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TEN-THOUSAND IN EDUCATION, FINALLY PAYING OFF


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TEN-THOUSAND IN EDUCATION, FINALLY PAYING OFF

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  #51 (permalink)
new york
 
Experience: Intermediate
Platform: ninjatrader
Broker: mb trading
Trading: 6e
 
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Posts: 184 since Feb 2010


bluemele View Post
Bobby,

Why don't you start a journal so others can learn and you can document your learning curve?

Currently trying to adapt Rez'a Market profile strategy to the 6E which I feel is a more robust and trending market for longer periods than the ES. He concentrates his tactics on the 3- half hour periods A-B-C. So that you make your money without spending all day searching for the opportunities.

Normally I would say that it is really risky to try and capitalize on the first Hour of the "open" because the market has not offered enough data yet to make a assesment (not enough pivot points, support,resistance, etc)
However because M.P. allows you to see so much more than HIGH-LOW-CLOSE, I actually see that it can offer enough data to make good trades.

Reza certainly is proving that in his trading room, the guy racks up the trades very early on in the day and basically refuses to take a trade after 11:30 a.m. although it might look good.

He stresses-never get greedy....

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  #52 (permalink)
Honolulu, Hawaii
 
Experience: Intermediate
Platform: NinjaTrader
Broker: ATC/TT, AMP/Zen-Fire, AMP/CQG
Trading: TF
 
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Posts: 2,547 since Jun 2010
Thanks: 3,803 given, 2,835 received


bobbyacim View Post
Currently trying to adapt Rez'a Market profile strategy to the 6E which I feel is a more robust and trending market for longer periods than the ES. He concentrates his tactics on the 3- half hour periods A-B-C. So that you make your money without spending all day searching for the opportunities.

Normally I would say that it is really risky to try and capitalize on the first Hour of the "open" because the market has not offered enough data yet to make a assesment (not enough pivot points, support,resistance, etc)
However because M.P. allows you to see so much more than HIGH-LOW-CLOSE, I actually see that it can offer enough data to make good trades.

Reza certainly is proving that in his trading room, the guy racks up the trades very early on in the day and basically refuses to take a trade after 11:30 a.m. although it might look good.

He stresses-never get greedy....

Bobby, maybe start a journal and show your setups. Help others learn and share. I would be interested to follow.

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  #53 (permalink)
Bala, PA, USA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Mirus, IB
Trading: SPY, Oil, Euro
 
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Posts: 1,858 since Jul 2010
Thanks: 300 given, 3,336 received



bobbyacim View Post
I went from 50/50 accuracy for all of 5 years of this , to around 55-60% within 3 months!!!
And I can better gauge risk/reward by observing solid target objectives.

You can make a good living with a 50% accuracy, if you are trading a greater then 1:1 reward/risk ratio. Historically, how big are your typical stops? and how big are you typical targets?

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  #54 (permalink)
 
 
Posts: 1,081 since May 2010

you can become rich with a 25% winning trades, and many people did it with such a low ratio

this proves how most traders are locked up in false one liner trader knowledge

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  #55 (permalink)
UK
 
Experience: Intermediate
Platform: Ninja
Broker: Mirus/Zen
Trading: Futures - bonds, currencies, index
 
Posts: 288 since Oct 2010
Thanks: 70 given, 270 received


bobbyacim View Post
I have taken 9 trades so far 6 made money, one was a break-even and two losers!

Let me get this right. You've spent all this time and money, you're screaming from the rooftops that this guy is a master and this method is wonderful and based on maths (by the way, I have standard dev as an indicator, it's not rocket science)

And all this, and you consider you are now profitable based on 9 trades?

Look, you're getting into maths now, and you did all this studying, so please tell me the mathematical basis for your your claim that you are now profitable (and I presume you mean with a high statistical degree of confidence)

(and I don't mean 6/9)

Sorry if I sound somewhat negative, but I want you to know that you may be in for a big shock.

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  #56 (permalink)
Bala, PA, USA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Mirus, IB
Trading: SPY, Oil, Euro
 
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Posts: 1,858 since Jul 2010
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Xeno View Post
Let me get this right. You've spent all this time and money, you're screaming from the rooftops that this guy is a master and this method is wonderful and based on maths (by the way, I have standard dev as an indicator, it's not rocket science)

And all this, and you consider you are now profitable based on 9 trades?

Look, you're getting into maths now, and you did all this studying, so please tell me the mathematical basis for your your claim that you are now profitable (and I presume you mean with a high statistical degree of confidence)

(and I don't mean 6/9)

Sorry if I sound somewhat negative, but I want you to know that you may be in for a big shock.

Well, I didn't want to say it because I didn't want to sound negative, or discouraging, but when I saw 9 trades, I thought exactly the same thing.

I think it's great that you are excited about trading again, and found a method that appeals to you, but it's probably a good idea to wait a bit before betting the farm, so to speak. I read somewhere the suggestion that traders should measure their performance by blocks of 100 trades at a time.

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  #57 (permalink)
Houston TX
 
 
Posts: 3 since Mar 2011
Thanks: 0 given, 3 received

Bobby:
Thank you for your response. I am excited for your new found success. Just a note: I would like to commend you for your tenacity in trying to search for and extract information from other members that seemed unable or unwilling to answer your very direct and simple questions that all traders are faced with.

If you would like, I would be willing to establish a line of direct communication between you and me to share information and strategies. If that is the case send me a private message.

Regards,
F.Vela

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  #58 (permalink)
Legendary Market Wizard
Quebec
 
Experience: Intermediate
Platform: NinjaTrader wt Rancho Dinero's profiling tools
Broker: AMP/CQG
Trading: ES, NQ, YM
 
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Posts: 3,931 since Oct 2009
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Xeno View Post
Let me get this right. You've spent all this time and money, you're screaming from the rooftops that this guy is a master and this method is wonderful and based on maths (by the way, I have standard dev as an indicator, it's not rocket science).

The Market Profile methaphor goes much deeper then just knowing where is the second standard deviation. I highly recommend you to visit this page to uplevel your perspective about this tool.

Articles by James Dalton | Free resource to understand Market Profile and James Dalton’s approach | James Dalton Trading

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  #59 (permalink)
UK
 
Experience: Intermediate
Platform: Ninja
Broker: Mirus/Zen
Trading: Futures - bonds, currencies, index
 
Posts: 288 since Oct 2010
Thanks: 70 given, 270 received


trendisyourfriend View Post
The Market Profile methaphor goes much deeper then just knowing where is the second standard deviation. I highly recommend you to visit this page to uplevel your perspective about this tool.

Articles by James Dalton | Free resource to understand Market Profile and James Daltonís approach | James Dalton Trading

I do actually understand roughly what market profile is about, I was more making a comment on the OP's implication that statistical maths gives it credibility when he clearly hasn't used stats to analyse the results.

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  #60 (permalink)
new york
 
Experience: Intermediate
Platform: ninjatrader
Broker: mb trading
Trading: 6e
 
bobbyacim's Avatar
 
Posts: 184 since Feb 2010



Xeno View Post
I do actually understand roughly what market profile is about, I was more making a comment on the OP's implication that statistical maths gives it credibility when he clearly hasn't used stats to analyse the results.

Regardless of the implications, - and some of them may be VALID.
All I know is that M.P. is helping me break the 50/50 win-loss barrier that I have been stuck in for the last 5 years!!!

Honestly, Market Profile is not really about predicting market direction(that is still a judgement call on you)
as much as it is a tool that helps me to see how the market SHOULD BEHAVE depending if its determined to be trending or ranging.

For a lot of traders like myself, one of the biggest hurtles is determining the market conditions in order to apply the correct strategy, NOT THE STRATEGY ITSELF, - hell, there are many smart and talented people on this forum, perhaps a lot smarter than I will ever be! And they have conceived of some very powerful trading strategies including BIG MIKE. The BIG Question is WHEN TO USE WHAT.

That is where the power of Market Profile comes in.

Currently taking baby steps, humblely trading two contracts for a point or so a day.....:car:

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