Since the PDT rules have come out a lot of people have gone into the Eminis and over leverage themselves. I think the bleed rate is probably higher in the Emini's, but mostly because people use too much leverage. You make the same mistakes etc, but you can't make as many if you over margin, and also a lot of the people dont have much to start with also that are trading the minis. As far as the "technical" differences in trading them I would say that in the Eminis you want to focus more on retracment type setups and avoid breakouts. You can trade some breakouts in stocks. Brandon
Brandon, I think your comments on using "retracements' rather than "breakouts" in the eminis is exactly what I've seen our larger office trader do. I've traded both the NQ and ES for a while now and our big emini office traders, (who trade "significant" size) ALL use retracement levels to trade off of and often (not always) fade the breakouts, do you use GANN lines or have any commment on them?....just some angles I've noticed and your post caught my eye..... rttrader
Thats just what I have seen for the most part. On days like today where we are breaking out from an Inside Day and NR4 in the SPs the breakout trading will work, but most of the time it does not. Even on a day like today though you can still go with the retracments. The market overall does not get as excited as a single stock can. Brandon
If you ask any very successful person: "How did you do it?", one of the common threads you will find is that most had and followed the steps laid out by someone who was already successful. Becoming a professional trader is no different, and in fact having a mentor can be more important because of the risks taken during the learning curve. In order to become a professional trader you need to: 1: Have a valid philosophy in place that applies in all market conditions. Its not helpful if you have to use an entirely different method every month as many claim you do. 2: Define a proper strategy or style for yourself with in the context of this philosophy. 3: A written Business Plan that covers your goals and the means by which you will achieve them. 4: Understand the psychology of mastering yourself, so you can master the market. Understanding each of these four area's is essential to your ultimate success as a trader. Most services offer 1 to 3 day seminars going over the basics and then leave you to fend for yourself. I feel this has a very limited value to traders, so I have designed something different. It starts on Saturday with a seminar like so many others. During that time you will learn what you need to know to become a successful trader. But instead of leaving you to fend for yourself I will continue to work with you in a small group (no more than 6 people) all day every single day for at least one month to ensure that you are properly applying the principles taught in the seminar and to allow you to watch as I apply them every day running the TFMS Live Trading Room and trading my own account. This will be the last seminar/mentoring package available at the current $3000 rate and I will be starting it in the next month. The seminar/mentoring comes with a one week money back guarantee, so if after the seminar and first week of live trading you are unhappy with what I'm doing, simply ask for a refund and you will get one. I will also work with you until you reach your objectives that we will set before we begin the program, if it takes a month we will be together a month, if it takes two months then we work together for two months. If you are interested in the seminar/mentoring please contact me at bastiat@mchsi.com and I will call you to discuss if the program is right for you. Brandon
[09:14] One of the things I spend a lot of time talking about is Risk managment, money managment and trade managment. [09:14] All of this is geared towards protecting capital which is replaceable [09:14] nice stuff this morning guys [09:14] good work [09:15] One thing I dont talk about much though, which is as least as important, is protecting your health and mental focus. [09:15] If you are in poor health, or a generally poor disposition it is almost impossible to trade, no matter how good your business and trading plan might be. [09:16] Im not going to spend time telling you to not smoke, dont drink too much and exersise because unless you live under a rock you know this stuff. [09:16] Just in case you do live under a rock, now you know. [09:17] But I want to talk about how you can modify your focus and moods [09:17] and maintain a high energy level. [09:17] If you lack energy or feel bad about yourself, its going to be almost impossible to trade. [09:17] You will probably have a hard time with the rest of your life as well. [09:17] Try this. [09:17] just for fun [09:18] Round your shoulders, slouch, look down and frown. [09:18] Now start to think about how awful the world is. [09:19] People are starving you know, maybe you hate President Bush, the enviornment is going to hell, some jerk neighbor, maybe your childhood was tramatic. [09:19] Whatever it takes to get you going, think about that. [09:19] Take very shallow breaths [09:19] breathing threw your chest [09:19] Now extend this to the market [09:19] Its summertime, Im never going to get this. [09:20] Brandon sucks and doesnt care about us and the jerk is never here. [09:20] The markets are impossible. [09:20] Its rigged [09:20] a damn conspirecy between the market makers, specialists and floor traders. [09:20] They just want to keep the little guy down. [09:21] Now while you are doing this really focus on your sloppy posture and breathing. Be sure to frown. [09:21] Now, go out and remember your worst trade. [09:21] The biggest losing day you had [09:21] keep thinking about this and how terrible it was. [09:21] Keep doing this until you feel it. [09:21] How do you feel? How profitable do you think you could be trading in this state? [09:22] probably would not do too well? [09:22] LOL there ya go [09:22] Now try this. [09:22] Sit up straight, shoulders back, head square over your shoulders. [09:22] Good posture. [09:22] Look up and smile.e [09:23] Breath deeply and from your belly. [09:23] Good Oxygen flow. [09:23] Think of how fortunate you are to have people in your life who you care about and who care about you in return. [09:24] Remind yourself how fortunate you are to live in freedom and have the opportunity to pursue your dreams. [09:24] Think of a warm summer day on the beach. [09:24] Think of the times you have had an obstical and got a plan together and overcame it. [09:24] Continue this and then now extend it out into the market. [09:25] Be thankful that you are free to pursue making a living in the market. [09:25] Remind yourself of the countless opportunities that present themselves to you each week to make money. [09:25] See them in your mind. [09:25] Watch yourself taking them. [09:26] Tell yourself that you have a valid plan which you will follow, that you have mentors who care if you succeed or not and by following your plan you are going to make it. [09:26] Now, think of your last great trade. [09:26] One that you did everything right on and where rewarded for your efforts. [09:27] Actually go back and see it, feel it again. [09:27] Keep going over it again and again. [09:27] How do you feel now? [09:27] How profitable can you be in this state? [09:27] can you see the difference between this and the first one? [09:28] you can do this in life in general too [09:28] not just the market [09:28] you have 100% control over how you feel at any time [09:28] no one can make you feel a damn thing you dont want to feel [09:28] you have the control. Exersise it. [09:29] your trading will improve [09:29] but even more important then that, your LIFE will improve.