Bingoking and booyah: I cannot wait for it to be monday either, it is a rewarding job when done full time. Yes you can rip a good one whenever you want but i'll tell you some things I consider that make a difference between getting there and not. One Working from home is not as easy as it may seem. Yes, you dont have to commute to work, you dont have to dress, you can watch tv while you work, but there is a downside. This downside can be controlled a bit with dicipline. Too many cannot handle working from home, instead of waking up at 9:30 to be at the market open they get up at noon. So a good idea is to get up and dress even if casually as if your going to work. Two This comes even before one. Worry about getting to know yourself. I have always said that anyone can learn the necesary technical analysis for trading in a day. You can gain some experience in what you learned in that day in a couple of months. Getting controll of yourself and your emotions can take a lifetime and this is where most fail. Its not easy but interestingly it can also change your life not only your trading. Therefore invest a lot of time in yourselves cause you have NOTHING to loose and a lot to gain. Three Find your own trading path. What works for Mr. Anek might not work for you. Why? Well, perhaps his style of trading may be too fast for your personality, or you may be too impatient cause it takes too long for trades to develop. Please do not take it as if I am saying it does not work. I can assure you that a method this simple works and works wonders. The beauty of technical analysis is that it works in all time frames. If Anek trades 233 or 610 tick its because it suits his personality. Find what suits yours!!! Take from any good traders you find what serves your trading style best and develop your own trading style. Hope this tidbits of experience help you guys achieve your dream. Good trading to all
Would have had to taken some heat on this if you shorted the 40% level (50% would have been better) but then the downtrend continued nicely
Piscuy, I agree with you, trading can be and is very personal. For instance, swing trading does not work for me. Even with all the tools at hand, even with knowing exactly what I must do, it's just not my style. Scalping is where I'm at and it also allows me to sleep at night or is it day now? with peace of mind. I like close stops, keeps me in control. It does not take me 30 min to know if I'm right or wrong, if I'm right, boom it worked. If it did not, next play. Anek
Pisguy, Thanks for your words of advice. I am still demo trading on IB but I feel I am getting warmer. Paid some tuition last year which was a good learning experience. Experience with a real account is probably the best teacher. I'm sure I'm not done there yet either (just ask Boib - he's been trying to beat some sense into me for quite a while now). Bing
I'm finding this to be my style as well. Thanks again for all your insights and those of all the other posters on this thread. I keep a journal of my trades - 12 of my last 14 days in the ES have been in positive territory using a scalping approach. Averaging just over $400 per day. I only trade the morning session from 8:30 to noon central. One and two lot trades. Again, its all demo dollars but I feel I'm getting warmer. Trading with a live account is a whole different animal. Hopefully when I start I will have a system I know I can trust when I am in the heat of battle.
Correct on both accounts. Trust your system, trust yourself and off you go. If the system is good and your discilpine is top notch it's actually hard to have a bad day unless it's the impossible type. Anek
Hi A, I am trying to see if we can sucessfully trade in direction on 10K bars, but trade would be kicked off after watching 1K bars. Stop 1 pt , half target 1 pt and rest can ride the wave. I wonder how you plan to scalp ES. Also 1ok stochastice has to be overbaught/oversold for maximum winning rate...
Bill, Looking for entry on a smaller chart in relation to your big chart is ideal. This I have said all along in the journal. Nevertheless your 1.0 stop in this volatility will kill you more than often unless your entry is superb and the market always in your side, highly unrealistic. Usually when I do intense scalping I mostly concentrate on Time and Sales. Unfortunately I can't teach you that here, that's just screen time experience. Anek