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TF day trading
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TF day trading

  #781 (permalink)
Elite Member
Honolulu, Hawaii
 
Futures Experience: Intermediate
Platform: NinjaTrader
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bluemele's Avatar
 
Posts: 2,547 since Jun 2010
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+2.9 points today per contract

What a nice clear day. I guess that is probably because of me and not the market, so I will take the compliment.

The market is going up in my opinion. However, it did come down considerably mid-morning, but my thoughts are that it is going up up up to about 739-742 area.

Trade 1 just knocked out on the tick, then took it long again, scaled out too soon.

#1 problem is getting out too soon. Had I held my trade though, and I moved to be +1, then I would have been knocked out anyways, but I need the practice.

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  #782 (permalink)
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Moscow
 
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bluemele View Post
What a nice clear day. I guess that is probably because of me and not the market, so I will take the compliment.

The market is going up in my opinion. However, it did come down considerably mid-morning, but my thoughts are that it is going up up up to about 739-742 area.

Trade 1 just knocked out on the tick, then took it long again, scaled out too soon.

#1 problem is getting out too soon. Had I held my trade though, and I moved to be +1, then I would have been knocked out anyways, but I need the practice.

I think you did a great job on that long!!!

I wish I could say the same about myself.
I'm glad that I didn't break my rule about 3 trades and that I was able to close in green.

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  #783 (permalink)
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vovan348 View Post
I think you did a great job on that long!!!

I wish I could say the same about myself.
I'm glad that I didn't break my rule about 3 trades and that I was able to close in green.

I humbly disagree. I could have held it a bit longer, but my spidy sense was telling me to eject. Of course it always does.. Way too early!

I didn't expect the big drop. I do see it long for a little bit...

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  #784 (permalink)
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bluemele View Post
I humbly disagree. I could have held it a bit longer, but my spidy sense was telling me to eject. Of course it always does.. Way too early!

I didn't expect the big drop. I do see it long for a little bit...

Didn't you lock 3.5 points? Din't it fall down pretty much after that all the way to 76%? You are not happy because because you didn't get those 7 ticks?

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  #785 (permalink)
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vovan348 View Post
Didn't you lock 3.5 points? Din't it fall down pretty much after that all the way to 76%? You are not happy because because you didn't get those 7 ticks?

No. Concerned that I traded out of it due to not following my technicals. Points are one thing, sticking to my rules are another. I didn't stick to my rules.

Most times, it doesn't work like that. I will Lock in the 3.5, then it will run for 7 points. My biggest issue is not holding...

You are right though, it did come down. Had I had 2 contracts, that would have been a scale and then knocked out. Then I would have gotten back in probably, not sure...

Not unhappy on profits, not unhappy at all, but concerned over trading habits of not following my rules.

There is a trader w/ NFT named Roger. He is pretty fantastic... He will let a 5 point run come and knock him out with a full gift, then make 12 points because he knows the direction from looking at the MACDBB's... Not that I want that, but I enjoy his 'ease' at which he lets go....

That is my goal. Guys like Roger make 8 points a day, guys that trade like me make 2...

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  #786 (permalink)
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+1.2 points today per contract

Well, tough day for me today. I was being conservative on the short at the top because I had gotten chopped up trying to get into it. Lately the market is bouncy enough to knock me out on a good pivot, but that is ok with me.

It is pretty jumpy and it seems the only thing that is really working are 50% ext. continuations with trendlines and 100% extensions. Seems to be ignoring the 76 fib more and more lately, but I think that is good for continuations!

Great market conditions, no reason for the small gain. Had I not gotten chopped up and also not been 'cheap' then I would be 8+ points today. The reason I was 'cheap' and placed my stop was because I didn't want to lose all of those because I thought the market was going to go long today. Again, me not trading what I see...

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  #787 (permalink)
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bluemele View Post
Well, tough day for me today. I was being conservative on the short at the top because I had gotten chopped up trying to get into it. Lately the market is bouncy enough to knock me out on a good pivot, but that is ok with me.

It is pretty jumpy and it seems the only thing that is really working are 50% ext. continuations with trendlines and 100% extensions. Seems to be ignoring the 76 fib more and more lately, but I think that is good for continuations!

Great market conditions, no reason for the small gain. Had I not gotten chopped up and also not been 'cheap' then I would be 8+ points today. The reason I was 'cheap' and placed my stop was because I didn't want to lose all of those because I thought the market was going to go long today. Again, me not trading what I see...

Good thing that you got some green by the end of the session. I'm not sure where I would be after 10 trades.

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  #788 (permalink)
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I've been away for a while but reading your posts via email.....its seems to me the one recurring theme is not holding long enough.

Here is something that worked for me. Actually two things.

1. Be happy with smaller targets and stop beating your self over the "failure to hold" issue.
2. Put your trade on, look at your larger time frame chart, choose a target, and walk away. Literally get up, and go to a meeting or the rest room or to breakfast or something. Just leave. The stop is in, thats your worst case scenario. The second worst thing that could happen is price makes it to within one tick of your target and reverses and stops you out. Then you see it in hindsight. But really, if you are good, and I think you are, then choosing the target is just part of the smart traders skill set. Most of the time, you should get this as long as you are not being stupid greedy. Use a fib extention or the previous swing or something logical. Point is, if you had done this on the days you "should have held longer", what would have been the result?

I opted for #1 after speaking with a 400 lot ES trader. He blew me away. He said to forget about trying to hit home runs. Just hit lots of singles and doubles and use money management...not trade management to make your fortune.

So thats what I am doing.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #789 (permalink)
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PandaWarrior View Post
I've been away for a while but reading your posts via email.....its seems to me the one recurring theme is not holding long enough.

Here is something that worked for me. Actually two things.

1. Be happy with smaller targets and stop beating your self over the "failure to hold" issue.
2. Put your trade on, look at your larger time frame chart, choose a target, and walk away. Literally get up, and go to a meeting or the rest room or to breakfast or something. Just leave. The stop is in, thats your worst case scenario. The second worst thing that could happen is price makes it to within one tick of your target and reverses and stops you out. Then you see it in hindsight. But really, if you are good, and I think you are, then choosing the target is just part of the smart traders skill set. Most of the time, you should get this as long as you are not being stupid greedy. Use a fib extention or the previous swing or something logical. Point is, if you had done this on the days you "should have held longer", what would have been the result?

I opted for #1 after speaking with a 400 lot ES trader. He blew me away. He said to forget about trying to hit home runs. Just hit lots of singles and doubles and use money management...not trade management to make your fortune.

So thats what I am doing.

@PandaWarrior,

I was wondering when you would return... I almost posted on your journal, but had nothing to say except, "where the hell are you??"

Anyways, I agree and I remember you giving me the advice probably 6 months ago! Yes, recurring indeed.... I guess maybe I am not as certain of my targets and that is the real issue. I have a goal in mind, but I don't mind taking a little more if I am wrong. Greed I guess is costing me. Being cheap and greedy.

I agree with small wins, but the larger the time frame, the more fills I can get and truly trade where I want, but I guess I really don't need to worry about that for now.

I would like to hear specifically about the money management.

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  #790 (permalink)
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Posts: 3,155 since Mar 2010
Thanks: 6,306 given, 13,250 received



bluemele View Post
@PandaWarrior,


I would like to hear specifically about the money management.

basically its fixed ratio money management. I'm sure you've heard of it. I spent some time with a very successful trader. He told me to just stop obsessing over the mental battle about holding for larger winners vs taking high probability exits. He told me went from a one lot trader in the ES to a 400 lot trader in six years using rigid money management and looking for 8-10 ticks from his set ups. 1-3 trades a day. And he had the account statements to back it up.

He was part of a very successful trading group trading everything under the sun. He said MOST day traders that make it...and don't anyone pile in on me here and tell me different.....there are exceptions to every thing, make it using small VERY REPEATABLE targets. Make 2-5 trades a day, and size up when the money management system tells them to.

I have two bits of software that will do this I got for free and there are a couple of paid ones you can get as well. My free ones are rudimentary while the paid ones have all sorts of bells and whistles.

PM me if you want to hear more about this and my conversation with this guy.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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