Is this still what triggers an entry or have you got some other aspects of your trading plan these days?
I pretty much just put all my money in the market as soon as I earn it. I'm up like well over a million since ~2000 or so. Seems so easy, a few bumps along the way but I just buy more on margin, very slowly, when the big hits come, have never regretted it. Should you instead just be buying and holding Overnight? Seems like you might do just as good or better, and it would free up time to do more valuable things with your life. Just a thought.
Easy, you are quoting a post from me from 4 years ago when I was trading CL. Between then and now I moved from CL to equity indices. The theories in my head have changed, and thus the plan. Lord knows, I should expand my head back into CL at this point, because it is in a nice observable range now. But then 4/20/2020. So...Umm. Er.
If you have not noticed, that is what I have been doing. That is why I have 3 open positions now instead of just one. Slow and steady. I have been very cautious on using margin, because I must always remain vigilant on the combination of overnight margin requirements + the chance the CME will raise them even higher on short notice (when I started trading the indices, the margin was HALF what it is now) along with the TIME factor of the fact that markets can and do correct many times per year. It is happening more and more. If my thesis is correct in markets going up over time, all you need to do is let the markets breathe their breaths, so use TIME as an edge. This is why you see me trading forward contracts. Since we are nearing June expiry, I will close the Sep contracts when they are in profit and get into the Dec contracts for more swinging.
Continuing... Closed two of the open profit trades I've been hanging onto after staying stubborn in my head and waiting for all three trades to be in profit before closing them. I realized after this week that the opportunity losses were getting too high over time. I figured the NDX would get back to at least BE soon as the other two indices kept hitting new highs, but nope. So I booked the profits and will look for more dips to buy now that the Dow and SP are at ATH AGAIN. Been looking at the M2K lately and am studying it, don't know why I never bothered to have that one in the toolbox. And the MBT? Damn! Hell of a range! So what it had 20K volume today. I've done more with less, heh, so will be eyeing that going forward. I still claim the title of "top master". (But it's getting better! Just yesterday the thing was down 600 points.)
Continuing... Nothing to continue. I entered another trade on what I thought was a good dip on the MNQ...You know, ~360 points down or so, but NOO, the thing decided to drop another 800 points from that this week. So I'm averaged in around 13880. It's getting better though! Just a flesh wound! Oh yeah, and bought the MES at it's near top also around the same time, after what I thought was a good dip. That one only fell 120ish points or so after entry. So here's the open positions... I'm such a winner.
What time and date did you enter your latest mnq and mes trades? Thanks. edited: https://stockcharts.com/h-sc/ui?s=$COMPQ
Second MNQ trade was entered at market open on Sun May 9th, about 6:10 PM ET. 13727.5, So only ~300 points down. Memory gets fuzzy after watching trades go to shit for a week. Apologies, hehe. MES trade was between 7:05 and 7:20 PM ET on May 10th.
mnq looked reasonable at the time. Man that's rough. The 13th was a lucky day tho. Stopless trading takes some big ol' brass klankers. https://elitetrader.com/et/threads/charts-for-no-reason.344272/page-11#post-5384981