Over the years a a lot of talk about one or two points a day have been made. But the guys who really seem to trade systematically, Say that nobody makes one point a day (per contract) trading the es. I could see discretionary traders doing it. I doubt anyone with real systems averages one point a contract per day. That means your averaging a very very large percent of the atr and given that the bid ask spread is wide relative to the atr and the size is very thick, I would say if you really average one point a day with your systems. You had best find away to exploit that system fully right now because it will be very short lived.
I'm sorry Remiraz but I can't say that I have the data to verify and then allow you to make your unqualified statement. In August 2004, there were only 4 days with a range of 10 or less points: 08/03/04 - 10 points 08/09/04 - 6.25 points 08/26/04 - 4.75 points 08/27/04 - 6.5 points In September 2004, there were 13 days with a range of 10 or less points: 09/03/04 - 9.5 points 09/06/04 - 3.75 points 09/08/04 - 7.25 points 09/09/04 - 8.5 points 09/13/04 - 7.5 points 09/14/04 - 5.5 points 09/16/04 - 6.25 points 09/17/04 - 8.75 points 09/20/04 - 8.5 points 09/23/04 - 7 points 09/24/04 - 6.5 points 09/29/04 - 8.5 points 09/30/04 - 6.5 points Regardless, there were NO DAYS with 1 point. In fact, 3.75 points was the tightest range over that 2 month period 09/06/04. The largest range was 23.75 points on 08/06/04.
I have a lot of respect for anybody who can make one point consistently a day. Most systems are only geared for certain types of markets, either trendy or sideways. So to design a stystem that spills the same profit in any market is great. My systems tend to make a large profit once a month, then just sit there for the rest of the month
The guys you are talking to must be professional traders. To clarify, individuals that got all of there knowledge from books and then applied that information to the Markets, correct?
Charlie, don't work so hard. If you take on the task of correcting every nitwit on ET you'll never have time to trade, lol.
I agree but it only took a few minutes and it staved off the boredom of sitting here watching my pre-market short keep running. It just brings out the OCD in me to see someone make an incorrect statement.
You might get a laugh out of this: http://redwing.hutman.net/~mreed/warriorshtm/grammarian.htm all intended in jest of course