Day Trading Brokers
Discussion and questions about brokers.
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RECENT POSTS
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By Bailey Nevener · Posted
In the period where you aren't consistently profitable, I would suggest staying away from the "avoiding criteria" as you called it. Specifically I am suggesting reducing the amount of requirements to enter a trade. It is a bad idea to draw almost any conclusions when you are starting out. It is better to just foster an environment where you feel like you can follow the rules that you have set for yourself, no matter how basic they are. This is an example of a no-assumptions trading plan: Find a 60 minute range break candidate. (Why you are looking at the stock) Enter at the 60 minute range break with your stop below the nearest technical level. (How you are managing risk) Let the trade go to 2:1 and take 90% of the position. (Giving yourself a reason to exit) Hold onto the last 10% to 4:1 or get stopped out at your original stop or breakeven. (Allowing yourself to become more experienced with the price action) This breakdown is meant to be changed, but only after you "just can't take it anymore". Let the data change your strategy, and keep it as simple as possible until that happens. Good luck hombre. -
Futures (MES) algo trading journal Thursday 9/16/21. My first short algo trade occurred this morning. It was a bit too lucky to pat myself on the back actually. There was some obvious weakness and a few shallow pullbacks to the 20 SMA. The shallow pullback algo to the short side does not have enough data on the new contract to go live yet. But the deeper pullback algo does and that is what we had this morning. After a strong steady drop there was a pullback that barely made it above the Keltner midband by 1 tick (thus a bit of luck involved). Then I got a really good entry, which the algo is not programmed for so I need to study the code to see how that happen. Then the price dropped immediately to my target and again I got a really good (lucky) fill on the cover. I am still just using only 1 contract on the MES so not taking this seriously yet until I get these algos really working. But I still have time until the 9/21 contract expires and all the volume goes to the 12/21 contract and I can really see how these algos works. I still have a few more algos to code this week. But so far I definitely enjoy this more than discretionary trading. I apologies for the messy chart. I have 3 algos running and each have their different Keltner bands. I hope everyone has a solid day trading. Rob C -
Futures (MES) algo trading journal Wednesday 9/15/21. We are still stuck in the period between contracts. The 9/21 MES contract is too volatile now to trade and the 12/21 contract tends not to have enough volume to trade until the 9/21 contract expires. But today the volume wasn't too bad so I turned on two algo systems to trade. The first trade occurred not to long after the open. We got some good strength and the price shot through the lower and upper Keltner bands (blue lines) very quickly. On the pull back and bounce from the 20 SMA (golden line) the algo triggered a long trade. The price went up just enough for the algo to pull my stop to just below the entry point. Then I was stopped out shortly after for a small loss. Later in the afternoon the price showed some serious strength. Again after a pullback to the 20 SMA the algo pulled the trigged again. It took a couple of hours but my target was reached. I hope everyone had a good day. Rob C
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Hi Zack, I do feel welcome here! I definitely know about the group, I'm just a professional social-distancer. I will force myself to join sooner than later, lol. I urge you to try recording yourself for a few sessions and journal off of that! The clarity that comes with it is amazing. And nothing helps me to overcome my struggles faster than watching myself make mistakes. It's painful watching yourself repeat habits you know need changing. It carries more weight than just knowing what you need to do. Knowing AND seeing/hearing what you are doing really drives the desire to actually change home for me. The psychological patterns become more of an awareness as well. I am also focused on ORB's right now. I'm on my second test set and keeping the time frames open until I have enough data. Good luck going live! -
Hi @Trader2021 Welcome to BBT! I am also on TOS and am sticking with it until consistently profitable and scaled up in trading. My reasoning is to mitigate added financial pressure (fee's, I simply don't like trading in SIM) and I find my free platform to be plenty adequate *knock on wood. It definitely has had it's issues but seems to be fine since the Schwab merger. I don't experience any delays in fills, etc. *knock on more wood.* Make sure your overall settings are set to the fastest speeds. There's a cog wheel before logging in and then look at your application settings once logged in as well. By default, the settings are delayed. I traded for about a year before learning this. Best of luck!
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