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During the last full week of October 2023, I participated in my first trading challenge at 60 years of age and 30+ years of experience as I thought it would be a good measuring stick for me so to speak as I've dedicated the last eight years after "semi-retiring" to improving my trading.
I was only able to trade roughly two and a half days of the five days of the CME Epic Equity Trading Challenge. I placed 452nd place out of 3600+ participants. To put this into context I placed within the top 15%. Their on-line platform and charts, etc. One the second day, October 24th I was targeting 4290.25 with three sell orders placed, one to exit a long and two to retain for a short down at various times of the day to fall short at or near 4274 and cancelled these about half an hour before the close. The volatility kicked in into the close and in a flash of 3 mins or less up and over 4290.25 by a tick or two and right back down to the 4272-4280 area, then down over the next three days, dag nab it! This would have made a world of difference in the overall outcome, situation normal in trading. Note this was the ES12-23 contract and using the same methods I've been sharing over the last few months within this thread.
Overall, it was an interesting experience, and I may participate again. I've focused only on the ES for over three years. as I like the benefits associated with this market and the price action normally offers reasonable risk to reward with well-placed entries. All three of the major indices were available to trade during this challenge and I stuck with the ES contract.
Can you help answer these questions from other members on NexusFi?
As I suspected, we got the value rotation trade. I've noticed the better approach is to let price break lower first than enter for a long trade or higher first than enter a short, Context and momentum with price action, it's an art form. It's usually not a good idea to stand in front of a locomotive. as it has too much momentum to stop at a specific point or place. I'm watching to see if it fails to reach the next corner at 4830.25. and moved the stop to 4822.75. Still in sim at this time and will patiently wait to pull the trigger in my live account as stated.
You don't need Algos in a Box, bottom line. Keep it simple and don't waste your hard-earned money lining the pockets of the Furus, scammers, etc.
Best regards,
PP Guy
PS - How ironic it basically turned at the daily pivot point of 4809 near the RTH open!
Well, I didn't expect that especially all the way to 4761 and beyond in one day. I've been working hard on a "If this, then that" approach and let the market tell the story. Catch the wave and ride it as long as you can. Close below 4761, consecutively than "Katie bar the door" as the sheep will be running towards the exit. Last year it was a day after the Winter Solstice a significant bottom was placed and this year one day before. It's not an exact science or holy grail. I remind myself all the time to just be aware of the possible opportunity. Moving forward I can now benefit in my live account with the information moving forward. It's a small price to pay for confirmation in my opinion.
And pressing 4761 again 30 minutes later. Putting "it out there" is not easy for various reasons. I decided to start giving back to this community a few months ago due to the support from other members in Nexus FI in regard to dealing with unethical business practices and a lack of basic etiquette from the Owner of a company discussed in another thread. I was looking for someone that I could work with, share my knowledge and experience with the method I've shared in this thread and code it for NT8 and purchased a membership with his company to use his "software" first before moving forward with any serious discussion. This guy had the audacity to immediately put down WD Ganns' methodology. He's also slammed other legendary traders, no moral compass. I'm grateful I gave a tidbit of information before he showed his true colors, then I shut my mouth.
It's not "software" if it relies on another program to function or operate. Any "Quant Coder" knows this, so is it false advertising? I digress....
