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Rob C

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Everything posted by Rob C

  1. It is just amazing to watch Andrew, even today, where he decides he wants out of the trade then waits for B/E and gets out with no loss. I knew I would never be able to do that with a hard stop. If the hard stop is there you always wait for the hard stop to trigger. But with the mental stop it is more plausible to exit with a small stop. But after a year of trying I never got the hang of exited a trade before my stop but still for a loss. That takes a level of mindfulness and discipline that I haven't reached YET. But in the mean time I will use the hard stop so I can make some money while I develop that skill.
  2. I liked trading stocks that stayed in play for weeks and you got to know the way they trade. So I was thinking Futures you could learn 2 or 3 instruments and get to know them well and trade them for years not weeks. So I am taking a training course (a bit pricey), they train you on the ES first. I was surprised how many retailers trade the ES. I guess the really large margin and no PDT rule attracts them. Hard stop is a must for me now trading so close to the open. The issue I have is if I have a hard stop I tend to wait for the stop. When I was making mental stops and the trade started not to look good I exited before my stop.
  3. I was designated an essential worker, so I was still working onsite at my employers half the time. So from a personal standpoint my trading has not changed too much. Though I started to learn Futures this year. I studied for 4 months then I have been trading on the SIM (Ninjatrader) for 3 months now. From a technical side my trading has changed quite a bit. I usually trade 1/2 minute ORBs. Soon after the pandemic the fallen angel setup changed. A strong stock dropping to VWAP doesn't seem to stop falling at VWAP. You have to wait and see where it reverses and wait for a hammer to form before you can go long. Sadly, about twice a month I still go long at VWAP, out of reflex and get stopped out. Also the ORBs keep starting earlier and earlier. Today I went long 17 seconds after the open with ROKU. Due to the early ORBs I had to start using hard stops this year. Though all of last year I used mental/manual stops. But that close to the open you blink and the price is sitting at -3R. So I need the hard stop now. I hope everyone is safe and also were not impacted by the wildfires.
  4. Thanks for the link. That bootcamp would have been great for me 2 years ago when I got started (or even last year). I am sure you will do well. I would be really interested if you post some of the training here.
  5. Hi Hailchaser2, what is the Peak Capital Bootcamp?
  6. Depends on you style of trading. I used Centerpoint (US based) for over a year and it didn't fit my style. But the commissions were about the same as IB, DAS worked well, and good customer service. They didn't fit my style of trading. their shorts were different than IBs. Their easy to short list (instant short) was much smaller than IB. Their hard to short list, (but you had to use an extra app which cost more and was time consuming) is better than IB's. Their fills, depending on their route, are better than IB's if you sacrifice speed. Or worse but are lighting fast. Essentially, the fast route was just at ask/bid which is fine for tight spread stocks. So for trend traders who like to trade in low floats to the short side they are likely the best. For me who trade ORBs on big float stocks right at the open, it didn't work well. I was limited with my shorts and the fast route sometimes gave me poor fills since the bid-ask spread can get large right at the open. So I moved to IB.
  7. I was rereading Van Tharp's 40 principles for reinforcement and thought it would be good to post them. These are from a free book on the website: https://www.vantharp.com/home-study Most of these principles you will find in Andrew's book but stated differently. Also, Van Tharp is much heavier into position sizing strategies. I can post more about that topic if there is an interest. Here they are: Tharp Think Principles 1. Successful trading can be modeled and taught to other people. 2. Learning to trade well requires as much work/education as any other profession. 3. You need to find a trading system that fits you. 4. In order to accomplish that, you must know yourself: a. Your values b. Your strengths c. Your weaknesses d. Your parts e. Significant beliefs f. Trading edges g. Trading weaknesses 5. You can only trade your beliefs about the markets, not the markets themselves. Thus, you should know and understand your beliefs and whether or not they are useful. 6. System development is 100 percent (1) beliefs (2) mental states, and (3) mental strategies. Thus, it is 100 percent psychology. 7. You must know your personal criteria for being able to trade a system with confidence. 8. A mistake means not following your rules. If you don’t have rules, everything you do is a mistake. 9. It is much better to trade a lower-scoring SQN system that fits you than a higher-scoring SQN system that doesn’t fit you. 10. You are responsible for everything that happens to you. When you understand this, you can correct your mistakes. We call this respond-ability. 11. Repeating the same mistake over and over is self-sabotage. 12. A trader who makes one mistake in 10 trades is 90 percent efficient; that 10 percent drop in efficiency could be enough to make him/her a losing trader. 13. Fifty percent of system development is thinking through and clearly defining a set of written objectives. Those objectives should address your desired gain, your maximum acceptable draw-down, and the relative importance of each. 14. You need to design core objectives that fit you. 15. There are potentially as many objectives as there are traders. 16. You meet your objectives through position sizing strategies. 17. The overwhelming majority of your performance is due to your position sizing strategy and your efficiency as a trader. 18. You must know your mission/purpose in life and incorporate that into your trading. 19. You need to know your financial freedom number (passive income per month less monthly expenses). When it’s positive, you are financially free. 20. Never open a position without knowing the initial risk. 21. Define your profits and losses as a multiple of your initial risk (R-multiples). 22. Limit your losses to 1R or less. 23. Make sure your profits on the average are bigger than 1R. 24. Never take a trade unless the reward-to-risk ratio of that trade is at least 2:1 and perhaps even 3:1 25. Your trading system is a distribution of R multiples. 26. When you understand #6 you should be able to hear/see a description of a system and know the kind of R-multiple distribution it would generate. 27. The mean of that distribution is the expectancy, and it tells you what you’ll make on the average trade. It should be a positive number. 28. The mean, standard deviation, and the number of trades determine the SQN score for your system. 29. Your SQN score tells you how easy it will be to meet your objectives using position sizing strategies. Other than that, your system has nothing to do with meeting your objectives. 30. Systems are usually named after their setups, which are usually based on some attempt to predict future prices. Prediction has nothing to do with trading well. 31. System performance has to do with controlling risk and managing the position through your exits. 32. There are at least six different market types. You should understand how your system will perform in each of them. a. Bull volatile b. Bull quiet c. Sideways volatile d. Sideways quiet e. Bear quiet (almost doesn’t exist) f. Bear volatile 33. It’s easy to design a Holy Grail system (one with a high System Quality Number score) for any one market type listed above. 34. It’s insane to expect that trading system to work in all market types. 35. The biggest mistake people make is to try to design one system to fit all markets. 36. You should only trade your system in the market type for which it was designed. 37. Good traders understand the big picture, know how to measure it, and become aware when the situation changes. 38. Media and academia know none of this and will not teach it to you. 39. For each market type, you need a large sample size to estimate what the population is for that system. 40. You also need to Monte Carlo simulations with your system’s R-multiples to get a better idea of what to expect in the future. This will work if the sample you draw from is similar to the population.
  8. The added psychology seminars have been very good. For most traders they are great for fine tuning their mental game. But there may be other traders like me that fine tuning may not be enough, I needed a complete overhaul.... In cases like me a Life Coach is also beneficial. No need to hire a Life Coach but using their methodology was very helpful for me. Besides mindfulnesss (which is being covered well on BBT) their other methods are: Affirmations Removal of internal negative talk Gratitude Asking for what you want correctly Accountability Mastermind groups Letters to past influential people Goal setting So just suggesting that a seminar with a life coach may useful to some of the BBT members.
  9. The Complete Swing Trading Course (Updated 2020) by Wealthy Education
  10. Thursday 04/16/2020 I had a well-being score of 6.5/10 this morning. Another day I didn't feel myself and felt no discipline. I guess last Wednesday was not a fluke. I need some time off. It has been a month now with the "Shelter-in-place" and my work has evolved into 7 days a week. I have been recently lax with my meditation and other self coaching activities, so I will strengthen those first. I will force myself to take 2 days off a week from work. I will not open my platform tomorrow. If I open my platform next week it will be SIM only. If I don't see any improvement I may be in SIM for the rest of the month. I don't usually journal my SIM trades on line so you won't be seeing much of me in the near future. Good luck to everyone. Trade safe. Stay safe.
  11. DAS doesn't directly run on Mac. but there are traders that trade on their Mac so there is a way to run it. I am not a Mac user so I am unsure. I thought one trader mentioned something called Bootcamp can be used.
  12. I did actually purchase Trade Ideas my first year and did not find it useful. All I needed from Trade Ideas was already set up with the BBT scanners. So once I had the chatroom open, I just used their scanners.
  13. Are you using a simulator yet? The DAS sim would be my first recommendation. I have been day trading on my laptop for 2 years now and I haven't grown out of it yet. I do have the laptop running two external monitors. The community recommends the DAS platform with Interactive Brokers or CMEG for day trading. Check the links on the BBT site for recommendations: https://bearbulltraders.com/simulators/ https://bearbulltraders.com/software-brokers/
  14. If the BBT education center doesn't have enough have you looked at Udemy for a day trading course? I took a swing trading course on Udemy which was pretty good.
  15. You can find most of it in the education center. Especially courses 2 through 5. https://bearbulltraders.com/education-center/
  16. Wednesday 04/15/2020 I had a well-being score of 6.5/10 this morning. I took 1 live trade with AMD. My watchlist: BAC, APA, DAL, TSLA, CCL, and AMD. No obvious setup from PM. AMD and BAC were heading lower into the open so I was keeping an eye on both of them. I almost took a 1min ORBD on AMD when it broke the LOPM and again at the break of the 1min candle body. But couldn’t figure SPY out so held off. Then AMD reversed and made an 1min engulfing. But there were a few MAs and VWAP above the price. I went long on the break of VWAP but with half shares because there was a strong PM level at $54. When it broke $54 I added heavily so I was 1.5X normal share size on the trade. My target was the 200MA-5min and my stop was the 50MA-1min. The price did actually reach my target. I did take quite a few partials but using smaller % size each partial than I usually do. What did I do good today? Watch the SPY chart well without losing focus on my trade. What I am grateful from today? Finishing my day before the markets got really choppy.
  17. Great exit. I bailed too early on this trade.
  18. Tuesday 04/14/2020 I had a well-being score of 7.5/10 this morning. I took 3 live trades with CCL. My watchlist: RCL, JPM, DAL, ROKU, CCL, and AMD. I liked the 1min indecision candle with good volume at the open for CCL. But I wasn’t sure the direction until about 3.5min after the open where it was holding VWAP as resistance. Plus I really like having the 200MA-1min in front of my trades in the first 4 minutes. It acts like a magnet. So I went short with a $12 target and VWAP as my stop. Yep the 200MA-1min was a good magnet and I got a partial in, but that was it. Then I stopped out at VWAP. I was thinking about a flip but I couldn’t tell if it was intellectual decision or revenge so I didn’t. I took a couple of SIM trades with DAL but with poor discipline and got chopped up, then I noticed CCL setting up again. I thought I missed the entry but then I heard Andrew took the trade long. But I waited to see if I could get a decent entry. About a minute later the price dropped and bounced off the $12.50 price which was respected in PM and went long. My target was the HOTD with VWAP as the stop. I got two quick partials in and auto stop out at B/E. Then I saw CCL setting up again if it could just break the HOPM. I went long again when it bounced off the 9MA-1min. But now my stop was far away (still VWAP) so my share size was half of what it was before. Then after a minute I heard Andrew said he was getting out of the trade which caused some stress since I was staying in the trade. But with my large stop I was fine staying in. About a minute later the price started to move up and made my day. What did I do good today? Traded late in the morning for me, where I found my winner. What I am grateful from today? Third times the charm.
  19. Monday 04/13/2020 I had a well-being score of 7.5/10 this morning. I took 1 live trade with DAL. My watchlist: MU, MGM, DAL, TSLA, CCL, and BA. Well I took a 5 day vacation. I didn’t feel myself lately. My discipline was really waning. I usually don’t take enough time off from trading, but at least my family’s vacation will force me to stop trading a couple times a year. Due to the pendemic the vacation was cancelled of course. So I went awhile without a break. Plus, the additional stress that of course will be added at this time, I needed a break. I was actually prepared to trade last Wednesday, but I didn’t feel myself. I didn’t even have a plan at the open. I always have a plan. I knew something was up and shortly after the open I turn off my platform and walked away for 5 days. DAL had an interesting PM. The last five 1min candles before the open all touched the 24.95 price without breaking it. SPY was also dropping as we went into the open. The plan was to go short if the price broke the 24.95 and 200MA-1min. DAL opened with strong volume. And quickly dropped below the two levels. I shorted with PDC as my target and the 24.95 as my stop. The price dropped and I took two quick partials. Then I set my autostop at B/E and was quickly stopped out. Another minute later it looked like DAL was setting up even more for a short and SPY was really dropping. So I shorted again. I know I take terrible partials, but today was ridiculous. I will chalk this up for being my first day back. But I caught a 10R move, so I usually get about half in profit. Today I got 1.4R profit from a 10R move. What did I do good today? Good use levels and watching SPY What I am grateful from today? Taking a short. I have been taking so many longs lately I am getting a bias.
  20. Tuesday 04/07/2020 I had a well-being score of 7/10 this morning. I took 1 live trade with CCL. My watchlist: AMD, MGM, DAL, AAPL, CCL, and BA. In PM CCL was bouncing between levels 12.23 and 12.41 for 25 minutes after 20 cent pop. I went long when the price bounced from 12.23. There was also a reasonable size ask above the 12.41 level. I have a 10c minimum stop rule for PM and first 30 minutes after the open. I don’t even have a hot key with a stop smaller than 10c. So my stop was larger than what the chart said I would need, but this gives me some buffer if I have to ride this into the open. My final target was $13. I was hoping to get at least one partial before the open. Though price slowly rised it never reached my price to take a partial. The price did increase enough that the 50MA-1min was above my stop to help it for support. The price open with good volume and I took a partial at the high of PM. Just as I did Andrew announced he entered the CCL trade making me feel I took my first partial too early. Then it took me 3 partials to take profit at 12.60. The spread was fine, but the price was just so spikey. My big partials were my first and 5th. Then all out when it broke HOPM. What did I do good today? Good use levels and taking smaller partial size. What I am grateful from today? Stressful trade but held on.
  21. Monday 04/06/2020 I had a well-being score of 7/10 this morning. I took 1 live trade with CCL. My watchlist: AMD, MGM, DAL, ZM, CCL, and BA. I usually don’t look for PM trades until 15 minutes before the open. But CCL was trading in a tight range with a sharp 8.85 reistance level and a more convoluted support level about 8.78. There was a reasonable size ask at 8.88 which would help the price break the 8.85 level. I took a long and then made a hot key mistake with setting my stop and took a loss. But I immediately re-entered. I was a bit stressed about taking a trade so early so I decided to set my stop and walk away for a few minutes. When I returned CCL had popped and started to head back down. I sold half my shares immediately. At that point I am done for the day. I spent the next few minutes trying to squeeze out a little more profit. I took a couple of SIM trades at the open, but nothing to speak of. What did I do good today? Good use of L2. I knew myself well enough that I should walk away from the screen, since I was jumpy and when I saw there was a well defined stop. What I am grateful from today? CCL pop was very lucky I am quite aware of that.
  22. Friday 04/03/2020 I had a well-being score of 7/10 this morning. I took 2 live trades with APA and AMD. My watchlist: AMD, APA, DAL, TWTR, CCL, and BA. I liked APA in the PM and was respected a 5.40 price level. When a large ask appeared above that price I went long with half share size. My stop was VWAP. The price slowly moved up nearing the open and the plan was to add to my position when it broke above 5.46 daily level. But it popped to quickly to add at the open. I was able to take two partials before S/O at B/E. AMD opened with so-so volume and an indecision candle. The second min candle was a nice hammer. So with SPY moving higher I went long at the break of PDC. $45 target with 200MA-1min as my stop. The price was wild and unpredictable and I took two partials to reduce risk. The price finally popped a little and I got one good partial in before S/O at B/E. What did I do good today? Stopped trading when it seemed the market was too wild this morning. What I am grateful from today? Luckily to be green today. It was very wild price action, I could have easily been red today.
  23. First, it is great that you have been on the SIM for so long. It is a wise thing to do. I wish I stayed in SIM longer. When opening a live account it depends on the country you are from and if they have a PDT rule (Pattern Day Trading). Some countries have a $25000 minimum due to the rule. If you don't have the 25K capital then CMEG would be the broker that the BBT site recommends. I used them for a few months and they were adequate. If your country doesn't have the PDT rule or your capital is above the 25K needed then IB is the way to go. Great fills and great short list. I currently use Centerpoint which I can't recommend and will be switching to IB when the markets calm down a bit. There was some talk of Andrew working with Alliance for a BBT discount but I no longer see it recommended on the BBT site so I assume it fell through or members were not impressed.
  24. Thursday 04/02/2020 I had a well-being score of 7/10 this morning. I took 2 live trades with BA and LK. My watchlist: AMD, LK, DAL, WBA, CCL, and BA. Both my trades were entered in PM. BA looked good both on the 1min and 5min chart. The 5min had an engulfing and the 1min a small wedge. But I usually don’t do well taking a reversal. But SPY was strong at that moment and a reasonable size ask appeared in L2. So I went long. My target was PDC with my stop at the recent low (127.40). Trade went well. Too bad I took 1/3 share size. I reduce my shares in PM and when taking a reversal. The price popped soon after the open and went beyond my target. I finally exited when it lost the 50MA-1min LK was being investigated and dropped huge in PM. It seemed to be holding the 9/20MAs and slowly rising but I was nervous to take the trade. My finger sat on the buy button for about 20 seconds and then I heard Brian said he went long which confirmed I wasn’t crazy for thinking about it and went long as well. The volume was so high I didn’t call it a PM trade and went full shares. My stop was the bottom of the previous candle. I took lots of partials and finally got out because I didn’t want to go through another halt again. I can already call this the trade of the month. What did I do good today? Good use of SPY What I am grateful from today? LK
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