Calling 'Em Like I See 'Em

Discussion in 'Journals' started by QuietTrader, Mar 28, 2006.

  1. I trade ES, ER2, ZB, and some currencies. Try and make money every day -- lots of it :). I've been privileged to have good mentors (but I payed a pretty penny for them--no regrets).

    If there's interest, maybe I'll offer some explanation of some of the trades. They're pretty simple, really. I try to keep things 'Quiet' and not overcomplicate.

    I'll try and post as real time as I can. But the trade comes before the post, obviously.

    I don't use hard stops, but I'm as quick as anyone to exit a trade if I don't like it. I want to exit for a reason, not just because p/l says something. I'm careful with my entries, though, so I usually get confirmation (or lack thereof) very soon.

  2. 3:44
    Short 16 ZB 110 4/32 (market still has room to test new lows).

    3:48 Long 10 ER2 755.10.
  3. I often trade right up to the bell. After having invested my whole day getting a feel for the markets, it seems a waste not to capitalize on that.
  4. I (try to?) take cash out of my account (at least) once a month.

    I don't like to keep a lot of money in the account. Trading a small account keeps me sharp (and keeps me from blowing it out). I have very low commissions (about $3/emini -- not an exchange member). Currencies a bit more. Bonds even less.

    My broker also gives me very low margins, so I don't need a ton of money in my account to throw around the size I like to. ($500/emini, bonds, etc. a bit more for the currencies). Of course you can't trade 1 contract per $500 -- things can move too fast for that. But I'm very comfortable trading 1 per $1,000. If you're careful, and know what you're doing, you should be able to do that no problem. (Beginners -- I've been trading for 8 years, don't try this before you're consistently profitable for a long time).

    (BTW -- still long ER2 and short ZB).
  5. I have a lot of patience, and never mind giving back some profits if I feel a position is worth letting it take a ride.

    The more positive ($$) I get during a day, the more I risk. I don't mind risking a good portion of that day's profits in order to give my chance to have a really great day. For me, that's one of the great keys to capital growth.

  6. I vary the number of contracts I use in any given trade based on 1) My confidence level in that specific trade... 2) How I've done so far today (see above).

    4:03 Sold 10 ER2 @756.60.

    Profit: $1,500.
  7. I try to keep things Quiet. No cursing. No noise. No jumping up and down. My family knows I need absolute quiet when I work. Hence, the name.

    People who aim for figures like 20% or even 50% a year are, IMHO, not traders. I'm not sitting here all day to make that kind of money.

    I am aggressive, yet conservative. I am aggressive in my trading. I don't wait and deliberate over entries nor exits. I'm not getting married to the trade. I'm in and out many times a day. When it comes to keeping my losses small, that's where I get conservative.

    I often enter my positions 1 contract at a time. Especially when I feel I lack clarity, having one contract in the market helps me to get a little clearer.

    I'm not sure yet how I will post my entries when I stagger them. I'll have to clear that hurdle when I get to it.

    I'm looking to exit my ZB @ 110 2/32, as I have to leave my house now. Not sure if I'd keep the position on otherwise, but the fact is, I've got to leave.
  8. 4:15 Sold 16 ZB @ 110 2/32.

    Profit $1,000 (even).

    Total Profit (for this thread and today) $2,500.

    Thankfully, I never took any heat on either of these trades. That's how I like them.
  9. It's a viable perspective -- there are traders who keep relatively small amounts in an account and use relatively high leverage, akin to a prop setup I suppose. Percentage return wouldn't really apply here, so it's apples and oranges.

    I use about 10K per currency contract leverage, 5-10% uncompounded per week is not ridiculous at all.

    edit: doh, that last post disappeared.
  10. I sometimes trade odd hours, as I'm in a different time zone. It's night time for me here.

    In the currencies particularly, the overnight market provides some good opportunities.

    My platform: X-trader.

    My charts: Ensign.

    Data feed: DTNiq (or however you spell it).

    I would never use any other platform besides X-trader. Its speed, and lack of downtime, are a necessity for me.

    I like Ensign charts, and they have some features I use that other companies don't.

    DTNiq is solid. I hate E-signal. Suits my needs. Only thing that irks me is their poor support of continuous charts (#), at least in conjuction with Ensign. I have spoken to them, and Ensign, about this. Each one, as is usually the case, blames the other. I can live without continuous charts.

    Sometimes in the middle of the day, I stop trading to eat supper with my family. Other times I eat in my office. It depends on my positions, the market, etc. Eating with my family, though, is definitely a priority. I don't care if it means I miss out on a trade or two. But they know there are some days I can't.
    #10     Mar 28, 2006