Best Thread How To Make Money Trading The Markets.

[markettiming]

what does it mean on your blog?
05/04/16
x+14c a share +20c

 

[Mr. Charts]

X is US STEEL CORP. I traded it twice, the first time for just 14c per share profit. The second time for 20c per share profit. I was using other set ups ( if I remember correctly) not the subject of this thread
14c = $280 for 2000 shares
20c = $400 for 2000 shares

 

[Mr. Charts]

X was from my pre-market alerts. Some of the others were from scans.

 

[Mr. Charts]

BABA again

 

[Mr. Charts]

BABA yet again
First trade using this method +37c a share
Second trade using this method -9c a share

Image of first trade

 

[Mr. Charts]

The methods keep on working.
Here's one from today.

JD +66c per share falling candles
Entry at the pointer, exit at time of image.

Two out of eight trades used this method. Five winning trades, three small losers.
All results on my blog as always.

 

[Fullmetal Trader]

Here's my attempt.

I saw that another oil stock I watch was moving nicely. So I checked out NE, which was more suitable to my account size, and saw that it was too. First trade is with real money with an entry at $8.5061 buying 900 shares. My account size is rather small so after it moved up a bit and started to come back down I got a little apprehensive and exited at $8.5138 as I didn't want to accept a loss on the trade.

The second "trade" is a paper trade entered at $8.54. At time of entry the candlesticks didn't look very pretty vis-a-vis the rising candles method but my idea was to catch a break out above the near term consolidation. It's been my observation that longer, dramatic moves like this one are often interrupted by shorter term periods of consolidation before continuing along their way. Exit would have been as shown for $0.18 cents per share. At time of exit the last two candlesticks looked very, very negative to my eyes.

Second trade was paper as I can only trade about once or twice per week due to not having margin on my account.

Constructive criticism or tips are always, always welcome.

 

[Trader gamer]

Hi Mr Charts
I'd like to know you do you enter a position? Using Limit orders or market orders.
Also do you enter the position at the start/close of a bar, or while the bar is in the middle of forming.

For now I started trading futures by looking at the 15 and 5 minute bars. No real rules yet and am wondering how I should enter (start/close of bar), what sort of orders, etc

 

[Fullmetal Trader]

Hi Mr Charts
I'd like to know you do you enter a position? Using Limit orders or market orders.
Also do you enter the position at the start/close of a bar, or while the bar is in the middle of forming.

For now I started trading futures by looking at the 15 and 5 minute bars. No real rules yet and am wondering how I should enter (start/close of bar), what sort of orders, etc

I can't answer your question but I've traded commodity futures before and if you are trading futures without any rules and without knowing when to get in/out or what kinds of orders you should be using I would strongly recommend that you reconsider. I was able to just about break even after a year and I was well prepared. Futures are far riskier than stocks and they can ruin the unwary rather quickly.

I would be interested in seeing how well Mr. Charts' methods could be applied to futures though.

 

[Trader gamer]

I can't answer your question but I've traded commodity futures before and if you are trading futures without any rules and without knowing when to get in/out or what kinds of orders you should be using I would strongly recommend that you reconsider. I was able to just about break even after a year and I was well prepared. Futures are far riskier than stocks and they can ruin the unwary rather quickly.

I would be interested in seeing how well Mr. Charts' methods could be applied to futures though.

I started trading (fundamentally) in Feb, managed to make $500 as the markets recovered. Then I decided to do "daytrading" in March, and promptly lost $1000++ in 2 weeks on stocks and forex. (Jumped in without trying demo)
Thanks to some luck on stocks and forex (GXY, BOJ short), I came close to my initial amount ($11,800). Finally, I switched to futures (YM) 1.5 months ago and managed to earn $700, putting my account in the positive. I was trading futures based on price action.

But I guess all the success got to my head and I started to look at the 1 minute bars, panicking when my account is in the red, and managing to lose $400. I decided to take a break because of Brexit, and recently started trading again. Earned $89 on corn futures, and managed to exit right at the top, before it tumbled down. This kind of stuff reinforces the bad habit I have, which I describe below.

I do have S/L, and T/P, but my problem is exiting the trade early after looking at the 1 minute bar (usually to lock in small gains)

My acct now stands around $12k. I hope to get 25k soon so I can really daytrade (since Mr Charts trades on the 1 min timeframe).
In the meantime I earn/save $2.2k USD per month after deducting from taxes/rent and all (salary above average compared to my peers of my age in my country, but I want more freedom and side-income) .

 

[Mr. Charts]

Hi Mr Charts
I'd like to know you do you enter a position? Using Limit orders or market orders.
Also do you enter the position at the start/close of a bar, or while the bar is in the middle of forming.

For now I started trading futures by looking at the 15 and 5 minute bars. No real rules yet and am wondering how I should enter (start/close of bar), what sort of orders, etc

Personally I use market orders almost all the time as my trades are often triggered by visible price action momentum and using limit orders can result in not getting a fill in a moving market.
I don't have a rule about entering at the end of a candle for the above reason. If you've got momentum why wait?

 

[Mr. Charts]

quote
"I would be interested in seeing how well Mr. Charts' methods could be applied to futures though."
The method in this thread is just one of about a dozen I use, many of which, but not all, can be used very profitably using other trading instruments.

 

[Mr. Charts]

quote
(since Mr Charts trades on the 1 min timeframe).

Err.... I trade on other time frames as well, not just one minutes.

 

[Mr. Charts]

Trader gamer,
Trading is a serious PROBABILITY BUSINESS and not a gamble or guess work.
It requires learning and work and effort and time and a subjugation of emotions or the ability to trade without letting your emotions control or crowd your actions which must always be based on the evidence of price movement in front of your eyes. Behave otherwise and you are doomed to ultimate failure.

 

[Trader gamer]

Ok, thanks for the reply! Hmm, I guess the "gamer" part of my name may make me seem reckless, but that is simply because I play computer games.
Anyway, thanks for your input. I am going to sleep now, and hopefully tomorrow I will wake up with a more disciplined mindset.

P.S. When you mention momentum, do you mean the indicator, or do you mean the action/movement of the price in real time.

 

[Fullmetal Trader]

My acct now stands around $12k. I hope to get 25k soon so I can really daytrade (since Mr Charts trades on the 1 min timeframe).
In the meantime I earn/save $2.2k USD per month after deducting from taxes/rent and all (salary above average compared to my peers of my age in my country, but I want more freedom and side-income) .

Interesting. Your situation is quite similar to mine. What brokerage do you use? Being in the US I have to deal with T+3 and PDT rules that severely limit my profitability and haven't been able to get a brokerage account with margin.

Especially when you're new, it's a great approach to build your account and gain experience trading only with money you can afford to lose. It sounds like you are struggling with the common psychological demons of trading and I think they can be more formidable to those of us who aren't well funded. It's important that every trading decision you make is based upon something that's really happening in the real world, not upon hopes or fears. I think entering each trade with the right mindset can be just as important as having a solid, consistent method and the right money management. Just my two cents.

 

[Trader gamer]

Interesting. Your situation is quite similar to mine. What brokerage do you use? Being in the US I have to deal with T+3 and PDT rules that severely limit my profitability and haven't been able to get a brokerage account with margin.

Especially when you're new, it's a great approach to build your account and gain experience trading only with money you can afford to lose. It sounds like you are struggling with the common psychological demons of trading and I think they can be more formidable to those of us who aren't well funded. It's important that every trading decision you make is based upon something that's really happening in the real world, not upon hopes or fears. I think entering each trade with the right mindset can be just as important as having a solid, consistent method and the right money management. Just my two cents.

After some research, it seems that Interactive Brokers gives some of the best commissions, so I went with IB

 

[Mr. Charts]

Ok, thanks for the reply! Hmm, I guess the "gamer" part of my name may make me seem reckless, but that is simply because I play computer games.
Anyway, thanks for your input. I am going to sleep now, and hopefully tomorrow I will wake up with a more disciplined mindset.

P.S. When you mention momentum, do you mean the indicator, or do you mean the action/movement of the price in real time.

I don't use indicators so the action/movement of the price in real time.

 

[Trader gamer]

I don't use indicators so the action/movement of the price in real time.

:clap:
I see, ok, thanks for your advice!

 

[Fullmetal Trader]

Here are a few more. Sometimes it's extremely difficult to find stocks that move in the right way. I think that's more than half the battle. Like ZIOP in this case, I sometimes try to find stocks that have dropped dramatically and wait for consolidation followed by signs that it's starting to rebound. In this case, I first spotted an opportunity at Point 1 but chickened out and waited too long. My actual entry for the real money trade was at about $4.90. It then headed up to $4.93-$4.94. It was taking too long to keep moving up for my comfort level and I left at that point with a small profit on the trade but a $1.00 loss after commissions. And that was AFTER it had dropped $0.02 just as I sent the order to sell. I was late getting in but because I had read the trend correctly I was rewarded with a small buffer that protected me against larger losses.

Point 2 marks where I would have entered again if I could have traded it for another relatively small but profitable move.