Have you considered used Tradestation as your broker/charting platform? Multicharts was built to compete directly against Tradestation, ie both are very nice charting platforms. Tradestation is also a clearinghouse so can trade directly from the platform. I believe they require $5k opening balance for futures account but if you do at least 10 trades/mo the $99.95 monthly platform fee is waived.
Trading NQ via Price Action
- Thread starter k p
- Start date
It just kicked in! Perhaps the software wasn't able to connect to the server to verify my registered version. This is for sure something that I will have to deal with in the future though. In Canada, the price is a bit higher, and there is that discrepancy with the bars so I don't want to pay for the TWS version with this buy. With this free SE version I'm suing, I was able to fix it because of the QuoteManager, but the TWS version doesn't have this, so I'm stuck with default settings.
Here is a screen capture of the differences. At least with the SE version, when I saw this I could quickly reload and it would be fixed (The SE version hardly gave me any problems though after your great suggestion to have Multicharts use the server timestamp). With the TWS version, if I reload, it only loads up the data it already has on my computer, which is no good, it doesn't get it from the sever. I highlighted two areas of concern that are different between the two charts... and these are just minutes apart! How the heck am I supposed to trade like this??? Guess I'd have to use hourly bars! LOL
Here is a screen capture of the differences. At least with the SE version, when I saw this I could quickly reload and it would be fixed (The SE version hardly gave me any problems though after your great suggestion to have Multicharts use the server timestamp). With the TWS version, if I reload, it only loads up the data it already has on my computer, which is no good, it doesn't get it from the sever. I highlighted two areas of concern that are different between the two charts... and these are just minutes apart! How the heck am I supposed to trade like this??? Guess I'd have to use hourly bars! LOL
Attachments
I'm actually very happy with IB, and very happy with MultiCharts, only when it works right though!
I'm in Canada, so IB has an office here, which also means that my account (very small at the moment.. hahaha), is protected by the Canadian Regulations of being insured for $1 million. If I went with a US broker without a Canadian division, I don't think I'd have any protection.
I suppose its not fair to be using software that I haven't paid for yet so I understand why they don't want everyone using the free version, but the current option has limitations, and I just cannot justify $1000 at the moment.
Perhaps if an expert trader is reading, s/he can coach me through one solid trade, give me the confidence to hold it and help me make $1500 so I can buy a full licence!!!
(hmm... I wonder if Db or ND are reading... LOL) (I don't know much about your trading bh_prop, so as Blotto was saying in that thread from a few days ago, I'd need to see statements first... tee hee)
What is it that Multicharts can do that your IB platform won't?
Great question.
1. Moving the chart around is so easy in MultiCharts. I can compress the bars as much as I want, I can expand them... shirk and expand both the price and time scales. I can double click on the price bar to automatically readjust it back so that it shows all the data with in the screen.
With the IB charts, I just find navigating so hard. The really thin bars barely display the entry and exit, and when the bar is thicker its too ugly. I find I also cannot compress the chart easily with 1 minute bars since I only have the scroll bar. There aren't dedicated buttons to compress and expand both the vertical and horizontal like there are in MultiCharts.
2. Placing orders by sliding my STL button onto the ladder and having my exit strategy with OCO orders automatically attached is quite nice as well. Perhaps IB has something similar with the BookTrader, but I don't see this.
3. Drawing of my trendlines seems easier, changing the colors is faster, and I can have varied styles of lines, not just different thicknesses. Adding text to the chart is also so much easier, and the text overlaps the price bars nicely without the text blocking out the price bars like in IB.
4. I've got enough to worry about.. I don't want to have to learn something new!
Trading Plan - Thoughts
Ok... nothing formal yet, but believe it or not, I think about it every night. Last night I started coming to a firm conclusion. I just cannot dissect every setup down to the smallest tick like ND can. I'm lazy, I don't have the discipline, and nothing ever looks exaclty the same to me.
I think it was toucan who said his TP is only about 2 pages now, and this is probably the direction that I am heading as well.
For a while, I've been trying to rationalize the difference between being on autopilot while trading, and trying to think of what traders want, evaluating the imbalance between supply and demand.
When I do this in real time without thinking about the money, I tend to do not too badly. Of course when I put on trades, then any critical thinking goes out the door and I'm left at the mercy of watching that right tick move against me. So in essence, I think that the technique I'm using isn't so bad, its just when it comes to implementing it.
ND has shown wonderful ways of getting into trades, and using 5 minute trendlines really helps to keep you on the correct side of the main trend. Her stops are also something that I see and understand in real time. (This is what I didn't have a firm grasp of when just trying to do SLA and I knew that a trendline break isn't the best exit).
Of course when I look at the big picture, I see everything that Db has taught me as well, I just am not able to utilize it because of fears and impatience. So as Alpha Trader pointed out, I have to really mix both. The fear of this is having to backtest yet a whole new system, but I don't think it will be as bad as this.
SLA gets you into trades, far too many sometimes. So by using 5 min trendlines, much of this can be eliminated. Just the simple qualifier of not taking an opposite trade after a strong trend just because of a 123 setup in the opposite direction will cut down on scratches immensely. There has to be more confirmation for a trend reversal. So in essence, thinking can actually help, but this thinking has to be rooted in seeing this very same thing so many times that you know what to do. I think I'm getting there to be honest, having watching price move for 8 months now.
At the same time, almost everything that ND does has roots in SLA because she is taking these retracement entries, but only after something more significant. I always messed up SLA because of drawing lines too tight, but now that I understand more of what is going on, and I see that price will often retest an exit or break of some sort, so I see good reason for patience.
Anyway, so nothing formal yet, but I'm getting a direction, working through this rut that I find myself in, this self inflicted web of a viscous circle. Honestly, if I just focused on entries where they should be, I probably would be months ahead. Instead, my dumb entries, as pictured below from some random day in the past, suck any confidence out of me and prevent me from putting on legit trades.
I'm still not sure how I'm going to write this down, but I often feel like I can see what's a good place to plot a trade on a chart and where the exit would be, and if I just walked away for 10 minutes, more often than not, I would be in profit.
Ok... nothing formal yet, but believe it or not, I think about it every night. Last night I started coming to a firm conclusion. I just cannot dissect every setup down to the smallest tick like ND can. I'm lazy, I don't have the discipline, and nothing ever looks exaclty the same to me.
I think it was toucan who said his TP is only about 2 pages now, and this is probably the direction that I am heading as well.
For a while, I've been trying to rationalize the difference between being on autopilot while trading, and trying to think of what traders want, evaluating the imbalance between supply and demand.
When I do this in real time without thinking about the money, I tend to do not too badly. Of course when I put on trades, then any critical thinking goes out the door and I'm left at the mercy of watching that right tick move against me. So in essence, I think that the technique I'm using isn't so bad, its just when it comes to implementing it.
ND has shown wonderful ways of getting into trades, and using 5 minute trendlines really helps to keep you on the correct side of the main trend. Her stops are also something that I see and understand in real time. (This is what I didn't have a firm grasp of when just trying to do SLA and I knew that a trendline break isn't the best exit).
Of course when I look at the big picture, I see everything that Db has taught me as well, I just am not able to utilize it because of fears and impatience. So as Alpha Trader pointed out, I have to really mix both. The fear of this is having to backtest yet a whole new system, but I don't think it will be as bad as this.
SLA gets you into trades, far too many sometimes. So by using 5 min trendlines, much of this can be eliminated. Just the simple qualifier of not taking an opposite trade after a strong trend just because of a 123 setup in the opposite direction will cut down on scratches immensely. There has to be more confirmation for a trend reversal. So in essence, thinking can actually help, but this thinking has to be rooted in seeing this very same thing so many times that you know what to do. I think I'm getting there to be honest, having watching price move for 8 months now.
At the same time, almost everything that ND does has roots in SLA because she is taking these retracement entries, but only after something more significant. I always messed up SLA because of drawing lines too tight, but now that I understand more of what is going on, and I see that price will often retest an exit or break of some sort, so I see good reason for patience.
Anyway, so nothing formal yet, but I'm getting a direction, working through this rut that I find myself in, this self inflicted web of a viscous circle. Honestly, if I just focused on entries where they should be, I probably would be months ahead. Instead, my dumb entries, as pictured below from some random day in the past, suck any confidence out of me and prevent me from putting on legit trades.
I'm still not sure how I'm going to write this down, but I often feel like I can see what's a good place to plot a trade on a chart and where the exit would be, and if I just walked away for 10 minutes, more often than not, I would be in profit.
Attachments
From what it sounds like, Multicharts beats IB hands down for you. If that is the case, why don't you just have an order entry for IB (I'm assuming that is your broker) open and use Multicharts for everything else.
However, if you say that they do not show up the same, then one has a delay. I hope that is not the case with Multicharts, as you want to see exactly what everyone else is seeing.
However, if you say that they do not show up the same, then one has a delay. I hope that is not the case with Multicharts, as you want to see exactly what everyone else is seeing.
You know, I thought of that as well. But I'm not sure if the order would show up in Multicharts if I placed it in IB, plus I just don't think I can get that BookTrader to work as well for me as the order entry in Multicharts, so this is a big thing.
Now what's funny is that because its so easy in Multicharts, it actually makes me slide my targets up and down like crazy. By making placing orders difficult for me, it might cause me to chill out more so the irony of this isn't lost on me.
I am happy that it seems to have been a minor glitch today and I'm back to having full control, but eventually this will be an issue. I would pay the $50 a month, but because I can't reload the data and it doesn't match well enough, no way is this good enough. I would need the full version, but not prepared for this just yet.
KP
I’m going to post one time in your journal…, then never darken it again
I respect NOD.., DB is simply a guru
Until and unless you pull your head out of their collective asses…, and begin thinking independently…, and for yourself
You’ll never be a trader
===========
I hang out with Sugar and J – anything I share.., they are required to make it their own…, else discard it
You’ve had…, and have…, several good traders trying to assist you
Superficially you acknowledge them.., however truly you ignore what they share
Independent thought…, and independent actions.., not words…, are what make the difference…, are what make a trader
Tis your choice
===============
I know you have this deep seated “hope” db will swoop in and save you…, even share the secret sauce
If only you show him enough esteem
It’ll never happen – because he can’t…, because these is no secret
==============
No need to even acknowledge this…, I’ll not respond
But at least.., you been told
May you find whatever it is you're seeking
RN
I’m going to post one time in your journal…, then never darken it again
I respect NOD.., DB is simply a guru
Until and unless you pull your head out of their collective asses…, and begin thinking independently…, and for yourself
You’ll never be a trader
===========
I hang out with Sugar and J – anything I share.., they are required to make it their own…, else discard it
You’ve had…, and have…, several good traders trying to assist you
Superficially you acknowledge them.., however truly you ignore what they share
Independent thought…, and independent actions.., not words…, are what make the difference…, are what make a trader
Tis your choice
===============
I know you have this deep seated “hope” db will swoop in and save you…, even share the secret sauce
If only you show him enough esteem
It’ll never happen – because he can’t…, because these is no secret
==============
No need to even acknowledge this…, I’ll not respond
But at least.., you been told
May you find whatever it is you're seeking
RN
"No need to acknowledge"??? But I want to!
First, thank-you for the comments, and although I don't agree with all of them, I do appreciate you taking the time to post.
I find it interesting how this circle of traders works. Some would say all 3 of you, (Db, ND, RN) offer excellent advice. I know that ND says to follow everything Db says, and you are saying you respect ND but not Db. Then of course I know that BigHog was instrumental to helping ND along, and yet BigHog and Db don't get along either. Its a regular soap opera on here! The funny thing is that I think all of you are excellent traders in your own way! I especially appreciate when you say that some days you lose money... so this is certainly keeping it real. I also remember you saying that trading with a live account has its benefits, and I agree with this as well.
In reference to Db, I do respect what he says and the way he teaches, but I will be the first to acknowledge that there things still left to finalize for each individual trader. Like you say, I have to start thinking independently and this is what Db encourages as well, hence why it seems to some people that he has so called "abandoned" me. I saw myself that I couldn't trade a tight/mechanical SLA approach, so I've had to venture off on my own a bit.
Although you made it perfectly clear that you don't want to get into it, I would love to hear why you think that Db is a guru. By guru, I assume someone who is talking the talk, yet isn't able to walk the walk. So in essence, I think you mean that there is something you don't like about his trading, which is totally legit for you to claim and I for one would love to hear where you think he comes up short. ND has been amazing in that she is providing specifics, so this makes it easier to evaluate, whereas Db provides more of a general blueprint, but if you actually find enough posts, you will see that he does really get into it as well, commenting on the action in real time. He hasn't done this in a while, but I can't blame him as it gets repetitive. At any rate, since I don't consider either of you to be a troll, (unlike with some threads on price action where new random posters mess the thread up), I would love to find out where the critical differences lie in terms of trading that make you say he is just a guru.
I think that part of the reason why you replied today is because I made the appeal to the traders out there to help me through a trade. This was made somewhat in jest, simply to raise the funds for being able to purchase MultiCharts given the frustrations with my charting problems these past few weeks. It seems incredible that any of these 100+ point days would have been plenty to make the $1500 necessary for a licence!
In truth though, I think it would also be incredible to "watch" an expert trader put on live trades. I just wonder how one reacts when price moves against him, what emotions he possibly has, how close he is to bailing on a trade, how quick he is to re-enter, and perhaps how quickly he changes his mind and puts in a trade to reverse direction on a dime! What I'm saying is that I would love to "watch" a trader work... simple as that.As for ignoring what some expert trades say in my journal, I don't think this is fair. When I do look back in my journal, I see some great stuff posted in the summer, but I just wasn't ready for this yet. Some traders are also speaking a slightly different language that I am not familiar with. Alpha Trader for example provided amazing context last week, but he lost me a bit the second time when he talked about "very small wicks" (I know what a wick is... but I don't think in this way), an "inverse hammer" and a "semi ii setup". Its like you say, I have to find my own way, so some things really resonate with me, others go over my head and that's ok.
Anyway, I'm sure you'll at least read this. If you would like to reply in private, please do so. I'm not so enamored with Db that I will not be able to think critically, but at the same time, I think its important for you to back up your claim that Db is just a guru.
Hope you read my reply and I do thank-you for sharing your opinion!