Hi Michael,
That's a correct description of the group when I was there.
I'd still be there for it no being on facebook
LOLI hate facebook, and facebook hates me, asking for my mobile phone twice
Call me old fashioned, but I'm getting enough telemarketers and don't need more.
To give my feed back, I was there June & July, good mix of people, skills and styles.
It's most active from 10-11pm Aust. east time (the US Morning).
Facebook can't be used has a signal service.. but people generally share their day bias/views/levels/screens on markets (mostly CL/indices's(ES/NQ) ), even tho most scalp (like me).
Good sharing of books/youtube videos/theories/ideas/etc
I do miss it at times.. I've been focusing on UK open (6pm) on 6e but yeah it's not the same
I'm looking at the new emini dax which is similar to NQ in many ways The late nights just got harder and harder to do while working.
I do recommend the group to anyone that's serious.
Cheers
MikeGee
How to make 1K per day!
Special Topic: How to make 1K per day!
This special topic is about the idea of have trading goals and having a clear plan on how to achieve them.
Okay here is some reflection...
...when I first started trading futures it was to hedge my option selling...I then started to see it could work...so I look to have a winning trade per day of say 50 ticks...Sam Kinchin then talked to me about writing a trading plan and for the past 2 years this has been my primary focus and driver to trading...about the middle of last year I asked myself about what are my trading goals...It was then that I considered it was reasonable to have 3 winning trades per day and gain 300-400 per trade to make a 1K day...I then said why not a 4K week and a 12K month...So this approach became the goals stated in my trading plan...now my option selling trades can be as long a 60 days and they are truly EOD trades...so approaching futures I transferred this thinking from option selling to futures....but that did not translated...mainly because of psychology...So to get my 1K day I took an intraday approach and short quick trades based MA crossovers...because that is where I believe momentum is born...So my style has become to take and hold multiple trades for 30-50 ticks with CL ZB ES and EC...my setups occur regularly through the day on these and I am fortunate enough to be able to handle the margin requirement...for me this thread is about reflecting and looking at my approach and continuing to explore goal based trading...
Special Topic: How to make 1K per day!
This special topic is about the idea of have trading goals and having a clear plan on how to achieve them.
Okay here is some reflection...
...when I first started trading futures it was to hedge my option selling...I then started to see it could work...so I look to have a winning trade per day of say 50 ticks...Sam Kinchin then talked to me about writing a trading plan and for the past 2 years this has been my primary focus and driver to trading...about the middle of last year I asked myself about what are my trading goals...It was then that I considered it was reasonable to have 3 winning trades per day and gain 300-400 per trade to make a 1K day...I then said why not a 4K week and a 12K month...So this approach became the goals stated in my trading plan...now my option selling trades can be as long a 60 days and they are truly EOD trades...so approaching futures I transferred this thinking from option selling to futures....but that did not translated...mainly because of psychology...So to get my 1K day I took an intraday approach and short quick trades based MA crossovers...because that is where I believe momentum is born...So my style has become to take and hold multiple trades for 30-50 ticks with CL ZB ES and EC...my setups occur regularly through the day on these and I am fortunate enough to be able to handle the margin requirement...for me this thread is about reflecting and looking at my approach and continuing to explore goal based trading...
So to summarize after some reflection
So to summarize after some reflection, my approach has been to match my trading style to my goal. It seems to me that to achieve the 1K per day I have adapted to this approach...
1. Trade 3 winning trades each for $400
2. Use simple setup of price crossing the mean which is repeatable and frequent to provide more than enough trades each day across 4 different assets...
3. Look for trades of short duration and quick targets
4. Trade only for a short period of 3 to 4 hours each day
Now I find myself asking a range of questions...
1. Should I change or increase my goal
2. If I did how would my trading style need to change
3. is it my goal that is driving my trading style or the other way around
4. Should I just focus of this approach or is there another pathway for development
So to summarize after some reflection, my approach has been to match my trading style to my goal. It seems to me that to achieve the 1K per day I have adapted to this approach...
1. Trade 3 winning trades each for $400
2. Use simple setup of price crossing the mean which is repeatable and frequent to provide more than enough trades each day across 4 different assets...
3. Look for trades of short duration and quick targets
4. Trade only for a short period of 3 to 4 hours each day
Now I find myself asking a range of questions...
1. Should I change or increase my goal
2. If I did how would my trading style need to change
3. is it my goal that is driving my trading style or the other way around
4. Should I just focus of this approach or is there another pathway for development
March becomes frustrating
Well I was going so well but have hit the wall and the market pulled me too an abrupt halt...a couple of 1K loosing days...may not get my 4K week target but I will pull it back to square...the way I am thinking about it is to say...all I did was fail a couple of days...accept it for what it is and move onto the next trading setup...
Well I was going so well but have hit the wall and the market pulled me too an abrupt halt...a couple of 1K loosing days...may not get my 4K week target but I will pull it back to square...the way I am thinking about it is to say...all I did was fail a couple of days...accept it for what it is and move onto the next trading setup...
Nature of Trading
I find the act of trading is a smoother experience if I am focused on my own process. Is it solitary...? Yes I am not at all interested in what other traders are doing in terms of their trades. I think most jobs have a solitary aspect to them...a point when the individual needs to get on with it and just do it...but working as a trader is not special or different in many ways to the day to day routine of any other kind of job...for me personally coming from a business and corporate background what I have found is in my trading work life there is no networking...and it is this aspect that I have found through developing collaborative professional relationships which has increased my level of awareness and engagement very useful...It is not about learning a trading system or methodology or how someone does it...it is much more about shared experience...the vehicles for this experience in our modern world are extensive and interestingly I have found it helpful not to be so focused on myself and to be open, carefree and interested...
If you are looking to build a professional relationship with another trader...email me at [email protected]
I find the act of trading is a smoother experience if I am focused on my own process. Is it solitary...? Yes I am not at all interested in what other traders are doing in terms of their trades. I think most jobs have a solitary aspect to them...a point when the individual needs to get on with it and just do it...but working as a trader is not special or different in many ways to the day to day routine of any other kind of job...for me personally coming from a business and corporate background what I have found is in my trading work life there is no networking...and it is this aspect that I have found through developing collaborative professional relationships which has increased my level of awareness and engagement very useful...It is not about learning a trading system or methodology or how someone does it...it is much more about shared experience...the vehicles for this experience in our modern world are extensive and interestingly I have found it helpful not to be so focused on myself and to be open, carefree and interested...
If you are looking to build a professional relationship with another trader...email me at [email protected]
Different Styles of Trading
Time for some reflection...
I have come to the conclusion that my style of day trading and my day trading plan is not suitable for EOD trading. I tried some EOD trading in the second half of March but did not find the success I need to achieve 1K per day. Here are some observations...
1. The mindset and psychology of EOD trading is very different to my day trading and therefore requires a different plan.
2. My standard chart setups are not suitable for EOD trading.
3. My behaviour and custom has become entrenched with specific features and characteristics that have been created from my style of day trading.
4. I am suspicious of the probability of EOD trading achieving my 1 K per day consistent gain.
5. I have discovered that there are differences in my psychology in terms of EOD trading with short options, long options and futures and that would need to resolve these choices if I was to move forward.
6. Over the past few years I have found consistent success in adopting futures day trading and adding this strategy to my short option trading. But I am not sure yet of the place of EOD trading in this mix and am concerned that adding it might cause compromise rather than greater gains.
Time for some reflection...
I have come to the conclusion that my style of day trading and my day trading plan is not suitable for EOD trading. I tried some EOD trading in the second half of March but did not find the success I need to achieve 1K per day. Here are some observations...
1. The mindset and psychology of EOD trading is very different to my day trading and therefore requires a different plan.
2. My standard chart setups are not suitable for EOD trading.
3. My behaviour and custom has become entrenched with specific features and characteristics that have been created from my style of day trading.
4. I am suspicious of the probability of EOD trading achieving my 1 K per day consistent gain.
5. I have discovered that there are differences in my psychology in terms of EOD trading with short options, long options and futures and that would need to resolve these choices if I was to move forward.
6. Over the past few years I have found consistent success in adopting futures day trading and adding this strategy to my short option trading. But I am not sure yet of the place of EOD trading in this mix and am concerned that adding it might cause compromise rather than greater gains.
Hi Michael,
Thanks for the updates! Interesting reading other traders experiences.
IMO EOD is good for trending markets, ie generally FX and com's
And are managed differently, very small size, large stops/targets, emotions/pyschology SHOULD be the same
Thanks for the updates! Interesting reading other traders experiences.
IMO EOD is good for trending markets, ie generally FX and com's
And are managed differently, very small size, large stops/targets, emotions/pyschology SHOULD be the same
Day trading verse an alternative
So in March I completed about 60 day trades for a gain of $13K+. Had a similar month for less total trades in February. April was a poor month for me, first in hospital for 10 days and then playing around with EOD trading...primarily using short options which is familiar to me because I continue to enter short strangles. I have not tallied my day trades for April but my Short Directional options gained a little over 4K for April. My short strangles for April gained 7K. But I am surprised to see that may previous day trading is still ahead of this little April experiment.
So in March I completed about 60 day trades for a gain of $13K+. Had a similar month for less total trades in February. April was a poor month for me, first in hospital for 10 days and then playing around with EOD trading...primarily using short options which is familiar to me because I continue to enter short strangles. I have not tallied my day trades for April but my Short Directional options gained a little over 4K for April. My short strangles for April gained 7K. But I am surprised to see that may previous day trading is still ahead of this little April experiment.
Looking back on how I traded many years ago...
I am starting to resurrect a tool I used many years ago tracking EOD prices...notice the MA analysis and in particular the idea of price falling into a rising average or price rising to a falling average...
I am starting to resurrect a tool I used many years ago tracking EOD prices...notice the MA analysis and in particular the idea of price falling into a rising average or price rising to a falling average...
Thanks NVP, I enjoy contributing because it keeps me engaged and connected to the beginnings and progress of my trading journey. Trading is my sole form of income and this type of thread and my trading buddies group is a corner stone of my trading business plan. Giving to others is a secret truth to becoming a successful trader.
ABC Pullback Entry on a longer time frame.
The following chart is 6EM 1 Hour. You can see the peak into exhaustion then the reversal below the spine. This ABC entry is one I used to use many years ago and is also part of my vien and spine break setups. I am looking at this entry being designed for a 2 to 3 day hold. Look for the pullback to develop an ABC pattern. There are many variations. There are three illustrated on the chart below. The entry is triggered once an equal A and C is formed and then price fall through the B price level in terms of going short. This is one of the ways that trigger me to consider a short option trade.
The following chart is 6EM 1 Hour. You can see the peak into exhaustion then the reversal below the spine. This ABC entry is one I used to use many years ago and is also part of my vien and spine break setups. I am looking at this entry being designed for a 2 to 3 day hold. Look for the pullback to develop an ABC pattern. There are many variations. There are three illustrated on the chart below. The entry is triggered once an equal A and C is formed and then price fall through the B price level in terms of going short. This is one of the ways that trigger me to consider a short option trade.
Trading Buddies International Trade House
I have been thinking of doing this for a few years. Spending a trading holiday in South America somewhere in the same time zone as CST. Thought mid year 2017 or 2019 would be good. My trading buddies could come and stay. We could trade together and learn from each other...Anyone interested and what are your thoughts and suggestions...
I have been thinking of doing this for a few years. Spending a trading holiday in South America somewhere in the same time zone as CST. Thought mid year 2017 or 2019 would be good. My trading buddies could come and stay. We could trade together and learn from each other...Anyone interested and what are your thoughts and suggestions...
Not so much during the Asian session but I start watching during the EU session and am happy to take trades in ES, CL or 6E...
