five years later (the previous 5), still struggling!

[HedgeItYourself]

Quote from Eddiefl:

I will keep this very short and simple. PLease dont do as most do and think its too simple so it must not work. Length of explanation has no corellation with its validity.

1. Stop fucking daytrading.
2. Stop fucking daytrading.
3. See #1 and #2.
4. Throw away multiple time frames, too lagged and too many things have to "line" up to make it work.
5. Dont ever open another 2 or 5 min chart !!! HFT-bots have changed that world, it is not for you or I, anymore.
6. No charts under 15min time frame, with 30-60 minute time frames being superior. Hell, daily charts works well too.
7. trade one time frame
8. trade small for 6 months, stops will be a little bigger, but you will be surprised, not much bigger than the daytrading junk stops.
9. After 6 months of trading large time frames profitably, add size.
10. Test your system/methodology back for 10years of triggers, notthing less. (very important)
11. Chances are you wont do this and you will keep feeding money to HFt bots, you will never beat them
12. Tired of typing, you have it laid out, JUST DO IT.

Shortcut: just do 1-12.



EF

The problem isn't daytrading, per se. The problem is the failure to have the proper tools for daytrading TODAY.

HFT bots have change the interday playing field, certainly. But they have not made it harder to play IF you understand HOW they play.

I believe that the HFT bots, clumsy things that they are, have made it easier for us wetware-based drones. That's why I see these are the golden days of daytrading -- for the next ten-to-fifteen years, anyway, until Watson's great-great grandchildren take us all out with their superior AI. Only then will it be over.

 

[the1]

This is the most important thing. Market behavior changes throughout the day. Lunch time is a great time for a perfectly good trader to lose a lot of money. Don't forget to eat right and get plenty of exercise. Have you done anything to work on yourself mentally?

Quote from momoNY:

.
- No trades between 12-1pm.

 

[jl1575]

Quote from HedgeItYourself:

The problem isn't daytrading, per se. The problem is the failure to have the proper tools for daytrading TODAY.

HFT bots have change the interday playing field, certainly. But they have not made it harder to play IF you understand HOW they play.

I believe that the HFT bots, clumsy things that they are, have made it easier for us wetware-based drones. That's why I see these are the golden days of daytrading -- for the next ten-to-fifteen years, anyway, until Watson's great-great grandchildren take us all out with their superior AI. Only then will it be over.

Agree on most part. But when the time comes that Watson's great-great grandchildren join human into playing the market, you can still make money by taking the the trades in the same directions they are heading because the price action would show you that. No need to go against them, do the same as we would follow the big money movements before and today, we follow the consortium that possess the most powerful Watson with most resources/capitals and that moves market decidedly.

 

[bighog]

A penis does not make a trader.

Size matters in other areas though. What would work better when dating chicks........a 1 1/2 incher pencil thin frail one or a "BIG FAT JUICY" throbbing, purple veined, soft umbrella capped hum-dinger, supported with a set of nuts that would make a Gorilla jealous?

Trading is a mind game, anything to do with money messes with your mind. PERIOD!!

Speaking of fashions...........OSCARS tonight. The industry that entertains us, they make heavy dollars, they have a gift to share. Love Hollywood.

 

[momoNY]

Quote from Zr1Trader:

Has your plan /method worked out well for you the past x months in sim?

In sim it make wonders. Live and sim are two completely different worlds. I have always had systems that worked in sim, but executing them is a different story.

 

[Eddiefl]

Quote from momoNY:

In sim it make wonders. Live and sim are two completely different worlds. I have always had systems that worked in sim, but executing them is a different story.

That says a bundle. There is a difference from SIM to LIVE, but not as big a difference as you are stating above.

This might be a pysch issue here and trading a time frame that isnt suited for you.

Read: Trading in the zone.

Ef

 

[momoNY]

Quote from noaveragingdown:

Hi,

Could not help noticing you won't reveal details of your stategy, in my opinion this is a mistake, because then you can't be guided properly. It's not like you are making a killing with your strategy, you said so yourself, 5 years struggling.

Anyway, wish you the best in your endeavor.

Best advice I can give you is learn to enter with minimal heat and don't add to losers, if you get stopped, you can always re-enter lower or on a new HL/LH.

Good luck bud.

There are two reasons, I won't go into specifics.
First, when you start discussing specifics of your strategy, you'll have a lot of inputs and start adding this and that, which is very bad.
Second, because there are newbies out there thinking that a strategy is the most important thing, while it is not. They are ready to grab anything you post instead of finding something that works for them. I don't want to mislead anyone.

 

[momoNY]

Quote from cap'ncod:

'Madness' is accurate. Like some sort of masochism. Bank has 10 billion to play with and makes maybe 1 billion in profits. This is just 10%, and people come along with a few thousand and seek to make 30 grand a year regular income. Pie in the sky. FWIW after 6 years of staring at these markets I think scalping the US futures are virtually impossible. Forget it. High leverage, tiny profits and poor retail infastructure. A wet dream. So what could work?
Well, taking a few grand to make 10-20% return might do it, sure. You've been studying these markets for 5 years. Just focus on something that trends well and stick with it. If you do this a few times a month you'll build your account. Low leverage and keep your job going meanwhile. Good luck.

I agree 100% with you. All money I made I made it long term, but then I lose it when the market turns, I tend to lose focus. I had a long position at 94.25, for a long ride, then I sold it for 4 points profit! My analysis told me that 91.5 will be good support. I shorted last Friday at 1340.25, Knowing it will sank because of the close at the high on Friday and Lybia, then Sunday I sold at 39.25. I'm good at reading the market but I'm not a good trader. I hope that short term will be more profitable.
I'm not scalping, I try to catch a birth of a new trend on the five minutes and ride it until weakness is apparent. Very true that sometimes, if not often, I find myself ping ponged in scalping and forgetting my strategy! This is what I'm trying to work on.

 

[HedgeItYourself]

Quote from momoNY:

There are two reasons, I won't go into specifics.
First, when you start discussing specifics of your strategy, you'll have a lot of inputs and start adding this and that, which is very bad.
Second, because there are newbies out there thinking that a strategy is the most important thing, while it is not. They are ready to grab anything you post instead of finding something that works for them. I don't want to mislead anyone.

I mean this in the nicest possible way, but those are not good reasons:

1) You're afraid of receiving input on a strategy that, by your own account, is not working for you because you'll start adding elements in a willy-nilly fashion? If that is the case, it suggests discipline problems of a magnitude that may well prevent you from ever trading successfully.

2) You're afraid that newbies will see your underperforming strategy as some kind of Holy Grail? I'm sorry, the logic of this concern eludes me as well.

Am I correct in my hunch that there are, in fact, other concerns at work here?

 

[momoNY]

Quote from PokerFXTrader:

Dude,

You do realize that markets are a live auction process and ANYTHING can happen at any moment and they are mostly complete chaotic noise 98% of the time.

The fact of the matter is REAL exploitable edges are VERY VERY rare.

5-6 Trades a day are insane UNLESS your trading for .05 moves and scalping extreme news events.

I honestly believe your still overtrading for the style your talking about, maybe less then 1 trade a day is a real edge if you analysis all your results.

Agree 100%, at the end of day IB tells me I payed $150 or more in commission. I always end up putting between 20-50 trades!!
My strategy usually gives me 2 to 4 signals a day! If I could limit my self to twice that I'll be profitable most days.