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New Year New Strategy! Here we go...


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New Year New Strategy! Here we go...

  #41 (permalink)
 
Sandpaddict's Avatar
 Sandpaddict 
Vancouver, Canada
 
Experience: Advanced
Platform: Ninjatrader, MT4
Broker: IB, Global Prime
Trading: Futures CFDs
Posts: 684 since Mar 2020
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Blue Eagle View Post
Just found your journal the other day...looking forward to following along. I like your style of adding and subtracting to longer trades as the market warrants while still keeping in the game. And a great day today...not bad for a Langley boy.... I'm actually just across the river in Maple Ridge soooo we can have a little friendly neighborhood rivalry aimed at keeping us on our A game...

Hope you are enjoying your evening after a good day by taking the night off to refresh. See you out there tomorrow.

Craig

Hey Blue Eagle. Right on.

Thank you for commenting. And yes I like like that idea!

I have followed you for a bit as well.

Rest? Lol? I do that by being on here. I find it distracts me from doing stupid things because I just sit and stare at the screen too long.

Rest? Pssttht. I'm building a short position this evening.

Just kidding. I am building a position but I value rest, relaxation and mostly my family time.

As far as as the strategy it's a work in progress but I have finally gained the confidence to know that I know HOW to trade. I just have to work on the INNER game.

My focus is nearly exclusively on the patience and discipline part of the puzzle right now.

Hope to hear from you soon and good trading!

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  #42 (permalink)
 
Sandpaddict's Avatar
 Sandpaddict 
Vancouver, Canada
 
Experience: Advanced
Platform: Ninjatrader, MT4
Broker: IB, Global Prime
Trading: Futures CFDs
Posts: 684 since Mar 2020
Thanks Given: 975
Thanks Received: 637

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  #43 (permalink)
 
Sandpaddict's Avatar
 Sandpaddict 
Vancouver, Canada
 
Experience: Advanced
Platform: Ninjatrader, MT4
Broker: IB, Global Prime
Trading: Futures CFDs
Posts: 684 since Mar 2020
Thanks Given: 975
Thanks Received: 637


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  #44 (permalink)
 
Sandpaddict's Avatar
 Sandpaddict 
Vancouver, Canada
 
Experience: Advanced
Platform: Ninjatrader, MT4
Broker: IB, Global Prime
Trading: Futures CFDs
Posts: 684 since Mar 2020
Thanks Given: 975
Thanks Received: 637

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  #45 (permalink)
 
Sandpaddict's Avatar
 Sandpaddict 
Vancouver, Canada
 
Experience: Advanced
Platform: Ninjatrader, MT4
Broker: IB, Global Prime
Trading: Futures CFDs
Posts: 684 since Mar 2020
Thanks Given: 975
Thanks Received: 637

I'm trying to use chart annotations when they make sense and writing when that makes sense. So here's a bit of both.

Below is my chart of of thurs evening and Friday. I started a short position betting that the market would be neutral to down.

I couldn't have been more wrong. Lol.

But thats why I trade so small. So I added into pops. Some that were OK and some entries I didn't like. (Noted below)

The position didn't get out of hand so I held and tried to lighten my position at the end of Friday as to not hold too many contracts over the weekend.

I was willing to buy back a few at a loss and carry the rest. Maybe 4 or 5.

I bought a few contracts back manually then my super duper brain went "hey, click THAT button" and next thing I knew I went from 7 contracts short to 4 contracts LONG basically filling into the close!

I clicked a button I've never even used before. Well it said "Close" on it!?!! Why would I do something random at the end of the day like that?

Couldn't tell ya. But maybe don't click buttons you never tested in sim. Especially seconds to the close. Sounds obvious but look what you did.

Now if it gaps up of course I'll be happy but if it gaps down I'll be pissed.

• Don't be too hard on yourself.

• But learn from it.

• Read your journal.

• Stick to the strategy.

• Be patient.

• Be disciplined and don't panic out!

I added a last 7 days graph from IB. Even with your absolutely avoidable mistake you are still doing very well.

It's getting easier and easier to not to try to get upset on individual trades.

I'm also gradually shifting to longer term trades. I'm not trying to scalp 357 times a day anymore.

Scalping? It was more like taking a few small losses and taking lots of large losses while taking a few small wins.

So theres progress!

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  #46 (permalink)
 
Sandpaddict's Avatar
 Sandpaddict 
Vancouver, Canada
 
Experience: Advanced
Platform: Ninjatrader, MT4
Broker: IB, Global Prime
Trading: Futures CFDs
Posts: 684 since Mar 2020
Thanks Given: 975
Thanks Received: 637

Major improvement!

It is so obvious but I did not see it.

The problem I'm having getting above a certain equity balance is because I hold on to both winners and loosers too long.

Generally, I, like most, don't know where price is going.

Some people are very very good as pure price action traders. Not me. As much as I can understand it I can't trade it. That is why my strategy relies on scaling.

I do trade off ONLY price but I scale in and out.

This has worked to keep me from loosing for a few months. And I trade every day.

That is great in itself but after transfering a decent amount (for me) into my account I need a way to balance it out as to not scale in too much as I'll have to unload positions at worse and worse prices. Making it hard to make up for it with large enough winners.

I think this has worked so far because I do that on the winning side as well but it's a trade off and you don't know even with small positions if your going to have to unwind at worse and worse prices.

That is how it has to work to even each other out and hopefully you hold those winners for longer than the loosers.

Well I've done some testing this weekend and think I know the way to tip the odds in my favor. All forward testing.

It's to keep everything the same, still scaling in... BUT... take profits on ALL POSITIONS AT YOUR STARTER POSITION TARGET!

1. So you place your starter position and set your target immediately from there.

2. Scale in as the position goes against or in your favor, then against.

3. On every add set the target as the same as the starter target.

4. If your loss gets passed your predetermined stop for each contract exit positions to bring risk back in line.

5. HOLD profitable positions until your PT is hit on THE ENTIRE ORDER. Or you move the entire order closer to price if not acting right.

The result is that you will be cashing out with the FULL amount of contracts at the furthest point price have gone in your favor at that point.

While at the same time the averaging down yet holding to the starter target secures a better R/R. Helping to offset those times when price just keeps marching against you.

You KNOW where to enter and you KNOW where to exit.

Keep working on your mindset.

As always, be patient, disciplined and don't panic out of positions.



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  #47 (permalink)
 
Sandpaddict's Avatar
 Sandpaddict 
Vancouver, Canada
 
Experience: Advanced
Platform: Ninjatrader, MT4
Broker: IB, Global Prime
Trading: Futures CFDs
Posts: 684 since Mar 2020
Thanks Given: 975
Thanks Received: 637

I've been forwards testing and it's proven out to be true again and again.

Scaling in and exiting ALL is superior to scaling in and out.

I posted above how this fits with how you trade.

Read it. Follow it. You tested in SIM now test it live.

Remember the difference is in the addition of a PT within a reasonable range that offers the ability to exit with FULL position thus securing full profits at that point vs scaling and out which stands the chance of not getting filled at the farthest targets and not offsetting the small gains secured early in the move.

Another words you are securing a profit at a predetermined point with full position vs taking partial profits and relying on the runners make up for the rest of the profit needed to make the strategy profitable.

Lastly it exits you from positions which is good for two reasons.

1. It clears your bias a bit as you can now see clearer without a team to cheer on sort of speak.

2. It frees you from averaging down to infinitum only to take small profits vs the open drawndown needed to secure those profits. Aka buying all the way down only to exit breakeven even or taking small profits after taking a massive relative risk. This leads to a HORRIBLE risk adjusted return.

My goal to chip away at that risk adjusted return part.

This is a good step.

Now like I said in the last post. Patience. Discipline and don't panic out (aka let emotion stress be your signal to exit your position).

One last thing. You are becoming VERY GOOD AT BUYING AND SELLING IN THE POCKETS.

STOP SETTING LIMIT ORDERS and switch to buying/selling in the pockets.

You can control your enries and exits as well as risk very well this way as you have dropped to a much lower TF to precisely time those pockets.

Next level shit.

Good luck!


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  #48 (permalink)
 
Sandpaddict's Avatar
 Sandpaddict 
Vancouver, Canada
 
Experience: Advanced
Platform: Ninjatrader, MT4
Broker: IB, Global Prime
Trading: Futures CFDs
Posts: 684 since Mar 2020
Thanks Given: 975
Thanks Received: 637

So some more crazy news. I have switched to the MNQ for the time being as a test and it's been great.

I've been using a 4 contract maximum and trading exactly the same way I did in the S&Ps

I have a love hate with the S&Ps. In SIM my profits come so much easier. I know DUH... right? But really. It's not that money's not on the line (only) it's that I can 2X or 5X.

What I find is when trading LIVE I'm the proverbial frog in the boiling water.

What happens is in SIM I know where I want to get in and out and can 2X it but LIVE it takes foooorrrrrreeeever sometimes.

And that is MY impatience.

That impatience causes me to try to do stupid things to make up for what is perceived as a frustratingly mean reverting slow going nowhere market!

I do well. I do poorly. I do well... I do poorly... ect.

But I DO LIKE these higher speeds but NOT higher timeframes.

So I SIM'd the MNQ and found it tradable on it's own!

So went live, like I said, with 4 contracts MAX.

LIVE is A CRAZY learning experience but I love it so far.

Day 1: $883

Day 2: - $212

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  #49 (permalink)
 
Sandpaddict's Avatar
 Sandpaddict 
Vancouver, Canada
 
Experience: Advanced
Platform: Ninjatrader, MT4
Broker: IB, Global Prime
Trading: Futures CFDs
Posts: 684 since Mar 2020
Thanks Given: 975
Thanks Received: 637

Well yesterday went from -$200 to breakeven on the day as I managed to make that $200 back in the ETH.

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  #50 (permalink)
 
Sandpaddict's Avatar
 Sandpaddict 
Vancouver, Canada
 
Experience: Advanced
Platform: Ninjatrader, MT4
Broker: IB, Global Prime
Trading: Futures CFDs
Posts: 684 since Mar 2020
Thanks Given: 975
Thanks Received: 637



Sandpaddict View Post
Well yesterday went from -$200 to breakeven on the day as I managed to make that $200 back in the ETH.Attachment 312775

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Going to start camming some trades when I have time to solidify my strategy and look for missed opportunities.

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