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From Dream to Reality, My Journey Documented


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From Dream to Reality, My Journey Documented

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  #11 (permalink)
 wskid 
Montreal
 
Experience: Beginner
Platform: NT, TT
Broker: None yet....looking
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Posts: 24 since Feb 2011
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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 #[email protected]#$ 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)
 redratsal 
Milan (I)
 
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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:



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  #13 (permalink)
 wskid 
Montreal
 
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Platform: NT, TT
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Trading: Futures
 
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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:




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)
 fluxsmith 
Santa Maria
 
Experience: Advanced
Platform: NinjaTrader, ThinkOrSwim
Broker: Mirus/Zen-Fire
Trading: ES
 
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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)
 wskid 
Montreal
 
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Trading: Futures
 
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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)
 wskid 
Montreal
 
Experience: Beginner
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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 [email protected] 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.
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  #17 (permalink)
 wskid 
Montreal
 
Experience: Beginner
Platform: NT, TT
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Trading: Futures
 
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Posts: 24 since Feb 2011
Thanks: 8 given, 27 received

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)
 wskid 
Montreal
 
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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.
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  #19 (permalink)
 wskid 
Montreal
 
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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)
 Big Mike 
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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:


Mike

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