From my experience, just by merely following a third or a quarter of Spike's equation, i.e. not fading the trend, I got my profit up 50%-75% (trading my own system without major adjustment). It's painful to see missing trades but it is good for overall mental health... I am still taking baby step here. You have to try it yourself to see the effect. I know people might say, c'mmon I read all this trend following crap from day one and lost my shirt... it is different here because of the real source...
ES Journal Archive (2006 - 2008)
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I have met very few successful indicator based intraday traders of futures. However, I know many price based successful intraday traders.
The main reason it seems to me is the lag of indicators.
Hi Martys,
Glad to hear that you are profitable and able to incorporate Spike's advise
Understand what you say but you still need to identify the trend before knowing not to go against it. Hmmm...I guess I should say 'I' instead of 'you'. Sorry, this is what happens when one has been working 14 hours stretch
Glad to hear that you are profitable and able to incorporate Spike's advise
Understand what you say but you still need to identify the trend before knowing not to go against it. Hmmm...I guess I should say 'I' instead of 'you'. Sorry, this is what happens when one has been working 14 hours stretch
nobody can predict a trend day, only hope for one. So establishing the trend based on a longer TF and buying low and/or selling high is key to riding intraday trends IMHO. I have been thinking about it for quite some time, I do not think that there is any super-predicting algorithm in Spike's trading, not that he suggests it anyway. He is a smart guy for sure, but I think it's more to do with common sense, based on a minimalistic approach, rather than an extremely complex formula. Let's be frank here, he is not going to tell anyone, that thing we know, so what can YOU do is more important than what somebody else does. I prefer to take a small amount of points, because I know I can do it. Whenever I tried to ride the trend, the greed takes over and I just dont know where the hell to exit the trade.
Folks, thanks for all your feedback. Certainly appreciated.
Romik,
Do agree with you on some parts here ie 'the buy low and sell high'. With regards to the trend day, I think that sometimes on the day before and usually on that day itself, there will be clues that will tell us that the trend will continue. May be totally wrong here.
When I first started my interest in Spike, I had no illusions that he will spoonfeed me. Neither did I expect to be spoonfed as although I would like it very much, it wouldn't be fair to the person who is spoonfeeding me. After reading almost all his posts (omit those like taxes etc), I know that he wants to protect his system which is certainly fine by me. What I'm more interested in is trying to see what he view is important etc so that I can come out with a strategy that is suited for myself. On the way, I may have to ask him some questions, however, its totally up to him whether he wants to answer me or not.
Thank you for your concern and agree with you 100% that you have to find a strategy that suits your profile.
Romik,
Do agree with you on some parts here ie 'the buy low and sell high'. With regards to the trend day, I think that sometimes on the day before and usually on that day itself, there will be clues that will tell us that the trend will continue. May be totally wrong here.
When I first started my interest in Spike, I had no illusions that he will spoonfeed me. Neither did I expect to be spoonfed as although I would like it very much
, it wouldn't be fair to the person who is spoonfeeding me. After reading almost all his posts (omit those like taxes etc), I know that he wants to protect his system which is certainly fine by me. What I'm more interested in is trying to see what he view is important etc so that I can come out with a strategy that is suited for myself. On the way, I may have to ask him some questions, however, its totally up to him whether he wants to answer me or not.Thank you for your concern and agree with you 100% that you have to find a strategy that suits your profile.
Quote from billp:
Folks, thanks for all your feedback. Certainly appreciated.
Romik,
Do agree with you on some parts here ie 'the buy low and sell high'. With regards to the trend day, I think that sometimes on the day before and usually on that day itself, there will be clues that will tell us that the trend will continue. May be totally wrong here.
When I first started my interest in Spike, I had no illusions that he will spoonfeed me. Neither did I expect to be spoonfed as although I would like it very much
Thank you for your concern and agree with you 100% that you have to find a strategy that suits your profile.
Another thing to understand here is that 2 bad trades out of say at least 21 trades (based on just 1 trade per day, he does more on average) using a 2 point stop, you must agree with me - that is not easy to achieve, it is an almost phenomenal ratio for an intraday trader.
Err since you mentioned, can someone pls help with this question. Maybe when I know the answer to the below question, its easier to agree with you.Thks.
I've been trying to translate ES mini ATR (average true range) to stocks ATR equivalent. I read somewhere (if I remember correctly), that ES mini average daily ATR is around 10-20 points. So if I were to trade a stock that has an average daily ATR of $2, that means a 2 point stop in ES, will equate to 20 cents? Thanks.
I've been trying to translate ES mini ATR (average true range) to stocks ATR equivalent. I read somewhere (if I remember correctly), that ES mini average daily ATR is around 10-20 points. So if I were to trade a stock that has an average daily ATR of $2, that means a 2 point stop in ES, will equate to 20 cents? Thanks.
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