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markl67
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Posts posted by markl67
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Yup, me too - thanks.
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I agree that the template in Mastering The Trade by John Carter is a great starting point. High Probability Trading by Marcel Link also has some good stuff on writing a trading plan.In my opinion, your trading plan should contain every aspect of your trading business:
- Why you are trading and what your objectives are
- When you will be trading
- What you will be trading
- How many contracts/stocks will you trade as a function of your account size
- Money management
- Drawdown rules (for example, stop all trading for the month after a 20% drawdown)
- Your trading system (this can be as simple as moving average crossover system)
- Notes and reminders regarding psychology
- A solid system for tracking performance on a daily, weekly and monthly basis
- A journal detailing your trades, psychology, general market comments, etc
- How you will start your trading day and how you will end it
- Trading rules
- Montecarlo simulations including commissions and slippage so that you can learn what to expect from various trading systems.
My current trading plan is over 10 pages and covers just about everything. Attached to the plan there are several spreadsheets that is part of the plan.
Writing my journal has really helped me pull together everything I`ve studied and learned so far. It has also revealed several weak areas that I`m now working on.
When my plan is complete, it should be so detailed and conscise that I could give it to anyone and they could understand and use it.
Trading without a plan is planning to fail
10 pages! Some of ya'll obviously have bigger brain than me!
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Hi all,Not everyone has the chance to trade full time. I trade options on EUREX, but I also have a full time job, which means I kind of have to trade while at work (because of market opening time colliding with my daily job).
Do all people here trade full time or is there people that are in the same situation as I am and have to adapt their trading strategy?
Also, for those in my situation, I'd be curious to know how people are trading while at work, because I can't launch a NinjaTrader or other software while at work!
My current job is being phased out which I've known about for many months. After that my plan is to trade full time, so to gain experience I've been watching the markets during the day for the past year or so when time allows, but have not tried to trade as I know it will only cause frustration/losses. I have an account at Tradestation, which I can't launch due to firewall restrictions at work. So, I leave my computer on at home during the day and gain access to it from work via a remote connection (LogMeIn.com).
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Hey our country is 233 years old on July 4th - that's a fibonacci number! That's gotta mean something right!?!
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I know I'm probably going to get smacked around for asking this, but why is there not one indicator or strategy that works everyday? Trading a certain way today may be successful, but will fail miserably tomorrow. For example, one day pivots are honored or respected and the next day they're ignored. It's almost like a select group of individuals know from one day to the next what's going to "happen".
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Thanks once again for your replies. I have started to understand the volume dynamics but now am confused at another aspect....The price.Why does the price move up and down when everyone only reacts to the current price and no one actually sets it? in simpler words....a futures contract is for $100. Person A sells one contract and person B buys it. Everyone else just notices a volume of 1. This transaction should have no effect on the price. Now how does the price rise or fall from here? Buyers/sellers are sitting in from of their computers and waiting for price to go down/up...but these buyers/sellers dn't tell anyone that they want to buy/sell the future contract. They are just sitting in front of their computers in a reactionary mode. So how does the exchange move the price when buyers/sellers dn't make their intent public until they hit the button? Is there an pit angle to all this where real bidding and asking happens?
I think this is an excellent question which I've thought about many times. Obviously it has to do with supply and demand. If more demand than supply, the price moves up until supply is available/willing and visa versa.
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But in the example chart, it does appear that an initial large trade (buying volume) moved the price up which then caused the stock to pop up on radar screens creating interest, etc. So I guess in this case someone could have been screening for nothing but volume increase/spikes and found this stock.
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A 133 is too fast for me. I use a 6range/4range combo. I use a 10HMA.What do you mean by 6 range/4 range combo? Thanks.
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Damn...nice presentation!
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Yes, "tricks" are played on the DOM, but what I was talking about and the illustration shown by HAL9000 is actual time and sales.
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Thanks - so watching actual filled orders is generally not useful in determining price movement? I still don't get the buy at bid and sell at ask. I work in "the industry" and that concept is so foreign to me.
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I've been sim trading the es for a few months now and I have this nagging question which I can't seem to find the answer to.
When trading stocks, you buy at the ask and sell at the bid which makes sense, but with futures it's the opposite, buy the bid and sell the ask...? If that's the case then why when I'm watching the time and sales screen does the price move up when a lot of "at ask" orders come across and the price moves down when a lot of "at bid" orders come across?
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Jugador, I'm pretty much at the same stage you're at - just starting out. I know I'm stating the obvious here but any system will work on some days but not others. What I find myself doing is on the days when my system doesn't work (non-trending) is looking at other indicators or other time frames trying to find the holy grail that works all or most of the time. Funny because I know there's no such thing but somehow the search calls out to me. I've come to realize that although it's called day trading I must not get caught up too much on daily results and focus on the bigger picture (monthly) results. Over the course of a month does my system produce the results desired or needed. If yes, then just keep trading that system with extreme discipline and never stray from the rules.
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Would currency trading fall under the purview of this proposed tax?
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How do we get CNBC to announce this over the air - that would get some serious attention. Get Rick Santelli on it!
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Hello.My name is Rick. Ive been trading emini's for about four years and I am convinced that there is a way to do this right and make a living doing it. I have stumbled upon traders audio.com and even though it is aggitating and annoying, I have found that my trading has improved. Anybody else using tradersaudio.com?
Rick
Which service are you using - the e-mini squawk? I'm just starting out but I have heard about this service from numerous sources.
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I'm in the decision making process as well and so far my thinking is as long as it's a dedicated computer (as mentioned earlier) and has 3 gb RAM, decent pentium processor, and a graphics/video card to handle multiple monitors that should be enough for me - why the need for $4,000+ units...?
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Just remember the tax ramifications of trading stocks/ETF's can be disadvantageous compared to trading futures.
The Truth of Trading
in Beginners Forum
Posted
Wow, I'm glad I came across this post because looking for set ups is exactly what I've been doing for over a year now - I'm about ready to throw in the towel to be honest...