Here is the way i daytrade the Emini-YM

This is a discussion on Here is the way i daytrade the Emini-YM within the Discretionary Trading forums, part of the Methods category; Originally Posted by Pete501 Hi, What data feed do you use with the Sierra charts? thanks I get my feed ...

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Old Oct 26, 2008, 9:53pm   #106
 
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Originally Posted by Pete501 View Post
Hi, What data feed do you use with the Sierra charts?


thanks
I get my feed from infinityfutures platform, sierra supports the infinity platform, so it gets its feed from the platform u are trading from,so price never laggs and is accurate to the tick. And best of all, feed is free.

With kind regards
Bashir Naimy
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Old Oct 27, 2008, 7:53am   #107
 
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Currency query on your emini-ym method.

Hi Bashir,

That was an illuminating post and I recognised several errors on my part there.

One quick question was, when you suggested various amounts, 'For each 5000 in your account u can trade 1 contract, thats my recommendation,' what currency were you working with? NKr or another currency?

With kind regards

Chris
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Old Oct 27, 2008, 12:46pm   #108
 
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Hi Bashir,

That was an illuminating post and I recognised several errors on my part there.

One quick question was, when you suggested various amounts, 'For each 5000 in your account u can trade 1 contract, thats my recommendation,' what currency were you working with? NKr or another currency?

With kind regards

Chris
Hey chris, nice to hear from you.

I operate with american currency usd, leverage is fine to use, but when a person uses to much of it, that will for sure hurt the pocket the time he is not right in 1 trade.

I hope this helps

With kind regards
Bashir Naimy
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Old Oct 28, 2008, 9:06am   #109
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Hi Bnaimy,

I like the look of your method; very simple in its excecution once you have the parameters familiarized. It is a type of method that I could see myself adapting to fit my psychology and future trading style.

I have a couple of questions about your new method that I hope you can clear up:

- In your attachment, you write never go long when 1min stochastics is above 80 (Overbought), and never go short when the 1min stochastics are below 20 (Oversold). However, in another post you said "When the 3min is very oversold or very overbought, i will not take the trade". Which one is it? The 1min, 3min or both?

- In your attachment you said to go light if 30min is not on your side, but then after you said if 10min and 3min are on your side, go heavy. Once again, could you clarify this for me please?

I read you are going to make a few videos? If you wouldn't mind, perhaps you could make it a step-by-step guide, along with the way of how different combinations of parameters affect the way you trade it.
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Old Oct 28, 2008, 3:43pm   #110
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Hi Bashir

Great thread I must say. A couple of questions. Do you watch your screen all day waiting for these set ups or do you set alerts or are there times when you know you might not get a setup for 30mins etc? i.e. allows you to take a break.

Could you show your entry and exit times and prices? Just so one can check for themselves the entries as they are not that clear on your annotated charts.

Thanks
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Old Oct 28, 2008, 4:22pm   #111
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Hi.

Last edited by vit007; Oct 28, 2008 at 6:59pm.
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Old Oct 28, 2008, 10:50pm   #112
 
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Hi Bashir

Great thread I must say. A couple of questions. Do you watch your screen all day waiting for these set ups or do you set alerts or are there times when you know you might not get a setup for 30mins etc? i.e. allows you to take a break.

Could you show your entry and exit times and prices? Just so one can check for themselves the entries as they are not that clear on your annotated charts.

Thanks
Hi clicsta, I dont watch the screen alle the time, i look at support and resistance areas and the 10min most ofthe time, whenever price gets close to a place where trades are possible i start scanning for trading opportuneties.

Sticking to the screen like glue would make me go crazy, i basicly look at 10min and support areas.When it comes to entry's, 3-4 ticks above or bellow dont matter, most of the tradestaht do work usualy go for above 40+ ticks.

Cause if its a succcessfull trade u will get many points, and 2-3 points wont matter, if its a fail trade then its a failtrade.

I dont have a list of my entryes or excits on a list, i get daily statmetnst everyday that contain that info,but putting them on a chart and all that seems to much work and i dont seethe benefit you can have from that. You should consentrate on how to get into a trade at the rigth time, if u do that then entry at 11200 or 11295 will not matter.

I hope this answears your questions, if not do let me know.


Because of the vix being so high and stops being so high these days, i am more and more using my latest method and not using any of those metnioned before, reason is that breakouts have seem to stopped working , if it does work then stops would need to be huge. and i dont fell comfy with that.

I recommend everyone useing that last method, witch is mostly retracement trading, much safer and lower stops.

With regards
Bashir Naimy

With regards
Bashir Naimy
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Old Oct 29, 2008, 11:24am   #113
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Hi Bnaimy

Thank you very much. I was thinking more along the lines of just copying and pasting your statement so that we could investigate for ourselves when and why you took the trades and how all the timeframes align.

Don't worry if you don't want to.

Question: you mention 35 tick max stop loss and 1 contract for every $5000. Isn't this overly excessive? 35 X $5 (value per tick) = $175 / $5000 = 3.5% risk per trade.

Do you use a hard or mental stop?

Thank you for your help
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Old Oct 29, 2008, 9:08pm   #114
 
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Hi Bnaimy

Thank you very much. I was thinking more along the lines of just copying and pasting your statement so that we could investigate for ourselves when and why you took the trades and how all the timeframes align.

Don't worry if you don't want to.

Question: you mention 35 tick max stop loss and 1 contract for every $5000. Isn't this overly excessive? 35 X $5 (value per tick) = $175 / $5000 = 3.5% risk per trade.

Do you use a hard or mental stop?

Thank you for your help
Hi clicsta, thats some valdid questions.

I dont want to sound paranoid,but showing my private statments on a public forum dont really
flow with me, i hope you understand. I will try to be more accurate on future pictures if u want to know the
the excat price.

I wrote that i most ofthe time use 30tick stops, but max 35.
Sometimes u will see a trade and the 30tick stop will be a few ticks above some major support when going long, u will give your trade a better chance of working if adding those +5 ticks.

But 80%-90% of the time u will be using 30ticks, but i agree that 3% is still hight,but you have to look at it in regards with the trading method that you are using.

I you have a method that will be correct 60% of the time then you cant afford that high risk, and i tottaly agree with you. If your method have a hitrate close to 90% then you dont really have to worrie about that little 3% drawdown.

You have 10 trades and out of those 9 are correct, then having 1 looser with 3% risk is pretty chill. And the profits from those 9 trades will grow you account very fast.
But it all depends on the method u are using, if it have a low hitrate then u should never risk more the 1% of your account. But with better hitrate you can make alot of money with very little minimum risk.

Another thing is that most new traders will start with a 10k account, most do i belive. And just trading 1 car will not get you anywhere, u will not makey any good money of this, and most wont. And from that i know most traders do this to make a profit, 1 car will not do that for you, just scrapts. And u will never have the advantage of trailing and having second targets with just 1 car.

I agree that 1% is good way to conserve the account, and works goodf or a newtrader that is willing to learn with real cash and he wont kill his account to fast.


Anyways, i am taking and turning the question in to something else lol

You have valid concerns with the 3,5%, but its all depends on the whole picture.

Hope this answers your question, if not, please let me know andi will try to be more clear.

With kind regards
Bashir Naimy
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Last edited by bnaimy; Oct 29, 2008 at 9:14pm.
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Old Oct 29, 2008, 9:11pm   #115
 
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bnaimy started this thread Hey everyone, having a new method build and it works alot better for me and having great success with it, will make a video if it and post it, i know i am being sooo slow with those videos i promise, i am almost done, i try to get them done whenver i have time. I am sure you guys will like it, its very simple but do use 7chars, i know it sounds alot, but its so simple that u wont need to look at them all the time.

Its a breakout+retracement method and will give you little heat on the trades, most of the time

Stay tuned

With kind regards
Bashir Naimy
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Thanks! The following members like this post: mr.marcus
Old Oct 30, 2008, 1:50pm   #116
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Hi bnaimy. do you think your method can work for FTSE futures.?
If yes what adgastments would you make.
Do you know that you can trade futures with CFDs commition free.?
Vit.
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Old Oct 30, 2008, 6:10pm   #117
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Originally Posted by bnaimy View Post
Hey everyone, having a new method build and it works alot better for me and having great success with it, will make a video if it and post it, i know i am being sooo slow with those videos i promise, i am almost done, i try to get them done whenver i have time. I am sure you guys will like it, its very simple but do use 7chars, i know it sounds alot, but its so simple that u wont need to look at them all the time.
Looking forward to it. Enjoy your techniques and thanks alot for sharing. One of the best thread on the entire forum!
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Old Oct 30, 2008, 11:31pm   #118
 
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Hi bnaimy. do you think your method can work for FTSE futures.?
If yes what adgastments would you make.
Do you know that you can trade futures with CFDs commition free.?
Vit.
You can use these methods anything, no need for any changes.
I never used it in FTSE myself but i am sure it would work there to.
I dident know that you could trade futures for free, how do you go about that?
And what does CFD's mean, sorry for being that lost.

I am uploading a video of the new setup, its just a intro how to set up your charts and what to have in them.

Its 245mb ,so takes a few mins..should be done any minutt now. Will upload second movie tomorow where i explain the trading setup.

With regards
Bashir Naimy
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Old Oct 31, 2008, 2:25am   #119
 
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bnaimy started this thread Here is the first video of how the charts should look like and what idicators to use.

Dont watvh it as it is, quality is to low here , go directly to youtube and play it there and then at the end of the
url add this &fmt=18

That will increase the quality and u will be able to see things alittle better.



Will post a new one tomorow on how to trade it.

With kind regards
Bashir Naimy
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Old Oct 31, 2008, 3:57am   #120
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[QUOTE=bnaimy;551460]You can use these methods anything, no need for any changes.


CFDs contract for differense. Welcome to CMC Markets one of the brokers.you can trade enything in the world with them 24 hr. YOU can trade futures commition free. thay make money on a bid -ask spread.
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