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Plan the Trade

  • #7,621
  • Sep 18, 2018 3:21pm Sep 18, 2018 3:21pm
V, yes, in the futures world everyone pays for data, however its peanuts considering all the various benefits: singular market, "fixed" spreads, commission structure, execution, etc etc. Also, it's an a-la-carte system so you only pay for what you need, as low as $5 for equity futures data, to a max of about $170 should you need the entire buffet with historical bid/offer and depth data. Regarding Sierra, it cannot be recommended enough, as a tinker-er, spreadsheet trader and coder, you will be amazed at the development environment sierra offers. The team behind sierra will also add features to the software if the request is reasonable and demand exists. Unheard-of with other platforms.

Div, i am planning on sharing something in the next few day regarding what you teach about Supply and Demand . . . i doubt you will need it yourself, but perhaps some of the newer traders will benefit from the visual. Sierra users stay tuned.
  • #7,622
  • Sep 18, 2018 3:23pm Sep 18, 2018 3:23pm
Cme charges $5 for data fees for all retail 10 trades a month gets you free sierra charts
  • #7,623
  • Sep 18, 2018 3:54pm Sep 18, 2018 3:54pm
Quoting Nik-Nyc
V, yes, in the futures world everyone pays for data, however its peanuts considering all the various benefits: singular market, "fixed" spreads, commission structure, execution, etc etc. Also, it's an a-la-carte system so you only pay for what you need, as low as $5 for equity futures data, to a max of about $170 should you need the entire buffet with historical bid/offer and depth data. Regarding Sierra, it cannot be recommended enough, as a tinker-er, spreadsheet trader and coder, you will be amazed at the development environment sierra offers....
Thanks again. Great stuff. So decision is made to dump IBKR and Fidelity move all my IRA and non-RA accounts to TDAmeritrade/ThinkOrSwim/Scotttrade. I have a long history with TD from the Datek Online days lol. With AMTD, I can also trade futures in IRA on 125% margin. No sure if I want to go that route but I am tired of IB so regardless, I am doing it to simplify my accounting and dealing with multi-brokers.

With TOS, there is no data feed charges, $2.25/contract and 1 cent exchange fee per contract per trade. they will also give me $600 plus no commission for 60 days to move my accounts :-) I am very familiar with TD platform but not TOS which is required for futures and forex. should be fine. But the rep said, Initial margin requirement is $7700 for 1 contract of NQ. That's quite high right?

EDIT: Plus with $3K/account/customer, I get 500 free trades for first 60 days.... i am opening 3 more accounts for my wife and kids and trade 3x ETFs every day. They also have a debit card feature for quick withdrawals... not bad
Staying in my lane...
  • #7,624
  • Sep 18, 2018 4:00pm Sep 18, 2018 4:00pm
Quoting VEEFX
{quote} Thanks again. Great stuff. So decision is made to dump IBKR and Fidelity move all my IRA and non-RA accounts to TDAmeritrade/ThinkOrSwim/Scotttrade. I have a long history with TD from the Datek Online days lol. With AMTD, I can also trade futures in IRA on 125% margin. No sure if I want to go that route but I am tired of IB so regardless, I am doing it to simplify my accounting and dealing with multi-brokers. With TOS, there is no data feed charges, $2.25/contract and 1 cent exchange fee per contract per trade. they will also give me $600...

Yes, that is very high, NQ is usually $500/contract from market open to close, but will require $5,800/contract should you want to hold your trade during the market settlement period after NY close.
  • #7,625
  • Sep 18, 2018 4:03pm Sep 18, 2018 4:03pm
Attached Image (click to enlarge)
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  • #7,626
  • Sep 18, 2018 4:11pm Sep 18, 2018 4:11pm
Quoting Nik-Nyc
{image}
nice. are you using AMP with Sierra? they also offer CrapT5 platform for futures. worth going with Mt5?
Staying in my lane...
  • #7,627
  • Sep 18, 2018 4:29pm Sep 18, 2018 4:29pm
Emini nq is daytrader 500 margin
  • #7,628
  • Sep 18, 2018 4:39pm Sep 18, 2018 4:39pm
Quoting VEEFX
{quote} nice. are you using AMP with Sierra? they also offer CrapT5 platform for futures. worth going with Mt5?
V, I do have an account with AMP and am a happy customer. Again, i recommend sierra for the advanced features it offers. At the same time i would discourage the use of mt5 or any metatrader software for that matter.
  • #7,629
  • Sep 18, 2018 4:48pm Sep 18, 2018 4:48pm
Quoting Nik-Nyc
{quote} V, I do have an account with AMP and am a happy customer. Again, i recommend sierra for the advanced features it offers. At the same time i would discourage the use of mt5 or any metatrader software for that matter.
I totally agree vee get yourself a sierra demo once you have tried it you will never use another platform again also tos 2.25 per contract is there comm there is still other fees
  • #7,630
  • Sep 18, 2018 5:20pm Sep 18, 2018 5:20pm
Quoting The Cableguy
i think you are rushing into profitability during Live trading too early. Give it a year yet, when you start to recognize when to stay out and when to dive in.
Thanks for the honest feedback Mr D and GC - it is appreciated!

I have followed the above advice, which is good advice by the way, for a very long time. I ended up in a cycle that has been repeating itself for years on end. Over the years I did realize that indis is rather useless if you do not grasp the basic trend/PA stuff and started eliminating it, which is good. But for some reason this sim/demo to live jump has been my achilles heel. Previously I always just ended up switching to another method or strategy and then ended at the same dead end. Well, no more ... there is nothing else to cut out and this works, it is as basic and powerful as it gets. I WILL get over this emotions thing by practicing (and some capital preservation safeguards so I do not get reckless) which only sim/demo trading does not address. The issues only pops out during live trading so can only be addressed there. I know a lot of people get stuck during the change-over and then just eventually quite. I mean to see this thought, no more running to another method or system ... this is it !!!
Never give up !!!
  • #7,631
  • Sep 18, 2018 6:22pm Sep 18, 2018 6:22pm
Quoting Nik-Nyc
. . . . Div, i am planning on sharing something in the next few day regarding what you teach about Supply and Demand . . . i doubt you will need it yourself, but perhaps some of the newer traders will benefit from the visual. Sierra users stay tuned.
Will look forward to it.
  • #7,632
  • Sep 18, 2018 6:24pm Sep 18, 2018 6:24pm
some of you guys should take a look at using profile
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  • #7,633
  • Sep 18, 2018 6:40pm Sep 18, 2018 6:40pm
Quoting rudy5
some of you guys should take a look at using profile{image}
What are your settings in this screen shot Rudy?
  • #7,634
  • Sep 18, 2018 7:26pm Sep 18, 2018 7:26pm
Quoting bapakjason
{quote} Will look forward to it.
Little preview . . . will markup the chart with proper explanation in next few days. In the meantime, note the Green and RED bars and ask yourself what might they represent? When a swing begins with a Green/Red candle what might that mean? Also note, the entries marked are those that pullback to a Green/Red candle only, obviously there are other 123 & 2b trades on the chart.

Have a think, should you guys find this interesting and what to do some testing yourselves i am happy to share the study and settings.

Edit: Chart is NQ - 30Sec - 930am Est to 12pm highlighted - 9/18

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  • #7,635
  • Sep 18, 2018 7:33pm Sep 18, 2018 7:33pm
Quoting Nik-Nyc
{quote} Little preview . . . will markup the chart with proper explanation in next few days. In the meantime, note the Green and RED bars and ask yourself what might they represent? When a swing begins with a Green/Red candle what might that mean? Also note, the entries marked are those that pullback to a Green/Red candle only, obviously there are other 123 & 2b trades on the chart. Have a think, should you guys find this interesting and what to do some testing yourselves i am happy to share the study and settings. Edit: Chart is NQ - 30Sec - 930am...
Looking forward to it nik seems those were my trades today it would be interesting to see what you found
  • #7,636
  • Sep 18, 2018 8:25pm Sep 18, 2018 8:25pm
Quoting Divergence
{quote} I totally agree vee get yourself a sierra demo once you have tried it you will never use another platform again also tos 2.25 per contract is there comm there is still other fees
I might stick with TOS just the convenience of linked multi-account setup they have (I have almost a dozen accounts which I need to also consolidate eventually). I have some tricky experience with a 3rd party software integrated with IB's API and that damn thing would break Everytime IB would automatically upgrade their platform. It became so frustrating has I had to stop using it altogether...hence the hesitation to go with Sierra. I will download their demo and give it a try by following this thread along. $1000/hour seems so enticing :-)
Staying in my lane...
  • #7,637
  • Sep 18, 2018 10:50pm Sep 18, 2018 10:50pm
damn..a rare sight..

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  • #7,638
  • Sep 18, 2018 11:45pm Sep 18, 2018 11:45pm
Quoting Divergence
Will buy 21
I think I know what is going on... All these old legacy members are still lurking around the factory because of a recent bug introduced which turns a invisible member into visible momentarily. It could be specific .browser related. I noticed my profile also act wierdly and just earlier today, I saw the great Hanover also online and visble. The cat is out now. Folks can never leave the Factory LOL
Staying in my lane...
  • #7,639
  • Sep 19, 2018 3:40am Sep 19, 2018 3:40am
Quoting Nik-Nyc
{quote} Little preview . . . will markup the chart with proper explanation in next few days. In the meantime, note the Green and RED bars and ask yourself what might they represent? When a swing begins with a Green/Red candle what might that mean? Also note, the entries marked are those that pullback to a Green/Red candle only, obviously there are other 123 & 2b trades on the chart. Have a think, should you guys find this interesting and what to do some testing yourselves i am happy to share the study and settings. Edit: Chart is NQ - 30Sec - 930am...
Thank you for sharing ... looking forward to learning.
It always comes back to understanding trend as well as supply and demand levels but it is amazing how unique each individual can "see" and interpret it.
I agree with Masterrmind on the following:

"At the end of the day it is the determination and perseverance of the trader that greatly decides whether success will follow or not.
If the market knocks you down, pick yourself up and strive to conquer it.
Focus on the goal, set milestones, put your mind into gear, make sense of the market chaos and strive to conquer it."

The red and green candles "seem" to be random as not all up or down swings start with them neither are they consistently distributed and are sometimes red/green together. I see no connections so far. They can include other data like volume but it is also not obvious as their size differs a lot.
Where they do occur at the beginning of a decent swing, they represent a pullback area to a decent supply and demand level ... similar to Mr D's rejection and thrust bar.
All but one (nr 4) that is marked has only one color bar at the start but since nr 4 is a mixed bunch together, it seems not be a hard and fast guideline by itself.
Never give up !!!
  • #7,640
  • Edited 3:54am Sep 19, 2018 3:42am | Edited 3:54am
Quoting Nik-Nyc
{quote} Little preview . . . will markup the chart with proper explanation in next few days. In the meantime, note the Green and RED bars and ask yourself what might they represent? When a swing begins with a Green/Red candle what might that mean? Also note, the entries marked are those that pullback to a Green/Red candle only, obviously there are other 123 & 2b trades on the chart. Have a think, should you guys find this interesting and what to do some testing yourselves i am happy to share the study and settings. Edit: Chart is NQ - 30Sec - 930am...
In a really simple and basic observation... Where a wick followed by full bodied candle exists (in a given direction) a potential future supply/demand zone is indicated?
'in less than half an hour he made over 100 ticks'
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