bakedbeans' learning journal

[bb01100100]

EUR/JPY swing update

Price has pulled back and congested a little; I've set a limit short at the base of the prior congestion zone, the idea being support becomes resistance.
Initially I had a stop entry short below current congestion, but think a limit short above makes more sense - I can use a tighter stop and keep it above prior congestion and the RR is better.

2023-09-16-EURJPY.jpg (72.16 KiB) Viewed 1563 times

[aliassmith]

https://www.cmegroup.com/education/courses/understanding-futures-spreads/futures-spread-overview.html

You must be MightyOne alter ego.

This doesn't make any sense. . .
did he invent spreads? is he the only one allowed to use them?

And are you guys so completely unaware that you don't know that legging into spreads is how professionals trade them.

Yes I am aware because MO taught me about them and options.

You just have a way about you that reminds me of him sometimes.

He will always be my trading "idol"

[bb01100100]

I would consider how you would trade an Apex and a Bulenox. Would you trade them separately? Will you want to copy trade them. If you want to copy trade consider the software/hardware that you will need.

I tried QuanTower and after I added over 5 accounts it started to not place orders. (Similar happened to two other people) If you want multiples of only 1 firm you can do that with ninjatrader and replikanto add on. I think I've seen you use Sierra charts, Im not familiar with their copying.

At this stage the idea of a “live” prop firm account that could fund my own larger futures account is what interests me the most.. I’m not aware of any futures prop firms that support multi-day swing trading… I would like the option to utilise different holding periods. CFD firms have swap rates that are very very expensive for weekly holds, as far as I can see.

I don’t intend to do copy trading, unless that is for some sort of family office setup, but that’s getting a little ahead of myself..

As someone who trades far more size than me and also does copy trading, do you think copy trading is a psychological crutch for avoiding coming to grips with the actual size being risked/won/lost? On the one hand I think it’s very innovative, but on the other I wonder if it makes us less robust…

I suppose this is an IF/ELSE list for running a business in the markets: IF prop gets regulated out of existence THEN I’ll trade that futures account I’ve been building up…. IF copy trading software unavailable or not allowed THEN I have the ability to trade a single large account…. IF leverage is slashed, THEN I’ll shift to options…

Hmmm… options… maybe I should think about options as a another vehicle for swing trading… then again theta has a somewhat similar effect as CFD swap on a going sideways trade… I’m going to stop here before I have any more ideas…

MightyOne liked 6 month options, should control some time loss.

Trading size can mess with the mind. Right now I trade Apex $25k account linked to my others. All I think about is that 1 account.

Trading size can also be a blessing and a curse depending how your mind thinks about money. If you are trading 10 contracts and looking at $500 DD some people might freak and make poor decisions. Depends on your own personal relationship with money.

Six months seems like a reasonable balance… I suppose it depends on how levered/volatile you want to be.. eg LEAPS vs 0DTE

I’m trading between 4 and 12 lots in clips of 4 with my Bulenox eval account in order to hit the daily percentage targets (which in turn are needed to make tangible progress). That size for me can get uncomfortable (especially when I’ve had a couple of 2pt losers) but it’s helping me to trade the chart, not my PnL. When I trade my own live futures account I don’t have stress about lot sizes because it seems small in comparison.

[IgazI]

You must be MightyOne alter ego.

This doesn't make any sense. . .
did he invent spreads? is he the only one allowed to use them?

And are you guys so completely unaware that you don't know that legging into spreads is how professionals trade them.

Yes I am aware because MO taught me about them and options.

You just have a way about you that reminds me of him sometimes.

He will always be my trading "idol"

I'm not sure if that is a compliment or an insult

let's all just be random dudes on the internet, no need for idols.

[dojirock]

[prochargedmopar]

This doesn't make any sense. . .
did he invent spreads? is he the only one allowed to use them?

And are you guys so completely unaware that you don't know that legging into spreads is how professionals trade them.

Yes I am aware because MO taught me about them and options.

You just have a way about you that reminds me of him sometimes.

He will always be my trading "idol"

I'm not sure if that is a compliment or an insult

let's all just be random dudes on the internet, no need for idols.

For me I don't give a damn who you are or aren't.
If I believe what someone says to be true I will repeat it and give them credit.
If I don't I'll let them know, or laugh it off.
If I feel I'm right even though I'm wrong, default position, argue till death.

Doesn't matter who I'm talking to on the web, (keyboard warrior in effect) in person I'll most likely let things slide a bit more so we don't have to "DRAW".

Keep in mind talking good about someone or repeating what someone says does not mean you think they are a god, only that you agree with what they say.
There are no idols to worship,
My dad's cool but I don't worship him.
Jordan was good but he's just like Kobe, soon be dead. hahahahaahah

[IgazI]

For me I don't give a damn who you are or aren't.
If I believe what someone says to be true I will repeat it and give them credit.
If I don't I'll let them know, or laugh it off.
If I feel I'm right even though I'm wrong, default position, argue till death.

Doesn't matter who I'm talking to on the web, (keyboard warrior in effect) in person I'll most likely let things slide a bit more so we don't have to "DRAW".

Keep in mind talking good about someone or repeating what someone says does not mean you think they are a god, only that you agree with what they say.
There are no idols to worship,
My dad's cool but I don't worship him.
Jordan was good but he's just like Kobe, soon be dead. hahahahaahah

I think that you're a god, Pro. . .
a god with autism, but a god none the less

[bb01100100]

Hello, I’m back from holidays so will be posting again…

I closed out my EUR/JPY positions for another 4.1% net profit, bringing the total net return to circa 11%.

My big trade idea hasn’t worked out after six weeks, so either I’m too early, too impatient or wrong. What’s nice about scaling in and out as price moves for and against the position is that I’ve banked repeatedly and made money while not being right about the larger move.

Learnings:

• In this ranging market, banking more frequently would have at least doubled my net return
• If it’s not closing lower (short) then bank and prep for a retrace
• Trading the position idea without holding for so long would have significantly reduced CFD financing costs, substantially improving net return
• Being on holiday correlates strongly with increasing my account size, so I infer it’s causal and that I need to be on holiday at least 300% of the time to add multiple zeroes to my account, heh.

[kiwiarian]

Hello, I’m back from holidays so will be posting again…

I closed out my EUR/JPY positions for another 4.1% net profit, bringing the total net return to circa 11%.

My big trade idea hasn’t worked out after six weeks, so either I’m too early, too impatient or wrong. What’s nice about scaling in and out as price moves for and against the position is that I’ve banked repeatedly and made money while not being right about the larger move.

Learnings:

• In this ranging market, banking more frequently would have at least doubled my net return
• If it’s not closing lower (short) then bank and prep for a retrace
• Trading the position idea without holding for so long would have significantly reduced CFD financing costs, substantially improving net return
• Being on holiday correlates strongly with increasing my account size, so I infer it’s causal and that I need to be on holiday at least 300% of the time to add multiple zeroes to my account, heh.

Nice, take a long xmas break and you could add a few zeros to your account.
Are you doing a form of space with all this scaling in and out?

[bb01100100]

Hello, I’m back from holidays so will be posting again…

I closed out my EUR/JPY positions for another 4.1% net profit, bringing the total net return to circa 11%.

My big trade idea hasn’t worked out after six weeks, so either I’m too early, too impatient or wrong. What’s nice about scaling in and out as price moves for and against the position is that I’ve banked repeatedly and made money while not being right about the larger move.

Learnings:

• In this ranging market, banking more frequently would have at least doubled my net return
• If it’s not closing lower (short) then bank and prep for a retrace
• Trading the position idea without holding for so long would have significantly reduced CFD financing costs, substantially improving net return
• Being on holiday correlates strongly with increasing my account size, so I infer it’s causal and that I need to be on holiday at least 300% of the time to add multiple zeroes to my account, heh.

Nice, take a long xmas break and you could add a few zeros to your account.
Are you doing a form of space with all this scaling in and out?

MightyOne talked about Macro Pips, which probably better align with these trades..
The experience has been positive, but my execution needs to improve a lot in order to maximise profit potential..