How much liability insurance Pro Real Time provides ?
How much liability insurance Pro Real Time provides ?
Hi Pippi,
For me it is just a relieve to not look back too much. Sometimes there so little action that I anyway have three or four hour on my screen, but I never look back over 3 hours....I got confuse with my self then...
I think there is also to many resistance and suport to be bothered with, like the 00 levels, and the 50's just in the middle of 40's and 60's, and so on. Adding more borders in the chart will personally restrain me to think clearly, without too much doubts... That's my personal view on your question.
What I am working on right now is to filter more my trades. I take too many, ending at a break even since two month....
I have a question too:
Do you guys limit yourself to a number of daily trades? Because I think I will have to do this, as I am trading between 5 to 10 trade a day....WAY above the average (of the profitable traders...like Taderallen).
I think I should exit my mental state of trading, and being in front of my chart more as someone analysing it and sometimes trading....not the other way around. This should stop my feeling of having the duty to trade, even though sometimes I do spend hours without trading.
Best regards to you all!
Kulpio
Last edited:
BLS
Established member
- Messages
- 642
- Likes
- 229
Week 38 charts from Volman:
https://www.dropbox.com/sh/1amxmi9af0fk6ej/VA5_ZrjQF1
https://www.dropbox.com/sh/1amxmi9af0fk6ej/VA5_ZrjQF1
matty_dunn
Active member
- Messages
- 188
- Likes
- 17
Traderallen
Active member
- Messages
- 248
- Likes
- 41
Scalping is about looking for little hints to tip you off on whether there is current buying pressure or selling pressure. I typically start the day by looking at the daily charts of the euro to get an idea of the overall trend and how close your to the next resistance level. Then I look at the overnight trading to see who's winning the battle so far. Once I decided is in control I'm much more confident and taking trades in that direction been trading opposite of the overall buying or selling pressure. Once I start focusing in and looking for entry points I use the chart just out it is described in the book. Sometimes I have to scrunching in a little is trading has been slow but I pretty much try to stick to just the last couple hours. I do not look at any of the charts until the end of the day. Better when I don't confuse myself.
Kulpio and others I would offer a couple suggestions to think about. First trading in the business as a business you don't want to be working at 24 hours a day, so decide what hours you need for your business stick within those hours. You might consider if your trading the US session to be ready to trade at about 7:45 AM Eastern time to about 9:00 AM take a break till after the market opens, let it settle down and come back to your screen about 9:50 AM then look for your range break and advanced range break to happen between that time and 10:30 AM. By this time you should have hopefully been able to get one good trade in the Eurodollar. If you're just learning that should give you plenty to think about as you prepare for the next trading day.
I don't focus too much on round numbers except for the double zeros in the 50s. Also since most of the day I would consider unfavorable conditions you may want to study that a little more in the book to get a better understanding of when not to trade.
One final thought that also may help, on your charting software if there's anywhere where you can see your account size and your profit and loss during the trading day block it out so you can see none of it!! I don't care if you have to put black electrical tape on your screen, although I post a note might be a better idea if you're not prone to peeking. That way you are forced to focus on proper trade execution and trade management. Not how much you did make or lose throughout the day. This will also help to control those feelings that maybe getting in the way of your trading. At the end of the day feel free to look at how well you did and study on what you could have done better. Allen
Kulpio and others I would offer a couple suggestions to think about. First trading in the business as a business you don't want to be working at 24 hours a day, so decide what hours you need for your business stick within those hours. You might consider if your trading the US session to be ready to trade at about 7:45 AM Eastern time to about 9:00 AM take a break till after the market opens, let it settle down and come back to your screen about 9:50 AM then look for your range break and advanced range break to happen between that time and 10:30 AM. By this time you should have hopefully been able to get one good trade in the Eurodollar. If you're just learning that should give you plenty to think about as you prepare for the next trading day.
I don't focus too much on round numbers except for the double zeros in the 50s. Also since most of the day I would consider unfavorable conditions you may want to study that a little more in the book to get a better understanding of when not to trade.
One final thought that also may help, on your charting software if there's anywhere where you can see your account size and your profit and loss during the trading day block it out so you can see none of it!! I don't care if you have to put black electrical tape on your screen, although I post a note might be a better idea if you're not prone to peeking. That way you are forced to focus on proper trade execution and trade management. Not how much you did make or lose throughout the day. This will also help to control those feelings that maybe getting in the way of your trading. At the end of the day feel free to look at how well you did and study on what you could have done better. Allen
BLS
Established member
- Messages
- 642
- Likes
- 229
I don't really have time to trade these days. Too many things to deal with. I'll continue to pass on the charts from Volman though.
Dear Allen,
Thank you for your advices. I know that i spend more time looking for a trade rather than following the tog-o-war, ans studying it. It is one of the thing i'm heavely working on. It is surely a good idea to study the chart from a bigger picture to be in a stronger trend. At the end, the more are buyers or sellers, the more chance there will be for the trend to continue.... I'll try looking for hints from the bigger charts before the session.
You also have stated my problem number two, or number One Bis. Looking constantly to my balance....i hate to do it, but i still do it, and it influence bad thought and emotions...
I personaly wake up at 5am eastern time to trade until 9, then i'm busy until 11 and start again until 2pm. I got plenty of opportunity, even though i see that I miss some good setups between 9 and 11. But i'll try to take breaks to breath in the chart in my brain.
Thank you very much for your advices Allen!
Have a great week.
Best regards,
kulpio
Yorkshire Terrier
Established member
- Messages
- 620
- Likes
- 73
matty_dunn
Active member
- Messages
- 188
- Likes
- 17
Do you guys think that we should almost forget (at the exception of very textbook setup) DD,FB and SB?
I mean, maybe i have s¨^t in my eyes, but all the one I took, since two weeks shoots in the good direction for 6 pips and then is heading in the opposite direction...
Should we really trade almost only RBs and ARBs?
I'm in a very bad losing streak, 15 in a row, no winners... confidence level is at its lowest...but I don't **** up and still trade only ¨valid¨setups....
See you guys, and I hope to come back soon with better news....from my side.
I mean, maybe i have s¨^t in my eyes, but all the one I took, since two weeks shoots in the good direction for 6 pips and then is heading in the opposite direction...
Should we really trade almost only RBs and ARBs?
I'm in a very bad losing streak, 15 in a row, no winners... confidence level is at its lowest...but I don't **** up and still trade only ¨valid¨setups....
See you guys, and I hope to come back soon with better news....from my side.
There was just a good one just now. Good move upwards of ~20 pips, and a good correction of 10 pips.
Wasnt entirely convinced either, but i still took it. The target was below 92, the high at that time on the chart.
P.S. in hindsight it probably still wasnt smart to trade a trend-setup on a day like this
Wasnt entirely convinced either, but i still took it. The target was below 92, the high at that time on the chart.
P.S. in hindsight it probably still wasnt smart to trade a trend-setup on a day like this
Attachments
Let's stick to it anyway... FOR SURE!
We will make it!!
One of my problem is that even when the market is ranging for days, I still try continuation trades.... yeah, I know....
But I guess we are all learning from our mistakes (smart person learn from their own mistakes, wise person learn from other's, I'm not wise....I hope I am smart, at least
)matty_dunn
Active member
- Messages
- 188
- Likes
- 17
I don't trade any FB or DD set ups and will only consider a SB trade if it under ideal circumstances, i.e. Very strong momentum, flag trend line break and no previous price action blocking the way to target.
Regarding confidence - I think we all have times of feeling high and low. It is our unrealistic expectations that often cause our suffering. To build confidence one must experience success, and to be successful one must be confident.
My advice (and this has really helped me calm down and focus on the big picture) is to lower your initial expectations and set realistically achievable goals to help build the confidence we all seek. A good example is given in "The Playbook" by Mike Bellafiore. His suggestion for the necessary steps a trader must proceed through are something like the following:
1: lose money
2: lose less money
3: break even
4: marginally profitable
5: consistently profitable
6: work on getting bigger in your A+ set ups
7: add more A+ trades to your playbook
I don't know about all you guys but a goal of losing money is not what I came into this business to achieve. However, my mindset and outlook has changed considerably. The analogy of the journey of a consistently profitable trader as a marathon runner rather than a sprinter is very fitting.
Most people viewing and/or contributing to this thread are experimenting with Bob Volman's set ups as outlined in his book and in the charts he has so generously shared. And really, it is an experiment, to see what set ups work for us; which ones make the most sense and that we have confidence in executing. This can only come through hours and hours of studying price action principles and set ups, then through following the market in real time and trying things out. This way you will know through your own experience, not from someone else's (and this is crucial) what trades have a high probability of being successful and offer a good risk/reward opportunity, and that you are comfortable trading.
And through doing this one can slowly move through the steps I mentioned above. Besides, what's the rush really? Better to build confidence slowly on firm foundations than to leap before you're ready and fall in a heap that may prove extremely difficult from which to recover.
As for my journey of building confidence and success - I am following the steps I mentioned with anything better being a bonus. I must admit though that I find the wording of "lose money" difficult to swallow, so I prefer "follow my risk/money management plan." Anyway, use whatever works.
And I really don't take a trade unless I'm convinced it's a high probability set up. For the time being this might mean missing a lot of potential moves but it sure as he'll keeps me out of many many poor ones. It also provides the added bonus of building confidence because I am experiencing more success, even if only taking 1 or 2 trades a week. Over time I will become better at spotting more high probability set ups and thus trade more if the opportunities are presented.
Hope this rambling helps someone.
Oh, I moved on Monday and haven't got my internet connection hooked up yet, hopefully I'll be up again next week. Just got my phone for the time being which is a pain to write long messages from.
Keep calm and carry on.
Regarding confidence - I think we all have times of feeling high and low. It is our unrealistic expectations that often cause our suffering. To build confidence one must experience success, and to be successful one must be confident.
My advice (and this has really helped me calm down and focus on the big picture) is to lower your initial expectations and set realistically achievable goals to help build the confidence we all seek. A good example is given in "The Playbook" by Mike Bellafiore. His suggestion for the necessary steps a trader must proceed through are something like the following:
1: lose money
2: lose less money
3: break even
4: marginally profitable
5: consistently profitable
6: work on getting bigger in your A+ set ups
7: add more A+ trades to your playbook
I don't know about all you guys but a goal of losing money is not what I came into this business to achieve. However, my mindset and outlook has changed considerably. The analogy of the journey of a consistently profitable trader as a marathon runner rather than a sprinter is very fitting.
Most people viewing and/or contributing to this thread are experimenting with Bob Volman's set ups as outlined in his book and in the charts he has so generously shared. And really, it is an experiment, to see what set ups work for us; which ones make the most sense and that we have confidence in executing. This can only come through hours and hours of studying price action principles and set ups, then through following the market in real time and trying things out. This way you will know through your own experience, not from someone else's (and this is crucial) what trades have a high probability of being successful and offer a good risk/reward opportunity, and that you are comfortable trading.
And through doing this one can slowly move through the steps I mentioned above. Besides, what's the rush really? Better to build confidence slowly on firm foundations than to leap before you're ready and fall in a heap that may prove extremely difficult from which to recover.
As for my journey of building confidence and success - I am following the steps I mentioned with anything better being a bonus. I must admit though that I find the wording of "lose money" difficult to swallow, so I prefer "follow my risk/money management plan." Anyway, use whatever works.
And I really don't take a trade unless I'm convinced it's a high probability set up. For the time being this might mean missing a lot of potential moves but it sure as he'll keeps me out of many many poor ones. It also provides the added bonus of building confidence because I am experiencing more success, even if only taking 1 or 2 trades a week. Over time I will become better at spotting more high probability set ups and thus trade more if the opportunities are presented.
Hope this rambling helps someone.
Oh, I moved on Monday and haven't got my internet connection hooked up yet, hopefully I'll be up again next week. Just got my phone for the time being which is a pain to write long messages from.
Keep calm and carry on.
Traderallen
Active member
- Messages
- 248
- Likes
- 41
Guys remember we can only take what the markets willing to give. We have been bouncing from one range to another for the last three months or more so trading ARB'S and RB's have been like taking candy from a baby. Okay maybe that's a little exaggeration. As we move on towards the end of the year and the beginning of next, volume and volatility should both be increasing. Therefore block breaks, double doji's which by the way was my favorite during the first quarter of the year should be increasingly easier and profitable trades as well as first breaks which I find work really well in fast-moving high-volume times a day. The point is don't get lazy and overlook any of the setups in FPAS. You have to be ready at any time to trade any of these setups when the market is giving them. You just have to be aware of what the current market conditions are so you know which ones to favor.
As far as losing money I would think and it's just my opinion. If you understand completely the method we're discussing in this thread you should be doing at worst breakeven. That's assuming you have a basic knowledge of trading and understanding of the markets. If you're doing less than breakeven stop trading real money. Reread the methodology and practice it a little more there may be something simple that you've overlooked. If I had to guess is probably something that you learned from your prior studies that you believe is true and in fact it's a fallacy. I'm a firm believer most of what is written and taught in trading books, classes, and seminars is totally worthless when it comes to real life trading.
I use the same methods you-all have read and study and I have excellent win-loss ratio. The only other thing I use is level II and time and sales so I can see the orders. I've read and study hundreds and hundreds of books and I use none of it and make more money using just what I've learned from FPAS.
I also trade for AB trading hedge, where I use almost bare naked charts to trade ETF's, stocks, and index options which is currently setting it 28.7% for the year. So my point in all this rambling is clearly ahead of all the crap, focus on the current price action, are we trending or ranging who is winning bulls or bears. Watch the price action as it plays out watch for the setups. When you push the button to enter long you should be fairly confident that other bulls are to be piling in behind you. If they do great. If they don't try to get out at a small profit to breakeven. If the Bears come in don't hesitate to close the trade quickly at the tipping point.
As far as losing money I would think and it's just my opinion. If you understand completely the method we're discussing in this thread you should be doing at worst breakeven. That's assuming you have a basic knowledge of trading and understanding of the markets. If you're doing less than breakeven stop trading real money. Reread the methodology and practice it a little more there may be something simple that you've overlooked. If I had to guess is probably something that you learned from your prior studies that you believe is true and in fact it's a fallacy. I'm a firm believer most of what is written and taught in trading books, classes, and seminars is totally worthless when it comes to real life trading.
I use the same methods you-all have read and study and I have excellent win-loss ratio. The only other thing I use is level II and time and sales so I can see the orders. I've read and study hundreds and hundreds of books and I use none of it and make more money using just what I've learned from FPAS.
I also trade for AB trading hedge, where I use almost bare naked charts to trade ETF's, stocks, and index options which is currently setting it 28.7% for the year. So my point in all this rambling is clearly ahead of all the crap, focus on the current price action, are we trending or ranging who is winning bulls or bears. Watch the price action as it plays out watch for the setups. When you push the button to enter long you should be fairly confident that other bulls are to be piling in behind you. If they do great. If they don't try to get out at a small profit to breakeven. If the Bears come in don't hesitate to close the trade quickly at the tipping point.
Thank you very much to you both for your advices, opinions and supports. It really helps keeping the head on the shoulders.
I'll let you know regularly of any progress in spotting the right environment. This really my trouble to feel the environment, not whether we are currently trending or ranging, but wether certain setups do represent good enough odds or not
Even though I know that since two month the market is going from ranges to ranges, once it broke from a range, I trade like a trend started and start taking continuation setups...I got burned so many times, and when I see one, I still jump in it. This is a big internal struggle I have. I don't care about losing a trade, or even ten, I don't care about staying in front of the screen for hours without doing a thing, but when I see a setup that looks almost perfect, but that doesn't fit the underlying condition of the market in general (even though the market price action is right), I have trouble skipping it, and this is what kills me.
I hope that Traderallen is right regarding BB's, SBs, DDs and Fbs being more profitable in the end of the year, because I've been very good with them before the summer.....
I am actually good at reading the price action, but I am not good at evaluating and re-evaluating the market overall condition in the longer term.
But it will come. I have been consistently unprofitable for a year, testing some useless strategies, and since I use this technique, I breakeven (except the last two week that were quiet bad...). I am learning every day and I will reach the level of proficiency, with time, pain and sweat, but I will reach it....
I wish you all a great evening,
Best regards
I'll let you know regularly of any progress in spotting the right environment. This really my trouble to feel the environment, not whether we are currently trending or ranging, but wether certain setups do represent good enough odds or not
Even though I know that since two month the market is going from ranges to ranges, once it broke from a range, I trade like a trend started and start taking continuation setups...I got burned so many times, and when I see one, I still jump in it. This is a big internal struggle I have. I don't care about losing a trade, or even ten, I don't care about staying in front of the screen for hours without doing a thing, but when I see a setup that looks almost perfect, but that doesn't fit the underlying condition of the market in general (even though the market price action is right), I have trouble skipping it, and this is what kills me.
I hope that Traderallen is right regarding BB's, SBs, DDs and Fbs being more profitable in the end of the year, because I've been very good with them before the summer.....
I am actually good at reading the price action, but I am not good at evaluating and re-evaluating the market overall condition in the longer term.
But it will come. I have been consistently unprofitable for a year, testing some useless strategies, and since I use this technique, I breakeven (except the last two week that were quiet bad...). I am learning every day and I will reach the level of proficiency, with time, pain and sweat, but I will reach it....
I wish you all a great evening,
Best regards
Traderallen
Active member
- Messages
- 248
- Likes
- 41
bad price action
Check out this butt ugly trade. I missed getting stopped out by a couple pipettes at that tweezer top at 8:20 I was happy it went down for a few pips profit.
Check out this butt ugly trade. I missed getting stopped out by a couple pipettes at that tweezer top at 8:20 I was happy it went down for a few pips profit.
Traderallen
Active member
- Messages
- 248
- Likes
- 41
Good Job kulpio, took a while but you did not give up on your profit target.
Thank you Allen!
Here is one for today (yeah I wake up early to catch a part of the european session), probably the last of the week.
Good week end to you all!
Attachments
Last edited: