The evolution of my trading - Dumping the indicators & loving small losses
- Thread starter cunparis
- Start date
Henry - good question!
Exchange membership costs around $150k. You can lease one for around $1500/month. And since I trade both Eurex & CME I'd need two!
To be honest I'm just learning to scalp, today was my first day doing pure scalping with real money. Normally I daytrade and take 1-4 trades/day and once in a while a swing trade. With scalping I'm taking 50+ per day. So I have to study this. In general one has to do over 1500 trades (round trips) per month to be concerned and that's per exchange. I'm not there yet and honestly I hope to learn to take less trades and get more on each one.
While scalping I noticed 81.42 was acting as support in crude oil and 62 was previous support which I thought would now be resistance. So I bought 42 and sold 62. Twice.
This is on my real money account that I normally use for swing trading.
Exchange membership costs around $150k. You can lease one for around $1500/month. And since I trade both Eurex & CME I'd need two!
To be honest I'm just learning to scalp, today was my first day doing pure scalping with real money. Normally I daytrade and take 1-4 trades/day and once in a while a swing trade. With scalping I'm taking 50+ per day. So I have to study this. In general one has to do over 1500 trades (round trips) per month to be concerned and that's per exchange. I'm not there yet and honestly I hope to learn to take less trades and get more on each one.
While scalping I noticed 81.42 was acting as support in crude oil and 62 was previous support which I thought would now be resistance. So I bought 42 and sold 62. Twice.
This is on my real money account that I normally use for swing trading.
Very nice , sometimes a market seems to have an epeleptic fit or something and jumps from side to side dozens of times and it's quite obviouse when it does it , and since you can have stops maybe around a quarter of the range it seems quite profitable ( though not my method) , I think exchange membership varies considerably , fx futures(cme) being just about the worst in terms of cost difference between exchange membership and not , Eurex and stockindex futures a little less so , or so it seems to me , just hate paying more than have to , but also hate bureaucracy of leasing etc , maybe is simpler just to trade longer time frames, all the best.
I finished my blog series which was the subject of the first post in this thread. I haven't been posting trades because I don't feel like defending them against attacks.
Now that the journey to profitability is complete, I start a new journey to slowly increase my size so that my income goals can be met. It's time to make some money.
Now that the journey to profitability is complete, I start a new journey to slowly increase my size so that my income goals can be met. It's time to make some money.
Time stops are very powerful but you need to gather statistics for very specific setups. Profile the set of winning trades and you will find that a large percentage of them work within a given amount of time. There's your time stop.
I have been trading forever, and this is NOT an attack post. But I have seen so many posts of this nature...When I was first starting, there wasn't PC's, or Internet, there was graph paper, ruler, calculator and a pencil. I worked nights, and hung around the brokerage office during the day, on Saturdays would find me down at library digging out Wall Streets prices to do backtesting and made my own charts. As computers became standard, trading software and satellite feeds, bulletin boards evolved. Between working full time, family, going to school and trading, there wasn't much time to posting onto bulletin boards. I slowly became a trader.
Not many are interested in dedicating themselves to the art of learning to backtest first. You have to learn to code (program), not an easy task, buy mountains of tic data, knowing that if you don't, this money will be lost in the markets, I learned this lesson too late, $105,000 bucks too late. I could have bought data going back to Roman days for what I lost till I started to get a handle on what worked.
So many spend so much time creating Blogs about their trades or they make public journals. I made journals too, I have over twenty years of journals, but I don't have the time or I believe it is the NEED other folks seem to have. Very few traders have the expertise to comment on what you are doing wrong, and even smaller amount to offer to you suggestions to make better and even smaller amount to take the time to do so.
Twenty to thirty years ago, you listened to the old traders, you ask questions, you spent tons of time researching and testing. You never offered to spout out fake trades, it is not real, the stresses of trading makes the brain alter, what is so simple an hour later, you check and recheck during and never saw it.
I have seen so many people post journals, first I am thinking if it is good, going to be free advertising of trying to get people to subscribe. And others who do sim trading, a way to make their life seem important in their quest to trade well. Each day offers patterns that didn't occur yesterday, at least that is what so many have told me thru the years, and yet, they are practically the same patterns as the day before.
I just think it is a waste of time to be putting so much effort into long winded reasons on why someone took a trade, and the longer the reason, the more the evidence that they don't have a trading plan in place.
Too much time used on entry, that is 10% of the trade, where the money comes from is the 90%, managing the trade, what factors are going to keep you in the trade, where to get out if wrong/right, how long to stay in if it is not moving, how far does it need to go for Breakeven stop plus, do you have set stops/targets/2nd targets, daily goal to quit/reduce size. Price action to get in/out/not to take the trade, will you trade thru reports/or after, meaning of large range bars, small range bars/large volume/small volume. What are the relationships between other markets/or not used at all. What to do when you lose connection/do you have a backup/or backup in case backup goes down. So if you have a journal going, you should be able to answer all of these and much much more, otherwise you just spinning your wheels.
Elite-traders is a marvel of information for those who will take the hundreds of hours to plow thru and read. But today's society is so damn lazy thinking they are going to find the magic potion, that one pattern that will make them rich, of course there is=it is called hard work and a ton of backtesting, then coding it for automation
Not many are interested in dedicating themselves to the art of learning to backtest first. You have to learn to code (program), not an easy task, buy mountains of tic data, knowing that if you don't, this money will be lost in the markets, I learned this lesson too late, $105,000 bucks too late. I could have bought data going back to Roman days for what I lost till I started to get a handle on what worked.
So many spend so much time creating Blogs about their trades or they make public journals. I made journals too, I have over twenty years of journals, but I don't have the time or I believe it is the NEED other folks seem to have. Very few traders have the expertise to comment on what you are doing wrong, and even smaller amount to offer to you suggestions to make better and even smaller amount to take the time to do so.
Twenty to thirty years ago, you listened to the old traders, you ask questions, you spent tons of time researching and testing. You never offered to spout out fake trades, it is not real, the stresses of trading makes the brain alter, what is so simple an hour later, you check and recheck during and never saw it.
I have seen so many people post journals, first I am thinking if it is good, going to be free advertising of trying to get people to subscribe. And others who do sim trading, a way to make their life seem important in their quest to trade well. Each day offers patterns that didn't occur yesterday, at least that is what so many have told me thru the years, and yet, they are practically the same patterns as the day before.
I just think it is a waste of time to be putting so much effort into long winded reasons on why someone took a trade, and the longer the reason, the more the evidence that they don't have a trading plan in place.
Too much time used on entry, that is 10% of the trade, where the money comes from is the 90%, managing the trade, what factors are going to keep you in the trade, where to get out if wrong/right, how long to stay in if it is not moving, how far does it need to go for Breakeven stop plus, do you have set stops/targets/2nd targets, daily goal to quit/reduce size. Price action to get in/out/not to take the trade, will you trade thru reports/or after, meaning of large range bars, small range bars/large volume/small volume. What are the relationships between other markets/or not used at all. What to do when you lose connection/do you have a backup/or backup in case backup goes down. So if you have a journal going, you should be able to answer all of these and much much more, otherwise you just spinning your wheels.
Elite-traders is a marvel of information for those who will take the hundreds of hours to plow thru and read. But today's society is so damn lazy thinking they are going to find the magic potion, that one pattern that will make them rich, of course there is=it is called hard work and a ton of backtesting, then coding it for automation