You might be surprised.
What is the Simplest Setup you are aware of?
https://www.elitetrader.com/et/thre...ice-action-trading.364061/page-7#post-5531714
Ramblings of a degenerate gambler
- Thread starter Millionaire
- Start date
What is the Simplest Setup you are aware of?
https://www.elitetrader.com/et/thre...ice-action-trading.364061/page-7#post-5531714
If you were especially attentive and skilled at Price TA... you could have picked "top tic" to fade. There was a small "2x top on the larger rising tops line"... that one would have been "hard on the stomach to take" (as you'd have to fade strong upside momentum... and that's not easy.... I saw it "a bit late" so didn't take it myself. But that's no surprise. I'm kind of a "chicken shit" now days... risking mostly trying to catch the easiest, most obvious, low hanging fruit) but a bit later there was another "indication of breakdown".
Price TA works in ALL MARKETS... ALL TIME FRAMES*... KISS, baby!
* No kidding. This is actually true. No BS.
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I was in same brokerage firm with Ed Seykota many years ago; we became friends, although our trading style was quite different. I was very short-term trader, based on principles, such as from Reminisces, while Ed was a very long-term trend trader. Ed would watch soybeans go limit up 3 days in a row, and say to me, if it goes higher tomorrow, my system will buy! Part of Ed's great success was the discipline to stick with his system, which did suffer significant draw-downs. However, unlike most traders today, Ed used very low leverage, so could more afford the drawn-downs.Not quite Reminisces of a Stock Operator.
This journal is for entertainment purposes only, it is real money i am experimenting with, but i am not treating this 100% seriously, i am day trading/gambling partly for the thrill and also to make money if possible. I expect to give back much of any profits i do make, but hope to quit while i am still ahead.
Normally I auto trade exclusively, my Algo always enters an attached stop loss order to every entry order, that is professional trading, proper risk management, no messing about.
But this Journal is about my latest experiment into discretionary day trading which i started doing a few days ago, it involves no strict risk management. or even defined entry rules. It is all based on my gut feel. It is more akin to gambling. Although i have a good gut feel for price action, having watched the markets for the last 20 years.
Ed Seykota a famous algo trader said in Market wizards 'having a quote machine on your desk is like having a slot machine on your desk, you end up feeding it all day'
I get out at my max pain point. I should really put in a stop loss.
Why did i start discretionary trading just now, well i thought i would take advantage of this market volatility we are having.
Results so far (flat at end of each day):
Day1: +$2200
Day2: +$1200
Day3: +$2200
Day4: +$1800
Im up $7470 after four days, blotter attached (the blotter is the total PnL for the last 4 days)
Im being greedy, trying to make between $1500 and $2500 a day.
$1000 a day isn't enough for me as i think in GBP, and $1000 USD is only 750 GBP.
Really i should be happy to make between $500 to $1000 a day at this point. But it doesn't seem to be enough.
Also there are wild gyrations in my PnL, today i was down $2500 (unrealised), went short before the FOMC only to see the market rally hard at first.
Taking a position today before FOMC is gamblingand quite compulsive, I wanted to feel the thrill, i knew there was a real possibility it could spike up and then reverse, so i did think about putting in a resting sell order say 100 NQ points above the market, but instead i just took a short position before the announcement anyway.
On Monday and Tuesday i doubled and tripled up my normal position size towards the end of the trading session, looking to make some big profits. One of those times i did it out of anger. Not good. This trading experiment is supposed to be for fun. No need to get angry.
Im also trading TSLA, it is dangerous trading TSLA without a stop loss, i mean Musk could tweet something and it could spike quickly either way.
Done early for the day.
+$1400 USD (720 EUR + 600 USD)
Not bad for 2 hours work.
This 5 day winning streak is going to come to an end at some point..
Trading scared in TSLA, should stay away from stocks when they make that big a move down, hard to get a feel and remain confident about what they might do next.
I need a high feeling of confidence to hold on to losers when not using a stop loss. If the confidence isn't there I will panic and puke up early like i did with TSLA today.
Traded the full size DAX contract today
, took 29 points out of it
+$1400 USD (720 EUR + 600 USD)
Not bad for 2 hours work.
This 5 day winning streak is going to come to an end at some point..
Trading scared in TSLA, should stay away from stocks when they make that big a move down, hard to get a feel and remain confident about what they might do next.
I need a high feeling of confidence to hold on to losers when not using a stop loss. If the confidence isn't there I will panic and puke up early like i did with TSLA today.
Traded the full size DAX contract today
, took 29 points out of it
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Not quite Reminisces of a Stock Operator.
This journal is for entertainment purposes only, it is real money i am experimenting with, but i am not treating this 100% seriously, i am day trading/gambling partly for the thrill and also to make money if possible. I expect to give back much of any profits i do make, but hope to quit while i am still ahead.
Normally I auto trade exclusively, my Algo always enters an attached stop loss order to every entry order, that is professional trading, proper risk management, no messing about.
But this Journal is about my latest experiment into discretionary day trading which i started doing a few days ago, it involves no strict risk management. or even defined entry rules. It is all based on my gut feel. It is more akin to gambling. Although i have a good gut feel for price action, having watched the markets for the last 20 years.
Ed Seykota a famous algo trader said in Market wizards 'having a quote machine on your desk is like having a slot machine on your desk, you end up feeding it all day'
I get out at my max pain point. I should really put in a stop loss.
Why did i start discretionary trading just now, well i thought i would take advantage of this market volatility we are having.
Results so far (flat at end of each day):
Day1: +$2200
Day2: +$1200
Day3: +$2200
Day4: +$1800
Im up $7470 after four days, blotter attached (the blotter is the total PnL for the last 4 days)
Im being greedy, trying to make between $1500 and $2500 a day.
$1000 a day isn't enough for me as i think in GBP, and $1000 USD is only 750 GBP.
Really i should be happy to make between $500 to $1000 a day at this point. But it doesn't seem to be enough.
Also there are wild gyrations in my PnL, today i was down $2500 (unrealised), went short before the FOMC only to see the market rally hard at first.
Taking a position today before FOMC is gambling
On Monday and Tuesday i doubled and tripled up my normal position size towards the end of the trading session, looking to make some big profits. One of those times i did it out of anger. Not good. This trading experiment is supposed to be for fun. No need to get angry.
Im also trading TSLA, it is dangerous trading TSLA without a stop loss, i mean Musk could tweet something and it could spike quickly either way.
Hello Millionaire,
I agree with you 2000%.
I am also gambling trader discretionary trader of the Price Action.
I love this style of trading a really lot.
You were trading side by side with Ed?! That’s impressive! Could you please elaborate on above? Livermore started as short term trader(tape reader) and moved on to become more of a position/trend trader. Thanks!
Imho, trading using PA is gut-feel (experience?) trading. It’s discretionary trading period. If it wasn’t subjective, you would have been able to code it into a system and watch the money roll in.
1. All trades which are not automated are "discretionary". Whether a trade is automated or discretionary, it's still the same trade... correct or wrong.
2. Price TA trades are not "subjective"... you don't know how far they will run or how long they will last, but the read on them is not subjective.
3. I believe it would be impossible to "code in" Price TA... too many variables and you don't know in advance where the setups are going to begin. Sure, you could code for "one trade"... something like "50 MA cross", but mostly not.
Hello qlai,
Automated trading is bullshit and complete waste of time.
Much easier to guess and discretionary trade. And you have more time for yourself and hobbies.
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