How to win trading & when not to trade (I have 1 month real live record so far)

[tommason]

Re: How to win trading & when not to trade (I have 1 month real live record so far)

I am sorry I was on holiday from the January 4th to middle January . I went to Puerto Rico lol. I should have left notice

I am still down around 6k for the year 2011. I realized my avg up/down is not working during mid December till end of it and my I had to deposit more money.

december was my first losing month and half of the January as well since I started late with little capital. so I am looking to gain it back this Feb and next subsequent month.

just more notes, I broke my rule regarding not trading the day (monday January 24th and 25th tuesday) before FOMC meeting (same week). it was very2 choppy and market just move in one direction v quickly. so I loss like 10k on Monday and loss 4k more the next day on Tuesday this week!!

However, I found an important revelation recently and I improve my entries.
you know I learn from my weaknesses regarding counter trending with averaging technique instead now i am confident trading with breakout when momentum is really strong (I can see it clearly now!!, but remember dont trade during the specific dates when market is choppy).

I removed my 5 minute chart and replace it with 200 ticks instead.
I learned a lot from the mike baghdady video using it (posted before) and combine it with time and sales window, daily chart, 15 and 60 min.
time and sales is particularly useful when seeing momentum. it might not sound new but with 200 ticks i can almost see things clearly especially with EUR/USD and gold market. with crude oil the 200 tick chart is kind of screwed up.

What I learn is most of my winning from last year was due to strong correction on the counter trade. I am afraid it was only lucky lol, but now i am even more confident i can trade much better than last year, but somehow I trade with less contract after the bigg loss on dec and january. I felt less brave lol

Miraculously, I managed to get it back up all my losses 14k loss this week and gain 15k instead using the technique i mentioned above.(if u want my statement, ill post it).

I will print screen my trading workspace layout next time just wait.

again any critics and questions are welcomed. i try to be as honest as possible

How are you doing? still banging it?

 

[tommason]

Re: How to win trading & when not to trade (I have 1 month real live record so far)

I got it from another forum in this website. so should i remove it now ?
I mean it's a good read,but it's kind of hard to understand after the introduction.
I agree with order flow ,but I learn mostly from experience

aversano disapproves...

 

[tommason]

Re: How to win trading & when not to trade (I have 1 month real live record so far)

hi all, I would like to update. finally I am up about slightly more than $16k for the year (realized profit).
I will post my crazy statement especially from January 31- Feb 4, 2011.
I lost 10K on that week on Monday, then I made it back more than that the same week
the craziest thing is I hit highest profit I ever had for winning $25K in a single day on Friday Feb4,2011.lol This was revenge trading I would not recommend it but I know what I was doing so..

I would post my 3 statements so you can see the filled price. (I would post this weekend since monday and tuesday i'm off school for president day).

How are you all doing so far ?

 

[blurr123]

Re: How to win trading & when not to trade (I have 1 month real live record so far)

Hey Tom, good to know you recovered from the rough patch of trading. I want to see a print screen of your layout now. I'm not trading yet, still deciding on broker and software.

 

[tommason]

Re: How to win trading & when not to trade (I have 1 month real live record so far)

You got it man! check it out yo let me know if u have questions.

I pretty much do not trade emini S&P most of the time. screw stock futures they are all just moving in 1 direction most of the time up and up only.no good for scalping.
thats why i play currency, crude and gold mostly.

Hey Tom, good to know you recovered from the rough patch of trading. I want to see a print screen of your layout now. I'm not trading yet, still deciding on broker and software.

 

[tommason]

Re: How to win trading & when not to trade (I have 1 month real live record so far)

as I promised here are my turning points this year and trade of the year 2011 so far. biggest daily trading profits ~25K lol and again its on Friday as usual. (check my statements)
you can see here I lost 10K ($9137.5 loss +824.62 comm&fees) in a day (Feb3) and then I wire 25K the same day and withdraw it back the next day 30999.99 (Feb4) as you can see in my statement.

to make it simple to explain, you can see my balance on the Feb 3rd was around 14.4K then I lost 10K so I left with around 4.4 K then I wire that 25K so my balance in the statment is around 29K. then you can see the next day I withdraw 30999.99 and left with 19K after comm&fees. In other words if you combine those 19K+31K= 50K. Then if you substract 50K - 25K from wire - 14.4K initial balance on Feb3 = ~10.6K roughly. means my net profit is ~ 10K for those 2 days (Feb3 and feb4).

I would have tried to make it back in the same day, however the wire come through when market is almost closed so I wait until the next market open to REVENGE trade!! which is 6pm when currency market open.
True I was stupid and I slept only for few hours that day. but it's worth it

note: on the last page and page before that you can see check sent and wire stated (for payment/receipt means check sent and u can confirm it on page before the last page along with my wire received).

after that day, I have not lost any single day yet. so I need to maintain my winning trend.
so far I am up 22,200 realized profit with 28.5K left in my trading account as of 2/18/2011

 

[meanreversion]

Re: How to win trading & when not to trade (I have 1 month real live record so far)

These P/L swings as percentage of your trading pot are fairly extreme, do you have an aggressive profit target you're trying to reach?

 

[tommason]

Re: How to win trading & when not to trade (I have 1 month real live record so far)

do you ever see someone who drawdown for 30k and end up having 1 million at the end ? lol

in my case, I do have a target. I told my parent that I lost a little when in fact I loss much much more. I need 10K more basically this year. They will visit me and check my bank account in few months. :cheesy: so it's a pressure for me.

True that most prop trading company would not accommodate my swing, especially if i am new.

However I know what I am doing and I do have the knowledge after losing for about 2 years. otherwise, I would still keep losing daytrading no matter how much money i put, wouldn't I ?

These P/L swings as percentage of your trading pot are fairly extreme, do you have an aggressive profit target you're trying to reach?

 

[tommason]

Re: How to win trading & when not to trade (I have 1 month real live record so far)

I expect to earn realized profit of at least 10K per month. but now i think i can earn more than that. lol

These P/L swings as percentage of your trading pot are fairly extreme, do you have an aggressive profit target you're trying to reach?

 

[meanreversion]

Re: How to win trading & when not to trade (I have 1 month real live record so far)

From a pot of 30k?

 

[brettus]

Re: How to win trading & when not to trade (I have 1 month real live record so far)

I expect to earn realized profit of at least 10K per month. but now i think i can earn more than that. lol

I think if you keep taking money out like you do, you will have no problems reaching that goal. Your bd approach to trading seems to be working.

 

[tommason]

Re: How to win trading & when not to trade (I have 1 month real live record so far)

Like I said from the beginning of my 1st post to all believers and non believers, I am confident I can daytrading for a living.

again my technique are mostly against conventional wisdom by averaging up/down on the entry and no stop loss at all. It seems working compare to most lecture that do the reverse. now I know why 95% of people are losing lol. if 95% people are losing, why don't I do the reverse and be the winner ? it's that simple lol

just believe in yourself & do your homework.

I think if you keep taking money out like you do, you will have no problems reaching that goal. Your bd approach to trading seems to be working.

 

[tommason]

Re: How to win trading & when not to trade (I have 1 month real live record so far)

I'm not sure what do u mean.

From a pot of 30k?

 

[leonarda]

Re: How to win trading & when not to trade (I have 1 month real live record so far)

Like I said from the beginning of my 1st post to all believers and non believers, I am confident I can daytrading for a living.

again my technique are mostly against conventional wisdom by averaging up/down on the entry and no stop loss at all. It seems working compare to most lecture that do the reverse. now I know why 95% of people are losing lol. if 95% people are losing, why don't I do the reverse and be the winner ? it's that simple lol

just believe in yourself & do your homework.

don't you think your feb 3/4 type episode could go a bit too far the next time and you lose the lot...?

 

[tommason]

Re: How to win trading & when not to trade (I have 1 month real live record so far)

well if u follow my post from the beginning, this is not my first time losing 10K in a day. in fact many times before & I still stand strong. there are days when I was down 7K and I made it back with 3k profit end of the day. There are also days when I drawdown to 9-10k and end up with profits.

and i remember i said that as long as you have enough time left before market open, there are higher probability to get filled. this is also combined with my entry techniques to make it even more possible. Further,after I get filled or breakeven from large drawdown, I often able to pinpoint the support & resistance much easier. lol

but of course I tried my best to avoid large draw down and losses. thanks for your warning buddy:clap:

don't you think your feb 3/4 type episode could go a bit too far the next time and you lose the lot...?

 

[tommason]

Re: How to win trading & when not to trade (I have 1 month real live record so far)

HI ALL, if you live in NY, there will be a trader expo from this Sunday to Wednesday in Marriot Marquis hotel. http://www.moneyshow.com/TradeShow/New_york/traders_expo/summary_of_events.asp
I will try to find a job from these people lol. let me know if anyone coming I wanna meet you all lol

 

[aversano]

Re: How to win trading & when not to trade (I have 1 month real live record so far)

So? Are you still in the game?

 

[tommason]

Re: How to win trading & when not to trade (I have 1 month real live record so far)

LOL, thank you for asking finally someone ask . I'm doing very very good lately and I already exceeded my target. I'm killing crude oil market, I'm doing very well. I can send you any statement in any day if you requested. How are you aversano ? tell me man

however this is my last semester and I'm busy looking for a full time job. I might trade less but not as intense as last year.

I will have an interview on this Friday regarding equity rebate trading, but I would need to deposit 2500 in escrow account. any idea how this rebate trading company works ? the company also do HFT(high frequency trading as well). I'm kind of skeptical about this escrow account, but since this company is set up a block from wall street I would give it a chance.

I asked the interviewee and tell them how confident how he makes money, and he said sometimes it work and sometimes it's not. and I ask how much money could he make a day. he said about 500. (80% to trader,20% to company). seriously I dont think this answer is good enough, since I myself can make >500 in a day easily. lol
moreover he asked me how much i loss, cause it's more important to cut loss in this position I think since it's rebate trading. I just see no point of doing escrow it's kinda like scam.

any opinion or help are more then welcomed. Help me guys!! if you have any question on trading I will help you back. lol Please answer me before this Friday interview!

o

So? Are you still in the game?

 

[aversano]

Re: How to win trading & when not to trade (I have 1 month real live record so far)

Whats the company's name?

 

[redart]

Re: How to win trading & when not to trade (I have 1 month real live record so far)

why get a fulltime job? You appear to be making nice money trading.