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Working through my setup on NT using TST data feed. Feeling good about how it works. Did around 40 test trades between yesterday and today to try to reproduce some of the setups I had with the t4 software.
I had a couple good trades today however they were on the NT sim account (Sim101). Talked to TST this morning and my practice account should be setup today sometime. Then I will start making trades and posting them.
Now that I have identified my setups I like to use I have been looking into other chart time frames and bar types to see if I can 1) produce more opportunity; 2) Find a better trending time frame / bar type. Some of my better entries are on trend line breaks.3) stay longer in trades.
The 150 tick chart for the 6e looks interesting and the 100 tick chart for 6j look interesting. I will be testing these out.
150 tick chart for the euro. A lot of trend line breaks.
The last paragraph of your post is a similar to a approach to which I find most comfortable. Setting up a trade with a 5 tick target and being able to exit it with a gain if it starts to fail is good for me. However, I have not been able to do the longer hold times to get a higher tick count. 10 ticks is about my limit before I start fretting about losing everything I have gained. I know this is emotional block that I need to work on.
Once I get things set I will need to participate in a combine to see if it works. Then I will make adjustments to my trading style based on what failed. I should note that I anticipate failure on the first combine. In a way it takes the pressure off of me to succeed. I will make better trades and learn more because I am not trying to be perfect. It should be a good learning experience.
Three contracts on 6J or 6E is 37.5 which is close to ultra bond at 32 a tick. I estimated I need 13 ticks a day to add cushion and cover losing days for the combine. 13 ticks a day is double the amount needed to meet the profit requirement in the Combine.
I dont plan on entering the combine until I am ready. I was originally thinking beginning on November (overly optimistic!!) but it will probably wont happen. I need time get things setup. I have been playing around with my setups in NT today. I felt very comfortable trading with software I am familiar with.
As I mentioned before I really want this. Despite my enthusiastic posts to get it done now I know I have to do this right. If it takes me six months to figure out the right way to do it, then it takes six months. No rushing.
I think your head is in the right place and you are approaching this thing in the right way.
This is the hardest easy job in the world and it gives you the opportunity to learn much of yourself and the markets. Keep your passion going and be great full that you are in a position to work on attaining your dream job.
Best of luck in your mission and I am sure you will make it happen in the end,
Ian
My account is up and running. I took a single trade today to test it out. + 2 ticks. The rest of the day was sim. My mind was not into it today. Did not have focus or correct emotional state of mind to trade. I knew it this morning when I got out of bed. Spent the morning watching the charts taking random meaningless trades. Wasted day.
Best thing that happened today:
Recognizing I was not in the right frame of mind to trade.
Today I took a breakout trade with a larger target. Two things I did different today; I used a 50 tick chart and I had a max zoom on the chart so I could have a clearer picture of the price action.
I moved my stop up every time it broke a resistance level. The original target was 3075. Ended up exiting 3068. The movement in price felt like a top which is why exited early. (as I am writing this the price is 3056).
What was the best thing that happened to me today:
I had patience and waited for the breakout and let the trade run its course.
What was the worst thing that happened to me today.
I am still having issues with getting my TST account setup so this trade was executed in SIM101 and will not be reflected in my TST account.
Today was a near perfect trading day. I had full control over my emotions during the trade. I made a rational decision for my exit. Having a longer term view of the chart really helped me see where the price was going. Plus the move seemed smaller when compared to the rest of the chart. This allowed me to stay in the trade and let it run its course.
I came across an article I had saved many years back by Larry Connors. How many years back? Roger Clemens was still pitching and Lance Armstrong was still racing! It gave some good advice which still holds true today about trading.
At the time I had highlighted 2 parts. (they are in bold below): be a best at what you do and be the best at doing one thing better than anyone else. He is spot on with this advice. I am attempting to be the best breakout trader there is. This is what i am good at and this is what I am focusing on.
I can tell you it is a confidence builder when you focus making your strengths better than they already are. It comes naturally because you are already good at it. I think traders spend too much time trying to fix their weaknesses and get discouraged because its never gets better. A better approach would be to acknowledge your weaknesses and put processes/controls in place to limit the damage when they arise. Then focus on your strengths. IMO As you get better at what you are good at, your strengths will overcome your weaknesses.
I spent a lot of time this week thinking about the feedback I have received on my journal and my goals for the future. I have identified what I am good at now I am working to fine tune my setups with different chart setups. I have been looking at other instruments as well however, at the end of the day I keep coming back to 6e. This will probably be my choice for the combine.
My goal to become a TST funded trader is still in play. I determined this week I will start the combine when I am ready.
What I want to work on next is getting more from the market. I would like to capture a breakout and ride the wave like I did today. This can lead the really big days of 50 ticks or more. This would be outstanding.
My best and worst things that happened compilation is short this week:
What was the best thing that happened to me week:
I had patience and waited for the breakout and let the trade run its course.
Recognizing I was not in the right frame of mind to trade.
What was the worst thing that happened to me week.
Taking trades that meant absolutely nothing.
@Hoag - The TST support team has been fantastic with helping me out. Elena, Melissa, GS, Fred. They are extremely friendly and very helpful. Never giving up on the issues I was having. You have great team working there
I plan on spending a max of 4 hours this weekend testing setups in market replay. The rest of the time will be spent with the family and some well deserved time playing the X-Box.
The past few weeks have been the best of my trading career. I am getting more confident in my trades and everything feels right. I am excited about the future.
Looks like we are walking similar paths right now Robert. I am currently working on capturing most of the trading range, which means I should be in a trade when breakouts do happen. Still have to work on riding the trend, because I am realizing I am a range trader, which causes me to always look for the reversal. Enjoy your weekend.