dontrader01
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Hi,
I'm New Sorry if im asking the wrong questions in the wrong area, im still learning.
I'm looking for a lot of info to help my current system become more efficient. I’m really just trying to find the right tools to use to make it work better.
My system is basically based upon Van Tharp’s beliefs and Dan Gramza Swing trading technical analysis. I Let my Profits run and cut losses short.
This is a basic run down of my system.
I receive my entry and exit points via Dan Gramza Video Report on a daily basis. I’ll then go ahead and put my buy and sell lines on my charts. At the moment my portfolio mainly consists of Futures (silver, gold, oil, wheat, soya, coffee), indices (S&P, Dow and Aus200) and forex (Aus/Us & Eur/Us). I get the feeling trying to trade to many different markets with the same system is not the greatest idea.
I’ll then enter my buy and sell positions into my trading platform (currently with CBS Falcon trader) as a stop. If and when the price hits my buy or sell line its automatically bought or sold through my stop depending, which way the market goes. I'll then put in a stop loss a few points behind depending on the index. If the price keeps going in the direction of my trade, ill take my first exit (getting out half my position), once this happens I’ll then move my stop loss up to where I first entered the trade this usually doing 2 things for me.
1: if the market goes against me ill get knocked out but wont loose any money.
2: if the market goes in my favor I’ll still be in the trade but with only half my position.
For Example:
Gold Sell: 1855 (50 ounces)
Stop loss: 1859 (4 points buy back 50 ounces)
First exit (magnitude objective): 1849 (6 points Buy 25 ounces) move stop loss to 1855 (buy back 25 ounces if executed.)
If the trade continues to go my way I wait till im given a new buy line by Dan Gramza which will act as a stop loss and Buy line. Then the process starts all over again but in the opposite direction.
Each loss costs me $200, if my trade hits magnitude objective (which is where I sell half my position) its turned into a free trade, if it the trade keeps moving in my direction, well the profit is limitless. Or until the market turns and hits my buy line.
Where my system is letting me down is, my Tools and I. I know a good trades man never blames his tools but my platform being a market maker I have realized that of course it never gets me in at the exact price and usually always just touches my stop losses before shooting in the opposite direction. So ive been looking into ECN type brokers (problem is they only work with forex, well so that I know, I need one that does futures and forex)
When I say me, im meaning I’ll find I stay up till about 5 am trading I might take 8 losses in gold ($1600 loss), I’ll end up going to bed and whilst im sleeping miss the big move. This has happened a lot.
I've made all the losses and missed the big moves making my system profitable. Ive back tested my system and it is profitable if traded 24 hours a day. I trade with my father; I take the night shift he takes the morning. Honestly its really hard staying up all night and also we both find it very hard to get in at the exact price and most of all with the risk being so small and with the volatility of some of the markets today the market will move away before we even get back in.
So Automated Trading, ive been told is the way forward.
I downloaded Metatrader 4 through IC Markets whom supposedly are an ECN Broker. Its good but only works with forex and I have to learn a whole other language just to automate systems.
Im at the point where I think trying to trade forex and futures on one platform which is not a Market Maker is like trying to find the holy grail!
Im looking for someone to point me in the right direction for :
1. A good broker (to trade futures and forex, if cant do both then a good broker who focuses on futures and one that’s good a forex)
2. Data, Ive been told free data, is well its free so not as great as data you pay for, is this true? And if so where would we go to get it.
3. Programmers. I signed up to mql4.com forum for help with programs and scripts for metatrader, I pretty much got laughed at cause I couldn’t even speak in their language. And most of them being from Overseas, how would I know if the script is written exactly to how im needing it. So I guess im going to have to learn C++ language. Trading in its self is already hard, Im trying to learn this language but surely there are programmers out there I can pay to work on scripts and teach me in the process. I’m looking for a programmer or software, which attaches itself to metatrader4 making automating trading easy.
4. Metatrader 4, Amibroker or Omnitrader or is there another software for the type of system im trading?
I want to learn. My father has been trading for about 6 years and still is not having much luck; he’s learning and has a very positive attitude. He sold his business and has been focusing all his time on the stock market. He’ll never give up till he’s successful at it. I’ve been trading on and off for about 5 years too since my father started. I’ve always been interested in trading and its my fathers passion, we both help each other and keep each other motivated. My father has a big ego and believes he’s better than the market and knows best, he’s learnt some painful mistakes thinking like that. I on the other hand am very open mined and believe the share market is like a river, you put out 10 crab traps some will catch others wont and some will get taken with the current. My father and I read a lot of books attend the ATAA meetings and try to trade what we learn. I think he also just attended one of Van Tharp’s workshops.After all of this i still feel were just going around in circles, making a bit then loosing it, even with proper position sizing and risking 1% of our capital at a time. After doing all this were not making much if any money. My father always tells me if we stick at it long enough we’ll eventually find a system that works. I believe this so am looking and working at it. But it also gets me thinking if i can find someone whos making a living from the stock market and successful at it,,,, why cant we learn from them?
I quit my job and trade with him full time. Since ive started with him, we’ve started testing systems and playing with position sizing and recording everything we’re doing. I’ve recommended doing automated trading and learning from people who are doing what we want to do. I don’t know if I need to go to University, or take a course or just learn a system that works on the stock market. I believe the stock market is really complicated enough and there’s so much info out there that knowing to much will cause problems when it comes to pushing the button.
I know there’s many ways of skinning a cat and with the stock market there’s many ways of trading. I believe in keeping things simple and to keep trying no matter what, never give up.
Is my trading system the right way? I don’t know, it works great when tested, but trading live is another ball game especially when its not automated. Im going to keep climbing the ladder till it works, thing that crosses my mind though is, if there are so many ways to trade is the ladder im climbing leaning up against the right wall?
Im reading up alot of stuff in this forum, and you guys have been a massive help so far, im sure whilst continuing to read ill find all the answers to my questions, but Just thought i'd put my situation out there and see if someone knew something i did'nt. Please if you can share your thoughts on what you think, are we going about it the right way ?
cheers
Ryan
I'm New Sorry if im asking the wrong questions in the wrong area, im still learning.
I'm looking for a lot of info to help my current system become more efficient. I’m really just trying to find the right tools to use to make it work better.
My system is basically based upon Van Tharp’s beliefs and Dan Gramza Swing trading technical analysis. I Let my Profits run and cut losses short.
This is a basic run down of my system.
I receive my entry and exit points via Dan Gramza Video Report on a daily basis. I’ll then go ahead and put my buy and sell lines on my charts. At the moment my portfolio mainly consists of Futures (silver, gold, oil, wheat, soya, coffee), indices (S&P, Dow and Aus200) and forex (Aus/Us & Eur/Us). I get the feeling trying to trade to many different markets with the same system is not the greatest idea.
I’ll then enter my buy and sell positions into my trading platform (currently with CBS Falcon trader) as a stop. If and when the price hits my buy or sell line its automatically bought or sold through my stop depending, which way the market goes. I'll then put in a stop loss a few points behind depending on the index. If the price keeps going in the direction of my trade, ill take my first exit (getting out half my position), once this happens I’ll then move my stop loss up to where I first entered the trade this usually doing 2 things for me.
1: if the market goes against me ill get knocked out but wont loose any money.
2: if the market goes in my favor I’ll still be in the trade but with only half my position.
For Example:
Gold Sell: 1855 (50 ounces)
Stop loss: 1859 (4 points buy back 50 ounces)
First exit (magnitude objective): 1849 (6 points Buy 25 ounces) move stop loss to 1855 (buy back 25 ounces if executed.)
If the trade continues to go my way I wait till im given a new buy line by Dan Gramza which will act as a stop loss and Buy line. Then the process starts all over again but in the opposite direction.
Each loss costs me $200, if my trade hits magnitude objective (which is where I sell half my position) its turned into a free trade, if it the trade keeps moving in my direction, well the profit is limitless. Or until the market turns and hits my buy line.
Where my system is letting me down is, my Tools and I. I know a good trades man never blames his tools but my platform being a market maker I have realized that of course it never gets me in at the exact price and usually always just touches my stop losses before shooting in the opposite direction. So ive been looking into ECN type brokers (problem is they only work with forex, well so that I know, I need one that does futures and forex)
When I say me, im meaning I’ll find I stay up till about 5 am trading I might take 8 losses in gold ($1600 loss), I’ll end up going to bed and whilst im sleeping miss the big move. This has happened a lot.
I've made all the losses and missed the big moves making my system profitable. Ive back tested my system and it is profitable if traded 24 hours a day. I trade with my father; I take the night shift he takes the morning. Honestly its really hard staying up all night and also we both find it very hard to get in at the exact price and most of all with the risk being so small and with the volatility of some of the markets today the market will move away before we even get back in.
So Automated Trading, ive been told is the way forward.
I downloaded Metatrader 4 through IC Markets whom supposedly are an ECN Broker. Its good but only works with forex and I have to learn a whole other language just to automate systems.
Im at the point where I think trying to trade forex and futures on one platform which is not a Market Maker is like trying to find the holy grail!
Im looking for someone to point me in the right direction for :
1. A good broker (to trade futures and forex, if cant do both then a good broker who focuses on futures and one that’s good a forex)
2. Data, Ive been told free data, is well its free so not as great as data you pay for, is this true? And if so where would we go to get it.
3. Programmers. I signed up to mql4.com forum for help with programs and scripts for metatrader, I pretty much got laughed at cause I couldn’t even speak in their language. And most of them being from Overseas, how would I know if the script is written exactly to how im needing it. So I guess im going to have to learn C++ language. Trading in its self is already hard, Im trying to learn this language but surely there are programmers out there I can pay to work on scripts and teach me in the process. I’m looking for a programmer or software, which attaches itself to metatrader4 making automating trading easy.
4. Metatrader 4, Amibroker or Omnitrader or is there another software for the type of system im trading?
I want to learn. My father has been trading for about 6 years and still is not having much luck; he’s learning and has a very positive attitude. He sold his business and has been focusing all his time on the stock market. He’ll never give up till he’s successful at it. I’ve been trading on and off for about 5 years too since my father started. I’ve always been interested in trading and its my fathers passion, we both help each other and keep each other motivated. My father has a big ego and believes he’s better than the market and knows best, he’s learnt some painful mistakes thinking like that. I on the other hand am very open mined and believe the share market is like a river, you put out 10 crab traps some will catch others wont and some will get taken with the current. My father and I read a lot of books attend the ATAA meetings and try to trade what we learn. I think he also just attended one of Van Tharp’s workshops.After all of this i still feel were just going around in circles, making a bit then loosing it, even with proper position sizing and risking 1% of our capital at a time. After doing all this were not making much if any money. My father always tells me if we stick at it long enough we’ll eventually find a system that works. I believe this so am looking and working at it. But it also gets me thinking if i can find someone whos making a living from the stock market and successful at it,,,, why cant we learn from them?
I quit my job and trade with him full time. Since ive started with him, we’ve started testing systems and playing with position sizing and recording everything we’re doing. I’ve recommended doing automated trading and learning from people who are doing what we want to do. I don’t know if I need to go to University, or take a course or just learn a system that works on the stock market. I believe the stock market is really complicated enough and there’s so much info out there that knowing to much will cause problems when it comes to pushing the button.
I know there’s many ways of skinning a cat and with the stock market there’s many ways of trading. I believe in keeping things simple and to keep trying no matter what, never give up.
Is my trading system the right way? I don’t know, it works great when tested, but trading live is another ball game especially when its not automated. Im going to keep climbing the ladder till it works, thing that crosses my mind though is, if there are so many ways to trade is the ladder im climbing leaning up against the right wall?
Im reading up alot of stuff in this forum, and you guys have been a massive help so far, im sure whilst continuing to read ill find all the answers to my questions, but Just thought i'd put my situation out there and see if someone knew something i did'nt. Please if you can share your thoughts on what you think, are we going about it the right way ?
cheers
Ryan
