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Make Money Everyday - A Guide to Short-Term Trading

  • #181
  • May 5, 2011 1:45pm May 5, 2011 1:45pm
geduim, I think my fighting mindset goes together with my overall attitude to learning. Fail your way to success has worked well for me in the past. While at university, I failed Mathematics 1. Then managed to passed it with distinction on the 2nd try. Failed Mathematics 2. Passed with distinction the 2nd time. I am more of a reflector and somewhat of a slower learner. Would love to get to the flow with the river stage in my trading. Perhaps I should start to think in such terms and see how that effects my trading experience.
Much depend on luck, but the more you practice the luckier you get! NT & GP
  • #182
  • Edited 2:00pm May 5, 2011 1:59pm | Edited 2:00pm
KenFenFX,

You offer some sound advice here. The first live trade I took with a new system I was trading a 10 lot (emini) on the S&P. I made 6 ticks on a scalp and was up $750 in a flash. I was elated. I could see myself making thousands of dollars a day and I was certain I was well on my way to making my millions. As I took my next trade, and next trade...all I could see were $ signs. But I would take a losing trade, and another and transaction fees would add up and suddenly I was completely out of my trading system and could only see the world in $, win or lose. It took me some time to shake that perception and get back to trading ticks (or pips). Removing the emotional factor of real dollars can mean the difference between success and failure. Granted, everyone trades to make money. That is why we trade. But for the sake of reducing or eliminating emotion from our decisions- to get strictly to a systematic approach takes seasoning and discipline. Switching from $'s to pips can be a great way to alleviate that stress and help keep you on track.
  • #183
  • May 5, 2011 2:22pm May 5, 2011 2:22pm
Quoting pa_pips
geduim, I think my fighting mindset goes together with my overall attitude to learning. Fail your way to success has worked well for me in the past. While at university, I failed Mathematics 1. Then managed to passed it with distinction on the 2nd try. Failed Mathematics 2. Passed with distinction the 2nd time. I am more of a reflector and somewhat of a slower learner. Would love to get to the flow with the river stage in my trading. Perhaps I should start to think in such terms and see how that effects my trading experience.
I took Chemistry 3 times....
  • #184
  • May 5, 2011 2:24pm May 5, 2011 2:24pm
Quoting Mommatried
KenFenFX,

You offer some sound advice here....
Thanks for sharing Mommatried, Good points and I'm glad we didn't scare you away.... lunchtime can be a lonely time to trade...

M
  • #185
  • May 5, 2011 3:19pm May 5, 2011 3:19pm
I must be dense! I for the life of me can't figure out what you are doing on the excel sheets. Is that simply a plot of winning vs losing trades or is it plotting price action?

Thanks - I am sure the answer is quite obvious... it just eludes me....
  • #186
  • May 5, 2011 3:29pm May 5, 2011 3:29pm
Quoting enochben
I must be dense! I for the life of me can't figure out what you are doing on the excel sheets. Is that simply a plot of winning vs losing trades or is it plotting price action?

Thanks - I am sure the answer is quite obvious... it just eludes me....
OK - with the excel file - I use that to plot out the days price action. It is only a tool I use for myself to help see Price better. Now - how I use it - I box out or color in a box for each 12 pip move. I live in FL - you Chicago (great city BTW), so for me, 5PM is the EOD and the Beginning of the next day. So I start @ 5pm and using that sheet - starting on the horizontal line - will plot the first 12 pip move (12 pip up or down). My only condition is the 12 pip move has to be one from full leg between the lines I have drawn on my chart.

So for example - first move is up - my first block is in the first block on top of the horizontal line. If PA keeps moving up - I keep moving up as well - next block, #2, would then be up and over one block. Now when PA pulls back and comes back, I mark off the box next to the last one that went up. If it helps you - use different colors for up moves and down moves. I did when I started, now i'm just lazy and use a pencil - it's too hard to find 2 different colored writing instruments in my house.

It could be used to log your trades I suppose, I just liked doing it because it helped me stay focused on my goal and that was 12 pip moves.

Mongolian
  • #187
  • May 6, 2011 12:14am May 6, 2011 12:14am
Quoting mongolian
My apologies, I know this question has been asked a couple times before, I have seen it, intended to answer it, yet just have gotten busy in the charts and never really answered.

Question was - In regard to Order Placement - Where do you place order in relation to the spread?...
Hi, thank you very much Mongolian for all nice comments and encouragement. Your answers really help a lot Here's one more chart to be clear with orders, its a little confusing for me. Is it correct?
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  • #188
  • May 6, 2011 12:55am May 6, 2011 12:55am
Quoting kenfenfx
Mongolian & fellow traders,

I just wanted to stop by and share with you something I read last night after my trading session.

The author, Ed Ponsi, was talking about making our trading seem like a game for points instead of money.

Before I read this, I took the opportunity to "de-money" my trading station. I changed the counters to tell me how many pips instead of the dollar amounts, so last night as I was reading it, it really hit home how this was helping me.

This has meant that I have a less stressful time of trading. I'm focused on...
Great post Kenfenfx i'm doing the same thing, no $ signs on my platform. i think next step from changing $ to pips is focusing on performance: breaking trading in to smaller peaces (entry, capital defense based on price action real behavior vs expected (after entry assume you are wrong and prepare to defend capital until proven that you are right), profit taking (Got something instead of nothing). One can control his performance on text trade but not the outcome (pips), but in the long run good performance brings plenty of pips. You can take a look at Steenbarger's book "The Daily Trading Coach" (about psychological preparation and work, try google for free pdf to see if you like it). Just my two cents, maybe something of this helps
  • #189
  • May 6, 2011 2:59am May 6, 2011 2:59am
+7.9 pips and done for the day. Thanks Mongolia, I cannot remember the last time, if ever, that I ended 3 days in a row in positive territory.
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Much depend on luck, but the more you practice the luckier you get! NT & GP
  • #190
  • Edited 3:35am May 6, 2011 3:22am | Edited 3:35am
Hi, interesting practice session today's London open, little shorter (have to take care of some things). Big volatility and good lesson to put expectations a side, everything is possible (like 60pips moves up and down that took only 15mins). Some thoughts on profit taking: if price goes straight to TP and stalls better to take +10? but if price rests before +10 then higher probability that it will reach +12? after price reaches +10 one could move SL to +6? Just couple ideas on profit taking, no cut in stone rules.
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  • #191
  • May 6, 2011 3:30am May 6, 2011 3:30am
Thanks mongolian for the great thread.
I have a question, when you start your trading day are you looking on the higher time frames for major trend? Or is it irrelevant because the swings on M1 and lower are within the swings on the 15M+ time frames, hence not really of concern to us?
Also, you're not marking strong S/R on higher time frames. Is that because we are more concerned with the movement of price action around 00, .25, .5 and the 12 pip moves between them? Could it be useful to have key S/R level from higher time frames marked? Or would that become confusing.
Excuse me if I'm being ignorant to some assumed knowledge!

Thank you!
Nic
  • #192
  • May 6, 2011 3:37am May 6, 2011 3:37am
Quoting geduim
Hi, interesting practice session today's London open, little shorter (have to take care of some things). Big volatility and good lesson to put expectations a side, everything is possible (like 60pips moves up and down that took only 15mins). Some thoughts on profit taking: if price goes straight to TP and stalls better to take +10? but if price rests before +10 then higher probability that it will reach +12? after price reaches +10 one could move SL to +6? Just couple ideas on profit taking, no cut in stone rules.
Wow, great stuff geduim
Much depend on luck, but the more you practice the luckier you get! NT & GP
  • #193
  • May 6, 2011 3:47am May 6, 2011 3:47am
Quoting nhen
Thanks mongolian for the great thread.
I have a question, when you start your trading day are you looking on the higher time frames for major trend? Or is it irrelevant because the swings on M1 and lower are within the swings on the 15M+ time frames, hence not really of concern to us?
Also, you're not marking strong S/R on higher time frames. Is that because we are more concerned with the movement of price action around 00, .25, .5 and the 12 pip moves between them? Could it be useful to have key S/R level from higher time frames marked? Or would...
It's up to the trader. I have done that at times and at times I have not. Nothing wrong with doing that. S/R from higher time frames - are also going to be @ the whole numbers as well - this is scalable. Meaning - you can trade this way with a higher timeframe as well. You would be looking for higher pips, your stop/loss would be bigger and it would require more time. But PA moves and turns naturally at those numbers. If you want to mark them on your chart that is fine, mine has enough on it already!

Thanks for the good questions!

Mongolian
  • #194
  • May 6, 2011 3:53am May 6, 2011 3:53am
Quoting geduim
Hi, interesting practice session today's London open, little shorter (have to take care of some things). Big volatility and good lesson to put expectations a side, everything is possible (like 60pips moves up and down that took only 15mins). Some thoughts on profit taking: if price goes straight to TP and stalls better to take +10? but if price rests before +10 then higher probability that it will reach +12? after price reaches +10 one could move SL to +6? Just couple ideas on profit taking, no cut in stone rules.
I should also mention that I took Statistics 3 times as well - so I can tell you that if there is a question about probability, there is a high chance that you want to ask someone else . But yes, +10 I got no problem with that. You have to do what is in your best interest. It has to pass the sleep test. If you can't sleep over how you trade - then it's no good. But if you can go in - get some everyday, place good trades, take profit when you see it. Then excellent excellent work! Thanks for sharing your charts with us.

Mongolian
  • #195
  • May 6, 2011 3:54am May 6, 2011 3:54am
Quoting pa_pips
+7.9 pips and done for the day. Thanks Mongolia, I cannot remember the last time, if ever, that I ended 3 days in a row in positive territory.
I love it! I love the momentum, keep it up and keep us in the loop!

Mongolian
  • #196
  • May 6, 2011 3:58am May 6, 2011 3:58am
Quoting geduim
Hi, thank you very much Mongolian for all nice comments and encouragement. Your answers really help a lot Here's one more chart to be clear with orders, its a little confusing for me. Is it correct?
I think you are getting it. The spread does make it tricky, but we can overcome that. Just adjust your entry based on your spread. Placing orders directly on the quarter lines, you may or may not be filled depending on if PA is sloppy or not. But adjusting orders to compensate for spread - you should be okay - It would be equivalent of placing it directly on each line.

M
  • #197
  • May 6, 2011 4:02am May 6, 2011 4:02am
Time is time and money is money. What a fantastic quote. Although I bet a fair few people will not understand that.
  • #198
  • May 6, 2011 4:03am May 6, 2011 4:03am
Ok great cheers for that!

Quoting mongolian
It's up to the trader....
  • #199
  • May 6, 2011 5:00am May 6, 2011 5:00am
Hello. It's me again. Today I traded at lunch again today. It was so cold and lonely. No one would say hi to me. Price action just stared at me with its ranging face and said- no! you cannot make money today. Why Trading Journal? Why? Why is this such a cold cruel world.

I once got a bad grade in ordinary differential equations. It didn't bother me then and it doesn't 15 years later.

That's all for now Trading Journal. Thanks for listening. Now if only I could get the Mongoloid to like me.
  • #200
  • May 6, 2011 6:23am May 6, 2011 6:23am
Quoting the_wizard
Time is time and money is money. What a fantastic quote. Although I bet a fair few people will not understand that.
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