Thanks for the laugh guys, you sure know how to keep this place going ;>) x x x Day 5 results: +$12 on 23 YM contracts I know it looks like I'm trying to scalp, but I'm really not. These are just bad entries. Lesson#3: Fine tune the entries. Lesson#4: Avoid the lunchtime chop!
Walter... looked like you are paper trading...right? good way to learn... based on ur post..you depend on price action Support resistance... your style may learn from this one ?? http://knightcapitalmanagement.blogspot.com/
I'm not paper trading, this is a live account. And thanks for the link, I'll be sure to check it out.
i don't see anything wrong, providing: -no margin calls (unless daddy can bail you out) -you quickly develop a basic trading plan that includes money mgt. -you are ready for the moment when your broker pulls the plug. -just consider this tuition because your trading is kind of helter-skelter. a number of traders (pros) don't use charts on the screen, but they have the benefit of levels (which they keep in their head or on paper). also you have TT marksmen sitting on top of exchange servers to compete against. who do you think is going to beat you when hitting that bid or offer? some are working orders and enter the market in stages. they don't panic when the market goes against them; they can be tough as nails, and they've got 10 cent commissions and are sitting on a pile of money. look at some of the other journals (perhaps with basic charts)--watch for b/o's and buy/sell pull backs and maybe trade a 2nd contract that you can trail. Relax, just about every does this once. If you can cut yourself off at the point of no return then you will also help yourself. the goal that you've set is pretty high...good luck
could you maybe explain in detail about that really fast clickin with ecry demo? Because it seems that ecry demo fills faster than for example NT demo
Thanks for your great insight, Boid-dog. Right on the money! x x x Day 6 results: +$126 on 8 YM contracts. I screwed up the morning move and ended up breakeven, then my platform went down. I rebooted the system and everything seems to be running ok.
good. make sure you aren't over using resources on your trading machine.... many don't use anti-virus software. no internet, no chat, etc. while trading, unless you have a 2nd pc. apply major levels...yesterday's HLC--observe mkt behavior around them--perhaps use higher time frame for orientation. even 00, half 50 are often major levels, although depending on mkt it may stop short; eg... 55 or move a bit far; eg.. 95. Watch for double bottoms, tops or if the market marches through the level, it often returns to the level then moves on. You'll see major buying or selling at certain levels. See if buyers/sellers can hold or give way. watch for squeeze, especially after market news--too many traders are reversing their positions. I see you don't use tape, just dom...(pros will pull the rug out from under you; i.e. their orders). I use Time and Sales-- set block size on T&S and watch for heavy buying/selling (when mkt starts increasing spread in one direction tape turns red) so try to ride it. T&S makes it easier to see the actual volume of mkt...even though some doms show cum vol or transactions, the T&S makes it easier to filter for size, and whether price is consistently trading at bid/ask, and even skipping over prices in a hurry to get somewhere). I guess that's it, um, i don't want to write a paper; you've got to do your own work. hope this helps.
Thanks again Boid-dog, much appreciated. Too bad OEC doesn't offer time and sales data. x x x Day 7 results: +$17 on 16 YM contracts 'To Move the Stop to Breakeven or Not?' - that is the question!
hey, youre using the same program like me . Very nice program do you use the bracket orders from the charttrader? I also have a $4500 account and I am also newbie. So far I'm up $200 though in one month. and I only trade the ES if I look at the DOM it's busier so that's better???