Trader P/L 2009

[Dinerotrader 10]

Dinero - I think it's a bit easier than you are thinking... Here's how I see what you did:

 

1) Define S/R levels. Obviously this is key for this to work consistently.

 

2) From there, look for trades - and I would suggest that you could have gone long OR short there. Why? If it's an active level that you are anticipating, it could also become a breakout area as well.

 

3) What chart setting is your daytrade chart set to? I'm asking b/c as you pointed out, price got to your level and then had no interest of breaking it. But I'm wondering what chart setting that is.

I think defining some rules around this could be something as define S/R then look to see what price does there - does it bust through like that level was not even there? If yes, consider just jumping on that train and go with it. If no, then consider a reversal trade as you illustrated here on today's charts.

 

My chart is currently set to 100 ticks.

 

I only noticed the R for this trade when price started stalling. I probably need to draw more S/R levels before hand so I am ready and mark them in some way so that I know how significant I expect them to be. This would have been a level I would have given low probability of becoming tradeable but when it started stalling I would have been ready. This is making more sense as I write this.

[subterfuge 10]

$-295. Decent few days so no worries. Cheers.

[brownsfan019 17]

My chart is currently set to 100 ticks.

 

I only noticed the R for this trade when price started stalling. I probably need to draw more S/R levels before hand so I am ready and mark them in some way so that I know how significant I expect them to be. This would have been a level I would have given low probability of becoming tradeable but when it started stalling I would have been ready. This is making more sense as I write this.

 

 

Now you are talking.

[Tonkadad 10]

I have been thinking about your post Dinero and realized it is a similar thing I am dealing with. My solution is to print out charts every night and mark up trades, play what if.

 

See how may times you can make a profit, how many times you get stopped out. How tight a stop you need to know that the trade isn't working. On the trades that don't work, is it worth it to reverse so many ticks after your stop gets hits to get in on the potential breakout, etc...

 

Imagine you have a database of patterns you want to trade and you know what the percentages are because you took the time to go over past data and see for yourself what works and what doesn't based on your comfort zone of risk and reward. A couple of words come to mind when I imagine it: CONFIDENCE, EXCITING, NO HESITATION

 

Browns already talked about this a couple of posts back, I think it is an excellent idea.

 

I am posting this for me and you.

[bathrobe 10]

I have been thinking about your post Dinero and realized it is a similar thing I am dealing with. My solution is to print out charts every night and mark up trades, play what if.

 

See how may times you can make a profit, how many times you get stopped out. How tight a stop you need to know that the trade isn't working. On the trades that don't work, is it worth it to reverse so many ticks after your stop gets hits to get in on the potential breakout, etc...

 

Imagine you have a database of patterns you want to trade and you know what the percentages are because you took the time to go over past data and see for yourself what works and what doesn't based on your comfort zone of risk and reward. A couple of words come to mind when I imagine it: CONFIDENCE, EXCITING, NO HESITATION

 

Browns already talked about this a couple of posts back, I think it is an excellent idea.

 

I am posting this for me and you.

 

I only feel I need to comment on this because you brought up the reverse button. I feel this button is pure evil. I used this when I started and lost 50% in one day. Reverse will close your order with a market order and place a new market order.

 

If you use the reverse button you need to have some very sound rules as to why and when you would if at all.

 

I have not found these times when I would use it so in my trading plan I have a rule that simply states "never reverse".

 

If it works for you, congratulations and I am not at all being confrontational, I just feel I should share my past experiences with this order.

[Tonkadad 10]

 

If you use the reverse button you need to have some very sound rules as to why and when you would if at all.

 

 

Appreciate your response and agree with what you say.

[bathrobe 10]

Strange day, data was all screwed up on I/RT had a trade that last a nail biting 30 or so minutes. I am now going to get the sleep I did not get last night.

[Dinerotrader 10]

Not a lot of time today to focus and trade. Oil just kept on faking me out until I finally got a hold of a reasonable move. Lots of software freezing up today. I caught most of the big down move (offset by some bad trades) on the ZS which I was expecting to happen (see grains thread) so nice call on that one Dinero. Oh, why thank you, it was a good anticipatory conjecture.

I must be tired.

 

Edited December 2, 2009 by Dinerotrader

[bathrobe 10]

I had to stay around for a little more. I felt better about my second trade, also I mentioned trading the 10year and Oil, about 3500 of the first blotter is the 10 year.

[littlefish 10]

 

Careful with that December corn contract. Roll corn and wheat to march.

 

Whew, that makes even a silent lurker shaky. I recently looked at roughly the last years historical grain trading and it seems that the volume seems to pick up on the next contract two trading days before the first calendar day of the current contract month. For some odd reason or another.

[Dinerotrader 10]

Careful with that December corn contract. Roll corn and wheat to march.

 

Whew, that makes even a silent lurker shaky. I recently looked at roughly the last years historical grain trading and it seems that the volume seems to pick up on the next contract two trading days before the first calendar day of the current contract month. For some odd reason or another.

 

Thanks for the heads up. I don't trade corn very often. I need to set up some reminders for myself to go off when I need to start becoming aware of contract rolling.

 

Here is the volume split today.

 

Littlefish, feel free to join this thread. BF and I are all alone on the grain trades. I am still just SIM trading.

Edited December 2, 2009 by Dinerotrader

[brownsfan019 17]

Thanks for the heads up. I don't trade corn very often. I need to set up some reminders for myself to go off when I need to start becoming aware of contract rolling.

 

 

This is what my quote window looks like:

 

 

This way I can't miss when the new contract has volume. Also - if you roll ANY grain, then you probably need to roll all of them. Same with oil - if you roll the QM, odds are the CL needs rolled as well.

 

I hope to be back at it with you guys soon, nothing here as I am fighting some stomach bug thing.

[bathrobe 10]

 

I hope to be back at it with you guys soon, nothing here as I am fighting some stomach bug thing.

 

Feel better soon, see you when you feel well.

[Dinerotrader 10]

This is what my quote window looks like:

 

 

This way I can't miss when the new contract has volume. Also - if you roll ANY grain, then you probably need to roll all of them. Same with oil - if you roll the QM, odds are the CL needs rolled as well.

 

I hope to be back at it with you guys soon, nothing here as I am fighting some stomach bug thing.

 

Good idea. I will do the same on my trade screen to watch volumes. I think I am also going to try to set up some reminders.

 

I had the stomach thing over thanksgiving. Not fun.

[bathrobe 10]

I have shut it down for today, but I had a great trade based off of the beige book, and I will include the chart I used to analyze and execute the trade.

 

I used a 1k vol chart and resistance level between 1108.25-1108.75, I did not short until I was confident of the short using pa and other techniques because news is quite volatile.

 

I ended up profiting an extra 10k on the day making the day great. So it can help to sometimes trade news, but I don't think always.

 

I hope you can look at the chart and take what you will from it.

 

 

[Dr Qwerty 10]

Apologies for not reading the whole thread and perhaps asking a dumb question, Bathrobe, but are your posted trades on a live account, or is this all sim? I note the 0 commissions, so I assume it's not real money, but would your methods translate to a relatively small account, when presumably you'd have to trade fewer contracts?

[johnjohn1hew 10]

Apologies for not reading the whole thread and perhaps asking a dumb question, Bathrobe, but are your posted trades on a live account, or is this all sim? I note the 0 commissions, so I assume it's not real money, but would your methods translate to a relatively small account, when presumably you'd have to trade fewer contracts?

 

You have to type in the commission per broker manually... Tools > Options > Commission

[bathrobe 10]

Apologies for not reading the whole thread and perhaps asking a dumb question, Bathrobe, but are your posted trades on a live account, or is this all sim? I note the 0 commissions, so I assume it's not real money, but would your methods translate to a relatively small account, when presumably you'd have to trade fewer contracts?

 

The account is real, I have not entered the commissions in Ninja Trader.

[brownsfan019 17]

Apologies for not reading the whole thread and perhaps asking a dumb question, Bathrobe, but are your posted trades on a live account, or is this all sim? I note the 0 commissions, so I assume it's not real money, but would your methods translate to a relatively small account, when presumably you'd have to trade fewer contracts?

 

Step 1 - don't assume anything.

 

Step 2 - enjoy the thread.

[bathrobe 10]

Do people actually trade like this, I wouldn't trust my trading to a cell phone!

 

[brownsfan019 17]

Do people actually trade like this, I wouldn't trust my trading to a cell phone!

 

 

I couldn't do it either.

[ekshay 10]

Do people actually trade like this, I wouldn't trust my trading to a cell phone!

I surely wouldn't trade with that ... but it can be a nice backup tool to close all orders if there is connection or power problem when I am in a trade.

 

BTW, what app is it, and on which phone?

 

I am new to Futures. Only know of Metatrader 4 Mobile, which is ofcourse only available from bucketshops.

[brownsfan019 17]

12-3-09: +$67.50

 

I got out of bed for this?

[Dr Qwerty 10]

The account is real, I have not entered the commissions in Ninja Trader.

 

I realise you have to enter a commission figure in NT, but if you did that then the posts would be more useful/illuminating.

[brownsfan019 17]

I realise you have to enter a commission figure in NT, but if you did that then the posts would be more useful/illuminating.

 

BR can do whatever he wants. If you don't like it, don't read it. Feel free to join us.