It will be REAL MONEY once I close out the position. Right now, it's a profit, but only on paper. This is not to be confused with "paper trading". This is a real trade, and since it is not closed yet, I can only call it a "paper profit". If you understood anything about trading, you would recognize the difference between "paper profits" and "paper trading".
Thnak you. I'd rather not get into the details of my account size, but it is over 6 figures. My exit strategy was loosely posted on friday: buy at 950, stop loss at 1020. The point was I'd rather hold the position, which is why I gave loose figures for exiting. Some Einstein interpreted that as I 'could' lose all types of money, b/c my stop is so high. Talk about a loser's mentality! I'm thinking about how much I can make, not how much I can lose.
Futures are marked to market at the end of the day. Profits and Losses are very real, unlike equities.
Over 6 figures? Why, that must mean 7 figures. Unless, of course, you mean 8 figures. Am I getting close?
It's one of those trading axioms. A bad trader thinks about how much they can make, whereas a good trader thinks about how much he can lose....err something like that. That's what Txhorns meant by "when it reverses." Interesting journal, I'm curious to see how it turns out. Will you be providing any details as to how or why you enter and exit trades? Good luck.
For all the negative feedback I usually get, it only takes 1 normal person to help me forget the true idiots of ET. And that's why I go on. I think you misunderstood what was meant by "reverses". Or maybe I did. I think he was calling ME a rookie for not worrying about losses. I don't know, let him do his own explaining, if he wants. As far as details go, look at my motto. But, there is a method to the madness. Alot is just how I feel about the market on a day to day basis, based on many years experience. That's why I'm able to tell you trades the day before, and still make money on them. Most people can't, and that's why few people try to have a trading journal. It's extremely difficult. If this helps, I don't think the market can make a new high at this time, so I set my stop loss at around 1020.
I don't trade the big SPOOS, but I distinctly thought $500/point was a thing of the past. Don't the bigs trade at $250/point now?