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Plan the Trade

  • #7,561
  • Sep 14, 2018 12:03pm Sep 14, 2018 12:03pm
Quoting hilmy83
i'm not letting this bitch go... {image}
kind of want this to retrace a bit to add a bit more. i don't think this will retrace far. it'll either range or do a sharp close lower late afternoon.
  • #7,562
  • Edited 1:15pm Sep 15, 2018 1:03pm | Edited 1:15pm
Quoting hilmy83
i'm not letting this bitch go... {image}
Hey guys,

Dabbling in NQ.. Woah, what a market. Compared to currencies - It moves.

For the Veterans, especially Hilmy83, as I have watched his live trading. You are a machine. A fucking machine. You are in and out of trades, you have huge pending profits, which sometimes you allow to go flat, retrace, then BAM you switch positions. You are totally GEARED for trading, with a responsible, but LETS DO ITattitude. And you always come out on top. I envy that.

I wish I could have that?

I have traded simulator on MT5, and can easily bang out 400-600$ days, just trading 1 contact. The moment I trade LIVE.. I just fuck everything up. I don't trade when the opportunities right infront of me, scared. And if I would have traded it, big winner.. I just sit there frozen and watch how much money I could have made. and when I finally do decide to pull the trigger, it reverses, i close out my trade, then bam it goes right into the direction I knew it would and it would have been a great day.

I understand this is the psychology part of it, and having just a $2000 account, and seeing the 200-300$ swings as the market acts fast during NYSE open..

Realize that nobody has an answer, sometimes I feel like giving up after becoming frustrated.

But.. If I can continuously be profitable on demo, day after day, taken $1000-5000 accounts and trippled them in no time, time after time. I feel like i'm onto something, that can be life changing.. and I don't want to give up. Im convinced this is my mindset, and attachment to money.

PS - I trade pure price action, and simple S/R, trendlines.

Insight anyone?
  • #7,563
  • Edited 2:18pm Sep 15, 2018 1:35pm | Edited 2:18pm
Quoting pr3dict0r
{quote} Hey guys, Dabbling in NQ.. Woah, what a market. Compared to currencies - It moves. For the Veterans, especially Hilmy83, as I have watched his live trading. You are a machine. A fucking machine. You are in and out of trades, you have huge pending profits, which sometimes you allow to go flat, retrace, then BAM you switch positions. You are totally GEARED for trading, with a responsible, but LETS DO ITattitude. And you always come out on top. I envy that. I wish I could have that? I have traded simulator on MT5, and can easily bang out 400-600$...
If your way of trading is consistent then it just boils down to MM. set targets at 25 ticks with stop of 12 ticks be consistent. When you get to 4 contracts which is what I trade and you make just 100 ticks for the week that's 2000. As the name of this thread is plan the trade then just trade the plan. No risk no gain
  • #7,564
  • Sep 15, 2018 2:40pm Sep 15, 2018 2:40pm
Quoting Divergence
{quote} If your way of trading is consistent then it just boils down to MM. set targets at 25 ticks with stop of 12 ticks be consistent. When you get to 4 contracts which is what I trade and you make just 100 ticks for the week that's 2000. As the name of this thread is plan the trade then just trade the plan. No risk no gain
Thanks Divergence, and congrats on your amazing trading as well. I feel I left you out, as you are also someone I watch and admire

I need to get over the inner bitch in myself, and be more confident and do it.
  • #7,565
  • Sep 15, 2018 2:49pm Sep 15, 2018 2:49pm
Quoting pr3dict0r
{quote} Thanks Divergence, and congrats on your amazing trading as well. I feel I left you out, as you are also someone I watch and admire I need to get over the inner bitch in myself, and be more confident and do it.

Demo is the best way to hone in whatever methods or plans are. Experience. Make mistake after mistake to get used to balancing it all up.
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
  • #7,566
  • Sep 15, 2018 2:53pm Sep 15, 2018 2:53pm
Quoting The Cableguy
{quote} Demo is the best way to hone in whatever methods or plans are. Experience. Make mistake after mistake to get used to balancing it all up.
Agree. For this very reason, I keep several demo accounts always running in parallel. When I have the ''smart ass' itch, I kill the witch in demo before I am chased with a broom :-)

Also/ I have two desks in my home office. One for live trading and work related only. No internet browsing etc. The second desk in a different corner is for demo, research, browsing, chatting etc. My family is allowed to interrupt me anytime just by knowing which art of the room I am in. G(F) or "Get it Done with Focus" is the only edge in my opinion.... especially when we have an income producing day trading strategy. Trade it like your life depends on it. It's all related to how you view Habbit-Forming and Addition-Killing techniques. They all apply to trading as well .keep the good ones and get rid of the bad ones.
Staying in my lane...
  • #7,567
  • Sep 15, 2018 3:51pm Sep 15, 2018 3:51pm
Hey guys, thanks for the comments. Sincerely appreciate it.

I'm there.. I know it, I feel like its dangling right in front of me, like a carrot.. and I'm just too scared to lean over the ledge. and I can't explain what its like having the winning lottery ticket, and not being able to cash it in. FRUSTRATING.

I need to overcome this with more live trading, and just 'fitting in' with more experience.

Its been on and off trading, since I have been busy with a heavy work schedule. if you look up my username, I won 3rd place, and won $500, and had over a700% return... trading my discretionary/mechanical system like a robot.. emotionless. I want to get back into trading, and want to do it full time.. and even move back home to Poland, and leave Canada, and have more time with my family of course. (stay at home trader..) So this would mean a great deal to me, if I could make 6000$+ a month..to start. I currently work in Finance, and make over 150k/year. and live very comfortably. I deposited $2000 into an account just to get my feet wet, but like I've said, its been totally different then my live trading.

Maybe I should start with 20-25k, that way I wont feel the pressure trading a contract, and more 'loose'?

Sorry for the ramble, just wanted to paint a picture.

I'm sure some of the pros here have been where I am at, and had to get over this hump.

Cheers
  • #7,568
  • Sep 15, 2018 4:01pm Sep 15, 2018 4:01pm
If your making 150000 a year why are you afraid to fund a 5000 acct and losing it all thats just 3%
  • #7,569
  • Sep 15, 2018 4:21pm Sep 15, 2018 4:21pm
Quoting pr3dict0r
{quote} I have traded simulator on MT5, and can easily bang out 400-600$ days, just trading 1 contact. The moment I trade LIVE.. I just fuck everything up. I don't trade when the opportunities right infront of me, scared. And if I would have traded it, big winner.. I just sit there frozen and watch how much money I could have made. and when I finally do decide to pull the trigger, it reverses, I understand this is the psychology part of it, and
I understand EXACTLY what you are saying ... been having that inner fight for years ... the book from Mark Douglas - Trading in the Zone, gave me the most insight into what is going on in my head ... is good reading and the excerises at the end of the book really helps ... my battle continues as you can see in this thread ... my MM strategy to try and get over the live freeze issues but not write off my account to quickly is to trade on demo for a day or two and when it is positive to switch to live until I have a negative day (I limit my losses to three losses in a row), then back to sim until is positive ... then back on live and stay on it until have a negative day ... then on to demo .... etc etc. Hopefully the live positive days will become more over time. Just my plan anyway .... hope you get something that works for you.

In Forex it is easier ... can trade on a live acc with 0.01 lots and when positive for a week, double the lots, if not, stay on 0.01 ... as become more consistently positive then keep on doubling it until you reach the lots size that fits your risk profile. Takes lots of time.
Never give up !!!
  • #7,570
  • Sep 15, 2018 6:49pm Sep 15, 2018 6:49pm
Quoting Divergence
If your making 150000 a year why are you afraid to fund a 5000 acct and losing it all thats just 3%
Your right Divergence, I was even thinking funding it with more.. so I have more breathing space during trades, which makes me think I would be more 'at ease'

Starting off, and getting my feet wet with a $2000 account, with swings in the NQ makes me uneasy.. Not that I plan on losing the $2000, but im trading more defensive?
  • #7,571
  • Sep 15, 2018 7:21pm Sep 15, 2018 7:21pm
Are you a scalper (day trader) or large timeframe trader?
  • #7,572
  • Sep 15, 2018 7:46pm Sep 15, 2018 7:46pm
Quoting Divergence
Are you a scalper (day trader) or large timeframe trader?
I am a intraday / scalper . Looking to grab smaller movements, in the bigger moves using simple price action and trendlines, s&r, break outs, reversals.
  • #7,573
  • Sep 15, 2018 8:20pm Sep 15, 2018 8:20pm
Ok so if you have a 12 tick stop your risk is 60.00 you spend more than that on dinner think on those terms i trade 1 hr a day and support my family this way. Lots of opportunities in that first hour. The only thing we truly know 100% in trading is this how much will I risk everything else is based on high probabilities
  • #7,574
  • Sep 15, 2018 9:27pm Sep 15, 2018 9:27pm
Quoting Divergence
Ok so if you have a 12 tick stop your risk is 60.00 you spend more than that on dinner think on those terms i trade 1 hr a day and support my family this way. Lots of opportunities in that first hour. The only thing we truly know 100% in trading is this how much will I risk everything else is based on high probabilities
Good point D. Do futures brokers gaurantee execution of stop loss orders?eating, if there is no tick on the SL, would they still execute or would you have unlimited exposure?
Staying in my lane...
  • #7,575
  • Sep 15, 2018 9:41pm Sep 15, 2018 9:41pm
Maybe been slipped 1 tick 3 times in last 5 yesrs
  • #7,576
  • Sep 16, 2018 1:08pm Sep 16, 2018 1:08pm
Quoting The Cableguy
{image} {image}
I'm gonna repost these charts and explain;

Attached Image (click to enlarge)
Click to Enlarge Name: Q11-09-18a.png Size: 103 KB



The first chart shows two (corrective) phases, where the second was exactly 123.6% of phase one.

After i see that, i am now expecting a bigger pullback as an X wave, or possibly even back to the Long side. This isn't for definite, but certainly i was expecting the downtrend to be finished for some time.

Attached Image (click to enlarge)
Click to Enlarge Name: Q11-09-18.png Size: 113 KB


With that in mind, look at the channel lines forming. The first (small) short looks corrective to me and the long trade is where it makes a touch to the lower channel line. Perfect. The risk is simply 2 ticks.

Rhe second trade did not connect to a channel line, but was where the last Demand started. It touched but didn't fill - real shame.

Later there are lines creating. Once you have a lower line, you should than double a parallel line off of the top. Again, it is worth shorting off of the line, this time with a mere 4 tick stop. If it were wrong, fair enough, but tiny risk. As it happened, it dropped beautifully.

Now the lower touch didn't quite hit a lower channel line, but as soon as it posted a tail, it looked like it was back to the Long side again. I placed limit one tick above halfway of the tail and it filled and went up nicely. Again, i risked just 6 ticks in the first place.

I believe this method is awesome. Granted sometimes the channels simply don't form and occasionally, you start to see lines which you believe will work, but they need to also match touching the channel line at the same time as reaching a prior S or D level.

When they start to fail, the typical losses are merely 3 or 4 ticks, sometimes even BE, if there is a reaction. I'm finding that you can risk getting it wrong 5 times and then one winner gets you back to parity. In reality, the success rate is generally 50/50, resulting in -2 or -4 and then a couple of winners giving +25 or more
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
  • #7,577
  • Sep 17, 2018 8:51am Sep 17, 2018 8:51am
Long 25
  • #7,578
  • Sep 17, 2018 8:52am Sep 17, 2018 8:52am
+25 then short half the bar 34 +25 and done
  • #7,579
  • Sep 17, 2018 8:52am Sep 17, 2018 8:52am
+28 ticks today for me, good start of the week.

Wish I held onto it.. just a tad bit longer. But, being in profit, and wanting to build this account I took gains.
  • #7,580
  • Sep 17, 2018 8:58am Sep 17, 2018 8:58am
Attached Image (click to enlarge)
Click to Enlarge Name: 1.png Size: 48 KB
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