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Plan the Trade

  • #7,601
  • Sep 18, 2018 9:04am Sep 18, 2018 9:04am
Will buy 21
  • #7,602
  • Sep 18, 2018 9:05am Sep 18, 2018 9:05am
Quoting Divergence
Will buy 21
yep
Become the casino
  • #7,603
  • Sep 18, 2018 9:10am Sep 18, 2018 9:10am
Cancel long short 2875 123
  • #7,604
  • Sep 18, 2018 9:11am Sep 18, 2018 9:11am
+25
  • #7,605
  • Sep 18, 2018 9:28am Sep 18, 2018 9:28am
Edging my way back after two losses ... just got +10
Never give up !!!
  • #7,606
  • Sep 18, 2018 9:40am Sep 18, 2018 9:40am
1 more
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  • #7,607
  • Sep 18, 2018 9:45am Sep 18, 2018 9:45am
the recap
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  • #7,608
  • Sep 18, 2018 11:25am Sep 18, 2018 11:25am
Today was a good learning exerience for me, must say ... I am again amazed at the impact of emotions ... the statement Mr D made yesterday about only needing 1 out of 3 trades to be a winner to be at BE is a huge one ... I technically know it but the way he stated it made it sink in deeper than before.

The live part of my trading ended at -42 ... 2 losses and then a winning trade that if I just LET IT BE would have been +25, hence almost BE ... but my emosions entered and I stopped it out at +10 ... still ok but that meant that I only had two potential loss trades left before I had to stop and if I was BE I would have three trade left ... a significant mental thing. Then another variable entered ... I had to pick someone up at 11amNY (5pm here) so the pressure mounted the closer I got to my deadline to leave ... I KNEW I should just relax and let it go and continue when I get back but somehow emotions made sloppy setups look good and I took two questionable setups in a row... kaboom ... then I had to leave.

When I got back I switched to sim mode and ended at +28 after a few good setups came my way ... no mess, so fuss ... no emotions any longer so nice and relaxed ... amazing.

So now on sim again for a couple of days ....
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Never give up !!!
  • #7,609
  • Sep 18, 2018 11:59am Sep 18, 2018 11:59am
Between 930 and 1030 ny time you put on 3 trades you shouldn't have put on
  • #7,610
  • Sep 18, 2018 12:02pm Sep 18, 2018 12:02pm
Your efforts are to be commendable!

It is very difficult to explain how things should be done, but boy... don't i relate to what you write.

I honestly think there is too wide a disparity between Sim and Live trading and results. I knew a year ago, i was nowhere near ready. That didn't mean i was useless or wasting my time, but i needed more time... much longer to work out the times NOT to trade, more so than the times when to trade.

I'm well aware that my EW view is actually a damn more of a help than i actually realised, but the answer is how to combine all of these factors together.

I can't highlight everything that i see but;

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Straight away, it stands out a mile to me. I noticed it and wrote about the 'blue sky' areas ages ago. When there is nice trending PA opposite a straight move, it is likely corrective and thus the last level will give the back to underlying trend. It's not a gaurantee, but it's definitely not worth taking the trade where it is now likely to be back to the Long trade.

This is just one view. There are many many similar things and i have to say it, i think you are rushing into profitability during Live trading too early. Give it a year yet, when you start to recognise when to stay out and when to dive in.
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
  • #7,611
  • Sep 18, 2018 12:09pm Sep 18, 2018 12:09pm
Now see why i'm jumping up and down about trend lines - when you firstly determine trend direction and each prior S or D level. Leave it all alone until both a pullback within a trend also hits a trendline;

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Stops are barely more than 4 ticks and yet the wins are full on
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
  • #7,612
  • Sep 18, 2018 12:13pm Sep 18, 2018 12:13pm
That rectangle box you have down there is where I had a order to buy but when it pulled back I shorted there before it went down to box but I already called it a day
  • #7,613
  • Sep 18, 2018 12:33pm Sep 18, 2018 12:33pm
I'm a fan CG!

Between CG and Div...what more could a trader want in education? There is nothing more. This is all the education you need! Bravo you two and thanks for your time and generosity!
Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #7,614
  • Sep 18, 2018 12:48pm Sep 18, 2018 12:48pm
Nice blend of ideas for sure it's all about the pullback isn't it
  • #7,615
  • Sep 18, 2018 1:49pm Sep 18, 2018 1:49pm
Quoting stt
{quote} futures is an open market which means your order get posted at CME (or other exchange if you are trading non-CME contracts). Broker doesn't control much (unless you instruct broker to hold your order in their system and send to CME when price reaches your level. The actual execution will be on CME. you will get slippage if market gaps through you. see details of order type natively supported by CME @ https://www.cmegroup.com/confluence/...er-FuturesOnly...
Thanks STT. I have several accounts with Interactive brokers and trying to see if I should go with them for trading futures. Looks like they have a ton of options for market data feed subscriptions. Any recommendation on which one I should choose... to trade NQ? Are these fees comparable with other brokers?
I cannot open a paper trade account without these feeds :-(
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Staying in my lane...
  • #7,616
  • Sep 18, 2018 1:55pm Sep 18, 2018 1:55pm
Not familiar with all those options it's $5 fee per month for data
  • #7,617
  • Sep 18, 2018 2:05pm Sep 18, 2018 2:05pm
Quoting VEEFX
{quote} Thanks STT. I have several accounts with Interactive brokers and trying to see if I should go with them for trading futures. Looks like they have a ton of options for market data feed subscriptions. Any recommendation on which one I should choose... to trade NQ? Are these fees comparable with other brokers? I cannot open a paper trade account without these feeds :-( {image} {image}
Hi V,

I have tested the five major data providers and currently subscribe to CQG, CTS T4, and Rithmic. In terms of data quality they are all on par with each other and they offer similar execution speed depending on your platform.

While Interactive Brokers is a reputable firm, they do not specialize in futures trading and therefore lag a bit while clearing your order as well as small quirks with different order functionality both for OCO and server side orders. Not a big deal for longer term traders, but certainly a consideration for the methods discussed in this thread as well as any automated or algo based trading.

Lastly, not sure if you have chosen a platform, but i would recommend having a look at Sierra Charts.

Best,
N
  • #7,618
  • Sep 18, 2018 2:30pm Sep 18, 2018 2:30pm
What a great thread a lot of intelligent people here bringing valuable info thanks nik
  • #7,619
  • Sep 18, 2018 2:51pm Sep 18, 2018 2:51pm
Quoting Nik-Nyc
{quote} Hi V, I have tested the five major data providers and currently subscribe to CQG, CTS T4, and Rithmic. In terms of data quality they are all on par with each other and they offer similar execution speed depending on your platform. While Interactive Brokers is a reputable firm, they do not specialize in futures trading and therefore lag a bit while clearing your order as well as small quirks with different order functionality both for OCO and server side orders. Not a big deal for longer term traders, but certainly a consideration for the...
Thanks Nik. I am pretty sure I will move away from IBKR. I hate their platform but I have held on to them for several years because of their master advisor account features. As I am a complete noob in futures, I just want to keep it extremely simple for now but eventually, I do want to go algo route so prefer to choose a good spread of out of box features in their trading platform. I know Divergence also highly recommends Sierra Charts. Is it aa standard across futures brokers to pay fees for data feed subscriptiond even for demo/paper trading accounts?
Staying in my lane...
  • #7,620
  • Sep 18, 2018 2:52pm Sep 18, 2018 2:52pm
Quoting VEEFX
{quote} Thanks STT. I have several accounts with Interactive brokers and trying to see if I should go with them for trading futures. Looks like they have a ton of options for market data feed subscriptions. Any recommendation on which one I should choose... to trade NQ? Are these fees comparable with other brokers? I cannot open a paper trade account without these feeds :-( {image} {image}


if you want just real time Front of the stack feed, you can subcribe to US futures value bundle for $5 / month (as Divergence pointed out). This is one area where retail have an advantage over institutional :-) (same feeds will cost at least 200 total for institutional). If you need more things like Level2, options etc, you will have to add those separately.

Also i believe they waive the data fees if you have enough trading commission generated (iirc $30+ per month).

For scalping, they are not the best but anything where trading decisions are made on 1+ minute timescale they should be ok. Again, you can get better fees, leverage etc from other Future commission merchant (some small HF uses Amp futures, tradestation etc) but as a start they should be a good option.
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