2008??? How is it possible that freakin' breakout pullback setup is still working??? (Speaking of getting out more, it's hiking time!!!)
Ya know, it was probably not long past that time when I dropped floor trader pivots from my charts. About a month ago I was looking at them on 5min charts, nothing much had changed. Trading key S/R zones out of contractions into expansions. Timeless concept. I still don't use floor trader pivots any more, no need for them but for sure there is some structure there if you look close enough.
It came up in a google search for something else. Does it matter? I can't see that anything's changed. And it does provide at least a starting point for characterizing a market, which gets little attention in these parts.
No matter, I was just surprised to see what was long forgotten. Like I said, about a month ago I was adding a chart tool with similar name while multi-tasking and hit "floor pivots" by mistake. So I looked at them for awhile before moving on to the intended task at hand. Appears to me that nothing much has changed in all that time. I don't use them any more, don't use any moving averages, don't use any Fib values, etc but the fact is you can find structure within those tools even today.
Never ever ever ever keep more in your futures account than needed to trade. $1000 per contract for daytrading is plenty with 500$ dt margins. End of the day, sweep out your profits and continue with the minimum until you ramp up size than add. Appropriately. Anyone who says differently likely works for the industry/ broker There is zero advantage in having more than minimum. Just ask the many customers of brokers who went under ......
I do not know what your point. To me, If I have a 3k account, and trade 1lot ES, that is a suicide trading. if ES against you 50 point, you are gone. but my account is 100k+, I even do not look it at all, how about 200points, just piece of cake, nothing scared me! so I do not lose in any single trade last year in ES, Inot brag itat all! just common sense I do not need be so accurate, 100point accuracy is ok, even 200points.timeaccuracy canbe as wide as weeks or months. and I still cantrade other stuff! if your account is just3k, you need higher accuracy maybe just several points. if a person never shoot, let him shoot, 80%~90%most time he shoots wrong place,how can let a baby shooter shoot ataccuracy of 0.1centimeter diameter target from 1000feet away, even the well trained topgun can not! but if you put a big target, for example, a football field from 100feet, you just need shoot, almost 100% hit the big target. that is why I never use stop loss, I do not need it any more. glad I am not a small retail trader any more. as for statitic edge, forget about that. only you have big account, you can play that statistic game.
I saw lots of ads about frorex $500 account for currency trading, that is ridiculuos. those brokers are desperate for suckers! I will set a limit for $50k for beginners. for veterans, I need ask atleast $10k.
I actually will set a limit of $ 2,000 for vets and $ 5,000 for beg. If you need 50 k in your account, you don't know how to trade. Period. One of the firms that recruits traders requires that you don't lose more than $ 1,000 in a single day and that is swinging 5 contracts per trade.
Pros vs beg 1) Pros use stops and usually small stops. vs no stops for beg. 2) Pros can make more money trading per day just trading 8 min than most people can do working 8 hrs per day at Wall Mart. 3) Pros can trade for less than 1 hour and take the rest of the day off, beg watch the market all day. 4) Pros use PA, beg use TA indicators. 5) Most mods on ET make their money off of trading, most beg here are trolls. 6) Pros know more than 1 language and are able to pick up younger non American women that like men who trade, beg are married to beasts.