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E.I.I. Capital's Manesh Patel (CEO) - Ask Me Anything (AMA)


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E.I.I. Capital's Manesh Patel (CEO) - Ask Me Anything (AMA)

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 Big Mike 
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Manesh Patel, the CEO of E.I.I. Capital Group, will be monitoring this thread so that he may answer any questions that you post here relating to E.I.I. Capital, Ichimoku, Algorithmic Trading, or just trading in general.

Please keep in mind that some customer service/technical support issues are best handled through proper channels at EII Capital Group.

Manesh Patel is the author of "Trading with Ichimoku Clouds", a best selling book on the subject. Manesh Patel graduated from Georgia Tech with a Masters in Engineering and also has a strong background as a programmer building black box trading modules. Manesh has a Series 3 License and is a Commodity Trading Advisor (CTA). Manesh has been a guest speaker at Traders Expo and has also presented multiple highly regarded educational webinars on futures.io (formerly BMT) that cover Ichimoku, Algorithmic Trading, and Trading Psychology.

In addition to this thread, I will also be asking Manesh Patel to stop by on occasion for a casual webinar where he can answer questions via audio while also sharing his screen to visually demonstrate any points as needed. The date/time of those sessions will be announced here in this thread. These sessions will be limited to questions only, there is no prepared presentation. After the session ends, the recording will be posted in this thread.

You can find more on their website:
https://www.imtftrade.com/

Feel free to ask any questions below and we'll do our best to get them answered.

The futures.io (formerly BMT) "AMA" (Ask Me Anything) series is by invitation only. It is part of a new program we are launching shortly called "Certified Trustworthy", something that has been months in the making. I will provide all the details of this new program as soon as it is ready for launch.

Mike

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@ichitrader,

Hi Manesh - if I recall correctly from one of your prior futures.io (formerly BMT) webinars, you mentioned you have automated systems based on Ichimoku trading equities.

Can you give a little bit of insight on the risk and trade management approach you use with these systems? Lately I've been paying a lot of attention to Anti-Martingale, where you would start by opening a position with say 50% of your maximum position size, then if the trade moves against you then you start reducing size - and if the trade moves with you then you add size up till your maximum.

What techniques do you use in this area?

Mike

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 ichitrader 
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Big Mike View Post
@ichitrader,

Hi Manesh - if I recall correctly from one of your prior futures.io (formerly BMT) webinars, you mentioned you have automated systems based on Ichimoku trading equities.



Can you give a little bit of insight on the risk and trade management approach you use with these systems? Lately I've been paying a lot of attention to Anti-Martingale, where you would start by opening a position with say 50% of your maximum position size, then if the trade moves against you then you start reducing size - and if the trade moves with you then you add size up till your maximum.

What techniques do you use in this area?

Mike


[Manesh] We have two types of automated systems at this time. One is the "grey box" system which tells traders there is a multi-time frame opportunity but it does not give them the exact buy/sell value. The user determines the exact entry based on their trading plan. This was done because every trader is different. Some like to trade trend...some are counter trend....some like breakout trades....some like pull back trades. Also, the currency market is a de-centralized market. The quotes from one currency broker to another is going to be different. Therefore, giving people the exact buy/sell price for the currency market will not work since our quotes will be from one broker which has "x" bank lines.

The second is a "black box" environment which is not released to the public that does have the buy/sell price along with the trailing stop. You can get up to a certain reward/risk ratio with a "black box" automated strategy but there is no way you can get a 500:1 consistently with this environment. With the "grey box" environment, you can as long as the trader can control their "mind" and emotions.

The risk/trade management is different depending on the strategies and trading plan. It also depends on how many instruments you are trading. If you are trading one or two instruments, then you have to "scale in" and "scale out". If you are diversified and trading many instruments, then you don't have to do that.

For us, we are very diversified. We trade all the instruments around the world. We define "X" risk per trade and also the max number of trades for the account. The risk per trade and the max number of trades per account is defined based on the % of account. No one should ever allocated more than 50% of their cash in the market at one time. We prefer 30%.

With our trading plan, we only look for trades with 3:1 reward/risk or higher. We always think worst case scenario. As a result, we assume we will be correct only 30% of the time. With a min. 3/1 reward risk ratio and only being correct 30% of the time, we still can be profitable. Here is an example:

10 trades: 3 winners and 7 losers
Risk: $1
Reward: $3

Summary
  • Winners: 3 winners * $3 = $9
  • Losers: 7 losers * 1 = -7
  • Net P&L: $2

Therefore, the number of contracts per position is based on the max risk per trade divided by the cost of one contract.

Once we are in the trade, it is managed by our technical system Ichimoku. Ichimoku gives us a trailing stop. Eventually, our stop will be above the entry for a bullish trade or below the entry for a bearish trade. At that point, it is a "Free Trade" i.e. the risk is freed up. Once the risk is freed up, we now can add more positions. The positions will be added on minor/medium pullbacks based on very strict Ichimoku rules.

Furthermore, we have a concept called "Preserve mode". Once price gets to "Preserve mode", we go into a "defensive mode" where we protect our profits and don't go "round trip". For a conservative trader, they will take 50-70% of their positions off at this value and also tighten their stop. For an aggressive trader, they will take 50-70% of their positions only or they may only tighten their stop. The preference is based on the trader's profile.

Please let me know if you have any more questions or would like me to clarify any points.

-Manesh

If you have any questions about the products or services provided, please send me a Private Message or use the BMT "Ask Me Anything" thread
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 Big Mike 
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Hi Manesh,

So does this mean that you only add to your position after it has reached an initial target (setting up a "free trade")?

Mike

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 ichitrader 
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Big Mike View Post
Hi Manesh,

So does this mean that you only add to your position after it has reached an initial target (setting up a "free trade")?

Mike


Hello,

Not necessary with reaching an initial target. It is more towards when the trade is "free". For bullish, the stop is above the entry and for bearish the stop is below the entry.

Once the trade is "free", we then look for strict pull back criteria in our technical analysis.


-Manesh

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 Big Mike 
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ichitrader View Post
Hello,

Not necessary with reaching an initial target. It is more towards when the trade is "free". For bullish, the stop is above the entry and for bearish the stop is below the entry.

Once the trade is "free", we then look for strict pull back criteria in our technical analysis.


-Manesh

By "free" don't you need to book profits to protect the stop? That is why I assumed an initial target was required.

Mike

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 ichitrader 
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Big Mike View Post
By "free" don't you need to book profits to protect the stop? That is why I assumed an initial target was required.

Mike

Hello,

Sorry for the late response. Been traveling a lot.

Not for us. For a bullish trade, our stop is above the entry and vice versa for bearish. As the trend continues, we capture more and more profit.

We take positions off based on our money management rules.

We use the Kijun Sen with buffer in Ichimoku as a trailing stop.

-Manesh

If you have any questions about the products or services provided, please send me a Private Message or use the BMT "Ask Me Anything" thread
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 Big Mike 
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Hi guys,

It is my pleasure to welcome back Manesh Patel of E.I.I. Capital Inc for another webinar presentation on Wednesday, September 11th @ 4:30 PM Eastern US.

The topic "Identifying Support and Resistance in Real-time, Objectively"

Bullets include:

- Determine institutional support/resistance levels quickly
- Using multiple time frames for your analysis
- The technique "Time frame matching"
- Increase your probability of success for pullbacks
- Improve your Risk/Reward ratio
- See trading levels of all types of traders (scalpers, swing traders, long term etc)

The event thread is located here:


Mike

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 Big Mike 
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I am closing this AMA thread due to lack of user participation.

Manesh Patel will continue to be invited back to futures.io (formerly BMT) to give educational webinars on a variety of trading topics. You can find those in the Webinars section. But it seems the users prefer that venue over the AMA thread in this particular case, so I am closing this thread as of now.

Mike

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