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

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

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


Last edited by noobforlyfe; June 30th, 2016 at 08:22 PM.
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  #2 (permalink)
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  #3 (permalink)
 R.I.P. 1969-2016 
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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.

Last edited by Okina; June 30th, 2016 at 08:00 PM.
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  #4 (permalink)
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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.

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  #5 (permalink)
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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

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  #6 (permalink)
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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.

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  #7 (permalink)
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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.


Last edited by noobforlyfe; June 30th, 2016 at 10:14 PM.
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  #8 (permalink)
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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.


Last edited by HoopyTrading; June 30th, 2016 at 10:38 PM.
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  #9 (permalink)
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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.

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  #10 (permalink)
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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

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