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johnnycakes78704

Started E-mini Paper

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I just ran into this thread today. Are you trading live now or still paper/demo trading JohnnyCakes? Looks like you've settled on a set of indicators that work for you, that's great. You made an earlier post about cutting back on the number of trades you take. That's something I do in my own trading, if I have a strong start with a couple of easy winners then I call it a day. And I limit the total time I spend trading, so even on choppy sessions the damage will be limited.

 

Good luck in your trading, you're doing the right thing by starting slow and paper trading before using real money.

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Not trading live yet. Had a chat with another trader and he suggested I look at the TF. Started with that last week and, well, am doing ALOT better with that than the ES. I wasn't going to go live until absolutely certain of my platform. Thursday netter me 4.4 points, Friday was 2.2 points (couldn't get into office due to snow until the afternoon hours) and TODAY (!) I made 8.6 points.

 

I did cut back the trades I take to 2-4 a day, depending on long or short set ups. Doing great with this and we shall see how I do with this. Almost done funding the acct, so once I finish that to proper levels, I'll be going live.

 

The image is a trade I made on the TF and YM. My stop was tight and a quick reversal closed out my trade. Reviewed it and everything seemed great so I took the trade with some great results but as you can see, I stayed in it for too long, at least on the TF.

5aa7105aaa14a_morningtfandym.thumb.jpg.247cf44c4d9c623726f8fecef41aeef9.jpg

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On previous post, ended that week with a 144 ticks profit. Ended last week with 196 ticks profit while trading 1 contract, 3 trades per day. Didn't trade on Tuesday last week. Avg trade profit was 15 ticks. One losing trade in those 4 days.

 

The main difference is that I've been learning Price Action and applying that to my trading. Besides a volume pattern indicator, to tell me when big money is coming in or amateurs are playing around, that's all I'm utilizing.

 

Today was stopped out twice. Came back with a long that covered my losses and put me 12 ticks in the black.

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Those are great results, and you've been doing well for the past several weeks with the same approach. Sounds like you're ready to trade live. Start small, one contract, and let your account grow before increasing size. Try to keep your risk to about 1% to 2% of your total account size for each trade, that'll help you survive the inevitable strings of losses. And keep us posted on your progress.

Good luck.

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JohnnyCakes,

Sounds like your a longer time frame trader and am not sure who you use for charting but if your on Trade Station, try these charts. Kase 1.25,4, and 8 with a linear regression channel set to a length of 15 and ATR set to 1.1. You might see some very useful information.

To see what type of day it might be, Load Point and Figure charts with the same settings and lengths. There is a definite pattern.

Best of luck

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Hey Johnny, haven't heard from ya in a while, how has the live trading been going? I remember two "light bulb" moments in my trading. This first, was when I let go of my impulse trade (as John Carter would say) and followed my setups exactly, letting them do the work.

 

The second, was when I got myself to the point where I was fully detached from the emotions of losing money. I was risking such a small % of my total account that each stop out was insignificant and I became able to think objectively and clear from entering,during and exiting the trade. No change in heart rate on a winner, or a loser.

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Iris, I want to thank you for your post here and the others that you've made. I'm 10 months into my education on stocks/options and now daytrading futures. I'm passionate about learning to trade spending up to 10 hours a day 7 days a week for the most part. I know that sounds excessive, even obsessive but for me this is like a foreign language and the immersion approach seems to be what I need. Your advice on trading in general and futures in particular is very valuable to me. I have just started trading last week with the Mirus/NT platform and am working through the 6E, CL, GC, NQ, TF. I'm sim trading and have had some success and experimented with horrible results. I purchased the boomerang indicator, risk manager combo from IW and have been using their trailing stop. I have noticed good results but nothing that JohnnyCakes talks about. I don't have his background or penchant for translating economic news into entries and exits so I'm following the system I mentioned above. I have learned that you are totally correct when you talk about "what the market gives you" and that not every day brings a nice large, easy to follow trend. Thanks again for your wisdom and sharing with "newbies" like me.

 

jwhtrades

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