Need help with developing my trading system / plan (mentor??) - futures io
futures io



Need help with developing my trading system / plan (mentor??)


Discussion in Trading Reviews and Vendors

Updated
      Top Posters
    1. looks_one noobforlyfe with 6 posts (3 thanks)
    2. looks_two HoopyTrading with 4 posts (2 thanks)
    3. looks_3 Devil Man with 1 posts (3 thanks)
    4. looks_4 jodistrict with 1 posts (1 thanks)
      Best Posters
    1. looks_one MWG86 with 6 thanks per post
    2. looks_two Devil Man with 3 thanks per post
    3. looks_3 noobforlyfe with 0.5 thanks per post
    4. looks_4 HoopyTrading with 0.5 thanks per post
    1. trending_up 3,774 views
    2. thumb_up 18 thanks given
    3. group 7 followers
    1. forum 16 posts
    2. attach_file 0 attachments




Welcome to futures io: the largest futures trading community on the planet, with well over 125,000 members
  • Genuine reviews from real traders, not fake reviews from stealth vendors
  • Quality education from leading professional traders
  • We are a friendly, helpful, and positive community
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts
  • We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

(If you already have an account, login at the top of the page)

 
Search this Thread
 

Need help with developing my trading system / plan (mentor??)

(login for full post details)
  #1 (permalink)
 noobforlyfe 
Toronto , Ontario, Canada
 
Experience: Beginner
Platform: Sierra Chart, SC
Trading: Emini ES, CL, USD/CAD
 
Posts: 424 since Jun 2016
Thanks: 1,381 given, 723 received

Hello,

My name is John, and you may have seen my few posts recently. I am here seeking help in understanding what exactly do you need to consider in order to develop a trading system?

Everyone just says you need to come up with a trading plan / system and then practise it on sim for months and tweak it as you go.

But what does a trading system consist of? Also on this note, I am hoping if someone could help me get started and follow through with me (i.e., looking for a mentor).

Best Wishes,

John

Visit my futures io Trade Journal Started this thread Reply With Quote

Can you help answer these questions
from other members on futures io?
ACSIL and "Add Symbol Study"
Sierra Chart
short positions
EasyLanguage Programming
RangeRider for NT8 V10
The Elite Circle
Simple code to end my indicator
NinjaTrader
Advice on SetBreakeven Exit on daily bars
TradeStation
 
Best Threads (Most Thanked)
in the last 7 days on futures io
Vinny E-Mini & Algobox Review TRADE ROOM
268 thanks
EURUSD M6E/6E Euro
59 thanks
Would you share your Holy Grail?
58 thanks
Spoo-nalysis ES e-mini futures S&P 500
47 thanks
TST/OneUp/LeeLoo/Earn2Trade
24 thanks
 
(login for full post details)
  #3 (permalink)
 Okina 
montreal quebec/canada
 
Experience: Beginner
Platform: CQG/NT7
Broker: IB/AMP/CQG
Trading: CL
 
Okina's Avatar
 
Posts: 2,149 since Sep 2015
Thanks: 758 given, 5,464 received


That is THE QUESTION...

There are ton of guys who are today millionaire just by writing books to answer that question And they are millionaire because I frankly believe it is not the right question to ask or at least not like that.

Quiet honestly and don't take it negatively but at this point you should not trade or even try SIM trading. My only advise would be: at you level just be careful of the people who will try to sell you a seminar at 10K$ which is supposed to make you a trader in 10 days.

I can't even point you in one direction for information because your question is too general and trading could means thousands of different things.

(and if I read incorrectly your question maybe you should develop, how you trade currently, what is you method, your training etc...)


Good Luck
Cheers.

O.

R.I.P. Olivier Terrier (aka "Okina"), 1969-2016.
Please visit this thread for more information.
Visit my futures io Trade Journal Reply With Quote
 
(login for full post details)
  #4 (permalink)
 amoeba 
Sydney, NSW, Australia
 
Experience: Intermediate
Platform: Sierra Chart, Python, C#
Broker: Interactive Brokers
Trading: MJNK, ASX, SPI
 
amoeba's Avatar
 
Posts: 205 since Jan 2014
Thanks: 98 given, 274 received

Good response from Okina. I would still recommend having a read of Van Tharp's book - Trade Your Way to Financial Freedom. Its a bit old now, but does cover the thought process behind what should be considered in a trading plan/system.

Reply With Quote
 
(login for full post details)
  #5 (permalink)
 noobforlyfe 
Toronto , Ontario, Canada
 
Experience: Beginner
Platform: Sierra Chart, SC
Trading: Emini ES, CL, USD/CAD
 
Posts: 424 since Jun 2016
Thanks: 1,381 given, 723 received


Okina View Post
That is THE QUESTION...

There are ton of guys who are today millionaire just by writing books to answer that question And they are millionaire because I frankly believe it is not the right question to ask or at least not like that.

Quiet honestly and don't take it negatively but at this point you should not trade or even try SIM trading. My only advise would be: at you level just be careful of the people who will try to sell you a seminar at 10K$ which is supposed to make you a trader in 10 days.

I can't even point you in one direction for information because your question is too general and trading could means thousands of different things.

(and if I read incorrectly your question maybe you should develop, how you trade currently, what is you method, your training etc...)


Good Luck
Cheers.

O.

To further narrow my question, I am looking to learn and develop my trading plan that is right for me for the e mini micro futures, and after a year or 2 of trading live, apply the knowledge and plan to ES and forex ultimately. But like there surely must be a list of things that a trading plan consist of for someone wanting to trade in the ES & forex.

Thank you for the advisory warning, I am definitely going to be skeptical if I come across seminars and courses that claim to teach me in a short amount of time (days to weeks) at a monetary value in the thousands.

Best,

John

Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #6 (permalink)
 HoopyTrading 
Boston, MA
 
 
Posts: 264 since Apr 2014


noobforlyfe View Post
...Thank you for the advisory warning, I am definitely going to be skeptical if I come across seminars and courses that claim to teach me in a short amount of time (days to weeks) at a monetary value in the thousands.

Best,

John

This tells me you have a good head on your shoulders. You're going to do great in the future, because you are doing your due diligence now.

Reply With Quote
 
(login for full post details)
  #7 (permalink)
 noobforlyfe 
Toronto , Ontario, Canada
 
Experience: Beginner
Platform: Sierra Chart, SC
Trading: Emini ES, CL, USD/CAD
 
Posts: 424 since Jun 2016
Thanks: 1,381 given, 723 received


HoopyTrading View Post
This tells me you have a good head on your shoulders. You're going to do great in the future, because you are doing your due diligence now.

Thanks HoopyTrading, but would you be able to shed some insight on what a trading plan /methodology/ system generally consists of?

So heres my thought process as to what i think it generally consist of, let me know if theres anything else I need to consider/ add.

Okay so i like to boil things down to its basics and keep it simple, you build 'complex' ideas off of your simple basic knowledge and understanding.

Alright, so heres what I think a trading plan consists of (and then people just tweak it to their preference which makes it THEIR trading plan) :

1) You need to know what market you want to trade. (E-micro first, then build up leading to ES, CL, FX).. well these are the markets i want to trade so...

2) Next is you need to know when to Enter.
I feel generally what people do is they look for a few but VERY common recurring patterns that make the market go up or down. Again this is all a probability game, and what the market will do, nobody knows. But what I'm saying is essentially, they look if like 3 or 4 candles are going downward and like its not crossing the support, they know its going to bounce back so they go long and enter a tick or 2 from the support line you draw. Similarly, if you see a candle or 2 going down, and the market bounced off a resistance area, more often than not, it will continue going down so you can look to go short here for a safe 6-8 ticks.
3) You need to determine your risk to reward ratio and that is majorly manipulated by your account size (mainly risk)

4) You need to incorporate the psychological emotions involved regarding greed, fear and not let it affect your thought process that leads to step 2 (See above). (That can be mastered or controlled over time through meditation and other exercises)

5) A few indicators (2-3) to just help you understand what the market MAY do and where most of the supply and demand is at. More often than not, the market consolidates at prices / targets where it deems the price to be right given the current economic situations.

6) practice your trading plan (which i feel is just step 2 and 4) and that's what everyone refers to when they say your trading methodology/plan/ system.

But if you look at it, what every trader essentially needs to learn (which is what makes it YOUR own custom trading plan) is step number 2 and 4. The rest is very small factors you have to sort out and given steps 1, 3,5 are technical steps, it can be figured out in hours if not a day.

Visit my futures io Trade Journal Started this thread Reply With Quote
The following user says Thank You to noobforlyfe for this post:
 
(login for full post details)
  #8 (permalink)
 HoopyTrading 
Boston, MA
 
 
Posts: 264 since Apr 2014


noobforlyfe View Post
...Okay so i like to boil things down to its basics and keep it simple, you build 'complex' ideas off of your simple basic knowledge and understanding.

.

The above quote I bolded and italicized is it. That's it right there. Everything else you have typed I have gone through in my own trading experience. Live, 3-D. Super-detailed technical analysis, so much confusion. So much falderal.


noobforlyfe, focus on the first part above, but with the following in mind... (And this is the important bit that is now finally bringing me to consistent profits...)

"What kind of a trader are you?"

I asked myself that question in March or so of this year, found the answer, and am now doing very well in sim. Next step is to take it live and see if I am that same trader. But you gotta' figure out who you are, and what kind of trader you are, and adjust yourself to it. Do not fight who you are...Just adjust to it.

Reply With Quote
 
(login for full post details)
  #9 (permalink)
 noobforlyfe 
Toronto , Ontario, Canada
 
Experience: Beginner
Platform: Sierra Chart, SC
Trading: Emini ES, CL, USD/CAD
 
Posts: 424 since Jun 2016
Thanks: 1,381 given, 723 received


HoopyTrading View Post
The above quote I bolded and italicized is it. That's it right there. Everything else you have typed I have gone through. Super-detailed technical analysis, so much confusion. So much falderal.


noobforlyfe, focus on the first part above, but with the following in mind... (And this is the important bit that is now finally bringing me to consistent profits...)

"What kind of a trader are you?"

I asked myself that question in March or so of this year, found the answer, and am now doing very well in sim. Next step is to take it live and see if I am that same trader. But you gotta' figure out who you are, and what kind of trader you are, and adjust yourself to it. Do not fight who you are...Just adjust to it.

Hey HoopyTrading, thanks for your reply and input. If you don't mind me asking, what is the list of choices to pick from. What I mean by that is the following: pretend you are some mmog action game and someone ask's what type of a person are you? Mage, assasin, marksman, etc etc. Similarly, what are the terms people use in this field?

I mean ultimately the choices was at some point made up by some other human and said this term will mean this and this term will define that.

So I don't know how to answer the question cause all i can think of atm is do I want to be a full time trader or part time trader and i know that is not the answer. Nor do i think adjectives will be the answer to the question.

Visit my futures io Trade Journal Started this thread Reply With Quote
 
(login for full post details)
  #10 (permalink)
 paps 
SF Bay Area + CA/US
 
Experience: None
Platform: TS, TOS, Ninja(Analytics)
Trading: NQ CL, ES when volatile mrkts
 
paps's Avatar
 
Posts: 1,722 since Oct 2011
Thanks: 2,173 given, 1,714 received


great question. not many post it like you do.

maybe 1st try to understand the markets....and what makes it tick?...probably not the easiest of paths and can only be seen by oneself....no matter how great a mentor. Once this is known....the trade plan and any paraphernalia is easy to construct or dissect.

if i was given a certain book to understand markets...which can be had on the internet today free.....whereas there are many i have paid top $s for. It would be a book on how markets work. Master the Markets By Tom Williams.

However there are many things which may make markets work or functional...but myself being a firm believer in Volume.... Limits Orders/Market Orders and few other things....found tremendous value when was asked to read this by my mentor. however that was just me....as i thought I knew Volume....but after reading the book...i realized i was looking at Volume by way of indicators and not what it meant. If only an indicator could read markets...!!..and by that i mean indicators are helpful if used in proper context of the current situation

cheers n best

Reply With Quote
The following 2 users say Thank You to paps for this post:


futures io Trading Community Trading Reviews and Vendors > Need help with developing my trading system / plan (mentor??)


Last Updated on July 1, 2016


Upcoming Webinars and Events
 

NinjaTrader Indicator Challenge!

Ongoing
     



Copyright © 2021 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada), info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts