18/6 – Traders Workshop with Phillip Konchar

Who is Phillip Konchar?

Went to a seminar run by Phillip Konchar and XTB Capital last night.  It was held in a small meeting room on the 34th floor of One Canada Square in Canary Wharf.  Nice views (see below!).

I have known Phillip for a couple of years now.  He is a pretty good chap and he has a lot of trading experience – having traded as a commercial commodities trader and then a prop trader for many years.  These days he primarily trades the S&P futures in the first couple hours of the New York session.  Phillip also set up a trading community/portal enabling traders from all over to get together on an online portal, post their charts, discuss trades and so on.  He already has 150 members on the site.  I am thinking of giving it a go for a month in August – check it out at TraderCast.  It is offered at £40/month which is a pretty good deal (in my opinion) if you are an active trader.

We went out for a beer afterwards and talked shop for a bit – so that was entertaining.

My notes/insights from the seminar:

  • Remember to put technical patterns on higher timeframes (I already do this from time to time but maybe not consistently enough).  This will give me an idea of what traders using various timeframes (as well as larger traders) might be thinking and how they see the chart.  I need to do this for my key instruments (currently Cable, EURUSD, EURJPY, USDJPY and DAX) – I won’t have enough time to do this for my wildcard instruments.
    • Additionally, being aware of key levels will help me with position management and target setting.
  • For “Wildcard” instruments my quick approach should be to look at 4H, 1H and 15M to establish trend and key levels – which may then impact on my 5M trades.
  • Ideas for my position management
    • usage of Fibonacci retracements?
    • Close on price overextension (i.e. distance from EMA and width of gap between EMA10 and EMA20) if accompanied by a (completed) bearish candle
  • Be aware of rollover dates for futures contracts – in the last days prior to the quarterly expiration dates, longer term traders need to get out of the current front month (i.e. close their position) and enter into the next expiration month.  This generally triggers volatility and some predictable trends.
  • US Indices (futures markets) tend to have a breather period around 25-30 minutes into the session, meaning that price retraces before resuming with the trend/sentiment
  • One of the XTB staff is an ex prop trader – he traded primarily on the basis of Fibs – breach of 41.4 leads to breach of 61.8 or 70.7 (except for GBP crosses) – XTB offers a lot of webinars on this – utilising the concept of “geometry” to define market trend and also using Fib retracements for identifying trend
  • Heatmaps and STAM strength/weakness – is this really working? Is it helping me in my trading?  It certainly helps with identifying wildcard instruments.
  • How many hours should one trade each day? Philip just trades for 2-3 hours each day – he figured out that he wasn’t a morning person so he focuses on the US indices.  But he does spend a couple of hours prepping ahead of the US session.  I am currently trying to trade through both the morning and afternoon sessions.  Wouldn’t it be a good idea for me to trade only 1/2 the day and spend the other 1/2 reviewing my trades and learning.  Not always.  But at this current point in time.  I am putting on tonnes of trades.  I have done 37 trades from Monday morning through to Thursday lunchtime. I am not actually getting time to review (in detail) what I am doing and how I could improve.  In the long run would it be a good aim to only trade for one of the sessions each day?

one canada square

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2 Responses to 18/6 – Traders Workshop with Phillip Konchar

  1. Though well aware of warnings against over-trading, I agree with what I think you wrote somewhere in this post or the next, that it is by “putting on tonnes of trades” that some of us are able to learn what works and what does not. I recently finished refining my strategy at the lower time-frames, which enabled me to refocus my attention on 1-hour, 4-hour and daily charts, which in turn, drastically reduced the number of trades I make each 24-hour cycle in that I now base my entries on average daily price range. Best of luck in uncovering strategies for revealing ahead of time where you’ll want to enter positions so you can wait for the trade to come to you.

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