The significant losses I've encountered were a result of impulsivity. While futures trading appears straightforward, it amplifies the struggle with self-discipline, which ultimately stands as the foremost factor for achieving success. Staying committed will lead to profitability.
I couldn't agree more. Personally I can take several losses in a row if I traded my plan and if I respected everything with discipline, because I know my system works. But, if I rush and fomo, I'll start feeling bad the second after the position is open and if I'm stopped I get in Bobby Knight mode. I just can't continue trading, I get super mad because I know I haven't respected my own rules and that pisses me off so bad. I've been working with this and now it's been a while since I've had that situation. This is like a zen activity, and in the end, as everyone says, trading is very psychological.
I agree very much with your comment about self discipline, in my learning process I realized that I needed a lot of work in these areas. Trading forces you to face reality which is pretty brutal for some. Thank you and good luck.
Hi Verrillo ! We, the beginners appreciate so, so much your reflections … Thank you for let us grown up as traders because of your advices and because of sharing your brilliant brainstormings !!! And congrats for that your last hit.
Merci it's golden real advices, next month I'm at 1 year in the game, and oohh... I've underestimated trading, what a journey... Still haven't made a single buck.
You need a moustache. You've got the guitar, the hair and the voice. Man, it's like Frank Zappa is reborn and trading futures. By the way, great video Chris, I wish Sierra Chart would improve the stats window to at least be able to see a chart of our equity curve instead of having to export that...
Cool comment dude, Zappa was definitely a beast. I understand what you mean. There may actually be a study for this in Sierra called Account Balance. It would make sense to have a feature like this that can retrieve historical account balances. The study I mentioned does not retrieve historical account balances.
Great Perspective the long steady game always wins as long as you stay highly persistant and specific in the strategy your using its a numbers game i equate this to all parts of high risk reward opportunities .
Hey Chris, I have an unrelated question. Do you know why TWS hotkeys place limit orders on delayed bid/ask price even though the chart is streaming real-time data?
Hello, I have not experienced this issue before. Normally the placement of orders is not reliant on the market data feed being delayed or real-time. The other thing would be if you are submitting an order based on a market quote like "place limit buy order 5 ticks below the current bid price" if you have real-time data for the symbol it should always use that data. What symbol did this occur for you on?
@@VerrilloTrading I found out from other users of TWS that it was caused by delayed market data. I subscribed for real-time data & it is no longer a problem. I suppose IBKR keeps this problem in place to entice people to buy their data! I guess their commission revenue may have been reduced by folks that use IBKR lite which is commission-free! And I have to say I love IBKR already compared to Questrade that I have been using. Even though I'm not subscribed to level 2 yet, they still allow you to view the first few rows of level 2 when you have subscribed for level 1. So far, it looks faster to me compared with Questrade. Maybe I'm assessing too early since I just started with them. But if they are like this, then they are the better choice for Canadians.
Yeah it's an interesting way of seeing the market. It's a tricky style cause you need to develop a plan around placing trades and going to sleep and letting them work for you. I would not recommend taking fast trades in the overnight, unless you are trading with the Euro boys at 3 AM eastern then maybe. For a swing approach I think it is viable to trade at any time and it just so happens that sometimes the moves can happen overnight. I've been doing fine this year but my trading is not as active as the last two years. My plan for the rest of the year is to continue this way and pace out my trading relative to the volatility we are seeing.
@VerrilloTrading If your equity curve looks like that, draw down over longer periods and then a homerun, and then it repeats like that over and over, it shows there is a problem with the trade setup/strategy and it need some adjustments to become consistently profitable. For some traders, it can also be diciplin issues or psychological issues, but from what you showed, I think it is more a question of refining or tweaking the strategy.
@@jankauffmann6899 I agree in some sense and like I said multiple times in the video this does not apply to all trading systems. I do still think what I covered at least is helping me overcome these psychological hurdles in my own trading. It helps build a higher degree of acceptance for the things I mentioned in the video. Thanks.
It depends on your strategy. If you are an options trader and you are selling strangles you'll have a nice consistent equity curve but guess what happens when it doesn't go your way, or when you have a super volatile event. The strategy should have positive expectancy and you should be comfortable trading it.
Thanks for the love ❤
My pleasure bro
this is some solid real talk that we all need to hear
thank you
Right on, glad it helps!
Thx Chris.. I really needed to hear this!
The significant losses I've encountered were a result of impulsivity. While futures trading appears straightforward, it amplifies the struggle with self-discipline, which ultimately stands as the foremost factor for achieving success. Staying committed will lead to profitability.
I couldn't agree more. Personally I can take several losses in a row if I traded my plan and if I respected everything with discipline, because I know my system works. But, if I rush and fomo, I'll start feeling bad the second after the position is open and if I'm stopped I get in Bobby Knight mode. I just can't continue trading, I get super mad because I know I haven't respected my own rules and that pisses me off so bad. I've been working with this and now it's been a while since I've had that situation. This is like a zen activity, and in the end, as everyone says, trading is very psychological.
I agree very much with your comment about self discipline, in my learning process I realized that I needed a lot of work in these areas. Trading forces you to face reality which is pretty brutal for some. Thank you and good luck.
This is an amazing video brother. I learned this a while ago on my journey but still recognize the importance of understanding this in trading.
Right on thanks!
Hi Verrillo ! We, the beginners appreciate so, so much your reflections … Thank you for let us grown up as traders because of your advices and because of sharing your brilliant brainstormings !!! And congrats for that your last hit.
Much appreciated sir.
Merci it's golden real advices, next month I'm at 1 year in the game, and oohh... I've underestimated trading, what a journey... Still haven't made a single buck.
You need a moustache. You've got the guitar, the hair and the voice. Man, it's like Frank Zappa is reborn and trading futures. By the way, great video Chris, I wish Sierra Chart would improve the stats window to at least be able to see a chart of our equity curve instead of having to export that...
Cool comment dude, Zappa was definitely a beast. I understand what you mean. There may actually be a study for this in Sierra called Account Balance. It would make sense to have a feature like this that can retrieve historical account balances. The study I mentioned does not retrieve historical account balances.
This is the truth! Too many traders idealise a 45 degree straight line, and that is just false and unrealistic.
Thank you!
Great Perspective the long steady game always wins as long as you stay highly persistant and specific in the strategy your using its a numbers game i equate this to all parts of high risk reward opportunities .
Thanks!
Great video bro, thank you
No problem 👍
Chris, what is ur skin care routine? 🤔
Good one lol, it's genetic, and a bit of biotin supplement.
You should review edge pro x and your thoughts on it. Would be great
Maybe one day, thanks for the suggestion. Are you using it?
Hey Chris, I have an unrelated question. Do you know why TWS hotkeys place limit orders on delayed bid/ask price even though the chart is streaming real-time data?
Hello, I have not experienced this issue before. Normally the placement of orders is not reliant on the market data feed being delayed or real-time. The other thing would be if you are submitting an order based on a market quote like "place limit buy order 5 ticks below the current bid price" if you have real-time data for the symbol it should always use that data. What symbol did this occur for you on?
@@VerrilloTrading I found out from other users of TWS that it was caused by delayed market data. I subscribed for real-time data & it is no longer a problem. I suppose IBKR keeps this problem in place to entice people to buy their data! I guess their commission revenue may have been reduced by folks that use IBKR lite which is commission-free! And I have to say I love IBKR already compared to Questrade that I have been using. Even though I'm not subscribed to level 2 yet, they still allow you to view the first few rows of level 2 when you have subscribed for level 1. So far, it looks faster to me compared with Questrade. Maybe I'm assessing too early since I just started with them. But if they are like this, then they are the better choice for Canadians.
VT how did you fund your ironbeam futures account ?
Hello I funded it through Interactive Brokers with a wire transfer.
Why doesn’t the volume profile agree with your supply zones? Does it have to do with market orders and volume profile only shows limit orders?
The methodology I use for the supply zones is not considering the volume profile. The volume profile is a separate indicator.
Like any trader I’m just concerned where price will turn around or where it will move through quickly
Thank You Chris !
DIdnt realize you trade overnight. Have you been more successful with this time frame overall?
Yeah it's an interesting way of seeing the market. It's a tricky style cause you need to develop a plan around placing trades and going to sleep and letting them work for you. I would not recommend taking fast trades in the overnight, unless you are trading with the Euro boys at 3 AM eastern then maybe. For a swing approach I think it is viable to trade at any time and it just so happens that sometimes the moves can happen overnight. I've been doing fine this year but my trading is not as active as the last two years. My plan for the rest of the year is to continue this way and pace out my trading relative to the volatility we are seeing.
I strongly disagree, your equity curve should not look like that.
Care to explain why?
@VerrilloTrading If your equity curve looks like that, draw down over longer periods and then a homerun, and then it repeats like that over and over, it shows there is a problem with the trade setup/strategy and it need some adjustments to become consistently profitable. For some traders, it can also be diciplin issues or psychological issues, but from what you showed, I think it is more a question of refining or tweaking the strategy.
@@jankauffmann6899 I agree in some sense and like I said multiple times in the video this does not apply to all trading systems. I do still think what I covered at least is helping me overcome these psychological hurdles in my own trading. It helps build a higher degree of acceptance for the things I mentioned in the video. Thanks.
It depends on your strategy. If you are an options trader and you are selling strangles you'll have a nice consistent equity curve but guess what happens when it doesn't go your way, or when you have a super volatile event. The strategy should have positive expectancy and you should be comfortable trading it.
No more scalping?
Don't have the schedule for it anymore but if the market gets more volatile I think yes.