HOME FORUMS BROKERS SOFTWARE BOOKS CONTACT US
Elite Trader Your Account  •  Become a Member  •  Help  •  Search    
    Forums ›› Trading for a Living ›› Journals ›› The Patient Trader's journal  


Post A Reply
    Page 1 of 5:   1  2  3  4  5  
fan27
 

Registered: Feb 2003
Posts: 715

 

09-12-11 04:47 AM

Back in the game after a 5 year break.

Brief History:

Began trading in 2001. Left a corporate job in 2003 to launch my trading career. Traded full time for about 18 months. Toward the end of that period I had 5 automated systems that traded ES and NQ. Four of those systems were long only. The systems were based on back testing which showed good results...also, one of the systems used a double down strategy which I knew would eventually blow out my account. I pulled the plug on the systems in 2006 with an overall decent gain for the account (maybe about 20%). Had I continued trading the systems it would have been disastrous come 2008.

I learned some valuable lessons from my trading experience:

1. Don't quit your day job unless you have a proven track record.
2. Don't quit your day job unless you have a proven track record.
3. Don't blow out your account.

This brings us to today. Why am I getting back in the market now? I thought about investing in real estate lately but I am just not that passionate about it. Trading markets on the other hand gets me excited. So let's get started....

    Edit/Delete Quote Complain
fan27
 

Registered: Feb 2003
Posts: 715

 

09-12-11 04:54 AM

Trading Philosophy

There are probable a few really good trading opportunities per year in any given market. The key is to be patient for those opportunities and strike when they present themselves.

Strategy

I will be trading futures contracts. Keeping my eye on a few right now but I expect the list to grow. All my trades will be discretionary (no more automated systems) and will be looking for the following setups:

1. Breakouts.
2. Buy/Sell at support.
3. Pullbacks in trend.

Next post I will list my current trades.

    Edit/Delete Quote Complain
fan27
 

Registered: Feb 2003
Posts: 715

 

09-12-11 05:06 AM

Strategy continued...

I will be primarily looking at weekly charts but will also reference Monthly and Daily charts.


Current trades:

Short ES at 1159

Initiated this a couple of weeks ago. Bought pull back off the bounce. I anticipate we will hit 1000. Stop is currently at 1225.

Long USD Index (DX) at 77.990

I just initiated this trade. Stop is at 74.00. I am betting we will hit 88 for the following reasons:

1. Bouncing off of Long term support...see chart:

http://futures.tradingcharts.com/ch...ache=1315800336

2. Good chance Gold is at an intermediate top.

3. Issues in Europe are making the dollar look attractive relative to the Euro.

4. Previous high is around 88.

    Edit/Delete Quote Complain
fan27
 

Registered: Feb 2003
Posts: 715

 

09-15-11 09:58 PM

ES short is not looking good...stop is at 1221 (December contract).

Let's see what tomorrow brings.

    Edit/Delete Quote Complain
riskaddict
 

Registered: Oct 2006
Posts: 1829

 

09-15-11 10:26 PM

why 1221?

    Edit/Delete Quote Complain
fan27
 

Registered: Feb 2003
Posts: 715

 

09-19-11 02:47 AM


Quote from riskaddict:

why 1221?



1221 is close to the high price since bouncing off the lows. If we go past that point I feel there is a good chance of us running to 1250.

    Edit/Delete Quote Complain
    Page 1 of 5:   1  2  3  4  5  
Post A Reply


Receive an email whenever a new post is added to this thread by subscribing to it.
 
Rate This Thread:

Forum Jump:
 

 

   Conduct Rules  -  Privacy Policy  -  Day Trader -  Day Trader Forum -  Best Trading Software -  Sitemap Copyright © 2013, Elite Trader. All rights reserved.    
 
WHILE YOU'RE HERE, TAKE A MINUTE TO VISIT SOME OF OUR SPONSORS:
Advantage Futures
Futures Brokerage & Clearing
AMP Global Clearing
Futures and FX Trading
Bright Trading
Professional Equities Trading
CTS
Futures Trading Software
DaytradingBias.com
Professional Trading Analytics
ECHOtrade
Professional Trading Firm
eSignal
Trading Software Provider
FXCM
Forex Trading Services
Global Futures
Futures, Options & FX Trading
Interactive Brokers
Pro Gateway to World Markets
JC Trading Group
Direct Access Trading
MB Trading
Direct Access Trading
MultiCharts
Trading Software Provider
NinjaTrader
Trading Software Provider
OANDA
Currency Trading
optionshouse
Option Trading & Education
Rithmic
Futures Trade Execution Platform
SpeedTrader
Direct Access Trading
SpreadProfessor
Spread Trading Instruction
thinkorswim by TD Ameritrade
Direct Access TradingAdvertisement
TradersStudio
System Building & Backtesting
Trading Technologies
Trading Software Provider
Trend Following
Trading Systems Provider