OK, heres my set-up: * First and foremost, my TWS is always on with both NQ and ES quotes. So when ever I glance at my screen during the day or night, I see the market. * During regular market hours, I pull up a quotes blotter of the top 10 NAS 100 (credit to some other member <savage?> for mentioning this although I had been using it for a long time for stocks) plus the Q's- cubes- whatever. These two split the screen on my primary monitor. * My second monitor has a very basic NQ chart in different time frames. No indicators of any kind, just candles. No time and sales and no volume. Sometimes I will put in some S/R levels if they seem important enough. But like I said before, it's more for reference than anything else. ----------------------------- What I do for entries and exits is, for lack of a better word, labor intensive. Meaning I try to recognize price at all levels with all the push and pulls, runs and congestion. That's why I say labor intensive, I literally stare at quotes for hours. Jeez, what a life. But i actually enjoy it (sick). While I'm doing this, my blotter helps to confirm or deny the trade. Rhythm and concentration IMHO go hand in hand with this method and I always lose when one or the other is lagging. You know all this sounds more complicated than it really is. It really comes down to personality and what works for you. This seems to be working for me right now... but it can just as easily stop tomorrow.
Janko, I'm just in my second week of trading e-mini. My method is basically the same as bronks, except I look at NDX chart instead of QQQ and throw in CNBC ticker to help get a feel for what's going on, but mute works best for the TV most of the time. They show indicators periodicially, but I'm still learing to read them. I'm going to add more monitors so I can look at more things at once. I think Bronk is right that it's basically an individual feel thing, but if others have different methods maybe they'll post them. This is bronk's trading journal, so I hope he doesn't mind the extra postings. This has been the best thread on here on e-minis for me, especially him posting his trades because I got off to such a bad start and it was encouraging to see his success. I'm not looking for advice, just for as much information as I can get.
It is kind of wierd to get off watching blinking numbers all day but I enjoy it too. I am always suprised by how close the battle is between the bulls and the bears. If you forget how finely balanced it is you can get burned real quick.
Frustrating day for me as I not only woke up late but rushed my trades, on top of trading within ranges and over-trading. Underwater again from the get go. My timing and rhythm was completely off and it cost me. My only saving grace was that ORCL ramp near the end as it brought me back from over $200+ down. A disturbing trend is developing in my technique with my first few trades of the day, and I think patience is the key. In my haste to get in I'm disregarding price range, which is key to entries. This WILL stop tomorrow and I will be very quick to take a loss. At least for the first 3 or 4 trades. -3 points / 14 RT's
FUTURES TRADES --------------------------------------------------------------------------- Trade Time Exchange Description Qty Trade Price Set Price Gain/Loss * ----------------- --------- ----------- ----- ----------- ----------- ----------- - 02-06-05 12:32:15 GLOBEX NQ JUN02 -1 1175.5000 1194.0000 -370.00 02-06-05 12:35:16 GLOBEX NQ JUN02 1 1178.0000 1194.0000 320.00 02-06-05 12:37:48 GLOBEX NQ JUN02 -1 1175.0000 1194.0000 -380.00 02-06-05 12:42:34 GLOBEX NQ JUN02 1 1178.0000 1194.0000 320.00 02-06-05 12:43:02 GLOBEX NQ JUN02 1 1178.5000 1194.0000 310.00 02-06-05 12:55:01 GLOBEX NQ JUN02 -1 1174.5000 1194.0000 -390.00 02-06-05 13:05:54 GLOBEX NQ JUN02 -1 1172.5000 1194.0000 -430.00 02-06-05 13:06:33 GLOBEX NQ JUN02 1 1173.5000 1194.0000 410.00 02-06-05 13:11:51 GLOBEX NQ JUN02 1 1176.0000 1194.0000 360.00 02-06-05 13:12:57 GLOBEX NQ JUN02 -1 1176.0000 1194.0000 -360.00 02-06-05 13:16:49 GLOBEX NQ JUN02 1 1176.0000 1194.0000 360.00 02-06-05 13:18:18 GLOBEX NQ JUN02 -1 1176.5000 1194.0000 -350.00 02-06-05 13:29:32 GLOBEX NQ JUN02 1 1180.5000 1194.0000 270.00 02-06-05 13:32:31 GLOBEX NQ JUN02 -1 1183.5000 1194.0000 -210.00 02-06-05 13:56:53 GLOBEX NQ JUN02 -1 1176.0000 1194.0000 -360.00 02-06-05 13:58:13 GLOBEX NQ JUN02 1 1174.5000 1194.0000 390.00 02-06-05 14:25:35 GLOBEX NQ JUN02 -1 1173.5000 1194.0000 -410.00 02-06-05 14:26:01 GLOBEX NQ JUN02 1 1174.5000 1194.0000 390.00 02-06-05 15:12:44 GLOBEX NQ JUN02 1 1179.5000 1194.0000 290.00 02-06-05 15:13:44 GLOBEX NQ JUN02 -1 1177.5000 1194.0000 -330.00 02-06-05 15:20:50 GLOBEX NQ JUN02 1 1178.5000 1194.0000 310.00 02-06-05 15:21:09 GLOBEX NQ JUN02 -1 1176.5000 1194.0000 -350.00 02-06-05 15:25:17 GLOBEX NQ JUN02 1 1183.0000 1194.0000 220.00 02-06-05 15:27:06 GLOBEX NQ JUN02 -1 1191.5000 1194.0000 -50.00 02-06-05 15:29:42 GLOBEX NQ JUN02 1 1192.5000 1194.0000 30.00 02-06-05 15:31:55 GLOBEX NQ JUN02 -1 1191.5000 1194.0000 -50.00 02-06-05 15:34:05 GLOBEX NQ JUN02 1 1194.0000 1194.0000 0.00 02-06-05 15:56:17 GLOBEX NQ JUN02 -1 1194.0000 1194.0000 0.00 ===== =========== 0 -60.00 =========== USD Total: -60.00 FUTURES GAIN/LOSS SUMMARY ---------------------------------------------------------------- Gain/Loss From Futures Trades -60.00 ============ USD Total: -60.00 ========================================================================================== ACCOUNT STATUS --------------------------------------------------------------------------- USD Starting cash balance 5857.20 Settled: 5857.20 Cash deposits/withdrawals 0.00 Total Futures Gain/Loss -60.00 Total Commissions -67.20 ============== ============== ==> Ending cash balance 5730.00 Settled: 5730.00 Open options value 0.00 ============== ==> Total Equity 5730.00
Just a grind today, I made my broker happy though. Midway through the day I switched to (2) contracts as my default and fired away. I kept getting distracted by my P/L, so I just turned the punk off and will keep it that way. I'll keep 2 contracts for one more day and decide whether to leave it. Even though I churned & burned today, I followed my rules set yesterday. So I don't feel too bad as I kept my discipline. Kept waiting for some kind of push into the close but it never came. Tomorrow should be interesting. I don't know what the correct way is to calculate points with multiple contracts, so I'll do it like this: # of contracts divided by P/L total. If this is wrong, somebody let me know. +1 point / 27 RT's
Holy s**t, anybody watching the futures?! Got distracted while writing the journal... Lundy, I hope your short! Nice overnighter by the way, lastnight. Hell, I hope somebody was short. Looks like tomorrow will be interesting afterall.
What basic services do you subscribe to with IB? With a 5K acc't, what are your expenses, i.e. charting, quotes, etc., and with whom? Thanks for your reply! A newbie.
Thanks Fitz. The commissions are starting to get on my nerves though. I may go back to (1) contract tomorrow because of it. I realize it's a necessary evil but damn it sure does pinch. I couldn't imagine paying over $3.00 per side. That commercial about making money in up and down (sideways too) markets definitely applies to brokers. Genesis, I subscribed to E- signal (mini's only) for I think $89.00 a month. My charting is simple, so I use theirs. RR cable for around $44.00 monthly. And $10.00 a month for SignalWatch (Ed Downs) market analysis. I use that as a bias going into the next day. It's simple and I like it. Both futures and stock accts. at IB. THURSDAY FUTURES TRADES --------------------------------------------------------------------------- Trade Time Exchange Description Qty Trade Price Set Price Gain/Loss * ----------------- --------- ----------- ----- ----------- ----------- ----------- - 02-06-06 09:41:46 GLOBEX NQ JUN02 -1 1179.0000 1163.5000 310.00 02-06-06 09:42:09 GLOBEX NQ JUN02 1 1180.0000 1163.5000 -330.00 02-06-06 10:08:32 GLOBEX NQ JUN02 -1 1171.0000 1163.5000 150.00 02-06-06 10:09:49 GLOBEX NQ JUN02 1 1168.5000 1163.5000 -100.00 02-06-06 10:14:42 GLOBEX NQ JUN02 -1 1167.5000 1163.5000 80.00 02-06-06 10:15:35 GLOBEX NQ JUN02 1 1170.0000 1163.5000 -130.00 02-06-06 10:17:47 GLOBEX NQ JUN02 -1 1166.0000 1163.5000 50.00 02-06-06 10:19:00 GLOBEX NQ JUN02 1 1166.5000 1163.5000 -60.00 02-06-06 10:35:39 GLOBEX NQ JUN02 -1 1168.5000 1163.5000 100.00 02-06-06 10:50:31 GLOBEX NQ JUN02 1 1171.0000 1163.5000 -150.00 02-06-06 11:07:36 GLOBEX NQ JUN02 -1 1164.0000 1163.5000 10.00 02-06-06 11:07:36 GLOBEX NQ JUN02 -1 1164.0000 1163.5000 10.00 02-06-06 11:08:48 GLOBEX NQ JUN02 2 1165.0000 1163.5000 -60.00 02-06-06 11:09:30 GLOBEX NQ JUN02 -2 1163.5000 1163.5000 0.00 02-06-06 11:12:00 GLOBEX NQ JUN02 2 1160.5000 1163.5000 120.00 02-06-06 11:28:21 GLOBEX NQ JUN02 -2 1159.5000 1163.5000 -160.00 02-06-06 11:29:07 GLOBEX NQ JUN02 2 1160.0000 1163.5000 140.00 02-06-06 11:30:09 GLOBEX NQ JUN02 -2 1158.0000 1163.5000 -220.00 02-06-06 11:30:25 GLOBEX NQ JUN02 2 1158.5000 1163.5000 200.00 02-06-06 11:31:29 GLOBEX NQ JUN02 -2 1155.0000 1163.5000 -340.00 02-06-06 11:32:27 GLOBEX NQ JUN02 2 1155.5000 1163.5000 320.00 02-06-06 12:37:25 GLOBEX NQ JUN02 -2 1161.0000 1163.5000 -100.00 02-06-06 12:47:59 GLOBEX NQ JUN02 1 1162.5000 1163.5000 20.00 02-06-06 12:47:59 GLOBEX NQ JUN02 1 1162.5000 1163.5000 20.00 02-06-06 13:21:34 GLOBEX NQ JUN02 2 1170.5000 1163.5000 -280.00 02-06-06 13:26:33 GLOBEX NQ JUN02 -1 1171.5000 1163.5000 160.00 02-06-06 13:26:33 GLOBEX NQ JUN02 -1 1171.5000 1163.5000 160.00 02-06-06 13:44:37 GLOBEX NQ JUN02 -1 1165.5000 1163.5000 40.00 02-06-06 13:44:37 GLOBEX NQ JUN02 -1 1165.5000 1163.5000 40.00 02-06-06 13:45:32 GLOBEX NQ JUN02 2 1167.0000 1163.5000 -140.00 02-06-06 13:59:27 GLOBEX NQ JUN02 -2 1164.5000 1163.5000 40.00 02-06-06 14:01:35 GLOBEX NQ JUN02 2 1163.0000 1163.5000 20.00 02-06-06 14:13:01 GLOBEX NQ JUN02 -1 1163.0000 1163.5000 -10.00 02-06-06 14:13:01 GLOBEX NQ JUN02 -1 1163.0000 1163.5000 -10.00 02-06-06 14:14:21 GLOBEX NQ JUN02 2 1164.5000 1163.5000 -40.00 02-06-06 14:38:28 GLOBEX NQ JUN02 -2 1161.0000 1163.5000 -100.00 02-06-06 14:49:25 GLOBEX NQ JUN02 2 1156.5000 1163.5000 280.00 ===== =========== 0 40.00 =========== USD Total: 40.00 FUTURES GAIN/LOSS SUMMARY ---------------------------------------------------------------- Gain/Loss From Futures Trades 40.00 ============ USD Total: 40.00 ========================================================================================== ACCOUNT STATUS --------------------------------------------------------------------------- USD Starting cash balance 5730.00 Settled: 5730.00 Cash deposits/withdrawals 0.00 Total Futures Gain/Loss 40.00 Total Commissions -129.60 ============== ============== ==> Ending cash balance 5640.40 Settled: 5640.40 Open options value 0.00 ============== ==> Total Equity 5640.40