Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
After the high close of yesterday and the price decline overnight and the DOE report, was expecting a tight range day today, so was consious of using a smaller target, and to take profits earlier, and more agressive with a tighter stop.
In addition, I wanted to see a Ninja Trader webinar presented by Rancho Dinero. My new brokerage account is Zen-Fire, and as such, I have some questions as to whether I can use ust the Zen-Fire feed for market profile . Kinetic has histrical end of day feed data, therfore I really dont think i need real time historical, but I may need historical price and ticks data to build a composite, if I need to go that route, or I think it will be helpful. Right now, I dont think it really is, but things may change.
As long as PB still has his blog, I will follow his lead on market context. Of course, I need to understand this on my own, but I am still taking small steps with this.
Was out for the DOE report.
5 trades. (didnt mark the BE trade. It was really the same area as my 3 and 4 the trade, just BE. I had interest in going long at 105.00 - 105.20 later in the session.
Perhaps thats true, but if you love the sport and you want to be around it, you could buy yourself a team, like Mark Cuban and the Mavs.
Does it have to be the NBA? How about a semi pro team?
I have an aquaintance that owned a Ontario Hockey League team for a few years. Its junior, but its a stepping stone to the NHL...a future stars league. He couldnt play the game, but he loved being around it, at least for a little while.
Only cost him a couple million, which he got most of it back when he sold the team. kind of an ego thing anyway.
I might be mistaken but think this was exactly TMFT's tongue and cheek point with his earlier response.
How good of a trader (with a big ego) does one really have to be? Say, three points with 10 contracts.
It's not professional-in-the-pit but will pay the bills and then some.
Last night I am setting up some new charts with Rancho Dinero on my Ninja Trader platform. I am slowly incorporating market Profile concepts into my trading over the past few weeks, and the early returns indicate it is helpful to me. Market Profile appeals to my logical statistical right brain side personality. But rancho Dinero is extremely elaborate. Reminds me of Microsft Word in that there are likely 20,000 different functions in Microsft word, but I am likely hardpressed if I use 100 different ones. But it is very cool software, if a little expensive.
Today I am finished after 2 trades.
Trade 1 -13
Trade 2 +126 Yes, thats not a typo. Heres the story.
Price reached the 106.46 on the 1st. Yesterday was a balance day. And a news days, so TTRD. For this morning, near the open, 105.00 level is an important number, based on my 30 minute. An S/R level.
I went long , got stopped right at the opening. (had a 15 ticks SL, but I cut it short because I saw sell pressure on the DOM) When the level 105 broke, I shorted. From then on, it was a matter of managng the trade. Was in the trade for an hour. +126 ticks.
Its great to have a trade like that, but, at the same time, its a little unerving. Its really because it is a semi outilier event as the market went farther than i expect it would on that time frame, and though , as a trader, one should always anticipate the unexpected, when it does occur, I feel like I have to take time to digest what just happened. its not that crude cannot move like that, but when i benefit, I am a little stunned, despite the fact that this is the evnt that I want to happen.
In some ways, getting my stop hit is easier, mainly because it is more familiar. I have losses most every day. And they dont ussually take as long. (yesterday was a very rare exception)
Nothing wrong with taking the rest of the day off. If it wasnt pouring rain outside, I would hit the golf course.