Quick question Hootie. Why did you start trading the ES?. Some start off with stock and then narrow down to a single instrument of their choice. Some remain with stocks etc. So what guides ppl in their decision to where they end up at?. SM
Hi NoDoji, A couple of quick questions to you. I remember how you had started with trading the likes of SPWRA, RIMM etc (the good old days, huh? ;-) and ended up with CL. What was your reasoning? Secondly, I trade 2-6 of my top 12 stocks (which change from time to time) on any given day. Should I be doing it differently? ***Input from anyone else is welcomed too.*** SM
Hi Sam, I'm rather "ADD" and I took well to day trading because I like to experience quick results. Wow, SPWR(A) (the "A" came later), I remember that one well. And RIMM paid for my first 4-monitor setup, ahhh...good times...ha! CL came to my attention quite by accident one day when I announced in ET's old chat room that I was "short CL" and my friend Bighog said, "NoD's trading crude oil???" Well, I'd never even looked at crude oil because at that time I had no futures access set up with my broker. I was announcing a trade in Colgate-Palmolive (CL)! When I opened an account with a broker that had access to stocks and futures I started studying ES. One day, on a whim, I looked at CL oil futures. I decided right then and there that anyone who traded that had to be clinically insane. But it was so intriguing and alluring, that I would look at it each day in pre-market and eventually started paper trading it (I didn't know at the time I had a sim trading account available to me). Once I discovered I had a sim trading account, I started playing with it and became quickly addicted to it, though it took me months to dare to trade it live. Pre-market is tame, but once NYMEX opens, fasten your seatbelt. Anyone who asks me about trading CL, I'm very honest: Once you understand it, it's as good as it gets, IMHO. But if you don't do extensive homework and if you don't respect it FULLY, it will take you apart rather quickly. As for trading from among 10-12 stocks, I didn't have the focus to handle that. I was all over the map and getting nowhere.
Hoot, hoot, Hooti!!!. Nice move; suppose u'll remember this as your first "real" trade. Good on you man.
Lol!!! Welcome to the club; suppose ADD designation ocassionally brings that edge faster (per RudeBoy) I'm going hold you on that one. I'm using a single laptop AND there is no way I can successfully DAY trade using only this. So when real money is ready to come to the table, I will be coming in your direction. You are NOT forgiven . NoD, this is so funny, but I can bet that by the time I'm done with my journal, I'll top you. Watch the space. I assume that this is one of those contracts, where u either make enough to bribe the tax man or go home naked. Would that be correct to say? I feel you. I did the same and than narrowed it down to 12. I don't know them all like my mother, but am getting more familiar with time. Can you make a decent amount with 12 stocks AS OPPOSED to trading only CL (and I don't mean Colgate-Palmolive)?. Just curious. Speak soon, SM
I've been told that would be NG :eek: Early this year I narrowed my trading instruments down to 3 stocks, AAPL, AMZN and POT. Best thing I ever did, stock-wise. You can trade small size for large gains and generate a decent wage. I traded between 100-600 shares, but mostly 200-400 shares. I still occasionally trade AAPL; it's been rather rangebound lately.
Why did I start trading ES? I guess the final push was talking... in a class there were a few who had been trading for a few years... and while they were all trading the CL they concluded that 'the ES was all you really needed'. That was their advice and the teacher was nodding her head. That's the point in time I said to myself I was going to do this. I'd had classes already in option trading as part of my package, but I always thought daytrading or futures was more suitable for me. I like the speed of feedback. And it does make me constantly think in a way I'm hearing helps me. At least right now! Maybe eventually it will get boring? Worry about that then. Part of it is the money. Initially I didn't want to put more than 10K into actually trading until I believed I could do this. Putting 25K in for daytrading seemed a bit much, but one ES contract and a few thousand left over to work with... good place to start. And of course I sat down and figured out that if you can only reach consistently JUST 2 or 3 points a day... or even a week! Your money will multiply and double and if you put profits back into more contracts... so on and so on ad infinitum! It's like trading the ES, it's more... 'packaged' than trading options? Clearer cut what is going to happen. Or not! And daytrading you look at all those stocks. That is just to much for me to juggle right now. That probably doesn't all make sense exactly. And I need to look into CL and the others soon, but just wanted to give something a real road test and see where to go from there. Everything will make more sense then! And... I really am looking for some objective measure of changes in my ability to think. Which is a whole ball of wax unto it's self! But I'm happy so far. It's a good level of pressure. And you guys are helping A LOT. --- to much holiday company here to trade for a while...