Hey lilduckling how is your Emini Dow trading going on I tried trading the YM it much better then trading Stocks How has your portfolio been doing Up or down I am looking to trade the YM preset soon Feed back greatly appreicate
Hee hee .... took +23 pts from this last run up that went over 11000..... The YM is is very diffrent from stocks...... I just started trading YM...i like it. WHat i hated about stocks is that you have to spend sooo much time researching so many diffrent things. Sectors, Industries, News, and countless websites for your resourses. Also, many times i would be right on the direction of the mkt, but my stock would not join the rally. Also stocks easily get moved by news items... earnings.....etc. YM is raw trading...... one must know mkt eternals and chart readings more so then with stocks...imho. Hope that helps
What a day folks! First i wanna talk about the morning gap. This was a text book gap fill. Pure Sweetness. Within the first 5 minutes.... as the YM began to dip, the STOCHs in the 2min, 5min, and 15min, were ALL hooking down at the same time! The RSI, Ult Osc, and RSIcolor line were ALL in very overbought ranges and began hooking down. Same for Mkt breadth. Yep, this was one of the best conditions to play a gap fill. Even if you dont play gap fills, you'd be tempted to play this..(just call it something else) But.... i did not play this gap... because i wasnt in my computer at the open... by the time i was in front of comp...the gap was halfway filled... so i passed on it...i wasnt quite settled in yet. Sucks! I did catch a nice mini-breakout at 1:35 that took YM over 11000... netted 23pts....and was out for the rest of the day. (My current trading plan does not allow me to enter a play if im already up 20pts or more on the day.... still learning the YM) I hope and pray for a gap down next week.... that will be very playable. YM, I believe, will rally next week!
"and was out for the rest of the day. (My current trading plan does not allow me to enter a play if im already up 20pts or more on the day.... still learning the YM) " Just curious why this is part of your plan ? If you were up 100 points on YM, the plan still would not let you take a trade ?
If am in a trade, and it happens to ride up to , say 80 pts, when i get out of that trade im pretty much done for that day. I find this keeps my greed in check and prevents me from chancing plays. Also it prevents me from taking my hard earned 20pts from my pocket and let it fly away. Im not really looking to make any $$ on YM right now.... just feeling everything out right now.... until i know for sure i can be consistant with 20pts. I know alot of people will say this is stupid.... but thats how i start off.
I was just curious about the reason. My methodology is the opposite, If I am in a trade and catch a nice move, when I exit I will reverse the postion and use some of the house's money as a stop. I was taught when you are having a good day you keep at it, and when you have a bad day you get out and go play golf, fish, do something to get your mind off of the market and that way you will start fresh the next day.
Yeah i agree with that and i will be doing that soon enough. But don't forget when it comes to the YM, i'm still covered with pin feathers. Also this helps you become disciplined.... if you don't take a trade after being up x-amount of points... and have the discipline to NOT take the most mouth watering trade that presents itself... then you will be able to stay disciplined when mkts are too choppy or when things are not clear..... thats my theory anyway I most likely will apply my old rules in 6 to 8 weeks or so.
Hey lilduckling how many YM contract are u trading at a time do u average down your feedback is appreicated
Im only trading 1 for right now until i become consistant. I dont average down. Im mostly working on discipline right now before anything else. I believe if you can master discipline..... than you don't need to be trading all day trying to net alot of points.. Just lie and wait for that specific trade.....the one that has the highest odds.... wait for it like a leopard waits for a gazelle to get close.. and BAM... execute as your plan dictates. With this approach... all you need is one or 2 trades a day. Even if all you can net is 10pts..... as long as your consistant with achieving those 10pts... than you can become very very wealthy in no time. But...... I will sell no wine, before its time.