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I haven't used Ninja trader for a while so can't remember exactly how to do it now, but in Ninja help menu there is a page that deals with setting commission to an account where it explains how to create your own template which is what you will need to do as Topstep $1.85/per side won't match that of the Ninja Brokerage commission options.
It is relatively simple to do, I have just forgotten as I no longer use that platform. Up to you of course, but personally I like to see the net P&L on my platform.
(Having said that, you will also want to set the Micro products to $0.60/per side. The Commission template is added to an account so if you move from Step1 to Step2 you need to select your template for that new account too).
You do not win as a trader, you just get to play again the next day. If that game doesn’t appeal to you then you should not trade. Gary Norden
I trade micros during the early market when it’s volatile so I can manage my risk better THEN transition into the minis when it starts calming down.
My current strategy of utilizing VWAP and recognizing basic patterns and trends is not fit for these market conditions.
I need to revise my strategy or try a different approach.
The main question is how I should get my new strategy.
Should I just see what’s working for other people in this market condition?
Or should I try to completely develop my own? The problem with this is, is that I don't know how much there is out there due to the lack of experience.
Strengths:
I didn’t lose as much as yesterday so that’s a positive. Trading micros during high volatility seems like a good strategy so I don’t immediately blow my account.
Weaknesses:
I’m starting to realize that my poor entries are causing me to lose a lot of trades that I can win off of.
My stop losses were too tight on micros because I applied the same strategy to when I trade minis, but I should realize that I can afford to risk more but also plan for greater movements.
Lesson:
Larger stop losses on micros so I don’t get immediately stopped.
My strategies are not right for this market condition. So I need to do some reworking.
I should start asking around for some guidance so there’s some path that I can follow in order to improve.
Trades:
Trade 1: Micro Win
Used my standard strategy of buying below VWAP and on an uptrend.
Trade 2: Micro Loss
Unfortunately my strategy didn’t work on this trade.
Trade 3: Micro Loss
I honestly should’ve kept my stop loss and 3 ticks down instead of shifting close to breakeven. Damn. It’s micros, so I can afford to risk more than I do with minis.
Trade 4: Micro Loss
Bought on uptrend but gets stop lossed. My stop losses were too tight for the micro contracts again.
Trade 5: Mini Loss
It seemed like it was wayyy above VWAP and that it would eventually return to it during the middle of the day, but it didn’t.
I didn’t trade with the trend with this one and hoped for another reversal.
Trade 6: Mini Loss
Same as trade 5. I thought it would reverse and return to VWAP. I wasn't planning on riding it to VWAP but at least to a profit.
Trade 7:
Same as trade 5 and 6. Unfortunately I get stopped before I get the chance to make a 5 point profit.
Then once I start to notice that the market is slowing down, I will put a trade that will bring a wider profit range. However, this means that my stop loss will need to be increased.
Afternoon markets seem to be slower than early.
Strengths:
Not taking any trades that I seemed confident. But then again, I wasn’t confident in most of the things that happened today...
Weaknesses:
I don’t have a winning strategy. I need to search the internet or ask some people around to see how they trade to get some ideas.
Lesson:
Don’t add more meaning to a renko chart. I’m switching back to a tick chart because it seemed easier for me to understand patterns. However, I won’t be able to recognize patterns as easily.
Trades:
Trade 1: Micro Loss
Although, I got stopped, I didn’t want to move the stop loss further down because I wasn't sure that it was going to have its uptrend.
Trade 2: Mini Loss
I thought this was the time and the right fib level that would make it return to VWAP.
Trade 3: Micro Loss
Thought it would retrace back to VWAP. It did end up retracing close to VWAP but my entry was just bad. I used fib retracement levels for this.
I just had this there to see whether my strategies were ahead of this or not.
RSI
Extra confirmation for overbought/undersold levels
Lunchtime Area
Using the concept of time, after lunchtime (10:00am-11:00am PST). There will be a consolidation and I can use this to forecast whether the band will explode up or down.
Tick Charts/minute charts
I bounce between 1000/2000 tick and 1/3/5/10/30 minute charts to read trends and such.
Fibonacci Retracement
I use these on the larger time frame to whether the trend will hit certain fib lines.
This is such a small win but this is probably the proudest win so far because I feel like I won with less luck compared to all the profit trades. Also shows that my analysis on large movement trades worked out.
In the beginning, I was trying to get used to the different indicators I was using and how I would create a strategy out of them so there were losses.
Strengths:
I might’ve made a strategy for myself with just a bit of research and my own pattern recognition.
Weaknesses:
I should definitely look around at the larger time frames to see whether something is in a general uptrend or downtrend
Lesson:
Check out where there is a sharp consolidation on the higher time frames then go into the lower timeframe to see a good entry.
This will help me develop a good big movement entry (i'll call it a swing even tho it isn’t)
May or may not be applicable to scalping during open volatility for scalping.
Trades:
Trade 1: Micro Loss
Shorted on a downtrend. However it ended up reversing on me. Luckily I was saved by the stop loss that I set. I should’ve realized that it didn’t touch the bottom of the band so the downtrend was weak.
Saved by stop loss
Trade 2: Micro Loss
I didn’t look at the higher time frames to see that it was still on an uptrend. Also didn’t account for the bollinger band squeeze and only looked at the MACD and RSI.
Trade 3: Micro Loss
Got out of a trade quickly because MACD shows that it will start heading towards a downtrend. It also hit the bottom bollinger band which could mean a strong downtrend. Again, didn’t look at the higher timeframes. I moved my take profit so that my loss wouldn't be so big.
Trade 4: Micro Win
Finally a win. Was it by luck? Idk. It was quite a roller coaster though. I took this trade on the 1000 tick chart to see if I can get a scalp profit to do my plan of scalp, scalp, swing. (~5point profit)
It was on a downtrend.
Trade 5: Micro Loss
I got stopped out, should’ve moved it higher, didn't plan on it being that tight. Focused too much on the 2000 tick chart for this one. Seemed like it was going to trend down further. What I should’ve done is look at the smaller time frame (1000tick) and notice that it showed a weak downtrend in the consolidation. Also should’ve waited until I saw an actually sharp/more consolidation to make the decision.
Actually I was saved by stop loss
Trade 6: Micro Win
YAY! Big 18 point win! Bought on an uptrend in the higher timeframe. My entry was also pretty well placed because it was at the local dip before it ripped up.
Good set profit because it was basically the daily high.
Trade 7: Micro Win
Ugh i could've gotten more, but my ATM strategies are weird. I really need to figure these out. I was trying to trail one buy limit. I thought I bought 2 contracts…
My second contract would’ve been set at 61.80% because it’s a common level where price action gets reversed from. (and this was right.)
The pattern I saw was a head and shoulders and lunchtime consolidation with bollinger band
During the short trades I’ve had and failed to go towards the downtrend, I should’ve looked at the overall heat map charts to get a good grasp on the macro.
There is no reason to be shorting with something in a strong uptrend.
I was so short biased in the early trading thinking that it would go down.
Strengths:
I didn’t have too many strengths today, but I did a nice move by moving my stop loss at a profit level.
Weaknesses:
TRADE WITH THE TREND! TREND IS YOUR FRIEND. I should be more patient in waiting for the proper setups to notice that the higher time frames still hold a strong upward trend.
I’m starting to experience death by a thousand cuts due to my carelessness with micros. I should really treat these as if they were the ES.
With the last trade I had, I felt like it was overtrading/revenge trading that ended up going towards my way. However, I shouldn’t rely on this.
Lesson:
I need to trade with the trend more. The trends follow the higher time frames better.
Trades:
Trade 1: Win
Following its upward trend on the higher timeframes.
When I watched the entry for the bands, there was a weak move towards the downtrend which means that it’ll move up
Trade 2:
Short bias thinking that it would return to VWAP didn’t read the higher bollinger band to notice that it was still at a strong uptrend. I should’ve used these smaller time frames as entries instead of reversal opportunities.
Trade 3:
Short bias thinking that it would return to VWAP didn’t read the higher bollinger band to notice that it was still at a strong uptrend. I should’ve used these smaller time frames as entries instead of reversal opportunities.
Trade 4: Micro Loss
Poor entry. If I read the bollinger bands properly and watch it consolidate more, I would’ve bought on the dip instead of shorting it.
Trade 5 Micro Loss
I thought it would try to return to VWAP but it didn’t.
Saved by stop loss yet again.
Trade 6: Micro win
I hated holding this trade because I couldn’t tell whether it was overtrading/revenge trading. I thought the setup looked nice for a nice uptrend which ended up being the case. However, the highs and lows of the trade were extreme mentally.
I should’ve sold at an earlier point but oh well. A profit is a profit.
I’m expecting very large moments which means I’ll stay longer in the market, which also means that there's an increased risk.
Lesson:
At some point during the day, it will cover the intraday gap in order to get volume in those areas.
I see this happen a lot in stocks.
Trades:
Trade 1:
Tried to trade overnight and didn’t work out. If it would’ve worked, then I should’ve increased my stop loss to above the local high because that would’ve truly meant that I was wrong in trading with the trend.
Trade 2: Micro Win
Double top, downtrend, bouncing off of downtrend fibs 50%. Doubled down on the trade because very confident
Trade Micro Loss
Stopped by stop loss, I should’ve moved my take stop loss to breakeven so I don’t collect losses.
Trade 4:
Saved by stop loss, then it went to my target..
Overall Chart:
Account Performance:
Day 19 (3/3): $(77.20) Patterns Patterns Patterns
Started the day with $48,668.10
Ended day with $48,590.90
Commissions: $(7.20)
I was able to recognize a lot of patterns and they did go towards my way. However, my profit targets were too large which usually caused me to lose money.
Strengths:
My pattern was pretty good today!
Weaknesses:
I put too much meaning in the gaps and set profit targets too high.
Lesson:
My gaps from March 1st were filled, but on a much later time after the market closed.
These are good ideas of where the macro trend might head towards.
Bought on an uptrend. Think that it's gonna fill the gap day to day. Entered at VWAP with the weak downtrend.
I could’ve gotten in at a better entry because I noticed the channel. In hindsight it's easy but I just FOMO’d into this trade.
Sold because it was at the top of the channel and going to re-enter at the bottom.
Trade 3: Micro Loss
Cut losses early because it started to make a downtrend. This was the right call because it did continue downtrending.
I focused too much on the channel and expected that it might start uptrending. However, I should’ve realized that it was on a downtrend on consolidation and broke past the bollinger band which meant a strong downward move.
Trade 4: Micro Loss
Channeling uptrend that broke a pattern. However, it can do a falling wedge pattern and continue the uptrend.
FOMO’d the entry but we’ll see how this trade goes.
Stop lossed
Trade 5: Micro Loss
Letting it run more
Stop loss got swept. I’m assuming that institutions knew that people were setting their stop losses at around this point because it pulsed up quickly.
Trade 6: Micro Win
Lunch pattern, tried to push towards the upside a couple times but failed (didn’t touch top bollinger band)
Day 22 (3/8): $0.35 Let’s Donate It Back to the Market
Started the day with $48,630.60
Ended day with $48,630.95
Commissions: $(8.40)
I didn’t put too much focus on the between-day gap because it seems the general trend of the MES is uptrending due to the pullback it experienced on Thursday.
Banging my head against the table because I missed a good entry opportunity. My gut said yes due to algos, but the RSI and MACD said no.
Weird that I was able to read the beginning of the market but struggled later in the day after the first hour.
I should check start using the volume indicator along with my trades to see where the big moves are happening and possible points of usage on the fibs.
Strengths:
My exits are kinda good because I’m able to predict what the algo bots might do using fibs. Hedgies also like to encourage those movements so I follow their trend.
Weaknesses:
My entries are always sucky for some reason.
Inconsistency. Some days I’m profitable in the morning other days I catch a huge runner during the middle of the day.
Lesson:
Seeing how some algo bots trade is useful in predicting what some of the price movements are.
Trades:
Trade 1: Micro win
Good exit?
Above VWAP, downward trending during globex, entering the gap below. Exit at just past the VWAP line
This felt like a lucky trade to me.
Trade 2: Micro Win
Started downtrending from the high. Weaker and weaker up trend. Overextended the top bollinger band. Original exit was the golden zone of the fib line.
Seeing how it was bouncing from the 76.4% line, I wanted to exit the trade because I felt that it was no longer going my direction.
Should’ve moved my take profit a bit before the golden zone.
Should’ve realized that the my candle wasn’t engulfed
Trade 3: Micro win
Upward trending. End of the downward trend on the bollinger band.
Initially I didn’t know where to set my take profit, but after some thinking, I set it at the initial bounce (IB) high.
I took my exit early because it didn’t hit my target of hitting the IB high but seemed like it was going to rollover after the last green candle was engulfed.
Moved my stop loss to breakeven once it hit my 5 point take profit.
In hindsight, it looks like the initial bounce will be hit but I got too impatient. Oh well, can’t read the future.
Trade 4: Micro Loss
Predicted the dip of the missed short (algo target of 61.8%). So I bought after a bit of confirmation.
Big candlesticks that make me feel nervous about my decision.
Set profit target at a little bit above 123.6%
Got stop lossed. Oh well.
What I should have realized is that the MACD was intersected into downward trending so the long trade was going to be short-lived.
Trade 5: Micro Loss
Heading towards VWAP downward trend from the MACD and RSI
Got stop lossed due to the chop of large candlesticks
In hindsight, it was just a bad entry...
Trade 6: Micro Loss
Still during the downtrend but the entry was better. Seems like its going to head towards VWAP.
Got stop lossed
Trade 7: Micro Loss
Seemed like it was going to uptrend from the daily chart, but I have a poor entry...
