Market Code Crack'd?
- Thread starter floortradr542
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floortradr542: I can't tell if you're for real or not since I think that 99% of trading journals serve the purpose of increasing the confidence of the OP, but really aren't about trading.
You seem to be trying to follow the trend.
If you say that you get in after 10% of the move has been made to capture 90%, but that your stop is a few ticks, my response is: Impossible.
Please elaborate.
You should consider reading The Logical Trader as a basis for a robust trend-following sytem. I know I keep pimping it, but it was the catalyst for my own wake-up call.
You seem to be trying to follow the trend.
If you say that you get in after 10% of the move has been made to capture 90%, but that your stop is a few ticks, my response is: Impossible.
Please elaborate.
You should consider reading The Logical Trader as a basis for a robust trend-following sytem. I know I keep pimping it, but it was the catalyst for my own wake-up call.
Before I settled on the method currently traded, I was deciding between three ideas: the Logical Trader by Mark Fisher, A commercial system seller, of who I started a raging debate, and the methodology now in use.
Turns out the system seller is a flake. If the method is the best he can do after 8 years of trial and error, it is suspect at best. Scratch that.
Logical Trader is a great and useful read. The first half of the book is very useful, then Mr. Fisher seems to complicate his own ideas. A free trial of his website services doesn't make it any easier. And he is extremely biased towards energy futures. The idea presented for my chosen market I do not agree with. Scratch that.
"My" method. Like having an outline for writing the great American novel, it was only a matter of filling in the details. I know the personality of my chosen market and it came down to simply creating signals I am 110% comfortable with.
That stats presented in the very first of this thread was for that day only.
The market is a living creature. You must handle with care. Early in my career, I was terrified of losing so I set my stops very tight. They always got hit. I was eroding my account to death. I now give my positions wide berth. And my stops rarely get hit. I feel like I've tamed the beast and am sticking my head in the lion's mouth.
Today's trades:
B 709.30 8:23
S 710.30 8:32 1.00
S 709.10 8:36
B 707.30 8:44 1.80
Total Trades: 2
Winners: 2
Losers: 0
Turns out the system seller is a flake. If the method is the best he can do after 8 years of trial and error, it is suspect at best. Scratch that.
Logical Trader is a great and useful read. The first half of the book is very useful, then Mr. Fisher seems to complicate his own ideas. A free trial of his website services doesn't make it any easier. And he is extremely biased towards energy futures. The idea presented for my chosen market I do not agree with. Scratch that.
"My" method. Like having an outline for writing the great American novel, it was only a matter of filling in the details. I know the personality of my chosen market and it came down to simply creating signals I am 110% comfortable with.
That stats presented in the very first of this thread was for that day only.
The market is a living creature. You must handle with care. Early in my career, I was terrified of losing so I set my stops very tight. They always got hit. I was eroding my account to death. I now give my positions wide berth. And my stops rarely get hit. I feel like I've tamed the beast and am sticking my head in the lion's mouth.
Today's trades:
B 709.30 8:23
S 710.30 8:32 1.00
S 709.10 8:36
B 707.30 8:44 1.80
Total Trades: 2
Winners: 2
Losers: 0
Kudos to you floortrader.
Anybody who becomes consistently profitable in the markets, has indeed crack'd the code....
Cheers !!
Anybody who becomes consistently profitable in the markets, has indeed crack'd the code....
Cheers !!
Good morning all!! The market seems undecisive today. Thought I was headed for Whipsaw Nation. Fortunately, I was able to take advantage of panic selling near the open and come out ahead for the day.
It a good feeling to be done with my day before most traders are getting started.
Total Trades: 2
Winners: 1
Losers: 1
R= Reverse
B 701.50 8:22
R 700.80 8:27 -.70
B 696.80 8:38 4.00
Points earned: 3.30
Quality over quantity. I need to remind myself the open is my speciality now. I am feeling bulletproof and want to trade all day. What's 30 ticks when I can command 100 or more!! It's thinking like that that made me go broke.
It a good feeling to be done with my day before most traders are getting started.
Total Trades: 2
Winners: 1
Losers: 1
R= Reverse
B 701.50 8:22
R 700.80 8:27 -.70
B 696.80 8:38 4.00
Points earned: 3.30
Quality over quantity. I need to remind myself the open is my speciality now. I am feeling bulletproof and want to trade all day. What's 30 ticks when I can command 100 or more!! It's thinking like that that made me go broke.
Thought I'd share my account management strategy. The amount on left is when the account gets to that equity number, the amount on right is what I take as profit to save and trade for another day. Always Always Always have a back-up capital base. Always. Trade 1 contract for every $2500 of equity.
$20,000 $10,000 save
$50,000 $25,000 save
$100,000 $50,000 save
$250,000 $100,000 save
$500,000 $250,000 save
$1,000,000 $600,000 save
After the final $600,000 is removed, Every month, all equity above $250,000 will be banked. $250,000 remains to trade my rule of $2500 equity per contract. 100 contracts is the goal.
$20,000 $10,000 save
$50,000 $25,000 save
$100,000 $50,000 save
$250,000 $100,000 save
$500,000 $250,000 save
$1,000,000 $600,000 save
After the final $600,000 is removed, Every month, all equity above $250,000 will be banked. $250,000 remains to trade my rule of $2500 equity per contract. 100 contracts is the goal.
So, floortrader...
Do you always trade in "thin" markets before the open?
I see a few 1 lots going off around 8:22 this morning, but I do not
see any trades in the 8:27 time frame. I don't even see any trades
going off betwee 8:26 and 8:28?
Maybe my T&S is off for some reason. How about posting a pic of
your trade execution for us all to see? Or maybe a chart?
Why aren't you trading the Sep contract instead of the Jun contract?
Almost 10x as much volume on the Jun contract as of this moment...
... you were pretty believable until you came up with your money management scheme here (looks more like a Ponzi Pyramid).
If you think you're gonna trade your method with 100 lots on the Russell e-mini series using your methodology (which, looking at Version's analysis, may or maynot even exist) you'd better turn your simulator off and take a few deep breaths.
Later,
Jimmy
P.S. While something IS cracked, I don't think it's the "market code".
I understand perfectly now what Jesse Livermore meant when he said "A trader must keep his own counsel." You're right, JimmyJam. I should never have posted my financial goals. Whether achieved or not is my business.
I use TradeStation if that is of any help. Globex's 'puters may not reflect T&S on all platforms.
Saying I trade thin markets is incorrect. I put the position on before the open. I rarely have to exit before 8:30 C.S.T. and the rush of opening volume usually carries my positions well.
As for not trading the lastest front month, I simply forgot. When trading the ES, the Friday before expiration, volume dries so much on the current contract that it is a reminder to switch to the next front month. Volume was still good on June ER. I achieved my goals regardless. Thanks, Version for the head's up.
That observation does give one the insight that I am nowhere near my financial goals. Putting on a 100 lot position before the open might, indeed, be tricky.
I use TradeStation if that is of any help. Globex's 'puters may not reflect T&S on all platforms.
Saying I trade thin markets is incorrect. I put the position on before the open. I rarely have to exit before 8:30 C.S.T. and the rush of opening volume usually carries my positions well.
As for not trading the lastest front month, I simply forgot. When trading the ES, the Friday before expiration, volume dries so much on the current contract that it is a reminder to switch to the next front month. Volume was still good on June ER. I achieved my goals regardless. Thanks, Version for the head's up.
That observation does give one the insight that I am nowhere near my financial goals. Putting on a 100 lot position before the open might, indeed, be tricky.
Well, it's not like anyone hasn't ever forgot the rollover date. I still
do it from time to time (not for awhile though, but I know the potential is still there... lol...)
But I do notice it pretty quickly the day of the rollover because I
notice the tape is not moving as fast and the volume for the time of
day is off and the size on the tape is not there. Not to mention the DOM.
Boy, if you could see my face when I notice I have screwed up.
Because then it takes awhile to get my front end, charting, and TWS changed to the front end.
(Luckily TWS asks if you want this done automatically nowdays).
Now if all these stupid charting programs I use would do the same...
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