Time break for UMRA preparation

UMRA is a little haj in Mekah, Saudi Arabia. It can be performed outside period of Haj months

No TMA signal so no trade

at one action point there is no volume, i'm frozen there not knowing what happened.

Done 2 attempts according to rules, mini profit.

An inside bar day...1st attempt, the MA  rules not completed as i expect pingpong movement, true enough that quite big profit diminished slowly and 2nd attempt as MA rules completed ended in negative but the signal is valid, therefore wait it out than close it in hurry as usual and then market let me out at minimal profit. 

I need to manage the right tactic for right situation. Need more exp 

Suggest: PingPong tactic in 5min chart is more suitable for inside day than usual MA trendfollowing

No live entry as limit order missed a tick

NOTE : To put 2 normal tick ma (in light blue) for cross ma signal

No Live ttrade - Wed EIA Report

Wait till dust settle within 2 min after EIA Report wef now.
Dont wtach market beofre it as it will waste trading time - most of it choppy even though a fluke trend will come 

Fine tuning - contract rollover

Volume 50:50
Observe big candle breakline after insidebar

Live - no trade

Tough to read inside day mkt

Live - cancelled trade

2nd guess the setup bring no money

No trade

-ve LiveTrade LT 1

740am: 1st live trade after some years.

Bad : Not looking to the left before placing order

Good: Quick price rejection made me to exit and that save my ass.

Pullback and Breakout to be determine first

Lack of Volume - Veteran Day

Mission aborted as I realized  volume is small today because Veteran Day tomorrow

000

1st 2 hours choppy

Correct market move - for future reference
Not taking risk of EIA report due to small account.

Grade B set up that been let go

DOM not ready

What :Ready to short but DOM is not ready..I'm sort of old fashioned, not trading thru chart.

Bad : Silly mistake is still a mistake. 

Good: But never the less, its a live session ! 

Ok, now on live trading mode

Objective; to get at least 1 meaningful trade each week. So probably 5 trades each month

Update observations

1) draw line horizontal to put stop order UP and BeloW of current price
2) inside bar day will make small frame working, not big frame
3) Trading is a mental game, so I will trade only once a week to avoid unnecessary pressure---
each trade ..trying to gain US 1 k > so each month the target is only US 4k
4) Use breaktrend in a sure market ..but use 2nd pullback entry for unsure market (always forget about this truth)
5) at target action area - looked at all charts for possible 'doji + hammer' signs 
6) During EIA day, wait after the report
7) After exceed hi of day or low day, mkt may turn back after a perfect doubletwin top perfect doubletwin bottom of any chart.
8) put a bigger time frame 5 min chart to have more confidence ..lost opp not following rules as previous main chart is smaller and cluttered
9) Contradicted with # 8, its not the time frame ,,but more to synchro of multitimeframe and understand the precision neede and available in small time frmae..Understanding is the key..Only after understading then come confidence,,not confidence 1st then understanding ##
10) big candle retrace 50% for stop entry

Sassy advice

Traders Interview: Crude Oil Futures (CL,$CL_F), Full Time Trader. Lance from Florida

Lance from Florida. Full Time CL (crude oil futures) $CL_F

How did you get started in trading?

A friend of mine convinced me to go to a Forex trading seminar that was sponsored by a Trading software company . It was one of those “red light green light” systems that make trading look rather simple. The presenter was good at his job because I ended up shelling out a few thousand that day to start my trading career. My goal was to learn to be a great trader, so I could earn enough money to live on..and get out of the whole 9 to 5 work schedule like most people have. Of course I soon found out it was way more difficult than I could have imagined. There may be some people out there that pick it up pretty fast, but in my case it took close to four years before I began to get the results I wanted.

Do you trade differently from your early days? What has changed?

Yes. First of all, I trade futures now instead of Forex. And although I know there are some great Forex brokers out there, I have found that in many cases it’s a market that can often be manipulated . Trading is hard enough without having to worry about such things.
Another change from my early days is that I used to be a trader that would react to the market in a spontaneous, impulsive manner . In other words, if I saw the market suddenly moving in a way that convinced me it was taking off, I would just jump in. If the trade lost and the market suddenly reversed, I would jump right back in again going the opposite way. I had no real plan.
What I learned is that at any given moment, the market offers numerous temptations and it’s incredibly easy to think that you’re seeing a move. If you are taking unplanned trades, you’re “flying by the seat of your pants.” So now, before the beginning of each trading session, I make a very detailed written plan . It includes several what if scenarios at various price levels. I know what I’m going to do when setups occur at my designated levels. Also, my plan takes into account if the day is going to have lots of momentum and volume..or if it’s going to be slow and ranging. Then about a half hour after the market opens, I will analyze the opening range and market conditions and then modify my plan as necessary. So absolutely no spontaneous, unplanned trades are taken. If the market is acting in a way that is not familiar to me, I simply stay out. I know my proven setups will show up enough during a trading week to insure my profitability.
Another change has been in my risk/reward ratio. I prefer to mostly take trades that make twice the profit than the stop loss. So if I risk 10 ticks, I want to target at least 20 ticks. This means you can make money as long as your win rate is over 45% and mine is a lot higher than that. In the old days, my stops were often a bit larger than my targets . Unless you have a very high win rate, you’re going to fail. Never discount the power of mathematics.

What instruments do you trade?

Currently, I am mostly focused on Cl. It’s tricky but if you can master it, it makes some really strong moves on almost a daily basis. I don’t recommend it for beginners though. They should probably start with instruments like 6E or ES . I used to like TF quite a bit, but it doesn’t seem to move like it used to.

Did algorithmic trading changed the way you trade?

Yes, definitely. Although I have always liked to time my trades in the lower time frames, it is very easy to get chewed up in the Algorithmic noise. I see this a lot on ES. The HFT (High Frequency Trading) programs used by institutional traders are often designed to exploit tiny moves and trade them literally thousands of times a day. Obviously this adds up to big money for HFT traders but can spell disaster for the retail trader trying to scalp a few ticks on the ES.
I used to be pretty good at taking 5 tick scalps on indexes like the Dow and ES, but now with the algos out there, I believe it is a fool’s game.

Can you elaborate about significance of risk management in your trading?

To me, risk management is probably one of the most important aspects of trading and one I wished I had focused on more in my early days. This also an area that can get negatively affected by emotions. For example, a person may have an initial plan to have a 10 or 20 tick stop loss . Then after losing a series of trades, that person may become very upset and see that the next trade is on the verge of stopping them out yet again. The temptation can become overwhelming to move that stop further out. That’s when a person can really get in trouble by throwing all their risk management rules out the window. Also, as I said earlier, you stack the mathematical odds in your favor by having your targets at least twice the amount of your stops.
Whenever I take a trade now, I always think of where my stop needs to go first. You want to ideally put it behind the last swing high or low on a price move ..or in a place it’s not likely to get hit. But that area has to be in my numerical parameter of 10 ticks if my target is going to be 20. Then you have to mentally fully accept the risk before you put on the trade. If you can’t accept the risk for whatever reason at that moment, you aren’t mentally ready to take that trade . I always ask myself, “Am I okay with the possibilty this trade may lose?” That mental acceptance of risk reduces a lot of the stress and fear because I’ve already accepted the outcome if it loses. Plus I know that ultimately my system will come out ahead in the long run because it’s proven to be mathematically sound.

What indicators have helped you most in your trading?

The only indicators that I find useful for my style of trading are generally ones that show me what the market is doing in real time. Most conventional indicators tend to lag price. I want to use something that gives me an idea of what is happening right now. So, indicators that can show immediate changes in volume and orderflow are the most helpful to me. You can watch volume on a 1 minute chart and see a big spike of volume show up. But keep in mind, it has to wait a full minute to print that volume figure. The time and sales is good, but you can’t really process the cumulative effect of the orders coming in, especially since many huge orders are shown split up into numerous small orders. There are some tools out there now that give you an immediate snapshot of orderflow and volume. In other words, you don’t have to wait a minute to see the volume. You see it unfolding before your eyes. This can give you a heads up if that breakout you’re seeing on your chart is real or not. Fake breakouts are the enemy of your average retail trader. Also, if you’re trying to hold onto a trade for a runner, it’s good to know if the orderflow suddenly reverses. Then you can exit a trade before it pulls back and takes all your profit back as well.

What indicators have you abandoned?

I don’t really use any of the conventional indicators like MACD or Stochastics , etc.. anymore. How are you going to compete with Algos that trade at light speed if you are using outdated lagging indicators ?

What platform do you trade on and why?

I use Ninja Trader. I am very familiar with it and I like trading off the Chart trader, Just visually, it works well for me. Another plus is that the tools I use are designed for Ninja trader. I find it to be pretty reliable at this point in time plus their support staff has always resolved any issues I have very promptly.

Any final words for up and coming traders?

First off, they need to be realistic. There is a learning curve and it doesn’t happen overnight. It also takes time to learn the discipline and emotional control required for successful trading. And although SIM trading is a great way to test strategies and learn the platform, it is not the same as live trading. You need to have some “skin in the game” so you know how it feels to have real money on the line. Also, be careful when navigating through internet trading forums. You may find some threads that are extremely popular. There may be an alleged master trader or Guru that has numerous followers. Many of these guys turn out to be paper traders that just happen to love the attention they get on the forums .
There’s no substitute for screen time and watching price action for several hours a day. Pretty soon you will find patterns that occur repeatedly on a daily basis . Also,remember to always trade with a plan and avoid spontaneous impulsive trades in order to reduce random entries.

Don’t underestimate how strong emotions can get when money is on the line. Losing money creates an extreme urge to suddenly want to make it back immediately. This is when traders make huge mistakes . Every good trader has had to deal with these emotions. Have a maximum loss amount for the day and walk away when you hit it. Fight the urge to revenge trade and get back at the market.

Stick with what works for you. Many traders find themselves on a quest for the Holy grail. They are always experimenting and testing some system. The system may work initially, but then fail. The confused trader then moves on to another system and the process repeats itself. What they fail to realize is that their “System” may only work in a strongly trending market. Until they learn to stay out of chaotic, choppy market conditions..they will continue their endless quest for the Grail. If you can make 40 to 50 ticks a week consistently, don’t always be looking for a system that makes 300 . All you need now is to build up your account and add leverage. I’ve seen guys that have found systems that make 50 to 100 ticks a week but they abandon them to try to find better ones and they end up wasting many years .
And finally, I wish all up and coming traders the best on their journey through a very challenging but fulfilling endeavor called trading.

Lance, thank you for your time and contribution to futures portal.

I'm baCK !! and finalizing 2 ducks crossing path tactic 2DCP & stop order entry

BUT MY MIND seems to 2nd guest it and bombarded with loss. Next time I will follow the 2 ducks with a stop entry to ensure I follow my own law.

Also keep in mind, tradin in August is slowww.

1) draw line horizontal to put stop order UP and BeloW of current price
2) inside bar day will make small frame working, not big frame
3) Trading is a mental game, so I will trade only once a week to avoid unnecessary pressure---
each trade ..trying to gaind US 1 k > so each month the target is only US 4k

Another tragedy for Malaysia MH17

World has become crazy..Why these retards shoot  a civilian plane loaded with civilian people ?

They want a Gaza at the Sky ??

The 1st captain ..Capt Wan Amran was my senior at High School.

His eldest son only 10 years old, and another son 8 years old.

Both Gaza offensive and MH15 shotdown happened within 15 minutes apart.

And dont forget MH370...

May Zionist Israel (CHILD KILLERS)  burn in hell for eternity.

Ramadhan - trading taking a break -at leisure ;)

CPU out

After 5 years, my computer AMD Processor malfunction.
But not before my dicovery of the most promising trading setup

Market changed again and i use again the dinosaur indicator

its 3 MA ! + candle pattern  + ohlc
when they agreed -dive at reverse !

simple is it ? DamN

2 set up

Adx - for trend
Harami and stoch - for choppy mkt

Reminding

The good thing in blogging ie writing it up..is i'll remember things...
when my time is zooming too small, I knew its a wrong thing to do..even though at that kind of dead market condition, it is a logical thing to do.
sometimes logic is wrong.
thank you to my blog

3r SIM 2

3R Sim

No test trade yesterday and today : Weekly test result: USD 60

sim 3R - 2nd attempt on Wed

Implemented 3R - 1st day SIM

using HLC bar instead of candle

after 5 years I admit that i like  HLC bar than reading japanese.
now training to
1) identify chopping axe period = succssful
2) HLc trigger pattern with my custom trading rules = half done
3) once 1 & 2 done = do it autotrade without thinking too much = not yet passed

Interview with a legend - I laugh at his (wife) honesty

http://www.tradingbook.org/trader-interviews/welles-wilder-trading-legend

Some blogs closed but my blog keeps going on at the moment

Bad trade - Test & review

1. Ambush trading, Use stop to enter, avoid emotive action (USTE)

2. Multiple time frame ex moving average (MEMA)

3. Lines, big candle, doji, Hammer (LBHD)

BReaking the Ice

Expected a loss after trading live after along long time.
And yes I got a loss when the system touch a reality.
But I feel positive for my next live trading.
I will use the simplest bullet - doji & hammer at the line or no line
And use STOP ORDER TO ENTER as it will give CLEAR DECISION

Engineering Range used in Live Trading

Trading is about range of risk. So I decided i used 2 charts instead of one - 250 & 200 t

I felt comfortable to use a live DOM & charts.

500tick

ssmall volume - adjusted tick chart to 250t.
Doji and hammer at lines are decisive indication 

market at turning point

and build up strentght, unfortunately next session is on Friday

My wireless confirmed FAULty by TP LINK -

and I lost 2 months airtime...that;s life !
sometimes you have to suffer from other people's fault

DOM was live

but no trade, EIA report

Okay

I will provide another USD 500 for RISk of potential loss.
No risk, no gain.
But I want the gain, of course

Warming Up again

I purchased 20m LAN cable (USd 7.50)  and nailed it across the Hindi Ocean   house.
internet stability and certainty come back.
cheaper and better than crap wireless (USD 21)

MH370 - after 3 days

MH370 Malaysia airlines was missing during flight from KL to Beijing 3 days ago (about early 2am morning Sat)
Everyone is puzzled.
Deepest condolence to their families and friends.
Lot of stories abuzz here in Kuala Lumpur. Life can be unpredictable and can be missing...literally.

***********
After about a month - reseacrhing, testing, googling... I found that my wireless cant be relied upon, possibly cause by my AMD mobo... and I will go to to the shop to buy 25 metere LAN wire. I'm not a PC geek after all...

Internet problem not resolved yet

proof taht it is tough to be a trader when the enviromnet is not optimal  ;)

Geek

A big disadvantage of becoming a trader is that we automatically become a computer geek.
I bought wireless adapter TP-Link for the the new unifi but error pop up, disconnection and usual custom install was not working.
Wrote to TP link engineer also failed to solve it....
Then I google for the solution...
After several frustating attempts (you tubes, links, forums, re isntalled, antivirus stopped,system restore)...
I go through Windows XP step by step "installing", but pointing again at supplied CD as the source, even though the driver already installed before through TP link standard procedure. ( I thought I'm only one in the world doing this Rare procedure)
Unusual steps but now the wireless adapter device worked okay.

****
post edit - They sent an email...now could I use all these analysing power to CL trading ? Wait and see.. hope and Pray to Allah ! ;).

Cl had Beatiful moves

and I was just watching

Paper trading is bad if your trading could bring in money.

I noticed that my hesitation to take live orders now not becoz I dunno to play CL, but due to my doubt of reliability of my internet connection..so today I applied the optic cable to replace my old dsl.

 It will take about another 10 days. 

***********

Dear Valued Customer,

Congratulations and thank you for choosing UniFi. We are now processing your order and pleased to provide more details including information on our next course of action.

**********

Fridays CL...Live

When the going get no where, it depend on VWAP to go

Internet 95% reliable

Open internet,
Open DOM - live mode after some long months
Open chart.
CL Market slowly going up
Zig Zag..no torpedo released.
may be better chance when things going DOWN later.

Internet problem. again

My DSl internet have connection problem..
May be its time to move to cable optic...
I think my provider use dirty tactic ;)

Song

Missed someone long time ago, but life goes on....

Wed - pre EIA - notice the sweet mark

New Year Sim - Go & Go