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From Dream to Reality, My Journey Documented
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Created: by wskid Attachments:7

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From Dream to Reality, My Journey Documented

  #11 (permalink)
Elite Member
Montreal
 
Futures Experience: Beginner
Platform: NT, TT
Broker/Data: None yet....looking
Favorite Futures: Futures
 
wskid's Avatar
 
Posts: 24 since Feb 2011
Thanks: 8 given, 26 received

Turning In circles

Ok so here's the real deal, I have about 15K of credit debt I have to clear before I start trading again. That's not a problem, I've made a schedule, I'll be debts free with start up capital by January 2012 (minimal seed capital). The problem is that the itch to trade is very strong right now, it's frustrating not being home and having to work, which would imply I have no time to test my strategies (or even develop any), and try out some new toys I found on this website. So I spend my days researching and reading the net.

I know that I am trading even if I am not executing, and that trading is also the pursuit of knowledge and constant discipline, but I wanna put on a #$@#$ trade!

I guess I'm venting a bit since my job is boring, thank god it pays well.

To move on a more positive note, I've been reading the manual on market delta I found on this site, and it's pretty interesting. I don't care about indicators that are not volume based unless they are S/R/pivots which even then are volume based. Moving averages are for speculation, my aim to capitalize on potential trader weakness and over-extension. so I'll be looking a lot into COT, VWAP and price clusters and volumes at S/R.

I will definitely learn something new today and I feel like my mind is a sponge right now.

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  #12 (permalink)
Elite Member
Milan (I)
 
Futures Experience: Advanced
Platform: Ninjatrader
Broker/Data: Kinetick
Favorite Futures: FDAX,6E,CL,YM,NQ,ES
 
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Posts: 1,653 since Oct 2010
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wskid View Post
So first things first, I need to know what I'm going to trade.

Criterion looked for: high liquidity, medium-high volatility, high profit margins.

I chose two possible markets that I am FAMILIAR with: ES and ZN

According to my trading strategy (scalping), I want to know what my profit margins are for those two products on a winning tick basis. Mirus Futures quotes me ZN 3.26RT and ES 4.42RT all-in.

ZN profit margins = ( (#tickup*15.62)-3.26)/((#tickup*15.62) )
  1. tick = 79.13% vs 64.64% for ES
  2. tick = 89.56% vs 82.32% for ES
  3. tick = 93.04% vs 88.21% for ES
  4. tick = 94.78% vs 91.16% for ES
Clearly the more volatile the instrument, the less the profit margin! I used to trade for 10+ ticks but now I think it's best to have a higher %+ wins with less profit/win then to try to guess the market and get slaughtered. Next threads is entry and exit.


ES is definetly a difficult instrument,If you want to have more infos on different instruments I suggest 2 studies made from Fat Tails:
https://futures.io/elite-group-trading-methods/4861-comparing-index-futures.html

https://futures.io/elite-circle/5242-intraday-seasonality-when-trade-when-not-trade.html

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  #13 (permalink)
Elite Member
Montreal
 
Futures Experience: Beginner
Platform: NT, TT
Broker/Data: None yet....looking
Favorite Futures: Futures
 
wskid's Avatar
 
Posts: 24 since Feb 2011
Thanks: 8 given, 26 received



redratsal View Post
ES is definetly a difficult instrument,If you want to have more infos on different instruments I suggest 2 studies made from Fat Tails:
https://futures.io/elite-group-trading-methods/4861-comparing-index-futures.html

https://futures.io/elite-circle/5242-intraday-seasonality-when-trade-when-not-trade.html


Thank you in pointing me to the right place, I'll check it out and report back my findings!

The best trading method is to take advantage of the crowd's greed and fear.
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  #14 (permalink)
Elite Member
Santa Maria
 
Futures Experience: Advanced
Platform: NinjaTrader, ThinkOrSwim
Broker/Data: Mirus/Zen-Fire
Favorite Futures: ES
 
Posts: 295 since May 2010
Thanks: 101 given, 320 received


wskid View Post
I am only running a demo account with live feed and it seems like the charting is stopping at 430PM everyday even though my instrument (ES) is still trading pretty much 24h.

Sounds like you need to change to the ETH session template ("CME US Index Futures ETH")

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  #15 (permalink)
Elite Member
Montreal
 
Futures Experience: Beginner
Platform: NT, TT
Broker/Data: None yet....looking
Favorite Futures: Futures
 
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Posts: 24 since Feb 2011
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fluxsmith View Post
Sounds like you need to change to the ETH session template ("CME US Index Futures ETH")

I'll try that after work tonight and see how it goes. Thanks!

The best trading method is to take advantage of the crowd's greed and fear.
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  #16 (permalink)
Elite Member
Montreal
 
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Platform: NT, TT
Broker/Data: None yet....looking
Favorite Futures: Futures
 
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Posts: 24 since Feb 2011
Thanks: 8 given, 26 received

First SIM trade

ok so I was sick today so I got to test out NT and GOMvolume ladder.
Trade reasoning:
  1. After a day of buying we reach a near pivot at 1340.00
  2. The momentum changes as sellers come in to intervene on the move trapping buyers around 1338.75
  3. Go short 3@ 1338.75, could have gotten better but I hit the bid
  4. Out at: 1336.75 and (2)1336.50 in the after market cse I was sleeping lol
  5. Stop was set at 1340.75
PNL: 2+2.25*(2)= 6.25 points= $312.50

The best trading method is to take advantage of the crowd's greed and fear.
Attached Thumbnails
From Dream to Reality, My Journey Documented-feb-17-2011-trade.bmp  
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  #17 (permalink)
Elite Member
Montreal
 
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Platform: NT, TT
Broker/Data: None yet....looking
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wskid's Avatar
 
Posts: 24 since Feb 2011
Thanks: 8 given, 26 received

Greed and Fear...Yin and Yang

Market equilibrium is assumed to be a balance between greed and fear, like Yin and Yang. I guess it's what you could equate as range day.

When the external forces change, the internal relationships between greed and fear change. The market yearns for that equilibrium again and moves.

In Yin and Yang theory one is more aggressive than the other. Yang is male and Yin is female. Yin is soft force, Yang is brute force. In the market, a sell-off is more violent (usually) than a steady buy. You can see that in corrections on up trends or in market panics. Understanding this creates a sens of caution depending on the position we have (long/short) and the opportunities present in different type of markets.

Even in range markets down moves are more pronounced as opposed to a more steady pace on up moves. Of course there are exceptions to the rules but then again it's not a rule, more like an intuitive idea.

The best trading method is to take advantage of the crowd's greed and fear.
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  #18 (permalink)
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Posts: 24 since Feb 2011
Thanks: 8 given, 26 received

Feb18 th Trade in the morning

Again buyers get trapped at around 1339.75, this trade is still going on so not out yet..

The best trading method is to take advantage of the crowd's greed and fear.
Attached Thumbnails
From Dream to Reality, My Journey Documented-feb-18-2011-trade.bmp  
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  #19 (permalink)
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wskid View Post
Again buyers get trapped at around 1339.75, this trade is still going on so not out yet..


Stopped out a point higher

The best trading method is to take advantage of the crowd's greed and fear.
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  #20 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
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Posts: 46,240 since Jun 2009
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@wskid, nice work on your journal so far -- keep it up!

I would recommend you post screenshots in either PNG or JPG format, instead of BMP. If you need software to do this, check out Jing. It's free and you can markup your charts. SnagIt is the big brother version of Jing with more features, but isn't free.

Also, if you haven't seen this already -- check it out. It pertains to futures.io (formerly BMT)'ers that are journaling:
https://futures.io/feedback-announcements/8412-big-mike-challenge-win-ipad-tablet.html

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
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