Well, what I meant by adding to a "losing" position was one that was "under water" from where you first entered. So, as long as such a position is open, it's a "losing" position, isn't it? But true, when you consider the adds, it wasn't under water, so you would have a point. As for thinking outside the box, yes, a good reminder! One we all need from time to time!
Yes you are right. You do have to have a high hit rate, but as I have stated before I do not do this type of "add" trading all the time. Also, if you look at how I entered and exited positions, there were times when price was against my first few "add" price levels and I did not just sit there and watch. I would keep "adding" 5 ES and covering quickly after only a point or so. In other words I was trading within a trade to keep banking quick hits. This is a way to grab profits while waiting for the price to move back in your original entry price direction. Also these continuous quick hits help your P&L if you end up scaling out of the position with a loss. IMO, if you hold on to ALL the "adds" waiting until you get back to the original trade entry price, then you will get hammered. As the price action moves back in the direction of the original trade entry price, then scale out grabbing profits at 1 to 2 points above each "add" entry price level. Hope this helps.
Sorry, I apologize. I was out of with my suggestions. Anything people suggest to others arond here can be hostile. this was one of those cases. I'm sure everyone here trades "around" poorly positioned trades and have since the 80's. It looks like 6x the H/L and that's cool. Good luck on this thread as the days and weeks go by.
I use the 5 minute chart for the ES with occasional looks at the 15 min/60 min/ and the Daily throughout the day. I use the T&S and the volume window (5 min bars w/10 MA) as a big part of my trading. I try to get a feel for what is taking place during the trading day. I am a discretionary trader that uses good basic T/A with the following indicators; MACD (12,26,9) RSI (14) S/R levels Market Price action (Dow/Nasdaq/S&P/TICK/TRIN). I draw TONS of lines on my screen all day (trendlines) on the 5 min chart and on my MACD and RSI. I also use Japanese Candlestick patterns to help with entry and exits. Hope this helps! TTYL! Chris
Wow!! Seriously, 41 pages in two days....gotta be a record. I have tried in the past to validate some of the "stock picking" services by having them send their "picks" an hour before the opening bell, but the success rate was so bad, that I didn't even post the results. I do appreciate anyone who is willing to put their money where their mouth is, and their "ego" (not allowed in trading, as we all know) aside. One minor comment, I don't think you'll see any of our traders participating for the simple reason that they have no idea of what their going to do in their stocks, or what the market is going to do....we try to respond to what is actually taking place in the markets....and if our people are placing 100 or more trades each day, or trading a couple of thousand emini's (rare, but true), they can't take time out to post them up here. I will follow this thread with curiosity for a bit, hoping to see some good ideas (and, hope we don't have to deal with some of the silliness, although I am against censorship, it just takes more time to quickly see what the investor/traders are posting). Best of luck, and the final judge is always the IRS (how much you end up paying in taxes on your trading profits)......at year end. Don
Hi, AMT, This has been very nice of you (for helping us see the bigger picture in trading. So many people want the easy money in trading. But, usually only through hard work and determenation can you get it done. I have a friend (ex-marine recon) who is a man of action. He says the secret is don't be afraid of hard work. Just embrace it and understand that through it all things can be done. I have always thought that 10pt. plus was atainable. But, on a tight range day you shined when most people lose big (especially automated traders). Can't wait for you to be able to quit your job. You have earned it. Just one question if you have the time. Are most of your trades with the trend or counter trend? It seems like most people who make money (including myself) trade counter trend on tight narrow days. Thanks again. Privateisland
I am mostly with the trend, but in range days as you saw yesterday I was entering "adds" against the short term trend or wave. Then as the trend reversed and formed another oscillating wave I scaled out of my "add" positions as the price action moved beyond each "add" entry price level. For the most part, I am usually in the direction of what I think is the larger trend or trends during the trade day. Chris
We know your traders don't stand a chance against us. No need to cover for them, after you told all of them that they should be happy with their 1 pt a day. You should be ashamed of yourself!!! Just Kidding! I like to joke around with everyone. BTW, will you be in Vegas for the Expo (20th - 23rd of November)? I would like to check out the Bright Trading office there if possible. I have a home in "The Lakes" and I will be there for the week during the Trade Expo.
For those who asked the question about API's. I use only QCharts for charting and data feed with no additional software. I use JTrader/XTrader platform (switching over at this time) for my trading with no other software. I will be going to Vegas (20th to the 23rd of November) to check out different software for trading at the Traders Expo (www.tradersexpo.com).