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Nick1984
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Everything posted by Nick1984
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LoL. Whats the caveat on that?
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Introduce Yourself Here - Don't Be Shy!!
Nick1984 replied to trading4life's topic in Beginners Forum
I love your show bro. -
I couldn't make that call. If a guy has gone all in and I'm holding an ace high with a low card, then I'd assume hes holding an ace or at least a king. If hes got an ace, then there are only 2 aces left in the entire deck so I woulnd't risk my entire stack on a very low chance that I hit only 2 outs. I have no chance of getting a straight and the next best opportunity for me is if my cards are suited I may get lucky and get a flush draw. A wired pair of face cards would be one of the hands that i'd put my opponent on if he bet hard and went all in pre-flop. He has the same chances of hitting another K as I do an ace which would put him with trips against my pair. In a value pot if I was on a short stack then yea I would probabbly call but if we both have $100 then theres no way I'm risking that even if theres $50+ dollars in the pot.
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I don't have any MP software so I have to kind of imagine it in my mind off the charts lol. Did the NQ open far above the previous days VAH? In my trading plan for that day on the YM I was expecting a gap up based on the overnight session trading range, and when I saw how high we were up from the value area (i got these figures from a 3rd party) I abandoned all hope of ever going back there on the YM after the IB was set up.
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Share Your Trading Experience With US!!
Nick1984 replied to Soultrader's topic in General Discussion
1: I started getting used to the idea of trading ever since watching Trading Places with Eddie Murphy. I loved the line when he's being taught how the whole commodity business works and Eddie replies "Yall a bunch of bookies aint cha?". Watching the end of the movie when they cripple the old guys and the price moving up then down so fast was one of the coolest things I'd ever seen and I wanted to be in on that. 2: Biggest hurdle for me has been balancing my time to actually learn trading. I'm a full time Uni student and have been for 5 years. This is my last semester now (which starts in a couple of days) of full time study before I graduate and my studies take a lot of time away from my trading. After I graduate I want to travel for a few months as well which will take away learning time. I'll trade every night I have time, but I don't ever want to forget that there are more important things in life and I can't be soley focused on one thing. I love to have balance in my life, so I always have about 3-4 unfinished projects going on at one time so I can divide my life between things such as: music (i play piano), trading, my girlfriend, studies, and films (i'm a movie buff). 3: I think I'll keep on trading even when I don't need the money anymore. I just love the idea of trading and investing. There's a line in the novel "The Count of Monte Cristo" by Dumas where the Count upon meeting one of his arch nemesees Baron Danglars who becomes a banker tells him that "The management of money is an art in itself", and that holds true to me too. I love markets and investment strategy not just trading in the purest sence. I'll keep trading till I can't click a mouse button. -
Trading with Market Statistics III. Basics of VWAP Trading
Nick1984 replied to jperl's topic in Market Profile
Good video Jerry, finally got it working! I like how noobie is learning lol. -
Only thing I gotta disagree with you is that I reckon it's important to read about poker stats. Most ppl who start never count their outs and they don't know the stats behind a hand. AK suited versus wired J's pre-flop..who has the best chance of winning. Its not always easy to play another man, because someone who has absolutely no idea what they're doing can actually be harder than playing a seasoned player. Its kind of like drunken boxing against noobs and I've been bad beat heaps of times by people who will call an all in when I have wired kings and they have only an Ace high with a 7!
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Trading with Market Statistics III. Basics of VWAP Trading
Nick1984 replied to jperl's topic in Market Profile
Liked your first vid. One question now that your uploading on filefront...how do i watch the new one? -
I was on the YM and after I saw the opening gap I was convinced we were going to shoot up maye 20-30 points then slam back down and fill in. I shorted!!!! I don't have the most sophisticated charting program so I don't have access to nice market internal indicators such as TICK, TRIN, etc.. but after i was down -10 points on my short and just stared at tape and volume, I just reversed my position, stayed up for another hour and went to have a nap. I came back after the May trade announcement and I was really tired (time zone difference) so I exited out and still was ahead. I reckon that if you know you've stuffed it, and can see that a trend day is developing on your MP analysis (which you do heaps of!) then don't be afraid to bite the bullet and hit the reversal order button! Seems that your initial entry condition was sound. Were you checking a TPO chart to see if you could spot the range extension?
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Isn't this just the same as the voloume delta indicator you use but just shown in a different way?
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Check on limewire for Howard Ledderer he has a cpl of videos out for poker basics and intermediates. Best way to learn is by playing though. Books you want to look up on revolve around poker stats and learning how to spot tells.
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Lol I reckon they've just built up an immunity to it!
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I've never traded a real bear market in my time but my simple dumb logic says that I should just trade it like a bull market just opposite! I think you're 100% correct on trading plans. When I started with futures I had no real written down plan and I just shot from the hip with my trades and got lucky sometimes and sometimes not, but in a bull market you don't need to be a genious to make some dough. Only this week I've started keeping a journal and recording all my trades good and bad and then analyse what my mistakes were and it has helped heaps. If you can objectively look at yourself at the end of the week and compare it to your goals then you have a quantifiable objective that you can say you achieved or failed to achieve. Once you know if you've failed then you can disect your trades and see where things went wrong. I also write down my emotions as I trade so I can compare my decisions to my mental state and that helps as well. Over time hope to learn from my own mistakes and see if there is any correlation between bad trades and a particular emotion. Good posts James, you're really driven for a nineteen year old. Lol im only 22 and I feel like a grandpa now haha.
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I'm hoping that this rally today will influence a pick up on my domestic market. One of my main holding has taken a pummeling over the last couple of days, but i'm trading with a free lot cause its already given me a 160% profit over the last 5 months so I'm just letting my excess run on for tax reasons.
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What platform are you using James?
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I see trading as just another business personally. I work in the financial services industry and have just started trading. I swing trade stocks and just started futures. I had a similar situation where I was always built up to be the successful one among family and friends etc and it can be nerve racking. About a year ago I developed the mind set that I dont give a rats arse about what anyone thinks anymore. That has helped me heaps. The less I care about what others think the more I was able to focus on myself and I have a set plan now to build up my own financial future. As I write this now I'm enjoying this rally hehe sorry you missed it. Anyhoo, I think that you need to try and relax. Your still really young and you shouldn't stress about these things now. You have your whole life ahead of you to stress about success or failure. Once you get married as well no matter how well you do your wife will put you in your place lol so just relax and have fun doing what you do now!
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Apparently it reduces sexual performance. I'm a 22 year old guy. I need marijuana like a hole in the head. These are rooting years yeee haa.
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Lol yea by his own admission he hasn't really invested too much in reading so I'm not surprised that he doesn't know what short selling is, but its not hard to find out what it is. A quick google search will answer that! As a law school graduate I'd assume that he must have done commercial and trading law at some point so I thought he'd know what short selling is from that! I did a couple of law subjects which related to the regulatory environment for business and also for financial product trading & giving advice on financial products and our legislation here in Aus has sections regarding short selling which give clear definitions of it. As a law graduate you should be pretty bloody good at reading boring crap like legislation so trading literature should be not so bland by comparison. You can only get out what you put in after all!
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WIth 5k you dont really have enough buying power to make much money. Your commissions on trades will eat up your profit. You will need to have significant moves to really take any profit after commissions are factored in. Therefore you will want to be trading only a small handfull of highly liquid volatile stocks which have at least a $1 volatility per day. High market cap miners are a good bet for that. Why don't you paper trade for a while till you have a fairly good system set up thats been backtested and proven, then use your 5k as collateral on a margin loan to really boost your buying power? That way you can actually profit more from these trade? Probabbly best to talk to a financial adviser first before you do that as they will have a clear picture of your financial situation.
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Can't really add much to what has already been said. I think that one of your most blatant mistakes is that you're overtrading. You put down 12 trades in a day and you just started! If you're not sure where you're going then you're really eating away your account with commissions. Also stick to 1 contract! Get on a simulator after setting up your own system and trade that simulator like you would with your real money i.e: 1 contract at a time. You are also way too emotional with your trading and are fraught with indicision. You need to learn to master your emotions and not get too caught up with how much money is on the line. At your stage you're not going to be earning a living off trading so you should really have a job to suppliment your income and redirect surplus funds to trading. Therefore why get so emotional over a few bucks which dont really make a difference in the wholel scheme of things. Things go bad and you lost 50 bucks big deal. Be thankfull that you're loosing 50 bucks today on 1 contract and not 500 bucks with 10 down. Also your charting package sucks the big one. Your pivots aren't even extended across your chart, thats why I suspect that you failed to notice that the pivot was right above your entry. I'm a noob to and have only really started in futures for really only a few weeks seriously after coming from stocks. Stop trading with your real money, invest it in some books which you actually read from cover to cover and start treating this like a business!
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Yea good point Brown. Tell us a little bit about how you want to trade. I started out with stocks with long term trades being my goal. My trading time frame was up to a year long so as to get capital gains tax breaks! E*trade is good cause if you're going to be swing trading all you really need is EOD data which is provided free for you once you set up your account. I use ComSec for my stock trades but thats an Aus based broker which trades my domestic markets. I guess commissions are a big factor. If you're going to be trading often then you may be better off going to a non online broker cause their commissions may be cheaper than Etrade etc where you can pay up to 30 dollars for each trade (AUD), and more for short orders and some limit orders.
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I think Walter is right. On days where price "ping pongs" around and is just being cyclical its best to take small profits when you can. Since I'm only trading one contract at a time at the moment I have to discipline myself to not let my winners run becuse in the past I've let myself go more than 10 points and then see price eventually go back to 10 points and then below it and I'll end up with a scratch trade. What I've learned from this is for noobies to just take their 10 points and paper trade the rest as if they had on 2 or more contracts. Taking that 10 poitns no matter what is the basis of a solid day. Once you have 2 contracts down you can let the 2nd one run and move your stop to break even so that no matter what you take +5. If your putting on average 1-5 trades a day (round trip) then a 20 points gain net is not inconceivable or too hard to earn once you have some solid set ups and are disciplied.
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Today I set out with my pre market analysis and set myself up with a trading plan. I noted down all the relevant price levels from my daily chart and wrote down everyhing in my journal. I went back and read yesterdays entry and noted to myself what lessons I had to heed from the previous day. I took a break played some games etc then sat back down for the start of the day. I had on 4 trades today and I ended up +33 points. Since I'm only trading 1 contract at a time at the moment I stuck to my rules and took +10 on every trade no matter how tempted I was to let it go. I reasured myself that once I'm putting 2 contracts down the 2nd contract can take any additional points that are on offer but always get that +10 no matter what! I had one loosing trade which I took a 7 point hit and I put that down to being over eagre to trade. Once you've written down a plan and you see it working you have to calm yourself down a bit because you can become a bit overconfident thinking that you've suddenly become some sort of analytical genious over night! Overtrading is my next hurdle. Thanks for all your help Brown. Slowly slowly if I stick to my rules and be disciplied I can objectively look at what I'm doing and see if what I'm doing works. Also thanks to James 2 (I'll call james_gsx James 2 so as to not be confused with Soul) for starting this thread.
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I made my first entry into my diary. I've attached it as a word file for those who want to have a look. On my charts the times look odd because the program im using is really not working with my time zone here and its effecting everyting I do. Im on Ninja Trader atm but I need to switch to something else. If my market open and close is not set to 12AM for both then no charts work! Their tech support has no clue why this isnt working and I'm sick of it, its effecting me heaps and I've lost over the last few days trading days a lot of cash from trading "on tilt" with my frustration over the god damn charts. Regardless thats just one small excuse which isn't going to help me in a long run so I have to take it on the chin and do something about it. Trading Diary.doc
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Cheers Brown & Walter.