Suggestions for Trading Plan

#1

DM,

Thanks for all of your support and strategies you have released for Nadex. I am coming up on a year of trading Nadex and would not have made it this far if it were not for all your webinars. I will continue to trade Nadex till they quit or my hear does.

I have a question though for APEX. I have traded APEX the APEX pattern in Demo for 2.5 months or so last year. The demo account had a positive balance for the last month I traded it as I worked out the rules. Moving forward I would like to trade an actual account with 10K in it. This is what I have to work with and how I would plan to trade. Your thoughts are appreciated:

  1. I’m on the west coast and don’t mind being up at 4:30AM and trading
  2. I can trade from approximately 4:30AM till 7:30AM
  3. My goal would be to place one trade a morning, preferably GC at or around open, taking into account any news events.
  4. Place trade and have stop loss in place. If stop is hit then I’m done for the day with the -$180.00 loss(5/6 ticks above the P)
  5. If stop isn’t hit then i will continue to trail the stop lower till it is hit and I’m out either BE or with a profit.
  6. When 7:30AM rolls around and I’m still in a trade I will have to sell and be on with my day. I have to commute into work and I refuse to leave a Futures position on that I can not monitor.
  7. If at 5:05AM my stop loss is hit then I’m demo trading the rest of the morning.

I realize with a 10K account I could potentially have at least 2 stop outs in one day and be under the 5%. I also realize that it may be harder to make 5% in one day. I also understand in using the pattern you need to be somewhat patient as trends can go on for many hours.

My plan would be to demo trade during this timeframe for at least a month before actually committing capital.

Any thoughts or suggestions you may have are greatly appreciated. If you want to edit this and post it somewhere else please be my guest.

Thanks again for all that you do.

-Mike Campbell mcampbell839

#2

Sounds like a solid plan to me. If you can get it to work in Demo, what would stop you from going live? I am curious what Darrell has to say about this plan. I would love to hear about your success a year from now! You can do it!..Give us little fish some inspiration. :slight_smile:

#3

The 5% may or may not be hard depending on the trend you catch. Gold moves a lot some mornings and is flat others.

You may not get a signal and may get a lot of signals. Assuming that is 7:30 to 1030 AM ET? The time frame is no issue we have traders that trade 1 hour or 3 hours etc… in am, early am, morning, and afternoon, evening etc… If so this is a great time to trade (news obviously can hurt and help as markets may flatten out during these times on pending news or fire off and make their move with news)

The only issue i see is the put on one trade it looses I’m done for the day. I know one trader who does this and he has been trading for 50 years. He puts on one trade win loss scalps a point on 20 contracts and is done win or lose.

I have not seen another trader have success with this. The whole point is to let probabilities work out in your favor and only doing 1 trade and out does not allow this to happen very easily. I would be demoing the strategy on a backtest and make sure you have taken the most recent apex elite course under the elite menu to ensure you have it down as we have apex entries, apex add ons, BMX reversals, and one of my favorites Apex Elite MVP reversals, as well as the scalp momentum trades, and momentum breakout trades, and profit poppers. It sounds big but just knock out one at a time and they are rather easy every single one of them. Having this gives you scalps, countrend, trend, and continuation trades allowing you to trade in almost any market.

I recommend you master them on one market but also eventually get to 3 markets minimum (a indice, a commodity, and a forex pair) as you never know what group is really going to be moving that day (volume will quickly tell you which one but you have to be on them to be ready to take advantage of them before you know first thing in the morning).

If the reason for 1 trade is risk management you can use Nadex spreads to help manage that as an alternative to allow you to keep the risk better in check as an optoin. Also you could just hedge the trade so you are not easily stopped out. You will almost always have less risk and just need a bit of a move to get to a profit point. It will help differ some of the it move 2 points against me and I’m out issue. $180 also where did that come from as you woudl be using 8 tick bars on Gold - so you have at least and up to 11 ticks on p bar - 4 ticks on e - and 3 above that for entry - with 5 below it for stop so you are looking at 26 ticks of risk on a Apex Elite MVP entry (reduce that with spreads or by hedging with spreads for using binaries).

Hope this helps… plan is on track just a little tweaking. That being said if you have been doing it for a month and it is working… then post away keep us updated :slight_smile:

Darrell