Heres my take on trading the eminis. You trade ES with one contract for 1-5 years, depending on your aptitude, and try everything you have read or heard about. One day, if you're persistent, you will have abandoned all the strategies and will just be watching. When you get the feeling that " this thing is going down" or "this thing is going up" and you are right more often than you are wrong you will have graduated. Once you get the ES down you can trade ER2 or YM if you prefer.
So, HIFreak you still have'nt told what postions you had in making that great one month run and then blowing up?
Traders, I have not post anything recently for the reason that for the last 3-4 weeks I have been so down and depressed. After attending Gamblers Annonymous for 3 weeks 4 times a week and seeing my psychologist it makes me wonder if I can ever trade again. I know that many succesful traders have gone through loses before acquiring success, but for how many times. It is not like I am single and have lots of money to lose. This business affects the people around me, mainly my spouse and children and specially affects them when the loses are too great. There was a forum recently about traders and wives, and there are pros and cons to its reply. But how long can a person take this. On a note that some of you have asked to teach you my methods, this I will tell you. No matter what method you use, not matter how simple or complex, if you do not follow the plan, the method is not going to save you. I will tell you my methods right here right now. I don't use any technical analysis, like moving averages, stochastic, MACS Fibo or anything that is delayed. I use plain vanilla, the charts, what I see is what I trade. Take a look athe following charts and let me know what you think. This was back in Feb 12 2007. But after a while of trading I can not seem to stick with my plans, I start to over trade, taking contracts on trades where there is no "logic" reason for me to do.
it seems to me that the same method was used to go from $25K to $235K was used all the way down to $5K. A reckless disregard of risk can lead to meteoric gains, but equally spectacular blowouts. Everyone who (probably tongue in cheek) asked "yeah, but how did you make all those early gains" should keep in mind that, if the op's story is true, his next foray into the market will almost inevitably lead to the same result (spectacular flameout). The equity swings overnight of $65-$85K described by the op suggest that a relatively short losing streak would wipe out the account. It was only a matter of time.
Some successful busisnessmen who filed bankruptcy: P.T. Barnum (Founder of Barnum & Bailey Circus) David Buick (Founder of Buick Motorcars) Walt Disney (Creator of Disney World) William Durant (Founder of General Motors) James Folger (Founder of Folger's Coffee) Henry Ford (Founder of Ford Motor Company) William Fox (Founder of 20th Century Fox Film Corporation) H.J. Heinz (Founder of the H.J. Heinz Ketchup Company) Conrad Hilton (Founder of Hilton Hotels) J.C. Penney (Founder of J.C. Penney retail stores) Roy Raymond (Founder of Victoria's Secret) John Ringling (Creator of Ringling Brothers' Circus) Charles Schwab (Andrew Carnegie's associate and the founder of Bethlehem Steel) Sam Walton (Founder of Wal-Mart)
NEVER leave more than 5 grand in your acct,give all the profits to your wife,give her ?$ a month to pay the bills and tell her to bank the rest when you have enough ,start buying apt buildings or condos and build your wealth in other ways,then the trading is a small part of bigger things and the gambling will represent the old you,and the most you should risk on any trade is 10-20 percent of your acct