Patak, math and opportunity....

Quote from iankotze:

Thanks Maverik, I did not know that. Looked at a the dom once but did not see how it could be day traded with TST so never paid attention to it. Good to know though.
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I agree, the T4 DOM is crap, especially for active scalpers.
 
Quote from iankotze:

IAN: "Well I think you are approaching this thing from a fantasy perspective. In reality this will be much harder than you think."

What other way is there to approach something you have not been involved with if not to approach it with examples and caution? I do not think the "screw it and just jump in" approach works out very well for many.

IAN: "First, it is easy to punch in some numbers in your calculator and work out favorable results. You are failing to see the problem with these generic numbers and that is that you will have to make it happen in a live and kicking market."

It's easier to just jump in blind and get your head cut off before you even begin to understand what is going on. Punching those numbers in a calculator give one a plan. The numbers are not optimized for favorable results, they simply spit out the outcome based on the data you input. If it is a good and worthwhile trade, take it. If not, pass and look for another. I am green to Futures, not trading.

IAN: "The products that trade at 12.5 dollar a tick will get you stopped out more often than not with your 5 tick stop loss. This is unless you are running a serious scalping system. But trust me if you want to do serious scalping TST is not the place to do it with those big commissions."

This is where patience and entry come in. If you enter correctly you will not need the stop unless the market reverses suddenly. I enter only on confirmation and momentum. If I need more room than my stop allows, the trade is not ready yet. I do not scalp so commissions are just part of the cost of doing business, not a profit devastating amount due to overtrading. A $40 commission is not a deterrent when profits are significantly higher. If $40 of commission wipes out your trading profits something is amiss.

IAN: "Every market has its own character and you need to get to know which market will work for you. What kind of system will you use, trend or range. Markets are all different in small ways but when trading futures you will come to know that these small differences are huge because you must be way more precise in your entry that you would have to trading stocks."

I am familiar with markets, psychology, price action and the good ol' crazy mindset of "Mr.Market". The calculator is just one aspect of my trading plan...not the plan in its totality.

IAN: "If you want to do the 1 trade a day with 5 ticks risk and 10 ticks profit I suggest you look at the 10 or 30 year bonds, even the ultra bond will most likely knock you out most of the time."

Again, the examples I used are just examples. I do not focus on one trade per day or 5 ticks down/10 ticks up. Once a market has been selected, I focus on risk percentages based on the market environment I have selected and my working capital. This will determine the ratio I use for risk to reward. I will trade more than once a day if the opportunities present themselves, but I am selective and do not just "shoot from the hip". However, if I have a profit and the day does not look to be offering much more, I will close up shop for the day rather than just "trading to trade" and give back what I have earned.

Not trying to be rude in any of that. Just trying to answer your questions and give a better idea of what I intend.

Thanks,
J.
Hope that helps
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Quote from Maverick74:

I agree, the T4 DOM is crap, especially for active scalpers.
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There order entry on the T4 I downloaded is horrendous. Seems there has to be a better system out there, but the Ninja Trader is expensive. Maybe worthwhile once one is proven consistent, but not an extra expense to take on initially. The platform may make things more convenient, but it doesn't make you profitable if you are a sub-par trader. At least that would be my impression. However, once you prove consistent, the cost can be justified by the profits and you want to make life a little easier, go for it.

I hope to find a more streamlined platform than the T4 if I decide Futures trading is something I can do profitably and choose to continue.

Thanks,
J.
 
Quote from Jtrader342:

There order entry on the T4 I downloaded is horrendous. Seems there has to be a better system out there, but the Ninja Trader is expensive. Maybe worthwhile once one is proven consistent, but not an extra expense to take on initially. The platform may make things more convenient, but it doesn't make you profitable if you are a sub-par trader. At least that would be my impression. However, once you prove consistent, the cost can be justified by the profits and you want to make life a little easier, go for it.

I hope to find a more streamlined platform than the T4 if I decide Futures trading is something I can do profitably and choose to continue.

Thanks,
J.
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You can lease Ninja for $50 a month. It's still a cost obviously but it beats the hell out of $625 a month for TT. T4 is fine if you are going to place a few trades a day. It's just awfully clunky if you are getting in and out of stuff really fast all day.
 
Quote from Maverick74:

You can lease Ninja for $50 a month. It's still a cost obviously but it beats the hell out of $625 a month for TT. T4 is fine if you are going to place a few trades a day. It's just awfully clunky if you are getting in and out of stuff really fast all day.
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Cool. I was under the impression Ninja was upwards of $150/month.

Thanks,
J.
 
Quote from Jtrader342:

Cool. I was under the impression Ninja was upwards of $150/month.

Thanks,
J.
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You can buy the lifetime license for 1k. It's yours for life and you can connect it with just about any broker. Or you can simply lease and kick the tires for a month. But don't keep paying for it every month. You'll end up paying the 1k and still not owning it.
 
If the T4 software is as horrible for order execution as claimed by several here, invest the few dollars it costs you to lease NT.

Don`t become one of the guys who blames T4 for their losing days. :)

Further, it`s possible to apply for custom combines. I know a guy who was recently approved for a $150 K combine with a $10 000 profit target over 10 trading days. The only difference is that the maximum drawdown is $3750 and not $4500.
 
Quote from Laissez Faire:

If the T4 software is as horrible for order execution as claimed by several here, invest the few dollars it costs you to lease NT.

Don`t become one of the guys who blames T4 for their losing days. :)

Further, it`s possible to apply for custom combines. I know a guy who was recently approved for a $150 K combine with a $10 000 profit target over 10 trading days. The only difference is that the maximum drawdown is $3750 and not $4500.
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T4 is not horrible for order execution... but it is cumbersome for fast-market operations to those accustomed to simpler. That variable can definitely make the difference in results for a day, because many days there are just one or two brief sweet spots for profit, and the remainder is no edge at all.

Ninja is a clean and simple platform to execute trades thru, once you get accustomed to it. The $50 monthly fee is dirt cheap for a business expense where you are targeting five and six figures' potential profit on the back end. Give yourself every possible advantage to prevail, because successful trading in any market is hard enough on its own.
 
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