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TF day trading
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TF day trading

  #241 (permalink)
Just starting out...
St. Louis
 
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Get back to class

Bluemele..................Gil.........I know who you are..........get back to class and stop this spoutin' off. Maw

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  #242 (permalink)
Elite Member
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-.4 points per contract today

Ok, here is my vid.

I have been experimenting, and today it blew up on me nicely. This up up up is very interesting. Indicators are out of 'whack' again on the short term. Interesting few days.

Today I would have stopped at -120.00 but I decided to go play and experiment some on retracements. I hit several and they were telling me this wasn't going down any further. I am understanding that and testing/learning etc..

It has been a great education and for someone jumping to many points in their head is probably not a great time to be trying it.

Someone/something (Bernanke?) is buying. Wow... 833 was a magical resistance line torn through just now.


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  #243 (permalink)
Elite Member
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Gil,

If that's all you traded it was a good exercise. Just enough time to run at peak performance, like a sprint. You're change in mental demeanor is also to be commended. You're vision is there, I see it. Soon you will be able to trust yourself. Don't blow it by trading for a couple hours at a time. That's the worst possible thing you can do. Your brain will go numb, your eyes will glaze over, and then its all over. (Bad habits remember?) Run that sprint every day for an hour and no more. A successful trader doesn't sit in front of the screen all day. And they sure don't write it off as needed screen time. The worst place to learn to trade is in the live market. Using that approach you might as well take screen time x 10 to grasp concepts. If you can't do it in the 1st hour, why would you be able to do it trading more?

Learning this does not necessarily take 2 years. It all depends on how BAD you want it. How well you follow directions, and how well you can deprogram your subconscious mind and all the bad habits you have accumulated over the years. A person never having opened a chart will grasp this quicker than someone who thinks they know what they are doing. And if you treat it as a hobby....there's a good chance you will never learn.

Horst

BTW, is see Maw got wind of yer where abouts. Yer gunna catch it now.........


Last edited by er2wizard; February 17th, 2011 at 10:54 PM.
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  #244 (permalink)
Elite Member
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+.1 points today

Ok, feeling a bit tired, market no moving much, taking some advice of Horst's.

Seems like Volatility is quite low in the morning.

Today seemed like a bit of a struggle. Took a CL trade BE + 1, not going to bother w/ CL as planned as my brain isn't ready yet.

TF trades were decent all-n-all except I made one trade that I do not believe to be in a good spot. I took it off the 61% retracement and a trend line area which sometimes works, but the MACD's were not ready and it was evident.

Hit a nice 76% retrace, a double bottom and managed the trade a bit better than I typically would have. However, because the market was not running either direction I just decided to call it.

Oh, DOM $ amounts are wrong, somehow Ninja had some phantom orders in the DOM? I don't know it is weird as I always "Flatten" everything at the end of the day, but somehow woke up to -1200.00+ in the DOM?

Today's Vid

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  #245 (permalink)
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futremomma View Post
Bluemele..................Gil.........I know who you are..........get back to class and stop this spoutin' off. Maw

Thanks for blowing my cover. haha...

Not hiding from you. Please put a journal on here. Would love to see your posts.

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  #246 (permalink)
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Ok, my new goal this week will be to take only 3 trades per day maximum. PERIOD.

It makes sense to me now, so thanks Big Mike as I think it is good advice. The days where I gave up all the points were the days of endless trading. At one point I was trading a maximum of 3 gifts with a monetary maximum, but I think if I just limit it to # of trades, then it will keep the $ out of my head and then I will just quit for the day.

The most I would typically lose (unless slippage) would be about -165.00 X 3 = -495.00 which can be easily made up. I am seriously considering just focusing on CL though, but I could make 3 gifts just trying to hit one entry, so I will continue market replay with CL for a while.

Daylight savings is about to end, which means I have to get up @ 3am to trade the open at 3:30, and wow, this is going to be a challenge. Especially as it gets dark @ 9pm in Hawaii during the summer and it is quite warm w/ sunlight which makes it a bit hard to get into bed early. It was a real challenge my first year trying to do this and I did not like it. I have to figure a way around this issue, either get up, get up later and trade around 10:30EST but a lot of times the market dies (not lately! as it has been a bit slower at the open) or trade an instrument that continues to move throughout the day (CL, 6E) etc..

hmmmm. Right now I will try go w/ the 3am wake-up which will be a challenge if I can't take a nooner throughout the day.

In my mind, I have some feelings like this is never going to happen for me. I have creeping thoughts of 'the only people doing it are vendors' kind of thinking. This obviously is very limiting beliefs and I have to get around these and remain positive. If I were scalping (which is easy to do in my opinion, vice running up 10 points a day) then I believe it takes a lot less mental questioning and discretion. I know that unless I were to trade the ES though (good luck) that I then could not make the kind of $ I choose to make. Making 1,000 per day is not a goal of mine as I can make a lot more than that with my old day job. I need something where I can earn at least 1M per year and hopefully more than that, so trading 10/20 contracts a trade needs to be my continued path even though I am not there yet.

I have never failed at anything I have put my heart into, and I believe as in most things it is just a matter of heart and perseverance and all will be well. I gave this technique 18 months straight, with very few distractions and studying 6+ hours per day almost 7 days per week. I had glorious periods of profit and huge swings of gifts (like what I have had the last couple weeks except never that bad before).

My wife has not been able to practice as we have an 8 month old that has decided that he is the center of the Universe for Mommy and she can't escape it seems for even an hour. She is trading a bit better than me, as she is more 'patient', but I do believe had I not given her my totals for the day that she knows to be a bit more cautious.

The technique from NFTI is a good set of guidelines, but the challenge I have had is that when market conditions change, then you have to align yourself quickly with that change. Horst has given me some great advice and is helping me 'get it' a bit better as well as others in the past like Danielle, Judy etc... They are good people and have spent the time and energy required to truly master trading.

I tend to be slow on picking things up. Always have been, but when I do, I tend to out-do everyone else once I have the concept down. I remember learning the MP-5 assault rifle and how to reload, double-tap, reload etc.. Everyone was laughing at me as I couldn't get the darn magazine out and flipped over and reloaded and back on my shoulder and safety off soon enough. However, after about 1/2 day of relentless practice, I was beating everyone including the instructor by a fraction of a second. Of course, my double taps weren't as good as his from 15 yards.

Knowing this about myself and my high expectations for success in everything I do has worked for and against me I guess as the struggle within comes more to the surface. Big Mike talks about the skills business people (Entrepreneurs) must have to succeed and how those go against the successful trader.

I am finding that in my day job (which I just started doing more of lately as RE developer and investor) has been incredibly harder and more challenging as it takes a different mindset. Understanding more about the EGO and CONTROL one must exhibit within their zone is so different that I think I now come off as 'cold and emotionless'. One of my business partners thinks I am just 'depressed', but more of a constant +6/+7 on a scale of 0 to 10 in emotional state. Instead of +10 when times are good, then a 3 when times get tough and a roller coaster ride of emotions, it seems easier to be at a 6 or 7, generally happy and pleasant at all times no matter what happens is the better approach for me at the moment. But, in my business, they expect a +9 or +10 at all times which for some reason is a challenge. If I were to trade at a +9, then I think I would be losing massive dollars from a 'who cares this is fun' attitude.

I have to figure out that mix of emotional state that suits me well in all endeavors. The key is to be positive and happy, but maybe not so much that I see nothing but prosperity in every pivot. Maybe some people have some deeper insight into that than I do.

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  #247 (permalink)
Market Wizard
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bluemele View Post
... Instead of +10 when times are good, then a 3 when times get tough and a roller coaster ride of emotions, it seems easier to be at a 6 or 7, generally happy and pleasant at all times no matter what happens is the better approach for me at the moment. ...

I try to maintain around 5 all the time, 4 sometimes, 6 sometimes.

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  #248 (permalink)
Market Wizard
New Orleans, La (Mardi Gras City)
 
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bluemele View Post
Daylight savings is about to end, which means I have to get up @ 3am to trade the open at 3:30, and wow, this is going to be a challenge. Especially as it gets dark @ 9pm in Hawaii during the summer and it is quite warm w/ sunlight which makes it a bit hard to get into bed early. It was a real challenge my first year trying to do this and I did not like it. I have to figure a way around this issue, either get up, get up later and trade around 10:30EST but a lot of times the market dies (not lately! as it has been a bit slower at the open) or trade an instrument that continues to move throughout the day (CL, 6E) etc..

Just my 2cents.

If I were you I would consider 6E. The London session opens at 2 am central for me. For you that should be about 9-10 pm. That would give you most of what you are seeking.

6E moves well at the London Open.
It is very liquid and moves very technically.
The margins are favorable as are the returns per tick.
6E obeys fibs and trendlines very well most of the time.
CL can usually be used as a leading indicator. (but not always in the same direction.)

I have not followed you for long but picking a few great trades and not overtrading is a better plan.

Good Luck

Rejoice in the Thunderstorms of Life . . .
Knowing it's not about Clouds or Wind. . .
But Learning to Dance in the Rain ! ! !
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  #249 (permalink)
Site Administrator
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Waking up at 3am may prove very difficult, especially since you have a family. I detected a bit of "cringe" when you wrote it, like you know how impossible it may be.

Set yourself up for success, not failure --- so I'd suggest either finding a different instrument or focusing on a different time of day for your desired instrument, so that you can wake up at a comfortable hour.

Give it some thought, I'd encourage you to do whichever one seems the most natural to you.

BTW, if you haven't already -- check out the win a free iPad or Tablet contest for maintaining a trading journal on futures.io (formerly BMT):
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  #250 (permalink)
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DavidHP View Post
Just my 2cents.

If I were you I would consider 6E. The London session opens at 2 am central for me. For you that should be about 9-10 pm. That would give you most of what you are seeking.


Good Luck

David, This may be a great plan. I used to trade Forex at the London Open and it worked beautifully for me. Maybe I will try it this week and see how it goes. I had forgotten that I did that. 6E is something I have not traded a lot of, but EURUSD a ton. I am a big fan of the GBPJPY, which I do not believe there to be a contract type or any liquidity of something like that in futures.


Big Mike View Post
Waking up at 3am may prove very difficult, especially since you have a family. I detected a bit of "cringe" when you wrote it, like you know how impossible it may be.

Set yourself up for success, not failure --- so I'd suggest either finding a different instrument or focusing on a different time of day for your desired instrument, so that you can wake up at a comfortable hour.

Give it some thought, I'd encourage you to do whichever one seems the most natural to you.

BTW, if you haven't already -- check out the win a free iPad or Tablet contest for maintaining a trading journal on futures.io (formerly BMT):
https://futures.io/feedback-announcements/8412-big-mike-challenge-win-ipad-tablet.html

Mike

Mike, I did the 2:30am wake-up the year before last and boy it was not fun. It will be 84 degrees outside, SUN brighter than 'heck' and my buddies all still surfing and drinking beers and I am going to bed @ 8:30pm like a 95 year old.

I did check out the free Tablet. That is an amazing deal you are offering. I will continue to journal the best I know how for the betterment of myself.

I agree w/ your 'flow w/ the river'.

Aloha!

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