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Beth's Journey to Make Her Millions
Started:February 7th, 2010 (07:26 PM) by wgreenie Views / Replies:139,126 / 1,776
Last Reply:May 21st, 2011 (05:43 PM) Attachments:877

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Beth's Journey to Make Her Millions

Old February 16th, 2011, 07:47 AM   #1511 (permalink)
Elite Member
Bala, PA, USA
 
Trading Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Mirus, IB
Favorite Instrument: SPY, Oil, Euro
 
monpere's Avatar
 
Posts: 1,858 since Jul 2010
Thanks: 300 given, 2,983 received


timefreedom View Post
Just pointing this out... although slippage on the entry won't be an issue with the limit order, you can consistently expect to see a tick of slippage with your stop order exit, especially when trading CL.

Not guaranteed, but unfortunately true. Can't do much about that. Especially on CL, sometimes you can get really run over with those occasional wild moves and get more then 1 tick slippage on your stop, or more then 6 tick profit on your target. But guess what, according to Murphy, it will probably happen more often on your stops

     

Old February 16th, 2011, 10:29 AM   #1512 (permalink)
 Vendor: www.ezcolortrading.com 
Cambridge, Ontario
 
Trading Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Zen-Fire
Favorite Instrument: 6E
 
Posts: 1,772 since Dec 2009
Thanks: 1,258 given, 1,184 received

I watched a webinar on "Staying in the Zone" last night. Even it's incomplete (freebie lol), I believe it's extremely important to be in the Process with the following 4 conditions:

~ Enjoyment
~ Focus
~ Relaxation
~ Self Trust

The moderator emphasized letting go (even with risk) and do not operate in the past, ie

~ Forgive yourself
~ Live in the Present

To execute a predetermined process with ease = staying in the zone. I just prepared the enclosed process flow for my system. Will it help? It will IF I can operate the suggested steps without thinking!! Oh, there're some really good divergence signals for both CL and 6E this morning. I have taken Nil and you know why .. sigh ..

I am going to watch the webinar again and map out how to re-train my brains to let go. No point to watch the market and hear the signal alerts when I am not taking them.

Have a Great day everyone.

Beth

Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
Attached Thumbnails
Beth's Journey to Make Her Millions-trade-process-flow.pdf  
     
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Old February 16th, 2011, 11:03 AM   #1513 (permalink)
 Vendor: www.ezcolortrading.com 
Cambridge, Ontario
 
Trading Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Zen-Fire
Favorite Instrument: 6E
 
Posts: 1,772 since Dec 2009
Thanks: 1,258 given, 1,184 received


Enclosed is a simpler process and hands free when I get more comfy with letting a trade run .. either it works or not .. no attempt for an early exit. I always wonder if it's a better strategy?!!

Beth

Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
Attached Thumbnails
Beth's Journey to Make Her Millions-trade-process-flow-no-early-exit.pdf  
     
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Old February 16th, 2011, 11:22 AM   #1514 (permalink)
 Vendor: www.ezcolortrading.com 
Cambridge, Ontario
 
Trading Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Zen-Fire
Favorite Instrument: 6E
 
Posts: 1,772 since Dec 2009
Thanks: 1,258 given, 1,184 received

Just tripped over the following video interview with Mark Douglas (author of Trading in the Zone and the Disciplined Trader):

Forums - Mark Douglas Interview

Enjoy!

Beth

Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
     
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Old February 16th, 2011, 12:36 PM   #1515 (permalink)
Elite Member
USA
 
Trading Experience: Intermediate
Platform: Infinity
Broker/Data: Infinity
Favorite Instrument: ES, Euro
 
tickvix's Avatar
 
Posts: 232 since Feb 2010
Thanks: 137 given, 140 received


monpere View Post
I don't use HeikenAshi, I use regular Range bars, so I don't know HA well enough to advise on them. I looked at them when I looked at the eminisniper system. I did not care for HA because they do not show real price action, and I could not wrap my brain around that. My trade management code is designed to enter trades at the close of a bar, and obviously everything went to pieces when I brought up an HA chart, because HA is not a bar type, it is an indicator that paints fake bars on the chart.

The regular 3 Range CL gives a lot of trades, and almost all of them will get you 6 ticks targets, but you will get a lot of wiggles that are 3 or 4 ticks wide, so you will get stopped out more frequently. The 5 Range CL trades really nicely, you get fewer trades, but also fewer bar wiggles, so you get much cleaner setups, and indicators are much smoother.

I don't think in terms of ticks per se, I think in terms of bars. I noticed that HA bars where generally bigger then the associated real price action bars. I always put my stop behind my entry bar, so if I am trading a normal 5 range bar, my stop goes behind the entry bar, 6 ticks from the entry, and my target is always 2 x the bar size, or 10 ticks for a 5 range bar. You can pretty easily get 10 tick targets on the CL, especially if you are trading divergence, since divergence generally gets you in at the apex of reversal moves.


You are correct and I agree with you all the way. The only issue is when using
emini system they do not enter trades I think the way you do. They enter on 123 reversal. So they would enter on bar 1 that would give us 8 ticks of risk or more. I think this is the way. I had HA for a bit but just could not get used to using HA since I could not see bar moving when price was. Hence I'm using RangeNoGap and it is better.
If not too much to ask would you please post one of your charts to see how you would enter your trade please.
Thank you for very good points BTW..

     

Old February 16th, 2011, 02:01 PM   #1516 (permalink)
Elite Member
Bala, PA, USA
 
Trading Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Mirus, IB
Favorite Instrument: SPY, Oil, Euro
 
monpere's Avatar
 
Posts: 1,858 since Jul 2010
Thanks: 300 given, 2,983 received


tickvix View Post
You are correct and I agree with you all the way. The only issue is when using
emini system they do not enter trades I think the way you do. They enter on 123 reversal. So they would enter on bar 1 that would give us 8 ticks of risk or more. I think this is the way. I had HA for a bit but just could not get used to using HA since I could not see bar moving when price was. Hence I'm using RangeNoGap and it is better.
If not too much to ask would you please post one of your charts to see how you would enter your trade please.
Thank you for very good points BTW..

I don't trade eminisniper. I bought their system because I am always on a quest for a system I can auto trade, since the method that I trade does not lend itself well to programming. Nothing special about the way I enter trades, I just put a stop limit order where the next bar will open.

     

Old February 16th, 2011, 02:15 PM   #1517 (permalink)
Elite Member
Indianapolis, IN USA
 
Trading Experience: Advanced
Platform: Ninja TOS
Broker/Data: tos
Favorite Instrument: ES 6E CL
 
Posts: 262 since Dec 2009
Thanks: 116 given, 207 received


monpere View Post
I don't trade eminisniper. I bought their system because I am always on a quest for a system I can auto trade, since the method that I trade does not lend itself well to programming. Nothing special about the way I enter trades, I just put a stop limit order where the next bar will open.

Hi Monpere,
Can you be a little more specific about where you enter? Are you waiting for a 1-2-3 reversal and then placing your stop limit order where the next bar will open or are you just waiting until you see divergence and then immediately placing your stop limit order where the next bar will open without waiting for the 1-2-3 reversal confirmation? A chart would be a great help. Thanks.

     

Old February 16th, 2011, 02:50 PM   #1518 (permalink)
Elite Member
Bala, PA, USA
 
Trading Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Mirus, IB
Favorite Instrument: SPY, Oil, Euro
 
monpere's Avatar
 
Posts: 1,858 since Jul 2010
Thanks: 300 given, 2,983 received


timefreedom View Post
Hi Monpere,
Can you be a little more specific about where you enter? Are you waiting for a 1-2-3 reversal and then placing your stop limit order where the next bar will open or are you just waiting until you see divergence and then immediately placing your stop limit order where the next bar will open without waiting for the 1-2-3 reversal confirmation? A chart would be a great help. Thanks.

I don't use 123 reversals. I see a divergence that meets all my criteria, I enter at the close of the bar.


Last edited by monpere; February 16th, 2011 at 03:17 PM.
     

Old February 16th, 2011, 03:20 PM   #1519 (permalink)
Elite Member
Indianapolis, IN USA
 
Trading Experience: Advanced
Platform: Ninja TOS
Broker/Data: tos
Favorite Instrument: ES 6E CL
 
Posts: 262 since Dec 2009
Thanks: 116 given, 207 received


monpere View Post
I don't user 123 reversals. I see a divergence that meets all my criteria, I enter at the close of the bar.

Okay thanks @monpere,
Then lets agree that the magic is in your "criteria" because if you're using a Stochastic or an RSI (as you mentioned elsewhere) and you are entering on the close of the bar as soon as you see divergence between your indicator and price, then you are going to have quite a few stops in the oil market using a 5 range chart with a 5 or 6 tick initial stop. And for those poor folks who are simply using the criteria from that system you mentioned that you purchased, if they try to enter at the close of the first bar after divergence is present between price and their oscillator, they will quickly become casualties of trading in the oil market.

     

Old February 16th, 2011, 03:30 PM   #1520 (permalink)
Elite Member
New Brunswick, NJ
 
Trading Experience: Intermediate
Platform: N/A
Favorite Instrument: N/A
 
Posts: 133 since Jun 2009
Thanks: 46 given, 145 received


You guys realize you are in Beth's journal thread, right?

     
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