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brownsfan019
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Everything posted by brownsfan019
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... if you can make it work, then I would strongly recommend it!! Currencies, bonds and oil are possible markets to trade w/ the indexes.
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Demo trading is NEVER exactly the same as live trading. It can give you an estimate of how live trading would act, but it's never identical. -
5-5-09 Good morning. Nice to be done by 930am EST and have a good day trading. Have fun on the indexes boys, I am out.
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So far diablo, I've gotten setups every morning BUT that's b/c I am watching a few currencies, bonds and oil. In the rare instance where nothing triggers, nothing triggers. I do not initiate any new positions after 12pm EST. Zero. Zilch. Nadda. Reason outlined above.
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Just wanted to comment on that MCM - after many years and thousands of dollars, I've come to realize a few things: 1) I am not good a trading all day 2) My system is also not good trading all day 3) Trading for me is a means to an end, so I don't need to be there from 8am-4pm EST Took me a long time to get there, but now I can go in hard in the AM (when a lot of moves occur), get out and move on w/ my day. Based on this idea, I'd much rather go in hard (ie use leverage) on 1 or 2 quality setups per market than trade all day but using less leverage. If the markets moved all day like they do in the AM, I might trade all day again. But they don't. In my eyes, the markets have 3 cycles in them each day - meaning: CYCLE 1: AM session (8am-Noon) = moves will more than likely occur whether from overnight orders hitting the books, overnight news forcing the hands and/or econ news ranging from 8am-1000am. In other words, PLENTY of reason for the markets to move in cycle 1. CYCLE 2: Lunch session (Noon-2pm) = many choppy areas, but could also provide the occasional move. In other words, it might move or might chop. CYCLE 3: PM session (2pm-4pm) = similar movements as lunch, meaning chop is very common, but also can see some monster moves as well. In other words, you might catch some giant moves or you might get chopped. So looking at that analysis, I said - why bother trading cycles 2 or 3? What's the point? If I know moves will almost always occur in cycle 1, maybe I should just focus on cycle 1. And that's where I am today. I should expand on this more some time when time permits.
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5-4-09 Perfect trades (if executed to the plan). Got out of the 6E way to soon here. Nailed the LODs on both trades, but too quick to hit the flatten button.
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It's all about what works for you and your trading setup. Personally, I love to trade the open of markets, look for my setup, ride it and get out. And it's creating a smoother P/L for me. But trading is all about finding your rhythm and then working it to the fullest capacity.
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Frank - that's impressive!!! :thumbs up:
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OEC - Futures and Forex Electronic Trading System That's who I use and very satisfied there.
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Introduce Yourself Here - Don't Be Shy!!
brownsfan019 replied to trading4life's topic in Beginners Forum
First - are you a Steelers fan? If so, please show yourself the door. :rofl: Sorry, couldn't resist. -
Good to hear Aaron! This is the very reason I have kept my trading on the regulated futures markets. Just cleaner and easier that way w/o thinking... is my broker going to run my stop to get me out or whatever other games those guys can play. Ideally all the FX based futures contracts at the CME will have the volume to support daytrading. I personally focus my efforts on the 6E and 6B, which seem to move good during the 8am-Noon EST hours.
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Just ask DB to move those posts into this thread. Very easily done via the moderation controls. No point of having a closed thread elsewhere.
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Thanks BR. I've found that I am good at being patient and waiting for the setup on the markets I am watching. The issue now is letting the plan work 100%, all the time. Too many winners being cut short. All in all, I'm happy that I started the thread and how it's been going. I was hoping more would regularly participate, but posting here has helped me see the issues at hand a little easier. Yes, we'd all like to be all-start traders that don't need help, but that's a few more years down the road.
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MAY 1ST UPDATE I have a little time here before heading to poker, so thought I'd give a little update on how I've done here since I started posting. To recap: * For purposes here, account being tracked started at $10,000 USD. * Doing my best to focus on prime setups and then shut it down for the day. Being a smaller account, I really can't afford to take a big intraday drawdown, so only the best of the best is being used here. * Limiting the amount of leverage being used as well. As you can see from blotters, most trades are 1 contract w/ the occasional 2 contracts per trade. And some stats on the account: # of Trading Days: 44 Gross P/L: $9,912.51 Per Day P/L: $225.28 $10k % Return: 99.13% Cumulative P&L: $1,312.51 $2,365.65 $3,131.29 $3,806.29 $5,187.53 $6,625.04 $7,379.30 $8,219.40 $9,912.51 Which looks like this on a chart: My observations: * I'm happy that the result as of now is good. Basically doubled the account in 2 months. * I think focusing on my premier setup has helped dramatically keep everything in check, esp. intra-day drawdowns. * With that said, I'm not satisfied w/ the per day P&L. I'm actually very disappointed that the per day is currently running at just over $200. The reason I am not satisfied is that throughout my 2 months of posting here, there has been 1 theme - following the plan completely. The 2 biggest challenges for me going forward: 1) Taking all the trades that I see and not filtering trades out based on gut feel or hunches. 2) Letting the winners get to the specified profit targets. I'm too quick at times to hit that flatten button. Wrap up: all in all, I'm content with the performance but it could be better.
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Just curious since we only seem to see occasional blotters. How did the entire week & last month treat you? The indicators hold up ok?
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Right, but my point was to show some proof that you personally make money at what you do. So, join us in the P/L thread or post your blotters here so we can see the actual trades in an actual account being made. PS no trades today???
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ed - do you trade daily? been a few days since we saw a blotter, just curious how often you trade.
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5-1-09 I'll take it for a Friday.
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You should also post your daily blotter here so we can see how you capitalize on your calls. A newsletter that can provide some blotters would be a different approach to gathering new customers since most vendors always have an excuse why they can't possibly show you how many thousands they make daily on their calls...
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James - if there is not a thread on this, I'm sure many would like to see this explained (I know I would). Always enjoy learning some new stuff!
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Ben - did you guys ever create a 'how to use our service' guide? I thought a number of months back you had mentioned something about doing a guide or some videos or something so that guys like me could see what value a squawk provides. I could be wrong, but I thought in another thread this was brought up and I don't recall seeing any updates. Thanks.
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The easy way to look at it is whether or not your gains are rolled over. Example 1: You start with $10k and at end of month you withdraw enough to bring the account back to $10k. Very possible to make 20% on this monthly, b/c that is $2000. Example 2: You never pull your gains out and let it build every month. Eventually, you will not be able to earn 20% but the $$$ amount will increase dramatically. It's very possible to make 20%/mo on accounts below $100k IMO. Once you get above $100k, then you might not be able to necessarily pull in 20%, BUT you can make more dollars than a $10k account could.
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4-30-09 Nothing special here today.
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Here's what I've seen and been told from guys in the business: FLOOR TRADERS: While they are trading on the floor and may be trading pit sized contracts, they can in fact trade electronically as well. If memory serves, you can hear this being mentioned on a squawk service from time-to-time. I was told this from one of the creators of the T4 software that I used previously to moving to OEC. They actually created T4 for the guys in the pits and then branched out to retail. In order for you to see the trade, you would need data on the pit traded contracts or know when a floor trader was using the electronic version. As for the movements in the markets - pit vs. electronic - they are similar, but don't move in perfect harmony. For example, the S&P pit contract moves in .10 increments, while the ES moves in .25. If you are wanting to know when these guys are trading w/o being there, my best guess is that a squawk service is the closest thing you will get - but bear in mind just b/c you might hear that Goldman is buying does not mean the market is going to go up right then and there. Maybe Goldman is unloading some shorts, maybe they are building a multi-week position, maybe their stop is at a level that you could not possibly stomach... I personally never got anything from a squawk. Depending on your broker or data service, you might have pit traded data available or could add it on. Bear in mind that the volume on the pit traded contracts is significantly lower than the e-versions.
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Robert - not sure what you mean the 'sim don't do it'. You can just take a screenshot of anything - dom, your ongoing p/l meter, whatever...