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Yes, I find it very helpful for helping me plan my trades and help me to look for areas where I think I can can do buiness.
Where Market Profile is most helpful to me is in daily trade planning. Helps me to answer the 2 questions.
Where is the market going and how good a job is it doing getting there.
Virtually every technique wants answers to those same 2 questions, but if I have a plan, then I can go about executing that plane and not worry about each individual trade, but focus on the big picture.
Anyway, its working for me so far, so good. Rancho Dinero has been a tremendous time saver. I am a beleiver.
I should have quit, but I was working on a theory, and i am using a new platform, so I am trading 2 contracts to get the hang of it. It is the CTS T4 order entry platform, but the order flow is better visually. Therfore, I have to alter my reporting stats, as they are diffrent from how they are recorded in Ninja Trader. Still will continue to use Ninja Trader for charting and for market Studies with the Rancho Dinero. I am liking it and it has some very cool templates.
9 trades today
+13-7+15+16+26-13+11-13+20=+68
The last 4 trades got 5 x 2 ticks, and cost 40 bucks in commissions. (5x4x2) All that noodling for net 60 bucks.
I was long off 94.00 to 94.25 all day after the gap down from Friday and the overnight.
Might get a gap fill tommorrow. And we have news early.
My answer is yes, I am. I know, that it is ambiguous. Allow me to explain. This same question has been posed before on my journal some time ago.
I am a Canadian resident. I also am a investment advisor and stockbroker. Also, I have been a Branch manager ( not presently) on the investment side, and was responsible for compliance of the brokers under my direct supervision (it was only 8 brokers, small office).
I handle investments for cliients on the retail side, and all the futures trading i do is for my personal account. Securities regulations state that i cannot maintain any OBA (outside business interests) that are not reported to my carrying broker. i am in compliance with those regulations. My futures trading accounts are in the US, and therefore are personal in a foreign country and are not under the jurisdiction of Canadian securities laws. Of course, all income from those accounts is reportable as taxable foreign investment income.
I have a book of business that I manage for clients on a non discretionary basis. mostly this consists of bonds, stocks, mutual funds, and other wealth management instruments. most of these investments are of the buy and hold variety, generating dividend, interest and capital gains. Are you aware of the ROI of these types of instruments over the last 4 years? As one fellow trader put it, how owuld my clients feel if they knew my personal futures account is very profitable and their accounts a re BE after 8 years, yet they are restricted form investments like futures because they do not understand the risks involved?
The majority of my business life is involvement in the investment business. Thats how i make my living. Buying and selling invstments has paid for everything i have. All my personnal trades on any stock exchange in my canadian accounts must be marked PRO trades. And they are reviewed by compliance. Been doing it for almost 18 years. Its really the only real job I have ever had. Well, thats not entirely true, but it is certainly the longest. And, I am pretty good at it. Not the very best, but far from the bottom of the ladder. But, I have doen it so long, its gotten kinda stale for me. The compliance issues are a hassle. Thats one of the reasons I was attracted to futures trading in the first place. I have been rejuvenated, reinvigorated. It rekindled in me the reasons I got into the investment buisness in the first place. But, my job pays well, and i make my own hours, basically. i have an assistant that takes care of the day to day administation stuff. Books client appointemnts mostly in the afternoon. And it pays 6 figures. Low 6. used to be mid 6.
Futures trading is new to me, but the concepts of futures trading and active investment management are the same. i was familiar with much of it when i started. I have taken numerous courses for my liscencing. Branch Managers course, Register Representative which included options, continuing education and compliance.
I have been trading live almost my entire working life. More client money than my own, but real dollars.
I would like to make the jump to full time trading only at some point, but its a big step. Not right now. I have clients that I am truly fond of, they are friends, and have been with me for a long time. My first priority is insuring that my best clients are in the proper hands. I cant just walk away yet. I have an obligation toward them.
And it means I have to be in a position to replace my current manament salary/commission/bonus income with trading income, and then its all on me, and i have to be properly capitalized to do that. And once I do that, I no longer need my assistant, who has worked for me for 15 years. There is really no going back for me. For now, its working OK. When it dosn't I will do something about it then.
Now, if I can only figure out a way to start a Canadian hedge fund and fly under the radar...
No trading today, as I had to be in the office early for a branch audit.
We have that every 18 months or so. The compliance guys come up from head office, ask for a few client files, randomly, and go through them. Have to answer questions about my practice. About pro accounts, leverage, products reccommended, professional affiliations, and directorships or officer positions in corporations, either private or public.
Most reps hate them, for obvious reasons. You dont want the security regulators knocking on your door looking for evidence.
At least they took me out for lunch.
Funny story. Met some clients this afternoon, and they are terrific people. He was wondering about this one account, and why it seemed to be down significantly.
I asked him what he thought it was worth...he said about 457K. I dont know how he added up his statements, but its actually worth 750K.
The funny part is that he has been wondering about this for weeks, and he never thought to call me and ask me about it when he first noticed it. He isnt a financial guy, but, thats a lot of doe. For anyone.
If you had a discrepancy of close to 300k, would you not call your advisor ASAP and ask what gives? I told him if this ever happens again, call me. If any account is down that much from one quster to the next, you will know something is up because i will be calling you. And look outside, because the sky is falling.
Tough day today trading. Traded a few shots with crude today, was flat going nto the news, and when things werent happening I shut it down.
5 trades.
15-15+15+16+15 = +46
The trade that was +16 was 1 tick slippage in my favour, otherwize that would have been 15 too.
Guess where my stop loss was today? And my target?
I start out trades at 1:2 risk, with my first target at 1:1. Trade risk on my account is 1-2%. And thats at the high end. Average is less than 1 percent on any particular trade. With 15 ticks stop, on 2 lots, my target is 30, 1 lot at 15, then tighten the 2nd lot to 15. This is on tight range days that I expect this. Like after a big move in price or overnight, and I expect some balance or consolidation. Or an a news day, or on Fridays.
If it appears price has solid support or resistance, my 2nd lot will go to BE and will traill around 15 ticks, moving up at areas of support or down fom areas of resistance.
That means to have a 15 tick stop loss on any particular trade, for 1% risk, account must be 15000.00. for 2 cars, 30,000, and so on. 1 additional contract for every 15000.00.
Using the CTS T4 platform for trading now. I wanted a few more features for trade management and more detail in order flow. There is a learning curve, so I am trading smaller size. Going slow to learn it well...
Ninja Trader i use for charting with the Rancho Dinero suite.
Lots of stuff available for execution, SL, trailing stops, market orders, lot sizes and the like.
Here's a link for all the videos from CTS. I have seen them all, and gone through them a number of times. also has a link for a 30 days demo to try it out in simulated trading.
