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DSchenk

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Posts posted by DSchenk


  1. @DavyJones Explain to me how you fake a 3h live stream where he made $225k (his biggest day so far)

    https://youtu.be/TntupfLJyDs

    The only way how you could fake that is if the "live stream" actually isn't live, but like 30s delayed.
    Then you look at the actual live chart and when it is going up, you say on your "live stream" I go long here, cause you know it is going up in the next 30s and by how much. And you say I'm selling here, cause you know it will soon stop going up.
    But surely people would notice if the stream is delayed, those who trade side by side with him in the premium classes anyway.


  2. Not looked into the forum for a few weeks (months?) guys.

    Had an interesting read in this thread now. Good to see the old lads in here @nit2wynit and of course @dmedin, the old pessimist :D. @Caseynotes also still running his same old show, like the grandpa in his chair talking to the grandchildren sitting round him on the floor :D

    Anyway, I think it is time for a recap of what was going on in my trading in the last couple of months.
    I will publish an update in the main Ross Warrior Trading thread in the next couple of days. Keep yourself posted.

    Btw, after having had a little draught in the beginning of this year, Ross was absolutely killing it during the recent Corona volatility. Check out his recent videos. Making a couple of $100k+ days and probably doing over $1m in profits in the past couple of months. True legend.
    Everyone who says he's a scammer, have you heard of a multiple income stream model?

    If you are successful in trading, why on earth would you not also teach it (and making even more profit)?
    Let's say you learn a skill outside of trading, like data analytics. Then you go to a company and work there as a data analyst. Over the years you get better and better at your craft and eventually the company offers you a leading position at a higher salary, running a team of data analysts and teaching them your craft.
    That's the same with trading. Trading successfully and not teaching it is like saying to your boss, listen, I appreciate your offer, but I'd rather not run the team and just sit in the corner doing data analysis myself reporting to someone else.
    Just my point of view on this.

    Anyway, doesn't really matter who thinks Ross is a scammer or not. He's doing a great job out there, which I can only appreciate.

    • Like 1
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  3. Pal, @nit2wynit, already thought you went to another planet or something, lol. Living that guardians of the galaxy lifestyle :D 

    Cool, you're live now as well.

    On 23/03/2020 at 19:39, nit2wynit said:

    I personally have the opposite problem where I let my winners run Too Long

    I always said it, our two strategies combined must be a wallstreet gold standard strategy :D 

    I had a pretty good start this week.
    Although was only available to trade on 3 days, smashed through my weekly profit target of £125 already on the first day and finished the week up £262.40 with a w
    inning trade % of 92% and risk-reward 4:1.

    image.png.c25b5c7e47dd36b5678d2b8affcea9b9.png

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  4. Hey everyone,

    wanted to hack out an update, how it goes on my front.

    Finished my latest small account challenge last Friday. Here are the results.

    Timeframe:
    24/02 - 20/03
    That's 20 trading days, so a bit shorter than the average month with 21-23 trading days. On plus, I couldn't trade for 3 days. Once I was in a plane, once I was at a party and once in a meeting.

    Goal:

    • Keep winning trades % above 80%
    • Finish the month up 50% account size (That's £500 profit with a £1000 start account size)

    Strategy:

    Momentum Day Trading (as discussed in this thread)

    • Trade first hour of the day (US Market open)
    • Long & short trades
    • Positions can be hold over night
    • Use 25% of margin per position and scale into position until 100% of margin used (So max 4 open positions at a given time) 
    • Reward: £50
    • Risk: £200 (Risk-Reward 4:1)

    Results:

    • Winning Trades % above 80%: success
    • £500 in profits: failed

    Details:

    • Winning Trades % is at 82% (See chart below)
    • Profits are at £404 (See PnL chart below)

    Learnings:

    • At one point I had a £300 daily winner and the next day a £300 daily loss. This was because there was a small flaw in my strategy. My position size increased with more funds in my account, but my risk/reward levels stayed the same. This meant, my trades actually became way more riskier. My winners were higher, but so were my losers. I fixed that flaw consequently in my position size calculator
    • This might be seasonal, but shorts were working a lot better than longs. I placed only 8 long trades and made a loss of £50 in total on them. Whereas I placed 63 short trades with £454 of profit
    • I should've ended up with much more profit. At one point I already hit over £800 of profits, but then gave half of it back again. There was a day where I ended up break-even, where I should've made £300+. The optimisation here is, that I was working with that fixed target of £50 as a limit order. In fact it is better to remove that order and only know where the target is and set a stop order at that level, once the price crossed it. That way, I could've sometimes ride a trend for much longer. As mentioned there was a trade where I took £100 (already double the target), but if I held onto it, it would've been £300+. So, futurewise I'm only gonna set the limit orders, when I'm leaving the trading desk and still have positions open.
    • I seem to do better on the first trade of the day and then it gets way harder on the 2nd, 3rd trade of the day. Sometimes on the first one I make £50, then lose £200 on the second trade. So maybe there's an option to either scale down in sizing on the second trade or have stricter entry criteria. Will keep need to investigate this one.

    Next steps:

    • I could now say, well I didn't reach the £500 profit goal, so I have to start a new challenge or just trade 1-2 more days (to actually trade a full month in this challenge). But as I in fact was able to demonstrate that it is possible to do 50%+ account growth (just need to be careful not giving too much back to the market afterwards) I let that count as goal completed. If I would've played it hard-core I could've just stopped trading once I crossed the threshold, but where's the fun in that?
    • So, I accept this small account challenge as a success, meaning I'm gonna go back into live environment today. Account size: £1000. Same strategy as successfully tested. Aim: 50% account growth per month.

    Thanks to everyone who was supporting me during this Phase, especially @nit2wynit & @Caseynotes.

    Now onto Phase 2. But I'm already excited for Phase 3 and 4 :) 

    Here are the phases:

    • Phase 1: Proof of Concept Demo -  check 
    • Phase 2: Proof of Concept Live
    • Phase 3: Documenting daily trades on my website to create a following
    • Phase 4: Launching my trading academy

    image.png.e6af122ce5441511879f7f58a9e84084.png

    image.png.7986c45a6afa008a3bdb53b649ccfdd8.png

    image.png.53adfd7fb7306e7693ef57100290e95f.png

     

    • Like 1
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  5. Quick update how my Warrior trading small account challenge goes.

    During early January I was trying to apply the Warrior Trading system to spread betting with IG - and failed multiple times.

    I came finally to the conclusion that it is not possible to transfer the Warrior Trading system 1:1 to UK spread betting because of the following reasons:

    • With SB you always get in at the worst possible price (ask) and get out at the worst possible price (bid). While Ross works with DMA, meaning he places orders directly into the market at a price he specifies. He always states he's trying to sell at the ask when there's a spike up - something we can't do with SB. Meaning our losses are magnified and our winners are reduced, which can already make such a difference that the strategy turns unprofitable.
    • Most of the high momentum, high volatile stocks Ross is trading are restricted to trade with IG. On a typical day where there are 20 tickers on the morning Gap scanner, we can trade maybe 5 with IG and those 5 are by no means the very best ones to trade on that day, but already a lower tier. This complicates things further.
    • No Level 2 data provided by IG. (This is a minor point as obviously you could buy another 3rd party application for that purpose)

    So, mid January I needed to redefine my strategy as Warrior Trading just didn't work out for me.

    On 17th of Jan I started a new challenge, which was going for one month until yesterday.

    The rules were the following:

    • Slightly larger account size of £2k (instead of £500)
    • Scaling into a position with 25% of the available margin at a time. So first entry uses 25% (£500) of the margin, then second entry another 25% (£500) and so on, until all margin used to build up the position
    • Target is to make 5% of account size, that was £100 to begin with. So limit orders are set at £100 at first. Then when scaled in with 50% of available margin, I adjusted to 2 limit orders with £50 each. When in with 100% of the margin, I had 4 limit orders with £25 each. So scaling in and out of my position nicely
    • Trades can be kept open for an unlimited amount of time, but aim is to close them within 1-2 days
    • No stop-losses

    Overall goal was to keep the winning trades % above 80% and the account growth at 50% per month, which would be £1000 for the first month, starting with a £2k account.

    How did it go?

    Surprisingly well. Up until the point of total catastrophe.

    Here you see my stats up until 13th of Feb (before market opens).

    My winning trades % is at over 85% and my profit is at £915. So I was only short £85 of my monthly goal and 2 more days to go until the end of the challenge.

    I had placed 64 trades so far, 55 winners and only 9 losers and was making on average £14.30 per trade.

    Not too bad. Certainly my best account challenge so far. 

    image.thumb.png.531f70ce578c340711c409b4126621b7.png

     

    Now to the last 2 trading days, which **** me good.

    I was going long on Pinterest on the gap up after their trading release earlier in the week and the trade was failing ever since. I placed 2 of my 4 positions at a quite high level and from there got deeper and deeper into the **** with the rest of my margin.  Yesterday night I was closing all of my positions at a huge loss, which pulled me straight into the red on the month.

    At least my winning trades % is still 80%. That's one out of 2 goals reached. Still my best small account challenge so far.

    image.thumb.png.70b44c04a25186404c43d5d79c940484.png 

    So what's next?

    Well, with these results I won't be able to go live again and need to start a new challenge next week with slightly updated rules.

    Rules are the same as before with the addition of having a stop in place again.

    I'm also going to start with £1k instead of £2k as this will be more realistic to what I'm going to have when going live.

    I will place my stop at £200, that's 4x my target of £50.

    I will still scale in and out of the trade, so the stop changes accordingly with getting more margin tied up in the trade. (1 position --> 1 stop at £200. 2 positions --> 2 stops at £100 average - 1 stop can be e.g. at £150, the other at £50. The sum needs to be £200 max) 

    Mathematically, this would make me break-even on the month with having a winning trade % of 80% again.

    From there I'm planning to optimise further, in order to become profitable. Either using smaller stops or bringing that winning trades % even higher than 80%.

     

    • Like 1

  6. On 04/02/2020 at 18:54, Adam71 said:

    Right ! 

    I am always wondering why those guys invest so much time in getting an income via YouTube if they are already so successful with their trades  ? He could rather go outside, enjoy life and....buy a new T-shirt... :)

    It's called being hungry for more.

    Why does Jeff Bezos not spend his billions on a nice yacht sailing around his nice private island? Why does Bill Gates bother with running one of the largest philanthropic organisations in the world when he could just chill out, "enjoying life".

    Cause they are hungry for more.

    Same with traders who make a million $ of profit per year. They want to build a business around it so that one day they don't need to trade every day anymore, but can just live from the income they sell via courses. Also it gives you satisfaction knowing you can help other people become successful as well. Helping people is always giving you more fulfilment than just making money for yourself.

    Have a look at this ex-trader called Cameron Fous on youtube. He's a decent guy - met him personally. He traded for 13 years, has no retired from it and rather sells courses and runs his company (IKNK). You don't wanna be stuck behind charts your entire life.


  7. Maybe you can apply for a corporate account? Not sure if they charge you then though.

    Email: newaccounts.uk@ig.com

    Other option/workaround (although not sure if IG wants to see this :D) : Work with multiple API keys. Once one has reached its limit, swap over to the next one. Rotate like 5 keys through, at least that way you have 50,000 historical data points

    Or: Look if you can optimise your query. Sometimes it's better to scan on a broad level, e.g. daily or monthly timeframe, then we you find something interesting, zoom in to a hourly or 5-minute chart or whatever it is you need for your strategy.

     

    In regards to backtesting, try the backtest functionality of ProRealTime. I think it's pretty powerful. No real need to use the API imho.


  8. I know this guy / youtube series. Makes sense to me. As always, there are different approaches and strategies to this. Almost any strategy which delivers some sort of edge vs the market works, if the trader is able to stick to it and see it through and doesn't fall victim to FOMO, etc.

    Traders always like to discuss if risk-reward ratios of 1:1 or 1:2 are better or if you need a 50% win rate or 75%.
    I always like to think, these details won't matter as long as the strategy is built around it in a sensible way.
    Of course working with 1:1 risk-reward and a 25% win rate won't work, that's clear. But if you do 1:1 and 70% win rate or 1:2 and 50% win rate or even 2:1 with a 85% win rate, doesn't matter one bit as long as it works for you.

    Too many traders always seem to get hooked up to one specific detail of a comprehensive strategy and then try to box through that detail, no matter what and in the end fail, cause they failed to see the bigger picture.

     

    Anyway, yesterday was a solid day. Had over 70% win rate on a handful of trades. Daily goal of £50 hit.
    Let's see what today brings.


  9. @Adam71 I see it this way: If you can't turn a profit in the demo, you won't turn one in live. So no need to go to live and burn through cash.

    You are right, only because you are turning a profit in demo, doesn't necessarily mean you are able to do the same in live.

    What do you suggest instead? Straight going onto live environment and burning through real cash there? Have done that, been there, don't want to do it again :D 

     

    • Like 2

  10. Ok guys, back in the driver's seat. Happy new year everyone!

    Demo account charged back up to £500. Here we go. New year, new challenge.

    Updating the rules a bit:

    • Starting capital: £500
    • Trading US open exclusively, that's 14.30 to about 15.30 UK time (At 16.00 I wanna be in the Gym, which is a good motivator to not trade longer than that :) )
    • Strategy
      • Focus on stocks which are between $0.1 and $20
      • Scan for gappers pre-market (Gap > 5%)
      • Scan for momentum during market (Momentum stocks are stocks which are up more than 10% on the day)
      • Max risk per day: 20% of account size (£100 initially)
      • Max risk per trade: 33% of daily risk (£33 initially)
      • Daily Target: 10% (£50 initially)
      • Winning trades % aim is 80% (4 out of 5 trades are winners)

     

    The challenge is successful if the account size at the end of the month is above £1000. The challenge is also successful if the account size is between £500 and £1000, but the winning trades % is above 80%. (That shows the strategy works, just the £ gain is not as high as expected.)
    If the challenge is successful, I'm going back to live.

    Not going to post super detailed trade reviews, but will update here and then on how it goes. Hope to find someone who's joining in as well.

    • Like 1

  11. @dmedin Doesn't work like that, cause of the float

    You can do his strategy with share sizes of 100, 1000 or maybe sometimes 3000 or even 10k-20k.

    But you couldn't trade the same way in the big hedge fund style, cause there wouldn't be enough shares and buyers and sellers to get in and out of trades that quickly. That's why hedge funds hold positions over 1-3 months and slowly building up their position and slowly unwinding it again.

    If a stock has let's say a float of 10m shares, you just wouldn't be able to buy 10% of that in one go and sell it one minute later again.

    • Like 1

  12. Haha @elle - you have to watch the video, he's just joking.

    His account has grown in 11 trading days from $500 to over $7.000 already. Insane.

    We're just not on the same level of skillset yet - plus have it more difficult cause IG is restricting most of the good momentum stocks to trade. Like the one stock Ross made over $4,000 in the last 3 days, we can't even trade.

    IG really makes it hard for us to keep up with the pace here :(  


  13. Ok guys. The account is blown! :D 

    Balance left: £286

    Only 40% win rate today.

    First trade got me into the red and then never recovered from there. Key is to get the first trade green, no matter how much, just green. Otherwise the day is doomed.

     

    Does this mean the Warrior Trading Strategy doesn't work? --> No, I don't think so. I think the strategy does indeed work as we've seen on some of the days, where we had huge winners. Just need to refine my skills a bit more.
    Obviously IG makes it even harder to follow the strategy, cause they restrict 70% of the hot stocks, but guess we have to live with that.

    Learnings from this round:

    • Enter trades with pre-defined stop. Keep stops tight, but not too tight (about 2x spread seems to work)
    • Taking profits quickly, but not too quickly (still not sure on when to take profits; so far I was just adjusting my stop into profit zone and waited until it got hit - probably not the best strategy)
    • Focus on winning trades % rather than £ profit targets. Better to take a profit once possible, than to see it reverse and hit stop-loss (seen this so many times). Winning trade % should be about 70%.
    • Getting into trades early (low of the pullback), but not too early (pullback still going lower) and not too late (next move already in progress - entering too high)
    • First trade of the day needs to be green to avoid back against the wall situation

     

    All a bit harder than it seemed from the beginning :D 

    I'll charge my account back to £500 and start round 2 of the small account challenge shortly (maybe tomorrow already?)

    image.thumb.png.65e9117e4183f02d02b7973f6650397c.png

     

    These were my overall stats for this round of the small account challenge:

    image.thumb.png.43fa3d697d6a438840f5d7ffb0777055.png

    • Like 1
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