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Plan the Trade

  • #11,021
  • Mar 8, 2019 5:42am Mar 8, 2019 5:42am
Quoting ddaytrader
If I‘m not mistaken volume should roll to the June contract for Friday’s session.
yes nqm9 for today's session dd
Become the casino
  • #11,022
  • Mar 8, 2019 5:48am Mar 8, 2019 5:48am
same for ym .. ymm9 for todays sess
Become the casino
  • #11,023
  • Mar 8, 2019 6:40am Mar 8, 2019 6:40am
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  • #11,024
  • Mar 8, 2019 7:01am Mar 8, 2019 7:01am
Quoting VEEFX
{quote} Is that max deviation of VVAP from yesterday's HL or today's? I don't look at anything in the past history as part of my OC framework. Starting point of OC onwards is all that is important and relevant. That is why, "in theory", I cannot use any indicator that relies on previous candle the second I kick off my algo. Opportunity has to have a definite start and endpoint or the entire model becomes a pile of garbage in garbage out.
Based on current day. I'll PM you
  • #11,025
  • Mar 8, 2019 8:14am Mar 8, 2019 8:14am
Quoting PayTheLimit
{quote} back in the day, before the emini, the spooz had a 500 buck multiplier, so 1 handle was $500 a car, I routinely saw guys bang out a hundred, granted the index was at a much lower price, and we moved less points a day, but still......not to mention Eurodollar traders who did 1000s at a crack......each one of those guys started trading one lots....PS, when you read stories about 87, those where the big spooz they where throwing around....
Yes indeed there always have been and always will be big traders out there. Mark Douglas once told a story about a bond trader he was working with who traded 1000 contracts at a time, with a value of $31,500/tick! That trader traded just one hour a day and averaged $175,000 in profits per day on the floor. So, yes, incredibly large numbers are possible. But, let's face it, such figures are likely out of reach for nearly everyone who posts here at FF. Maybe I'm just projecting, because after all the time I have been trading, I know I do not have it in me to trade such size while keeping my composure.

I was really responding to the suggestion that one could day trade enough size to become a billionaire based on what we are talking about here in this thread. I've been around these trading forums long enough to know that once you start talking about building size and have a decent win rate, that some troll (and I am not referring to anyone in this thread) will come along and do the math that "shows" that if what is being claimed is true then eventually the trader would accumulate all the money in the world, and thus the troll feels he has successfully reduced any claim to attempt to trade with consistent profitability to absurdity. I've seen a few actually make the reductio ad absurdam argument this week in other threads I was browsing.

Yes, the big SPOOZ is equal to 10 emini's. You'd have to trade 25 NQ's to have the same tick value as 1 big S&P contract. So that really puts into perspective how small we truly are. So when someone here says he is trading 10 NQ's at a clip, others might think that is huge size. But it is not. It is still only a little more than 1/3 of what one would have had to trade if one were trading in the era before e-mini's existed.
  • #11,026
  • Mar 8, 2019 8:19am Mar 8, 2019 8:19am
Pre-market - it is tough to decipher as I scaled out on this one, but total profit averages to 9 points, or +36 ticks per contract on this pre-market short.

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  • #11,027
  • Mar 8, 2019 9:01am Mar 8, 2019 9:01am
Quoting ddaytrader
{quote} Yes indeed there always have been and always will be big traders out there. Mark Douglas once told a story about a bond trader he was working with who traded 1000 contracts at a time, with a value of $31,500/tick! That trader traded just one hour a day and averaged $175,000 in profits per day on the floor. So, yes, incredibly large numbers are possible. But, let's face it, such figures are likely out of reach for nearly everyone who posts here at FF. Maybe I'm just projecting, because after all the time I have been trading, I know I do not...
That bond trader you speak of is Tom Baldwin, who traded 1000s at a clip, regularly...he also started as a one lot trader. Anything is possible. But it in the end, its the same as everything else. How many stars are really out there. Just a few. But you don't need to be a billionaire. I knew plenty of 1/2/5 lot traders that lived very well, and retired well. Personally, my cowboy days are over. I'm too old for those swings. They take a toll on you. I don't think none of those guys where swinging those numbers for more than 5 years, max. Towards the end of his carrier, Baldwin sold 3000 bonds one morning, and they where bid all day. About an hour before the close, his clearing firm came down and asked for a check to cover some of it. He cut one for like $3million, and covered into the close, with the whole pit licking their chops. I wasn't there, but a good buddy of mine that was in the bond pit told me the story. Baldwin never traded size again. Its not sustainable, even the great traders take hits, and realize, why give it all back.
Look Sharp/Trade Tight
  • #11,028
  • Edited 11:40am Mar 8, 2019 9:16am | Edited 11:40am
Quoting PayTheLimit
{quote} That bond trader you speak of is Tom Baldwin, who traded 1000s at a clip, regularly...he also started as a one lot trader. Anything is possible. But it in the end, its the same as everything else. How many stars are really out there. Just a few. But you don't need to be a billionaire. I knew plenty of 1/2/5 lot traders that lived very well, and retired well. Personally, my cowboy days are over. I'm too old for those swings. They take a toll on you. I don't think none of those guys where swinging those numbers for more than 5 years, max....
Crazy.

That's why i say strike while the iron is hot. This isn't a long term thing for me. The day i hit my goal i'm dropping it into various long term investments and i'm just gonna do what life tells me
  • #11,029
  • Mar 8, 2019 9:23am Mar 8, 2019 9:23am
Very active morning for me thus far. I'm 13 trades with 7 profitable and 6 losses with a net profit of 50 points/contract - that is 200 ticks profit per contract and that seems like a great place to end the week. The chartt is a mess and for some reason the connecting lines are not being drawn properly between opening and closing trades, and I am trading a prety quick chart still (512Tick) but I will show you the last trade I took: Buy stop at 84.25 and profit target of 90.50 to give you an idea of how quick that trade was, my opening and closing transactions qare listed at 10:13:35 AM open and 10:13:36 AM close - a micro second 6.25 point profit lol.

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  • #11,030
  • Mar 8, 2019 9:29am Mar 8, 2019 9:29am
Ok ... So I said I was done for the day, but I just can't resist when a set up flashes before my eyes ... if I see it, I have to trade it. Another rather quick hit here: Bought 93.75 buy stop and profit target 7000 even quickly filled on the limit.

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  • #11,031
  • Mar 8, 2019 9:37am Mar 8, 2019 9:37am
Quoting PayTheLimit
{quote} That bond trader you speak of is Tom Baldwin, who traded 1000s at a clip, regularly...he also started as a one lot trader. Anything is possible. But it in the end, its the same as everything else. How many stars are really out there. Just a few. But you don't need to be a billionaire. I knew plenty of 1/2/5 lot traders that lived very well, and retired well. Personally, my cowboy days are over. I'm too old for those swings. They take a toll on you. I don't think none of those guys where swinging those numbers for more than 5 years, max....
you seem like you know a lot about the pit days and futures in general. yet i see you post forex charts. Do you not trade futures at all? or on the side?

if the former, why you left? just curious that's all
  • #11,032
  • Mar 8, 2019 9:56am Mar 8, 2019 9:56am
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Become the casino
  • #11,033
  • Mar 8, 2019 9:58am Mar 8, 2019 9:58am
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Become the casino
  • #11,034
  • Mar 8, 2019 10:02am Mar 8, 2019 10:02am
Quoting hilmy83
{quote} you seem like you know a lot about the pit days and futures in general. yet i see you post forex charts. Do you not trade futures at all? or on the side? if the former, why you left? just curious that's all
Those are interesting questions. I know that both Divergence and I came to futures having also traded forex. I, for myself, could not imagine ever going back to forex after trading e-mini futures. If I do trade currencies at all, I would trade listed CME futures, not spot forex markets through a bucket shop broker.
  • #11,035
  • Mar 8, 2019 10:09am Mar 8, 2019 10:09am
Quoting ddaytrader
{quote} Yes indeed there always have been and always will be big traders out there. Mark Douglas once told a story about a bond trader he was working with who traded 1000 contracts at a time, with a value of $31,500/tick! That trader traded just one hour a day and averaged $175,000 in profits per day on the floor. So, yes, incredibly large numbers are possible. But, let's face it, such figures are likely out of reach for nearly everyone who posts here at FF. Maybe I'm just projecting, because after all the time I have been trading, I know I do not...
i do like the sound of SPOOZing the NQ lol Great info guys. I had no idea rollover and expiration fell on different days. Could someone please confirm if "Contineous Contract Rollover setting" in Sierra will have any impact to backtesting results that cover more than one quarter? I just introduced "volume" this week and want to make sure this volume rollover business doesn't skew my test results. Appreciate it. Wealth of knowledge out here guys.... TOGETHER WE SHALL PREVAIL !!!!!!
Staying in my lane...
  • #11,036
  • Mar 8, 2019 10:40am Mar 8, 2019 10:40am
Quoting erasmus66
{image}
Hey Erasmus, I see +25 and I assume that means that that trade hit your target of +25 ticks. How do you end up with the +10's and the -12's and the +/-1's? I have a difficult time deciphering what's going on when I look at charts with black backgrounds and bunched up candles, so I'm hoping you wouldn't mind "translating for me a bit. I assume that the yellow/gold lines are where you entered. So I am particularly interest in the +1 - was that a long entry or a short entry, and why was the trade scratched?
  • #11,037
  • Mar 8, 2019 10:50am Mar 8, 2019 10:50am
Quoting hilmy83
{quote} you seem like you know a lot about the pit days and futures in general. yet i see you post forex charts. Do you not trade futures at all? or on the side? if the former, why you left? just curious that's all
I traded some options in collage, and got the bug. Started trading futures right after I got a job as an order clerk. Saved/Borrowed money and went down to the floor, traded options and futures for 10 years. Volume started drying up and moved back upstairs to trade the screen. Moved to FX little while after for margin/tax/time zone considerations. I trade FX exclusively now.
Look Sharp/Trade Tight
  • #11,038
  • Mar 8, 2019 11:19am Mar 8, 2019 11:19am
you know what i just realize?

since amp gives option to trade through MT5, i could just let it run in the background in vps. i think veefx said there wouldn't be additional data charge.

so i was like, cool, now i can actually have a TE for futures!...

but then i checked TE, it's only for MT4..i wonder if i can suggest ff to add MT5 platform
  • #11,039
  • Mar 8, 2019 11:32am Mar 8, 2019 11:32am
Quoting hilmy83
you know what i just realize? since amp gives option to trade through MT5, i could just let it run in the background in vps. i think veefx said there wouldn't be additional data charge. so i was like, cool, now i can actually have a TE for futures!... but then i checked TE, it's only for MT4..i wonder if i can suggest ff to add MT5 platform
I would NOT hook up MT5 to your futures account nor I would ever hook up any live accounts to 3rd party services like TE or share my stats with any trading log software on the cloud. By nature I am a skeptic from past experiences and I know too much about crapT4 and technology in general to trust MT5. Besides, trading futures on MT5 is a big no no as it is designed to forex. Someone recently mentioned on this thread about their price feed not being "accurate" for futures.

Why bother man. You are doing well in your thread ! If you focus is to make money, then just do what you are doing and "fame" will automatically follow you around wherever you go!

p.s. I am breaking all my promises here by telling what to do. I should just put myself back on ignore lol
Staying in my lane...
  • #11,040
  • Mar 8, 2019 11:42am Mar 8, 2019 11:42am
Quoting VEEFX
{quote} I would NOT hook up MT5 to your futures account nor I would ever hook up any live accounts to 3rd party services like TE or share my stats with any trading log software on the cloud. By nature I am a skeptic from past experiences and I know too much about crapT4 and technology in general to trust MT5. Besides, trading futures on MT5 is a big no no as it is designed to forex. Someone recently mentioned on this thread about their price feed not being "accurate" for futures. Why bother man. You are doing well in your thread ! If you focus is...
i won't be trading futures through mt5, i would let run in the background while i trade on tradingview. Not sure if it will work, but i've done tradingview (paid version)+cqg desktop or sierra at the same time with no issues. Only reason i'm not using sierra as stats is because i can't break it down by setups/tags.

i'm speaking strictly from stats gathering standpoint. currently journalytix is nice, but it doesn't allow me to put multiple trade tags on a single trade.

Plus with mt5, i can use fxblue or TE (if ff adds it) and do more stats.

tradervue has everything i need, but it's manual process of having to load statements from cqg

your skepticism about 3rd party platform/stats..you do realize sierra is considered one 3rd party right? no different than logging into mt5. your info is out in the "net".

the only safe route in my opinion if you strictly go off the data providers' platforms (cqg q trader, desktop etc.) or using rithmic platforms.
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