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Need a true Teacher Mentor


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Need a true Teacher Mentor

  #91 (permalink)
Ty199
Joplin, Mo. Jasper
 
Posts: 47 since Sep 2019
Thanks Given: 16
Thanks Received: 47


nikotron1124 View Post
Although I am not using any indicators now, I would give you a nice setup to help you get some confidence in "Pulling The Trigger" to place a trade. Just setup the following two indicators on the platform you are using for trading.

1. Use either the MACD, or the PPO depending which one your platform has. If both, then select the PPO (Percent Price Oscillator). The settings for either one are 8, 13, and 9 (for the moving average). If there is a choice, I would select the Exponential, or the Front Weighted type of average.

2. Use the ADX with +DI/-DI and set the period to 10. Use Green color for the +DI and Red color for the -DI and use maybe Blue for the ADX, it really does not matter as long as it is different from +DI/-DI.


Now if you can, place the PPO, or MACD on top of the ADX +DI/-DI and watch for the following to occur. At some point, the PPO moving average will get close to the ADX line. Like the PPO average declining and starting to turn up, while the ADX line rising and starting to turn down. In other words, those two are getting close to each other and then starting to pull apart. Once this happens, watch for a cross of the DI lines and if the +DI (green) line crosses over the -DI (red) line, then this is your signal to go Long what ever you trade. The opposite holds true for going Short. BUT, the signal starts with the ADX and PPO average getting close first and then pulling apart. That's where the trade setup starts.

If for some reason your trading platform does not allow you to place those two indicators in this fashion, then if those two lines mentioned above, instead of coming together they will be pulling apart before they start coming together. I know Ninja Trader lets you place them any way you want, but some platforms (Like Interactive Brokers) place them in alphabetic order with the ADX on top of PPO (or MACD).

This setup can be used on ANY time frame, ANY! So, try it and wish you the very best and remember nothing is 100% in trading, BUT this setup is as close to being a Holy Grail as anything I have seen in my multi year trading career. GOOD LUCK and GOOD PROFITS!




Here is the set up, I think I got it right. I didnt see PPO on TOS so MacD is what I used. There is alot of lines there and colored as you stated. Can you point out what to look for. Thanks

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  #92 (permalink)
Ty199
Joplin, Mo. Jasper
 
Posts: 47 since Sep 2019
Thanks Given: 16
Thanks Received: 47


DavidHP View Post
I'm sorry if I offended you that was not my intent.

The link in my post to you should not be in the elite section.
It is the post above your's in this thread.
It is post numbers #61 - 63 on this thread by minip & tigertrader.

It also has a link to an indicator which may be in the elite section.
(It is a link to Delta Bars chart type)

The indicator in the link has this description:


My original post you questioned does link to the Elite Section and is one of the most active threads on Futures.io.
Access to the information in that thread is worth the cost of Elite Membership if you trade ES
(FWIW)

@DavidHP you did not offend me by no means, I was just stating how much help is offered on here instead of disrespect like a few other forums. I will look at the post by numbers , that will help me easier. I need to get an Elite Account anyways. Nothing is free I have lost more 10x the price in 1 trade of the cost of the upgrade to Elite. I realy do appreciate everyone that helped , posted and gave advise on my thread here !

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  #93 (permalink)
 rdelrisc 
Miami, FL/USA
 
Experience: Advanced
Platform: TradeStation / NT8
Trading: Currency
Posts: 14 since Apr 2016
Thanks Given: 0
Thanks Received: 18


Ty, my advice is first find out what KIND of trader are you.
Do you counter trend, or trend trade? Do you scalp or want to squeeze a little more of the day's range? Each has its pro and cons. Also, and I also say this from personal experience, you need to be trading R/R of at least 1:1 regardless of type of trader you are. The reason for this is simple, as long as your style/strategy is a good one or with a 60/40 winning/losing ratio, you will be ok. The moment your reward is less than full risk, when you get hit with a couple of losers in a row, you start revenge trading which makes it even worse.
Last, but not least, SCREEN TIME with your strategy.
If you want we can hook up on skype and I'll share my screen with you. I trade CL, ES and NQ.
Stick to it, it takes time, patience and discipline (that is the HOLY GRAIL, discipline). I'm still working on it myself
Rick

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  #94 (permalink)
 KodaFT 
Los Angeles CA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: Futures
Posts: 3 since Oct 2017
Thanks Given: 1
Thanks Received: 1

Keep practicing and test out different methods until you find what your comfortable with. A lot of great advice, everyone covered everything. Practice makes perfect. If you're doing something that is not working out, change it. The definition of insanity is doing the same thing over expecting different results.

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  #95 (permalink)
 RDCoach 
Las Vegas, NV
 
Experience: Master
Platform: APEX n Sierra
Broker: Tradestation and AMPFutures
Trading: Emini Futures, Futures
Posts: 12 since Apr 2018
Thanks Given: 4
Thanks Received: 10

Ty199, YOU have great determination, a MUST in trading as it ALWAYS is changing. All the replies are very good and I will throw in 2 cents. Found some basic foundation skills are needed with any "set-up" and to feel confident to "read" the market action, in the moment. Building the ability to read whats happening increases the certainty to react as best you can. While indicators work they are after the fact and late. Additionally guessing or surmising what the market will do without something solid doesn't work either, because you can get trapped in a mindset or direction, that's false. I traded my 1st 3 years with a Level 3 screen and Time & Sales. The best additions were truly understanding everything about Support and Resistance levels and that expands into Key zones based on time-frames. As well reading candles, bar by bar can bring you into the moment and help determine the strength or weakness coming into the price action, to make a better decision. Of course these are basics and have found so many traders can't read the market and only rely on indicators from a strategy. Also the dynamics of reading will change given the time frame ie. tick chart, 1 min, 3 min, 5 min. The smaller the time frame the greater the emotion. If I go into emotion at all, the trade is compromised. Emotions screw up and results in all sorts of incorrect actions. So reading and responding without emotions is the key, most strategists don't cover. Are you missing the basics? Only you can determine, and a good place to focus. Wishing you the best in your journey.

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  #96 (permalink)
 
Aurac's Avatar
 Aurac 
London+United Kingdom
 
Experience: Advanced
Platform: eSignal
Broker: InteractiveBrokers
Trading: If it moves...
Posts: 50 since Jan 2013
Thanks Given: 90
Thanks Received: 93

We trade to win and most traders define a ‘win’ as a trade that makes money. But in my experience most aspiring traders over-focus on the money, which, paradoxically, causes unnecessary losses. I call this vicious circle the Money Trap.

Let me explain.

In trading and in life, money is a ‘hot topic’. A study of 4,500 couples revealed that arguments over money are by far the top predictor of divorce. Why? In marriages, arguments about money trigger core security and self-worth issues. As so it is in trading.

In trading, two things happen to those who over-focus on money.

First, you will trigger your biological imperative to avoid taking the loss, because your security is at stake. That’s when then things get slippery and you will be tempted to trade-not-to-lose. This means you will not manage your trade according to any rational rules.

Second, when we are overly preoccupied with money (security), our field of attention narrows down (tunnel vision), so that we are very likely to miss the obvious. We will micro-focus and micro-manage our trades. This loss of perspective will get us shaken out of good trades and our self-esteem will plummet.

Trading well requires that we condition ourselves to do the opposite of what human nature urges us to do. It’s not easy, but changing just this one thing about your trading could make it possible for you to stay in winning trades longer.

Rx: To avoid the Money Trap, consider putting some tape or a piece of paper over your P&L and trade without reference to it until the end of the day. Along with that tactic, shift your attention from ‘the money’ to your Method and define a ‘win’ as a trade in which you carefully followed your rules, regardless of the monetary result. By doing this, your security and self-worth are not at stake with each and every trade. Then you can trade-to-win and not sabotage yourself.

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  #97 (permalink)
 
casey44's Avatar
 casey44 
Louisville KY
 
Experience: Beginner
Platform: NT8
Trading: micros
Frequency: Daily
Duration: Minutes
Posts: 247 since Jan 2010
Thanks Given: 4,040
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@Ty199, fwiw, I heard another former policeman's story a few months ago.... maybe hearing his process might have some meaning for you.... I expect as a former player you know those who struggle in the minors for what can seem like an eternity, making them question it all, then something comes together and clicks... And maybe it's only some subtle change that's useful to them alone.
The focus here is on his steps of keeping on keeping on, not the particulars of any methodology which may or may not be helpful to anyone else.
Apparently it's in the public domain, search on google: “ steve leigh the road to profit youtube “

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  #98 (permalink)
 nikotron1124 
Anahein+California
 
Experience: Intermediate
Platform: Ninja Trader
Trading: Gold
Posts: 29 since Oct 2012
Thanks Given: 206
Thanks Received: 35


Ty199 View Post


Here is the set up, I think I got it right. I didnt see PPO on TOS so MacD is what I used. There is alot of lines there and colored as you stated. Can you point out what to look for. Thanks

It looks like you have the ADX on top of MACD. So, instead of these lines converging when /CL forms a bottom, they are opposite of each other. It really does not make a lot of difference, but if you can have the MACD on top of the ADX it would be much easier to see the lines converging first at almost the exact bottom of /CL and then start getting away from each other. Let me try to attach a chart from another platform that makes it easier to see the setup.


ADX_PPO_HomeDepot


ADX_PPO_051020


I attached two charts with the setup. One is for Home Depot (HD) and the other is for Caterpillar (CAT). On these charts, the PPO, or in your case MACD, is on top and the yellow line is the 9-period average. On the bottom chart is the ADX with +DI/-DI and the blue line is the ADX line. As you can see, I hope, as the bottom is forming on these daily charts, the yellow line comes close to the ADX blue line. This is the warning of a setup getting ready to trigger LONG. The trigger is when the +DI green line CROSSES over the -DI red line. When this happens you go LONG the very next day, or sometimes towards the close of the same day if you see these two lines are about to cross. It is a little bit aggressive, but with a tight stop you can enter the trade. I will try to use TOS to see if I can setup the chart my way. I thought that TOS had the PPO indicator, well I will check it out. There a few tips as to how to use these two indicators together for entering a trade, but let's go one step at a time so you don't get confused. Get this setup working now and later we can discuss the refinements of using these two indicators. Let me know if you need some more clarification of the setup. Good luck and Good money. In my opinion it is better to use this setup from hourly charts and up. Don't use on less than 30 minute charts. For a good profit always go to higher time frames.

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  #99 (permalink)
 sbogatin 
oldsmar
 
Experience: Advanced
Platform: multicharts
Trading: currenies
Posts: 6 since Jan 2016
Thanks Given: 0
Thanks Received: 37

This is to Ty199. I have subscribed to Mike's site for number of years, but I almost never respond to posts. I received an email that I must respond in some way to not get canceled from futures.I/O. So I clicked onto the site where I saw your question. I almost did not respond to your dilemma which I would define as a losing trader for nearly 4 years, and that you're asking for help because you do not know where to turn. The issues that led to your failure are legion, and most of the causes will seem almost impossible to understand if indeed you have been trading for four years and have lost money. It is impossible to give you a solution on one simple post without knowing more about you. It is not just an issue of being underfunded, or having the wrong system, or having no practical understanding about how markets work, there are some issues about you, and perhaps a lack of understanding about how you process information and are unable to apply this insight to a profitable outcome.

I have been around the markets since I was 31, and in just over two weeks I will be 70. I have never read markets better in my life than I read markets now. I am a highly educated man, and I am successful and I don't need to make another dime in my life. Yet, nothing has been more challenging than learning what I needed to know to trade markets. In my not so humble opinion there are very few traders who can read a market better than I do, and it didn't come cheaply, it took me nearly 40 years, and I am still learning.

I am going to give some advice, and I don't know how to give you a complete answer because one fact needs to be determined, and I can't do that for you. you may not ever be a good trader because you don't have the personal insight, the tenacity, and a proper approach to developing your skills. You may not have the conviction to seek out and change the reasons for your failures thus far. You may not have the capital. This is not meant to be harsh. There is reality. When I practice medicine, one of the many things I've done in my life, I never told a patient dying of a terminal illness that everything was going to be all right and that they would get better. There are realities to success and failure. The good thing is you're not mentioning that you have a terminal illness and that means you have a chance. Extending my analogy, I can't tell you what your solution is because I don't know your problem, and from a trading point of view it's impossible to know what you need. From a probability point of view, you need much more than a trading system. There is something about you by the nature of your story that indicates this. So that we are perfectly clear, there is nothing unique to you as I have had my issues, and I chose to work this out over a period of almost 40 years.

I don't wish to violate any of the rules of this site. If there's something that I've said, or there's something inappropriate about the solution I will offer, I would expect Mike to delete my post. The fact is while I know how to read markets and I understand the dynamics of markets far better than most people as best I can tell, I don't even know if I'm posting on the correct link here, one of the issues with old age. I have no website, I have no commercial venture in trading other than trading my own account, I have no interest in the mentoring business, and to be honest, if you did, you couldn't afford me. Last year, a couple of old friends it turns out... have been trading for nearly 30 years, but they weren't making money in markets. I decided in a gesture of friendship to send them videos in a public forum, and this turned into about 300 videos ( to my shock) and about 900 followers which is even more shocking. I do not make a penny from this... as I did it to help two of my friends who are about my age.

I have to be very careful what I say here, because most people who offer advice, including some of the advice you are being offered is not what's going to work for you, but this form doesn't allow for me to address those issues.

Since I like to play by the rules, if Mike cares to hear where I post, but Mike will be familiar with that site, I would be happy to give him that information and he can decide if it's appropriate to post that information on this site, or to you directly. I don't know what 900 people are doing in their own trading, but I know one of my students who is well-funded and has had marginal success until recently, is doing phenomenally... actually in markets that I do not trade as my interest is in futures markets. It is about how to think, seeking objectivity...in addition to understanding markets and their traps.

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  #100 (permalink)
 
spideysteve's Avatar
 spideysteve 
Fort McMurray, AB Canada
 
Experience: Beginner
Platform: NT, MT4, Jigsaw
Broker: Continuum
Trading: ZN, ES
Posts: 154 since Mar 2015
Thanks Given: 363
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@sbogatin

Thank you for that. Words of wisdom for sure. Always amazes me when I hear things like this

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