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TimRacette

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Everything posted by TimRacette

  1. TimRacette
    "Expect the unexpected and whenever possible, be the unexpected" - Jack Dorsey
  2. TimRacette
    Keeping honest and detailed records is crucial. As humans we are very good at rationalizing even the most bizarre and idiotic situations. Told in the book Richest Man in Babylon, he who saves 10% of all he earns and learns to invest that money will become rich. It's as simple as that, live within your means, control your expenses and save 10% of all that you earn, aside from life getting in the way.
  3. TimRacette
    kishenr, there's certainly been a lot of math and algorithmic trading popping up over the past 10 years. As for learning technical analysis I might recommend the book Japanese Candlestick Charting Techniques by Steve Nison. Take things one step at a time, as long as you have your max daily loss defined then you should be able to learn without blowing up.
  4. TimRacette
    The mini Forex (E7 is the mini 6E Euro) are half the size of the regular futures contract, but the liquidity just isn't there. I tried E7, trading twice the contracts as I would on 6E and found that there was a lot of slippage (I us Infinity Futures). Other people I talked to that experimented with them briefly on different order execution platforms said the same thing. If your just starting out and can afford to trade 2 contracts on 6E I'd go with that. Much more profitable. Scale out of the first one at say +4 and let the second one rip to it's target.
  5. TimRacette
    Awesome deerhunting, I also began in 07. For me, the "light bulb" moment trading futures was when I began to scale out of my trades. For instance, on the ES I take half my position off at 2ticks and on the Euro at 4 pips. This made my profit curve skyrocket. Scaling out does two things, for one it reduces your risk on a trade, I use a 6 tick stop on the ES so taking half off at +2 dramatically reduces my exposure thus allowing me to hang on to the trade and letting it go to it's target. The second thing it does is build that emotional capital. The larger time frame you trade the less trades you will have and the less frequent winners you will have. By scaling out I can take many entry's during the day (usually about 3-5 on the ES and 4-8 on the Euro) and even if the trade doesn't hit my final target I can get that first target hit of +2ES +4Euro and produce a winning trade (by moving my stop as the trade moves in my favor). That was my light bulb moment. If I could go back and instruct myself how to do it over again I would say begin with one contract to learn how the market works and get comfortable placing trades, and then move to multiple contracts and use the reduced risk method of scaling out. Glad to have you in the forum.
  6. TimRacette
    MightyMouse- I suppose because I am younger the insights that I've gathered over my 5 years as a student of the markets has been more direct. I've developed a lot more patience over the years, something I never had before. I've taken the traders mindset and transferred it to different disciplines such as relationships, business deals, and even bike racing. I guess the biggest thing I've got out of trading is a completely fresh mindset on how to live my life. The old cliche of not working for money, but having it work for you and building passive income streams totally transformed my life, but again, I was young when I started trading, in my teens, so a lot of it is probably just part of growing up.
  7. TimRacette
    abuguapo- I always put on my gap fill trade during the 1.5hrs leading up to the NYSE cash session open. That is I look to enter in the direction of the prior day's 4pm close. This has been one of my highest probability trades.
  8. TimRacette
    You could certainly guarantee that you won't LOSE any money trading Sim, haha. Regardless I think trading teaches some of the most valuable lessons and gives us more insight about ourselves than we realize.
  9. TimRacette
    Haha, that actually sounds awesome. When I do long endurance training rides on my bike I will throw an audiobook on my ipod, that works really well. If only there was a way to jot notes while out riding. Perhaps an audio recorder that clips to my jersey
  10. TimRacette
    If you wanna be there for the good times, you've gotta be there all the time.
  11. TimRacette
    Ya ADVN and DECN data comes from the NYSE and NASDAQ, you can pull this easily on the thinkorswim and trade station platforms, other platforms should have it too as it's pretty basic data.
  12. TimRacette
    Advancers/Decliners: Number of stocks either up, down, or unchanged, results in a net # like +600. Tick: Number of stocks with their last price either up, down, or unchanged.
  13. TimRacette
    Advancers/Decliners can also be calculated real time just like the tick. It's simply the difference between advancing stocks and declining stocks at a given time.
  14. TimRacette
    Ya you can get the data from the thinkorswim platform too for free.
  15. TimRacette
    Technically you are correct Yan, I just refer to it as one in the same sometimes because they track the same thing. If you pull up EUR/USD along side 6E (Euro Futures) you can see the correlation.
  16. TimRacette
    I use the thinkorswim platform and use $ADVN-$DECN and $UVOL/$DVOL for NYSE and then add /q to the end of each symbol for NASDAQ.
  17. TimRacette
    If you haven't traded forex futures I would highly recommend checking it out. The euro is incredibly liquid and there is relatively no slippage. It is also extremely technical, which is why these levels that I use for entry have such high participation. The Emini S&P and Eurodollar make for a great set of trading vehicles.
  18. TimRacette
    When we trade to a 15-min 50% cleanly, I watch for the opposing 15-min to either break or pierce, then allow it to retrace to the next (micro) 50%. As for a spread, I'm trading the futures contract EuroFX typically 6E on most platforms, extremely high liquidity.
  19. TimRacette
    Do you trade the Eurodollar? I use a 233 tick chart alongside a 15-min. I enter at the first 233t setup at a 50% Fibonacci levels using an 8 pip stop. Does anyone else trade in similar fashion? It's always interesting comparing entry's as there's a million ways to skin a cat. I attached a small photo below, long entry of 2934 (1 pip in front of the 50).
  20. TimRacette
    This is how I use the tick. A high or low tick at the high or low price could signal the high or low of the day. When we have a high tick and continue to make new highs, we will continue to make new highs until a new high tick is reached. If we have a low tick for the day and are making new lows, we will continue to make new lows until a new low tick is reached.
  21. TimRacette
    Chartwaves, This is a great community, the best trading forum I've found. Definitely worth your time.
  22. TimRacette
    I posted some details about my trading plan and the documents that I use to record various things like my trades, p/l, market data, and such on the TL site here, you may find it useful http://www.traderslaboratory.com/forums/blog.php?b=1347
  23. TimRacette
    Bob, Al Brooks is great. Even tho his methodology is quite simple, it's pretty intuitive. He's a great trader though, I really like his style.
  24. TimRacette
    It's actually really easy (for me that is). By waking up on a 90-min interval you have completed a full sleep cycle and will feel refreshed. A 4.5hr chunk and a 3-hr chunk works well for me. On days where I train hard on the bike I will do a 6-hr and a 1.5-hr. I do this 4x a week. Regardless, once you get into a regular sleep pattern your body gets used to it and it becomes very easy. Thinking back, the first night I had a hard time falling asleep early (because I was excited) but from then on out it's not bad at all.
  25. TimRacette
    A good foundation is key, without it you will end up trading erratic and inconsistently, at the same time there's no better value than experience and the more you trade and more screen time you have the more in tune with the market you will become.
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