my thoughts exactlyespecially that there are no newbies to benefit from those posts
but perhaps it's YC that benefits the most?? who knows..
Whatever he is using isn’t working.
A real trader posting real trades to benefit newcomers.
- Thread starter yc47ib
- Start date
Whatever he is using isn’t working.
8% in a day or two is simply unacceptable. I know he has multiple accounts, but at what point is the signal negated (as you state)?
I think yc47ib uses two accounts. He will hedge by trading the opposite direction is the other account. I find his posts very useful because his levels have been pretty good. I use his posts to see if I can come up with better trades. His hedging is locking in a loss that he will make back when market comes back into previous range. He does slowly move his ranges. He takes consistent profits. His posts are hard to follow because as he admitted some of his orders and trades are being dropped. He has a loss with (G)CLX8 because he reversed with his hedging after crude made a multi-day up move just as it was about to reverse. He will make money with patience if crude rises back above about $76. His posts today suggest to me he thinks stock market is still in up trend and will move back up to the range of early last week. His system makes money from in range markets. Market recently has been difficult for his system because many commodities moved into new ranges. I think he is patiently waiting for prices to move back.
@vincmy thoughts exactly
but perhaps it's YC that benefits the most?? who knows..
....especially that there are no newbies
to benefit from those posts....
Hi @vince
am a newbie, just how exactly, can i benefit from those posts....? regards
I think something that is being lost on people here is just how deep in the hole he currently is, based on the latest "open position" post he has in post #216 on the previous page.
Best I can glean from that update is that of that post, he was -$49,200 on open equity+initial margin requirements, just from CME direct. (The two open contracts each in GC CL and NQ, + the one ES contract, minus the negative equity in said open positions). If his broker requires higher overnight margins like some do, *cough Interactive Brokers cough*, then add to that accordingly.
So how much money does he have in his account to suffer that drawdown?
Oh, wait a minute, it is sim trading.
"...if it is any consolation, I lost a lot too. But so far all are paper loss,..."
https://www.elitetrader.com/et/thre...benefit-newcomers.325075/page-22#post-4739684
Nothing ET loves more than a real SIM account. That is truly a benefit to newcomers.
No, it is not a consolation. Welcome to the real? Really?
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I do not think yc47ib is paper trading. He or she writes "But so far all are paper loss, until I surrender." yc47ib is saying that losses are unrealized until position is closed. I think poster is not a native English speaker. yc47ib started the thread by saying he used two $100k accounts and did not leave more in the accounts. I think yc47ib made roughly 10k of realized gains so the loss is not so bad. WTI crude (CL) needs to move up to about $78 and RTY to move back to 1700-1720 to be profitable. yc47ib did say in a post after market close last Friday that there was a good chance of the market continuing down but did not take his own advice. Level based position trading comes with significant draw downs.
Vanv, You should refresh the thread. Start from post #1, and read through the comments. There are too many people calling this folk out on discrepancies which cry foul.
From post #1... "I trade several accounts, capital ranging from 4k to 100k. Sometimes I will put in opposite positions in different accounts to offset the risk..."
So he mentioned a short time later that he is trading two 100K accounts. Just how much money does this guy have to trade with? Spread over how many accounts?
You know what would settle the issue? A full account number. Teehee.
https://www.elitetrader.com/et/threads/and-they-have-a-plan-live.306838/page-3#post-4410668
It certainly settled down algofy, who made the initial request for the true logs/statement.
That is all it would take to quash the uncertainty. The issue here is not necessarily the content of the thread, but the boisterous title. I take issue with it. Perhaps this is not the place to make my particular case, but I am simply responding here to what I perceive may be a slightly deceptive premise.
"I have been through the stage no believing trading can make money. All I can say is if you do not believe trading can make money, you are probably a long way from making consistent profit from this market yet..."
That comes from the OP at https://www.elitetrader.com/et/thre...-benefit-newcomers.325075/page-4#post-4729908
I personally do not like the hidden cynicism there. In my particular journal, I have ALWAYS couched it in the terms that people CAN make money in the live, real-money markets, because I believe that whole-heartedly. I have never once suggested that anybody is "a long way from making consistent profit..."
That just dissuades people from trading. I don't believe in that creed.
I think I am asking a different question. This thread is expressing a specific discretionary system that is something like. Assume markets are always range bound and fade extrema determined from one person's also discretionary chart reading. It obviously hasn't worked. Is there someway of say taking some trades, rejecting others maybe adding stops that can make money? I am thinking of something like Linda Raschke's use of the incomprehensible Taylor trading system. Or maybe seeing the posts as a thought experiment. yb47ib is providing concrete levels, entries and exits to think about.