The Evolution of an E-mini Trader
- Thread starter Huios
- Start date
Agreed.
trendvue is more expensive now, however on the plus side freebie also getting better, but you need microsoft media player to play the seminar http://www.siliconinvestor.com/stocktalk/msg.gsp?msgid=17577079
go to archive and click file with extension .wma to play back the seminar and click on gif chart to follow along.
go to archive and click file with extension .wma to play back the seminar and click on gif chart to follow along.
Huios,
Hey, how is it going. I think this may be of interest to you. While I knew about price action from 100s of hrs. just watching intraday charts, L11, & T & S prints, the lady who helped turn it around even more was Teresa Lo.
There are having a Technical trading Bootcamp this week. If your not a member of Trendvue, you can sign up for the trail offer for $10 for 7 days. This week that will get you into their live room, which is usually $20 a day, $80 a week or $300 for the month.
There are taking trades in the market trading nq & es, while posting or talking about them using Paltalk. If your computer is setup to have sound check it out. They also use text so you can ask ?s, similiar to our excahnges in elite. If you couldn't do it now consider it in the future. I spent 6 weeks in there when I started trading eminis, as I'd never done so.
I also plan on pming you in elite mon. a.m., as I was reading through your journal. I find it very interesting, & believe I may be able to offer some insight for you to consider. I would also be willing to go over some of your charts with you in a phone conversation, if you're willing to give me a call looking @ your setups & entry triggers, & exits. You're minimizing risk & watching it well which is GREAT with exits. By allowing yourself more room w/o increasing your risk honing your executions will lead to some of those larger pt. moves that add the $ to your bottom line. It'd be your dime, but I believe we could make some improvements, or @ least garner you more insight to price action.
It isn't rocket science & I promise not to complicate it, as I prefer simplicity also. The changes won't occur overnight either, 1 also has to consider the bigger picture even when trading the shorter timeframes. Larger takes precedence over smaller, & has it's impact on us even more so when not aware of it. Let me know what you think, & I'll see ya in morning.
)
God Bless & GFtY! Kelly
Hey, how is it going. I think this may be of interest to you. While I knew about price action from 100s of hrs. just watching intraday charts, L11, & T & S prints, the lady who helped turn it around even more was Teresa Lo.
There are having a Technical trading Bootcamp this week. If your not a member of Trendvue, you can sign up for the trail offer for $10 for 7 days. This week that will get you into their live room, which is usually $20 a day, $80 a week or $300 for the month.
There are taking trades in the market trading nq & es, while posting or talking about them using Paltalk. If your computer is setup to have sound check it out. They also use text so you can ask ?s, similiar to our excahnges in elite. If you couldn't do it now consider it in the future. I spent 6 weeks in there when I started trading eminis, as I'd never done so.
I also plan on pming you in elite mon. a.m., as I was reading through your journal. I find it very interesting, & believe I may be able to offer some insight for you to consider. I would also be willing to go over some of your charts with you in a phone conversation, if you're willing to give me a call looking @ your setups & entry triggers, & exits. You're minimizing risk & watching it well which is GREAT with exits. By allowing yourself more room w/o increasing your risk honing your executions will lead to some of those larger pt. moves that add the $ to your bottom line. It'd be your dime, but I believe we could make some improvements, or @ least garner you more insight to price action.
It isn't rocket science & I promise not to complicate it, as I prefer simplicity also. The changes won't occur overnight either, 1 also has to consider the bigger picture even when trading the shorter timeframes. Larger takes precedence over smaller, & has it's impact on us even more so when not aware of it. Let me know what you think, & I'll see ya in morning.
)God Bless & GFtY! Kelly
Originally posted by Huios
For 4 years, after blowing out my 3K account, read almost everything I could get my hands on. Websites, mags, books, etc. Found most was just talk, and not applicable. The few gems (books â Tharp, Magee, Murphy, Douglas, Toppel, Schwager; websites â Intelligent Speculator, Phantom, the old FutureSource forum, and ET) Iâve read and re-read. I know this site has a lot of misinformation, but it also has a lot of excellent posters too. You just have to know how to weed them out.
Mentor, I was just talking to my wife about this. When the student is ready, the teacher will come. (old Chinese guy) I think Iâm ready, I hope Iâm ready, please let me be ready. <grin>
sha-zam! mentor from Ispec room appear, ready and available to teach, happy coincident serenity
94 trades: 36 winners, 54 losers, 4 scratch.
40% winners with average win of 1.79 points.
60% losers with average loss of 1.22 points.
$613.70 net loss for the month, with $451.20 of it due to commissions.
Expectancy ala Tharp is negative .37, ie for every dollar risked, I lost 37 cents.
R equals 1 point.
Of my losing trades, 59% were 1R or less, 41% were greater than 1R, 26% of my losing trades were greater than 2R.
If I drop my 2R and above losses, ie cut my losses better, my expectancy jumps to a positive .32, ie for every dollar risked, I made 32 cents.
Of my winning trades, 37% were 1R of less, 37% were between 1R and 2R, and 10% were over 3.5R. I need to let my winners run, ie have more higher multiple R trades.
My thoughts: If I was a swing trader, I would be happy with the win/loss ratio, or want to improve it another 5%. But, wanting to scalp, the ratio has to increase over 50%. Losses have to decrease in size (move the 2R's under 1R, and move the 1R's to scratches) , and the winner's need to increase, (bump the .5R losses to scratch, and scratches to .25R and .5R, and finally the 1R's to more 2R and 3R's). Right now my 4R and greater trades stand at 7% of my winners, I would like to increase that to 10-15%.
I believe most of my mistakes this month have been psychological. Last month (the two weeks I traded) I believe most of those mistakes were just plain stupidity, which I guess you can classify stupidity under a psychological genre. I plan on going thru the Tharps Peak Performance Course again now that I have some trades under my belt.
40% winners with average win of 1.79 points.
60% losers with average loss of 1.22 points.
$613.70 net loss for the month, with $451.20 of it due to commissions.
Expectancy ala Tharp is negative .37, ie for every dollar risked, I lost 37 cents.
R equals 1 point.
Of my losing trades, 59% were 1R or less, 41% were greater than 1R, 26% of my losing trades were greater than 2R.
If I drop my 2R and above losses, ie cut my losses better, my expectancy jumps to a positive .32, ie for every dollar risked, I made 32 cents.
Of my winning trades, 37% were 1R of less, 37% were between 1R and 2R, and 10% were over 3.5R. I need to let my winners run, ie have more higher multiple R trades.
My thoughts: If I was a swing trader, I would be happy with the win/loss ratio, or want to improve it another 5%. But, wanting to scalp, the ratio has to increase over 50%. Losses have to decrease in size (move the 2R's under 1R, and move the 1R's to scratches) , and the winner's need to increase, (bump the .5R losses to scratch, and scratches to .25R and .5R, and finally the 1R's to more 2R and 3R's). Right now my 4R and greater trades stand at 7% of my winners, I would like to increase that to 10-15%.
I believe most of my mistakes this month have been psychological. Last month (the two weeks I traded) I believe most of those mistakes were just plain stupidity, which I guess you can classify stupidity under a psychological genre. I plan on going thru the Tharps Peak Performance Course again now that I have some trades under my belt.
Huios,
I think you may be making a mistake in thinking the key to improving your results is to focus on your R's. By cutting all trades off at 1R, you will cut some bigger losers but you will also cut off a fair number of winners. In fact, the better your trade selection, the more winners you will be cutting. What I would advocate doing is to go back through all your trades and map the maximum adverse movement of all trades, ignoring your exits. Then you can come up with a distribution that will show you how big your "R" should be. You may find, for example, that once a trade goes 3 points against you, it is unlikely to come back. But you may also find that a high percentage of winners do go a couple of points against you. Maybe you find something different, who knows. But I think that is the way you should approach the problem. Otherwise, you are telling the market what to do, rahter than listening.
I think you may be making a mistake in thinking the key to improving your results is to focus on your R's. By cutting all trades off at 1R, you will cut some bigger losers but you will also cut off a fair number of winners. In fact, the better your trade selection, the more winners you will be cutting. What I would advocate doing is to go back through all your trades and map the maximum adverse movement of all trades, ignoring your exits. Then you can come up with a distribution that will show you how big your "R" should be. You may find, for example, that once a trade goes 3 points against you, it is unlikely to come back. But you may also find that a high percentage of winners do go a couple of points against you. Maybe you find something different, who knows. But I think that is the way you should approach the problem. Otherwise, you are telling the market what to do, rahter than listening.