trading_time, Something about my post regarding entries seems to have struck a chord. Let me say this: Swing traders and those who trade longer term are not obsessive about their entries, and rightly so. They build an opinion about where the market's going, and will hold on to that opinion until such a time as price action proves them wrong (I assume -- I know very little about swing trading). A swing/long term trader, I assume, employs far more capital in their trading than I do, and has more modest expectations about what type of return they want on their money. The 'job' of a day trader, as I see it, is to take advantage of the intra-day momentum of the market as it oscillates, or trends, and capture parts of the day's action with relatively high leverage and relatively low risk. That's why day traders are not subject to the same margin requirements as are position traders. To a day trader, entries are critical.
Quiet Trader Great post. You seem to be very confident in your system to trade like that. How long did it take you to get to this level? I hope to learn something from you. Do you trade off indicators or just price and volume? What is your favored time frame for er2 and dax? I hope you keep posting have a nice day trendtech
First trade of the week. Was supposed to be 10, but data entry error has me short an additional 2. Normally, I would correct any technical error as soon as I notice it, but the 2 contract difference is relatively minor, so I have left it as is.
Thanks for the feedback, trendtech. Not sure what you mean when you write "you seem to be very confident in your system to trade like that." What is the "that" to which you refer?
Loss on last trade: -$300. Sat with this trade for a few minutes. When it appeared to me that price was not going to re-penetrade my entry and make new intra-hour lows (my original expectation), I bailed. As I write this, price has travelled up to about 1.2424, and returned to the 1.2418 area. I remain on the sidelines.
Better late getting on board with this Euro short, than never. Earlier, I shorted 3 ER @ 770.60, and exited at 768.60. (I was watching the market too closely at that time to post my entry real-time.) Profit on that trade: $600. Total for today: $300. You may be wondering why I once again put on a position of 12 contracts in the Euro. I am wondering the same thing myself. I had the number 12 in my head from the previous trade, but in truth I had not intended to perpetuate that error. I am not happy about this frivolity. I am exiting the entire position now, in order to settle myself before I re-enter the market. Buy 12 E6 @ 1.2388