this field also....

I'm glad I was given a heads up to come here.

Thanks for caring, Mike....


AJ
Nashville, Tennessee


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  #21 (permalink)
 tderrick 
Nashville, Tennessee
 
Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker: AMP / CQG
Trading: NQ, YM and ES
 
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OK ... exactly why am I trading the YM in low volume after hours trading???


The only thing that was succesful about this trade was taking Mike's advice on proper stops. I placed it below support
at 10750.

However, I bailed as soon as the market turned with consecutive LL's...

Does anyone have a rule for consecutive LL's for an out??
I suppose I should wait for a complete indicator turn to signal my out.


Things done wrong...

1. Should not be in after hours in the first place.

2. The trend while going slowly up, was too choppy

3. This is not the type of PA I have had success with in the past.


Will try another during normal hours if a regular setup shows up. I have vocals coming at 11am , so I may
grab a winner or two....


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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 tderrick 
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You know, that last trade was actually pretty good if I just would'nt have chickened out.

I have got to stop thinking about scalping and let these things ride... I would have been just fine with the stop
I placed at 10750.

This is nothing except fear because of trading with scared money (not enough)... I know, Mike, I Know...


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 tderrick 
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I have a good feel of when these runs are forming, I just need to "Trade Big"

Here is the same trade a bit later...


I am not emotional about it though.... Big progress for me.

Need more tuition money....


Down $40 for the morning...

I'll give myself one more try...


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 tderrick 
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oops....


AJ
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 tderrick 
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OK.... I give

I seem to have no feel for the market anymore. I can't keep sharp just trading a few times a week.

2nd loss for the day...

Took a trade at the top of resistance HOPING for a breakout. Bad trade... I know better than that. I have just forgotten.


Bailed as it turned...


Obviously I'm rusty... I will now go back and trade the dozen or so market replays I have saved and
try to get a feel back.

I can now pull the trigger with live money easily.... (maybe too easily!! )


I will now save up the $10k Mike says is minimum and trade correctly. I didn't want to blow through a account learning. That's why I started small. The only thing I learned from it is the mental edge of losing money.
My Technique needs to be refinded and hanging around this place will help with that.


I came in with $2K and left with $1K. I fought for 6 months. I need a sharper edge.
Call it tuition. I will read all the books I have wanted to. And practice.

I will still post my practice trades and hopefully get some guidance.


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 PandaWarrior 
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cory View Post
anything is possible, from a blog

So I read this guy's blog as well. He is the ONLY guy I've ever seen that posts his real brokerage statement. How do I know its real, because we use the same clearing house and mine looks the same. Its true, he is very experienced and to my knowledge has been trading the same system for years with only slight mods every now and then. He knows his stats, his edge and has money management down really well. So yes it is possible. I am encouraged by his blog as I know I can do it too by just being disciplined. It is harder with a small account. But you must have 100% faith in your edge. If not, stop trading.

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 sabot7726 
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Which blog?

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 cory 
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Which blog?

no free adv for vendor here so I go out of the way not to mention him.

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 tderrick 
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Things are going well as I revamp my system...

Good Success with CL

YM is still baffling me. Break even


I'm giving range bars a swing. I really like them.

Using an EMA with some Fib lines, along with SR as my main guide.

Trying to really get in tune with PA on these two markets...

Anyone know of a solid EMA that will give me the best cues possible???

I went ahead and moved up to NT7 since I'm revamping my system anyway. Solid so far..

Will start posting some charts for entry / exit advice when I settle completely on my rig..


thanks to all for the help in my journey... I'm re-juiced. I'm filling up my trading account
quickly and should be back in the game in a couple of months with a decent sized account.


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 cory 
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tderrick View Post
Things are going well as I revamp my system...

....

Anyone know of a solid EMA that will give me the best cues possible???

.

a whole topic in itself, you have fishnet indicator made out of multiple MAs, bigmike CDA made out of some MAs, MAs with fib numbers setting seems popular then again 20, 40, 50, 100, 200 are also popular. I also have a collection of MAs setting of some weird number. So what to make of them all? Just pick a number you like and go for it, everybody starts with 20 I think.

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 PandaWarrior 
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tderrick View Post
Things are going well as I revamp my system...

Good Success with CL

YM is still baffling me. Break even


I'm giving range bars a swing. I really like them.

Using an EMA with some Fib lines, along with SR as my main guide.

Trying to really get in tune with PA on these two markets...

Anyone know of a solid EMA that will give me the best cues possible???

I went ahead and moved up to NT7 since I'm revamping my system anyway. Solid so far..

Will start posting some charts for entry / exit advice when I settle completely on my rig..


thanks to all for the help in my journey... I'm re-juiced. I'm filling up my trading account
quickly and should be back in the game in a couple of months with a decent sized account.

The idea here is to pick one that is slow enough to reduce the noise. I say an EMA no less than 20 or perhaps a WMA set to 15 or 20. I like longer ones too but they reduce the number of signals.....which can be a good thing depending on what you are trying to accomplish. The CMA here on the forum has no settings so it can be good to start with. I personally use a WMA at 15 on my range chart and a TEMA set to 150 on my tick charts. These provide a nice confluence when used to filter each other....I only take trades when they agree.

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 tderrick 
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This is my first day back with my re-vamped system.

Starting slow in Sim, just as I will do when I get my account properly funded and return to
live trading.

First week goal - $100 / day

Day one - Profit target hit with two trades. Got chicken on the first, but hung on to the second.

Thanks to all who have helped me with my new system!!


AJ
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 tderrick 
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... took a few more trades in Sim after my goal was met for practice.

up $255 for the am...

I like the CL with range bars. I can read it well.


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 LukeGeniol 
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Be careful with CL, it can overwhelm you in the blink of an eye, if you give it too much confidence.

Take your Pips, go out and Live.
Luke.
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 Big Mike 
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LukeGeniol View Post
Be careful with CL, it can overwhelm you in the blink of an eye, if you give it too much confidence.

Indeed. CL is not for inexperienced traders. You also need at least a $20,000 account to have a chance, just trading 2 contracts with a 2% risk and 20 tick stop per.

Mike

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 tderrick 
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Big Mike View Post
Indeed. CL is not for inexperienced traders. You also need at least a $20,000 account to have a chance, just trading 2 contracts with a 2% risk and 20 tick stop per.

Mike


What instrument would you suggest then?


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 PandaWarrior 
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Big Mike View Post
Indeed. CL is not for inexperienced traders. You also need at least a $20,000 account to have a chance, just trading 2 contracts with a 2% risk and 20 tick stop per.

Mike

CL has less chop, moves smoother and quicker than almost any other instrument I've seen. If a person trades it well for say 60 days on sim, is able to make money or at least not lose any, why not trade it. ES is a bear to trade. The only reason to be there is massive size. YM, $5 a tick?

I agree with the account size thing for the most part, but still, CL is a great instrument. I don't think people should be so scared of it. Break out traders need a 20+ tick stop, but other systems don't. Gary trades it with a 12 tick stop. Thats reasonable for more people and there are many of us who are not break out traders. It makes sense to me that you would want to trade an instrument that moves like CL IF and its a big IF, you have a good system with a defined edge and that system has stops you can live with.

The fact that CL moves so fast sometimes is a good thing. Both for stops and profit targets. Why wait for 30 minutes in ES to find out you got stopped out or your profit target is hit when CL can do it in seconds or minutes? As long as you are reading price action well.....and this is true for all instruments, CL is superior in many ways.

Anyway, regardless of the reasons, if you are new to CL, trade it in sim no less than 30 days and preferably 60. If you can do it well during that time, you have at least $5-10K to trade 1 contract, (depending on your normal stop size) then I say go for it. Carefully!

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 tderrick 
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Up early to see what the the London session is doing to oil. Not bad movement.

One trade, One win... Profit target met.

I had time to do my sit-ups while this one worked....

I have big faith in this MA based system... Fib lines are fascinating.

Will try a few more for practice during pit session. But if I were live, (come on savings!!!) I would be out for the day,
in accordance with my first week plan.

I plan on using my Christmas bonus to finish off the funding of my account.
That means I will be live to begin the new year...

Until then..... Sim it is.


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 tderrick 
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Pretty good sell-off this morning...

Thought I would jump on...


This is my second trade today... good set-up, I think...


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 tderrick 
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OK.... good lesson...

Don't enter your data in your log or post to your Journal until AFTER you trade...

...missed a beautiful bounce at prior support at 82.40 ... I knew that was coming..


rats


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 tderrick 
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Got tied up this morning with the horses...

Back at the screen now... Two for two today....

Let's see if we can make it three....

Oil bounced back I see..... hmmmmm


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 Big Mike 
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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.

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 tderrick 
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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


Thanks, Mike... I am working the sim with 2% risk, exactly as I will be trading come January. I am not changing
anything in my trading style just because I am in Sim.. I feel confident enough to trade live again now, but I am
taking your advice and building up a decent account. Hopefully, I will be able to trade 1%, if my savings
go as planned... But, what goes as planned!!!

I like the way oil moves... I'll give it a shot...


I'm close to 2K hours of screen time at this point... The problem is they have been spread across too many markets, searching for one I feel comfortable with. After three months of studying oil, I'll be ready.


We just brought two new puppies home and I'm here alone... I'm done for today.. Up $187 Sim


Let's see what those puppies are into now...


More screen time tomorrow.


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 Big Mike 
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AJ, glad to see it.

You mention a good point about 2k hours. A trader who changes his chart once a month for 10 years only has 30 days of experience with his chart

Mike

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 tderrick 
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Big Mike View Post
AJ, glad to see it.

You mention a good point about 2k hours. A trader who changes his chart once a month for 10 years only has 30 days of experience with his chart

Mike


Thanks, Mike... hang with me. I'm not going anywhere and I have plenty of time. I love my present career,
but there is something about the technical nature of trading, I just can't let go of.

The same thing happened when I first saw a recording studio. It picked me, I didn't pick it.

...same thing happened with trading. I saw a killer documentary on PBS about trading vs long term
investing. Something about sheep... was the theme... Don't follow the crowd.

As soon as I realized it was computer based and the market actually looks like audio wave forms, I
was hooked.

This is the perfect second career for me after I'm deaf from cranking up those mains too much!! ; )

All I have to do is be able to see!! lol


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 tderrick 
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I don't know why I keep waking up for the London session. There must be a Brit in my Lineage...


Market is pure sideways indecisive and treated me accordingly.

First two setups I didn't feel good about... two good trades (Not taking them)


Third setup I took and it went south quickly. Manual close. No need to hit stop when trade turns invalid quickly.

Trading this type of PA is 50/50... I will wait for some type of move, so at least I can trade with a trend or
bounce. Which, at least will give a 60/40 chance. And with a perfect entry point , maybe even 70/30...

I guess I'll have to wait for the Yanks today...

Down $46.40


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 tderrick 
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Thought I saw a break to prior resistance... wrong.

Market still too choppy...


Stopped out below MA ... I'm closing in on my Three In A Row rule.... Chopped up in the Chop!!


Emotions in check ... Allowing myself to channel the emotions from my live trading time to this SIM period
so I can practice control...



Down $132.80 No worries... 2% risk... These may have been classic SIM trades - ie No Real Consequence.
I don't think I would have attempted these with real $$... I tend to
get very picky with cash... need to get back to that mindset.
4 to 7 well place trades a day...
3 losers in a row... must be out of the Zone... stop trading.

alright let's wait for a move in the market...


AJ
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 tderrick 
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I missed the proper entry of this trade at 83.90 'cause I was out checking on the Puppies...

Just missed the pullback trade with an itchy finger... Should not have gone in late anyway...


3rd loss

out of my Main Sim Test account

Swithing to basic sim to practice entry points


All three of these today were bad, ill advised trades.....

Better execution in the morning I hope...



down $229.20 ..... no Worries



Still up for the week...


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 tderrick 
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oops.... here is the mistake...


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 tderrick 
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Well.... Now I may have to re-think the 3 loss rule.


Made my money back just as the market is settling down to some chop again. 9:30am cdt


Down $44.80

I'll take that. knowing I was just stupid for trading the chop on the first two.

11 trades... More than I would ever take with Live money... Have to quit playing in SIM
It's hard to get those guts churning like when your in the real battle... Trying to channel the
pain I remember so it's more real....

It's hard to control emotions that aren't there...


Good lessons learned

Until tomorrow...


AJ
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 tderrick 
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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.


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 tderrick 
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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.....


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 tderrick 
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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.


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 Eric j 
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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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 tderrick 
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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???


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 tderrick 
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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
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 cory 
the coin hunter
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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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 LukeGeniol 
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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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 tderrick 
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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.


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 tderrick 
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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


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 tderrick 
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Well, I hit the SIM wall... I was loosing the fear quotient .

I had to pull the trigger live on a couple of quick scalps in the YM...


Ahhhhhh.......

feels good.


Two for Two... OK, back to studying and saving $$$$$$$$$.


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 tderrick 
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Had to pull the trigger on one more live trade in this beautiful trend in the YM.....


Three for three in a wonderful up channel to hit 11100...



There is nothing like trading with real $$$$$$$$$$$$$$ to burn in good lessons...


OK .... must walk away. Not funded well enough yet to trade as I would like. It's hard to stay away from
that Account button...

Must stay in SIM... While I learn more and Save Cash

I'm digging the Al Brooks book.....


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 tderrick 
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It's going well with me staying away from the live trading until I can get properly funded.

I have $2K more in the coffers and the learning is going well. I find the Al Brooks price action book fascinating...

I will not post anymore of my SIM trades, as it is fairly pointless since I am experimenting with order entries as I
bring a bit of the Brooks method into my Scalping style....

A work in progress... Plenty of time... No hurry....


It will feel good to risk 1% a trade.


Thanks again to all for the help.


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 tderrick 
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I've been locked up in the studio for a week, so I haven't had a lot of time to work on the new system, however the trading account is filling up nicely...

I did break away for an hour here and there to work on Price Action and feel confident. about the system. Trade entry's are clear and I have a good plan.

I will be quite ready by the first of the year...

Also doing well about not hitting the Live Account button until I am fully funded. ...very tempting
when a classic setup is staring at me .


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 cory 
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cory View Post
anything is possible, from a blog

final update on 'Road To Million' project;
the plan:

Quoting 
Apart from any other mitigating factors or extenuating circumstance beyond our control, closed-out balance of $5,400+ had a floor-limit of loss shutdown at $4,000.00 and cessation of trading for the month.
....
On September 7th we’ll resume trading as usual with same $4,000 ending balance and look to reach Month Two or possibly Month Three objective goals by/before September 30th using TF – ES – CL futures in any combination thereof. Traders joining us then can view that as a continuation of prior trading OR new start to the business plan… whatever they deem fit.

Nothing on our end changes regardless: start with $4k, focus on reaching $8k, attempt to push further if possible with a floor-stop to operations @ $8,000 balance trailed. Repeat the process in October, and each month hence thru Dec 2011.

the reality:
links to each month result located on front page are gone, link to the project is gone, only way to know if it ever existed is to dig thru its archive.

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 tderrick 
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Been locked up in the studio for a couple of weeks now, working on a record... so, not much time to practice trading the
futures.

I've been dabbling in the spot forex market where I don't need to be constantly watching the screen. More of a swing -
position type trading stance.

Seems to be suiting my busy schedule well... 10% gain using small positions with big stops and bigger targets to just ride
general trends.

My trading journey continues... : )


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 tderrick 
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Work is slowing down a bit for the holidays, so I'm having a bit more time for my trading studies. Still building up
the futures trading account and practising with a week at a time of replay data, to get a feel of how the markets move over that time frame. There are definite patterns in a weekly cycle.

Still trying to absorb the Al Brooks book and put the knowledge into use. Price action is my main study.

My current instrument is the EUR/USD using hourly and daily charts to get good solid positions. I am then able to stay in the trade for many hours, which suits my schedule... Finding success. It seems to mirror the DOW at
times, which will make trading it alongside the YM interesting...

I still love the fury of the futures, however.... both will be traded in time. The CL is always becking, but I resist....

No hurry.....

Happy Holidays!!!


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 tderrick 
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If I could summarize all have learned in my first year in one phrase it would be....

"Wait for the Pull Back"


Patience is the key to this whole game.... Let the price action come to you...


Back to the books....


AJ
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 tderrick 
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I'm slowing things way down... Daily charts on the currencies. ... fascinating


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 tderrick 
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Well, after a 50% drawdown on my debut trading account, I am back to live trading with a much better funded
account.

I will be risking 1% a trade. YM with CL to follow when I double the account.

At first, I am simply looking for profit everyday. I have a losing rule in place also.

Here is the first trade back. I hate this type of trade. The very top of the market, waiting to break a new high.

I got in after the second attempt broke through. But it was a major battle on my T&S and filter charts, so I
bailed. I will let this market top out and visit the down side.

One trade, one win.

This time I'm going to build the account up slowly.

Profit tartgets to follow in time.

Thanks to all for the assistance in developing a very strong system.

I'm back in the saddle again


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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 Tmanbone 
Chattanooga, TN
 
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AJ, you guys shoveling snow your way? I'm curious of the latest and greatest plan. I read thru your thread today. Have you changed up a thing or two since the start. If you have will you detail them for me so I can keep up? I appreciate it.

"The simplicity of the markets is it's greatest disguise"

T
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 tderrick 
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Tmanbone View Post
AJ, you guys shoveling snow your way? I'm curious of the latest and greatest plan. I read thru your thread today. Have you changed up a thing or two since the start. If you have will you detail them for me so I can keep up? I appreciate it.

This dang snow will NOT go away!! I'm freezing my butt off! I'm from FL originally, so this is tough.

OK

My main goal is to have as much agreeing as possible.

between...

My main chart - 5 min candles with 20EMA to see the general setups developing. I base my trading off SR bounces / breakthroughs. I watch volume on this chart.

On my satellite screen ...

6range bars working with fib
20 EMA

T$S

Two small panels running 150 and 55 tick and 150TEMA on both.

When things line up on all,these, the trade is most likely going to work.

The only thing I wrestle with is emotions. When I sim. I win most every time. For some reason, I am much
more selective when I trade $$. This is my last hurdle. That is why I'm taking it slow coming back.

What dollar tick are you going to trade ?


AJ
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"Life On The Edge of SR"
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 Tmanbone 
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$1 per pip. The YM is not 1 lot trader friendly IMO. I've decided to learn on the E/U spot fx. Good luck. Thanks,

"The simplicity of the markets is it's greatest disguise"

T
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 tderrick 
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Tmanbone View Post
$1 per pip. The YM is not 1 lot trader friendly IMO. I've decided to learn on the E/U spot fx. Good luck. Thanks,

What instrument abrev. is that?

I have spent so much time on the YM, I have memorized what time of day the moves come and how it behaves
around SR. It IS nervous though. I figure if I can master this. I can trade most anything...

Boy, I wish I would have been around the YM for the London Open this morning. I missed 100 ticks before I came to the table and then made a trade during the last 20!! lol

I do not trade the noise / chop at all in the YM . It has to be moving.

See ya soon...


AJ
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 Tmanbone 
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E/U = EUR/USD. There is a decent chat room at ThinkorSwim, the David Elliot room, about 150 people a day in there. There is a small handful of sharp traders in there that have been trading the YM for years. They like the TEMA, fisher transformer, CCI and 1,2,3 wave counts. I feel the YM is a good beginners choice because you can keep your risk relatively small. Keep journaling.

"The simplicity of the markets is it's greatest disguise"

T
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 tderrick 
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My recording session ended a bit early, so I thought I would try to pick up a few trades before the close.

Trade 1 - I need to stop these type of trades... trying to anticipate a breakout. I bailed as I saw it turned hard against me ....small loss.

Trade 2 - A little better timed, but still a failed breakout. small win.

P/L - $46


I probably shouldn't try to trade at work. It's too hard to focus well.


AJ
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 tderrick 
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This is the first day I traded from open to close in a while.


Trade 1 - Tried a breakout trade, but bailed when I saw it bounce off one of my pre-drawn support lines.
Small Win

I was proud of myself, in that I let this trade fight until it broke free. In the past I would have bailed.



Trade 2 - This is where I started to loose my cool. Went short on a failed bullish run. I had my stop just above
that peak... stopped out by one tick.

...My dogs were going beserk outside, so I went to go check on things. When I got back, I saw that
the trade I was stopped out on was developing just as I thought it would. The steam was building.


Trade 3- Jumped in on big momentum for a small scalp win, bailing before the same support area came up.

Trade 4- Tried to go short on the break of that support area.
Even though I lost on this trade, I felt good about it. I put my stop Way out of the way above Major
resistance.
I stayed in much longer than I would have in the past and bailed only went the trade went south.
At this point I lost it and was pretty pissed off with myself. I let the next sell opportunity pass simply
because I was too mad to trade it.

Trade 5 - Welcome to the thing they call the "Grim Reaper". I have heard of it, now I know it. This was the
breakout I was waiting for. (or so I thought) Made ten ticks quickly and lost them even more quickly.
I went in on the big volume I saw.

I feel good about one thing. My stop was out of the way of the action and I closed out myself
when all hell broke loose.

Trade 6 - Unbelievably, I tried it again at 2pm when I thought the Reaper had left the building. You guessed it.
Hammered.

P/L - $200


Things I did well.

1. I got those damn stops out of my way.
2. I waited for the trade to develop.

Things I did Poorly.

1. My emotional control sucks. You must stay cool at this. You simply can't think when you want to toss your
laptop into the fireplace.

2. Selling low and buying high is killing me.

From now on, I will just trade the mornings. There always seems to be at least a couple of good moves to trade before 11am cdt.
Even in my SIM trading, it was tough to be consistant in the afternoons.

Good combat training. The fear is almost completely replaced with rage ; )
I think I need to absorb some trading psych books.....


AJ
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"Life On The Edge of SR"
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 sharky 
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ok so you sent me a couple of pm's to look at your post so tell me what your rules are for today as i see you have changed a few times give me a chart and explain to me exactually what your doing,as far as your trades they are not perfect but they are not bad either you just need chart time,as for your method it's a very very generic method of trading but it will help you learn what you need and what you dont.i beleive in drawing your on s/r lines and you seem to be drawing them in the right spots,im down to just drawing one but i started drawing a few at a time,as for volume i know some guys swear by it and it depends how you are trading weather you need it or not for my methods i dont need it so im not a big proponet of it,your ma's i use the 15wma or 14 wma to exit the trade sometimes so they are ok if you use them,it seems like your having a hard time trusting them to stay in trades but that will change in time. keep posting and i will keep reading sorry it took me so long to reply...sharky

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 tderrick 
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sharky View Post
ok so you sent me a couple of pm's to look at your post so tell me what your rules are for today as i see you have changed a few times give me a chart and explain to me exactually what your doing,as far as your trades they are not perfect but they are not bad either you just need chart time,as for your method it's a very very generic method of trading but it will help you learn what you need and what you dont.i beleive in drawing your on s/r lines and you seem to be drawing them in the right spots,im down to just drawing one but i started drawing a few at a time,as for volume i know some guys swear by it and it depends how you are trading weather you need it or not for my methods i dont need it so im not a big proponet of it,your ma's i use the 15wma or 14 wma to exit the trade sometimes so they are ok if you use them,it seems like your having a hard time trusting them to stay in trades but that will change in time. keep posting and i will keep reading sorry it took me so long to reply...sharky

Thanks for the input Sharkey. I've received much help from this community and I wanted some of your insight also.

I don't have any set rules per se and that is probably whats hurting me. I like to trade bounces off SR and
cross over of the moving averages. If I feel like its moving well. I go in.

My charts..

I trade the YM

I use charts on two monitors. My Mac laptop and an extension monitor.
On the Mac, I have my main chart which is a 5 minute with an EMA 20 ( I've tossed in an EMA 50 lately to guard against fake outs),
VolumeGraph, PriorDayOHLC and SR lines I draw in by hand looking at the previous four or five days of PA. I also have a DOM opened
to glance at.

On the extension monitor, I use a 6 Range bar chart with Dynamic Fib lines, a WMA 15 and the futures.io (formerly BMT)CollectiveMA.
I also have two small tick chart panels used as filters. One set to 55 tick and one set to 150 tick. Each have a TEMA 150.
I have a T&S panel that I check often opened as well.

Below are the four chart panels...


AJ
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 sharky 
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first you have to write down some rules you cant play it by ear or wing it as the mood strikes you yet,
then i would start with one indicator and watch it per your rules for a few days then take it off and put on another indicator and watch it per your rules for a few days do this untill you have gone thru all your indicators and you understand them somewhat,then put them all back on together and see if they still make sense to use all of them together,then i would put together your chart with what you really need making sure you dont have 2 indicators telling you the same thing of conflicting with each other to much,i see you have range time and tick charts as i see nothing wrong with that persay you might want to try all min or all range or all tick but that just my preference...sharky

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 tderrick 
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sharky View Post
first you have to write down some rules you cant play it by ear or wing it as the mood strikes you yet,
then i would start with one indicator and watch it per your rules for a few days then take it off and put on another indicator and watch it per your rules for a few days do this untill you have gone thru all your indicators and you understand them somewhat,then put them all back on together and see if they still make sense to use all of them together,then i would put together your chart with what you really need making sure you dont have 2 indicators telling you the same thing of conflicting with each other to much,i see you have range time and tick charts as i see nothing wrong with that persay you might want to try all min or all range or all tick but that just my preference...sharky


Would you give me some examples of some typical rules? I don't have any indicators per se. I have just
learned the way PA interacts around the MA's. Sometimes it's a bounce off of an MA or a break through
then a slight pull back and I wait for it to either fail or continue. I don't know how I can make hard rules
out of movement that is so tricky. I just trade what I see. Velocity of PA comes into my thinking also.

Sorry for being a little confused on this and thank you for your patience.


AJ
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 PandaWarrior 
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AJ, I've been watching a five minute chart along with the 6R chart and I agree with @sharky, I am starting to think mixing range and time charts is a mistake. I like the market structure the 5 min gives but a 15-20 chart does the same thing and I think I like the flow of it better.

The rest of it I agree with @sharky as well. You need to write firm rules for when you will or not take a trade. The simpler the better as you know. And preferably only one set up for now until you master it.

Good talking to you the other night....

Sleep well.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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 tderrick 
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aztrader9 View Post
AJ, I've been watching a five minute chart along with the 6R chart and I agree with @ sharky, I am starting to think mixing range and time charts is a mistake. I like the market structure the 5 min gives but a 15-20 chart does the same thing and I think I like the flow of it better.

The rest of it I agree with @ sharky as well. You need to write firm rules for when you will or not take a trade. The simpler the better as you know. And preferably only one set up for now until you master it.

Good talking to you the other night....

Sleep well.


Thanks guys...

I will attempt to come up with some type of rule. The hardest thing for me right now is staying in the trade.
If it comes back at me hard. I have my stop pretty far away now and it freaks me out. I have to trust my
knowledge of the YM and know that if a certain SR is breached, the trend will continue 90% of the time.

I got down quickly in the overnight session. There is a little activity between 7 and 9pm cdt that I like to
catch. I'm proud that I fought back to even in ticks. But I have $70 in commisions now.

I must identify the trend and STAY IN. I keep trading the dips. far too many trades.

No need to post my charts. It looks like machine gun fire all the way up the trend line.


Risk management vs staying in the trade... learning, learning....


AJ
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 tderrick 
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sharky View Post
first you have to write down some rules you cant play it by ear or wing it as the mood strikes you yet,
then i would start with one indicator and watch it per your rules for a few days then take it off and put on another indicator and watch it per your rules for a few days do this untill you have gone thru all your indicators and you understand them somewhat,then put them all back on together and see if they still make sense to use all of them together,then i would put together your chart with what you really need making sure you dont have 2 indicators telling you the same thing of conflicting with each other to much,i see you have range time and tick charts as i see nothing wrong with that persay you might want to try all min or all range or all tick but that just my preference...sharky


I think I will try just the 5 minute chart with the fib lines and hand drawn SR lines for a while....

Candles seem to tell me the most about PA.

Thank you so much for your time, Sharky....


AJ
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 Tmanbone 
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Here's a trading plan template that will help you answer some of the questions you are asking yourself. I'm a firm believer in having a set of written rules for entering and exiting a trade. Price and/or indies have to do what to get you in? Price and/or indies have to do what to get you out?

"The simplicity of the markets is it's greatest disguise"

T
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 tderrick 
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How can a man feel good about a $500 drawdown during his first week back?

Most of the losses came from having large stops that a held onto much longer than I have in the
past. I held on to one trade for an Hour today!!! It lost only because I am a dumb-ass and don't know
what I'm doing.

The rest was commission cost from WAY over trading trying some scalping stuff. I was 50% winners
on that. But, thats not for me...

I no longer have the fear. Almost too much the opposite.

It's time to move on.


AJ
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 tderrick 
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I have lost...

The tick charts
The Range chart
The Time and Sales
The DOM
The Volume Indicator

I am using a 5 min chart with a 20 and 50 EMA. I use self drawn lines of past proven SR along with OHLC lines.

I now have rules!!

I will enter a trade when PA crosses both MA's in an orderly manner after a pull back to establish true direction.
I will exit when a bar either closes across the 20 or penetrates it strongly.

I will be wary if the MA's are too tight to each other and the candles are barbwire and crazy looking. The best trends come from bars (Candles) that are tidy and clean looking.

I have sent a check off to my broker as punishment for trading without a plan, like I'm
Al Brooks or something. My account is back to it's orginal amount.

I now enter the hallowed halls of trading 002... Now where's my locker....


AJ
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 tderrick 
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The goal of the above modifications is to keep my trades down to 2 or 3 a day.

Never again will I trade 10-20 times a day


I am looking for bonafied trends here people!! ; )


No trendy, no trady....


AJ
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 Tmanbone 
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You may consider taking three bullets and set them by your work station. After completing a trade remove a bullet and stick it in the drawer. When the three bullets are gone you're done for the day.

"The simplicity of the markets is it's greatest disguise"

T
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 tderrick 
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Tmanbone View Post
You may consider taking three bullets and set them by your work station. After completing a trade remove a bullet and stick it in the drawer. When the three bullets are gone you're done for the day.


After this week, I could have used the bullets for something else... ; )


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 PandaWarrior 
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tderrick View Post
I have lost...

The tick charts
The Range chart
The Time and Sales
The DOM
The Volume Indicator

I am using a 5 min chart with a 20 and 50 EMA. I use self drawn lines of past proven SR along with OHLC lines.

I now have rules!!

I will enter a trade when PA crosses both MA's in an orderly manner after a pull back to establish true direction.
I will exit when a bar either closes across the 20 or penetrates it strongly.

I will be wary if the MA's are too tight to each other and the candles are barbwire and crazy looking. The best trends come from bars (Candles) that are tidy and clean looking.

I have sent a check off to my broker as punishment for trading without a plan, like I'm
Al Brooks or something. My account is back to it's orginal amount.

I now enter the hallowed halls of trading 002... Now where's my locker....

What are your rules for entry and exit and profit targets?

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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 sharky 
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i like the steps you have taken so far we are making some progress but please dont ask me to make some trading rules for you as im not you so my rules can not fit your personality, next i would suggest if you use a 5 min then also look at a 15 or 30 min to see what price is really doing but trade on your 5 min chart,then i would take another look at what ma are you using make sure its the ma your comfortable with,im not saying the 2 you have are wrong im just saying experiment alittle,then i would maybe look at a 15 wma to use for exits,play with these ideas and keep posting ill keep reading...sharky

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  #93 (permalink)
 tderrick 
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sharky View Post
i like the steps you have taken so far we are making some progress but please dont ask me to make some trading rules for you as im not you so my rules can not fit your personality, next i would suggest if you use a 5 min then also look at a 15 or 30 min to see what price is really doing but trade on your 5 min chart,then i would take another look at what ma are you using make sure its the ma your comfortable with,im not saying the 2 you have are wrong im just saying experiment alittle,then i would maybe look at a 15 wma to use for exits,play with these ideas and keep posting ill keep reading...sharky

Thanks, Sharky... sorry I wasn't asking for you to give me rules I just wasn't quite sure what rules actually are....

But I just scrolled through a few weeks of 5 minute bars and I like the way price moves around these two MA's... I will
try yours of course.


AJ
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 tderrick 
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aztrader9 View Post
What are your rules for entry and exit and profit targets?

I enter after I establish a continuation of price though the MA's. Usually after a pullback. I am looking to enter a trade
and stay in for a longer period, so entry is not critical except for getting in on a true trend.

I will exit when price moves through the 20ema, as most times this ends the trend. If it happens quickly, it
seems to end up in a close to BE condition.

I am testing now.


AJ
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 PandaWarrior 
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tderrick View Post
I enter after I establish a continuation of price though the MA's. Usually after a pullback. I am looking to enter a trade
and stay in for a longer period, so entry is not critical except for getting in on a true trend.

I will exit when price moves through the 20ema, as most times this ends the trend. If it happens quickly, it
seems to end up in a close to BE condition.

I am testing now.

what about profit targets. Are you looking for specific destinations that hopefully are hit prior to the 20EMA being hit? Just asking about specifics as I think getting out at the 20EMA is fine for trades that have not hit a predefined target...its like a safety valve so to speak, if the target is not hit, then this is the exit. Otherwise, stay in the trade until the target is hit.

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  #96 (permalink)
 tderrick 
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aztrader9 View Post
what about profit targets. Are you looking for specific destinations that hopefully are hit prior to the 20EMA being hit? Just asking about specifics as I think getting out at the 20EMA is fine for trades that have not hit a predefined target...its like a safety valve so to speak, if the target is not hit, then this is the exit. Otherwise, stay in the trade until the target is hit.

Thanks for the help, AZ...

My thinking is this (flawed I'm sure)

I'm thinking about letting the price action dictate my target . No set numerical number.

Lets say price moves through my MA's and is heading towards proven S/R I will keep my eye on that
level. So if price moves beyond one of
these and fails. I will take take profit as it falls back through. If it doesn't even make it to the S/R level I am
probably in a sideways channel and will wait for it to come back and either bounce off the 20 (I will stay in)
Or It will crush through and I will bail.


I know this is leaving quite a bit of human interaction , but at least I have
SOME parameters now.

Back testing now.... We'll see.


AJ
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  #97 (permalink)
 Big Mike 
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tderrick View Post
No need to post my charts. It looks like machine gun fire all the way up the trend line.

A lot of traders put a huge amount of emphasis on a really small stop to minimize the pain. So they end up taking 10 stops in a row of 3 ticks, instead of correctly setting one initial stop of say 24 ticks in the first place, which probably would not have ever been hit if the trade worked in your favor.

"Machine gun fire" (to me) = lots of trades in rapid succession, usually small stops or reversals due to uncertainty.

This is an account killer.

When you decide to enter a trade, identify an area on your chart (price) where you can say "if price goes down to this level, then I am wrong about this trade and should get out".

You should know your exact stop and target areas before you ever put on the trade. Sure you can 'manage the trade' some once you are in, but you should already have an excellent idea and a very clear picture of what your target looks like and what your stop looks like.

In general, for most traders, you also need to make sure your target is bigger than your stop (positive risk/reward ratio). If the trade requires a big stop and yet has a small target, it is likely better to pass on the trade, or at least wait until price comes to you so you can minimize your risk.

Since you can never predict what price will do next, the best thing you can do for each trade is to set yourself up for success. Position yourself so you have a good chance to come out ahead over a large sample size, say 50 or 100 trades. You can't win them all so don't let one individual trade disrupt the entire series of trades or the plan.

If you have a "mediocre" entry, and a good stop and target, you'll likely have positive expectancy. Just give it a chance to work in your favor. Patience is not only a virtue in trading, it is a necessity.

Mike

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 Big Mike 
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tderrick View Post

No need to post my charts. It looks like machine gun fire all the way up the trend line.

BTW, I encourage you to post your chart. It will motivate you to not repeat the same mistakes in the future, because you want to always be honest with your journal.

Mike

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  #99 (permalink)
 tderrick 
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Big Mike View Post
BTW, I encourage you to post your chart. It will motivate you to not repeat the same mistakes in the future, because you want to always be honest with your journal.

Mike


You'll never see another chart like this from me.

Great experience in psycho trading. I kind of went out of my body ; )

The next one will win.... the next one..... the.....


AJ
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