I've already read Real Money, and I've been studying for the last month or two. would you recommend the S&P E-mini, since I could trade for cheaper in theory of course
I always like Stan Weinstein's Secrets For Profiting in Bull and Bear Markets as a good starting point for understanding how markets move up and down and getting an idea of how to read them.
Thanks again (I was away for a few days). I do trade electronically only. The "discrepancy" is usually the slippage I experienced with stop order (ER mainly), or a trade I did not record in my own spreadsheet, which happens often now as I make more and more trades. And it becomes tedious to reconcile my record with broker's daily report when I find my p/l number does not match that provided by the broker.
it just seems that the money is with position trading because of the efficiency per trade/shares used output if you are on the right side and have a proven systematic strategy. However, the biggest problem with me and position trading is that I was first taught how to scalp, and whenever I try to position trade, it seems I really jump on the gun to take profit when it could have went maybe double or rarely triple what I could have taken off the table. I guess the old say "cut your losses short, and let your winners ride" is easier said than done to a trader who started with scalping. What I am trying to do now is to develop a mechanical based system for exit signals where it trys to take the emotion out of it.
Turning the market into an ATM by day trading futures is extremely difficult. Possible, but to make money consistently this way is rare and my hat is off those those who can do it. I tried full time for years and had a few good runs hear and there, but never on a consistent basis. It wasn't until I started following a diversified swing trading strategy that I started making money consistently. That's they key word 'consistently'. All your focus should be on making regular profits rather than a killing here and there.
can you explain your diversified swing strategy as swing strategys are more aimed towards..."here and there"
When I say 'swing trading' I am refering to the holding period of a position. Holding a position for a few weeks rather than a few minutes. The strategy I trade holds a portfolio of 20 stock for 20 days, which allows enough time to work through the daily 'noise'. It works well enough for me to be a full time trader...
Sounds interesting. Can you give more information about your performance? And how long have you been doing it? Thanks
Up 35% so far this year, which is right inline with my backtest that produces around 50% per year. I just started a Journal with full transparency: http://www.elitetrader.com/vb/showthread.php?s=&threadid=75845 It is primarily a fundamental system that relies on certain parameters of a stock that tend to produce aggressive upside moves.
Just wondering how someone can make 1k - 2k per day trading. How much of a bankroll are they functioning with? I assume it is more than the 10k that I play with.