if you had to start over...

[darthtrader]

thanks for the Elitetrader link. In all honesty since finding this board elite has become quite hard to read. so much garbage to sift through and seemingly angry responses, like "go flip burgers" in that thread posted.

I was actually look at the ninja trader the other day. something that looked interesting is the replay function. is it possible say replay the day and paper trade at 10pm for practice?

I'm sure I will paper trade for a bit when i get going but I didnt really get much from paper trading stocks.

also, have any of you backtested your setups with different stops? that is something i will be interested in checking out once i get going.

[The Bear]

I too never got much from paper trading. I like to put a little something on the line to make it real.

Regarding Tradestation, I've used it quite a bit and it works fine for trading 1 YM contract. I rarely get slippage on the stops (STOP MARKET), maybe 1 tick of slippage on 100 trades. I use limit orders for entry and it works fine.

[bakrob99]

Darthtrader

ESignal has a tick by tick replay function so you can replay the day later on ... TS does not.

I have traded TS using 1 contract and market orders and found it quite difficult to consistently make money. Main reason - you really need to be able to scale out - so my advice would be to find 1 (just one) setup that works for you and trade it using a simulator for a while - then when you start trading for real use at least 2 contracts and scale out of the first at a point that your entry hits it 75% of the time before it hits your stop loss... then let the other contract run.

[cooter]

	Quote:	The Bear
	I too never got much from paper trading. I like to put a little something on the line to make it real. Regarding Tradestation, I've used it quite a bit and it works fine for trading 1 YM contract. I rarely get slippage on the stops (STOP MARKET), maybe 1 tick of slippage on 100 trades. I use limit orders for entry and it works fine.

For trading energy contracts though, how does this work out for you?

[The Bear]

I've maybe done 50-100 CL (1-2 contacts at a time) trades in the tradestation account, and I've had 1 tick of slippage on 2 separate occasions. In my opinion the order entry system works well for what I do. I Don't use the tradestation account for gas trading, but my records show I had 1 tick of slippage on a mini natural gas trade for 1 contract. I've maybe done 20 mini gas trades in it. It also worked fine.

Here and there I get slippage of 1 tick on my exits but it is in my favour (limit orders).

[The Bear]

I forgot to say, STOP LIMIT orders also work fine for me in the TS account for entries and I usually don't get bypassed even in fast markets.

[darthtrader]

bakrob99, I will certainly be scaling at some point. I really can't see though putting on 2 or 3 contracts with a 5k account risk wise.

Dalton really has my head swimming now. There was some quote from Mind Over Markets about trading logic only coming from putting on trades, something like that.

So what you guys think about this. Instead of trying to make money on this first 5k YM account, set a goal of trying to put on 100 trades and break even? Use a 10 point stop and an automatic 10 point profit target. Then keep putting on 100 trade blocks with the same 10/10 stop/profit until i have made money over the 100 trades? Basically like setup batting practice. That would seem alot more logical than backtesting to try to see if you actually have positive expectancy.

[bakrob99]

I understand that you are trying to keep the risk to a small % - but explain to me please what is the difference from the trades perspective if you place 2 contracts with a 5K account or 2 contracts with a 25K account. The market doesn't know.

I have found it easier to make $$$ by scaling out of positions which allows you to let the 2nd contract run ... the only way to make up for your inevitable stop losses.

Scalping makes your broker richer and you broker.

[BlowFish]

	Quote:	bakrob99
	I understand that you are trying to keep the risk to a small % - but explain to me please what is the difference from the trades perspective if you place 2 contracts with a 5K account or 2 contracts with a 25K account. The market doesn't know. --Snip--

The reason people keep limit risk on any single trade percentage of there margin is to prevent blowing up. Your risk of ruin grows significantly as you put more margin at risk on any single trade.

As an example if you had a rigged roulette table that paid red 60% of the time would you bet all of your stake each spin? How long would you last? Would you bet 2%? 10%? 50%? Why?

If you had a roulette table that paid 70% of the time would you risk more? How much more?

The objective is to stay in the game, money will come if you do (and you have a positive edge of course).

Cheers.

[cooter]

	Quote:	BlowFish
	The reason people keep limit risk on any single trade percentage of there margin is to prevent blowing up. Your risk of ruin grows significantly as you put more margin at risk on any single trade. As an example if you had a rigged roulette table that paid red 60% of the time would you bet all of your stake each spin? How long would you last? Would you bet 2%? 10%? 50%? Why? If you had a roulette table that paid 70% of the time would you risk more? How much more? The objective is to stay in the game, money will come if you do (and you have a positive edge of course). Cheers.

Another reason not to overtrade and quit while you're well ahead for the day, and satisfied.

If I really traded ALL of my setups after reaching my daily goal (which was reached by noon EST already), I'd be burnt out and ready to give it all back to the market.

Even as I write this, just glancing at the screen I see 3 more setups which I didn't take....oh the horrors of it all!!!