Hi I am Newbie and believe I need to test my strategy over a month or so. I am Currently in Full-Time employment as an IT consultant. I am going to try this strategy on a forum as an exercise so that it will give me the confidence to one day leave and day trade for good. I will try and post my Signals and Alerts (ASAP), however lunch and meetings may get in the way.
There was a time delay between the time I made the original post and some entries I have made already for today. But I will post these anyway. First Trade: TARGET 12741 BUY 12715 STOP LOSS 12679 Second Trade: TARGET 12721 BUY 12701 STOP LOSS 12674
WHY are you wasting your time with the mini dow? you should either be trading the big snp or a bunch of er2's there steal your money from you much faster ! cheers
phil1424, Thanks for your comments and I will have a look at the ER2 and see if it fits into my strategy and signals. I have spent about a year studying the YM and will probably for now stick with it, considering yesterday was not a good day but losses are part of the business as they say.
07-Feb-07 End of Day Analysis Trade1: -36 Trade2: +20 Trade3: -35 Trade4: 0 Never Broke Entry Day Total -51
My First Post had taken sometime to appear and I wanted to add some comments regarding the signals. There is about 4 signals per day therefore 4 separate trades from 1pm GMT to 7pm GMT All trades only held for the day and closed dead on 9.01pm GMT I will try to the best of my ability to post my trade signals within 5 minutes of the signal (If not I will give time of entry but more than likely it could be late due to my work Rota for lunches, the boss insists we go on time, not to forget Meetings..somewhere I usually catch up with sleep) You need to have two Trading Accounts for this to work one you only Buy with and one to Sell (no you are not hedging!) as each signals have their own entry, exit and stop loss. Again my reason for posting are to get some real DISCIPLINE about the exact entry points at the right times. Secondly if this all goes pear shaped it will enforce to me that IF I cannot do this on a Forum with 100's reading what chance have I got in the Real World...Yes I am trying to get Balls made of Steel...so when someone kicks me I have NO EMOTION whatsoever, I have been told this is the key to success in this business.
FYI: I understand this may seem counter-intuitive, but you only need one account to execute your method. When a trader has two accounts and one is net-long while the other is net-short, that trader is net-flat. Hedged, flat... however you wish to describe it, that is the cash value of all same symbol positions. If instead you take each specific signal for the longs and shorts as they come inside one account, mathematically you accomplish the very same thing. I could not grasp that concept myself for quite awhile. Back around year 2001 sometime, Joel Robbins made me write down every possible scenario on a piece of paper to arrive at my own findings & conclusions. I got exasperated, but he was very patient. Soon I came to the realization that one account will handle the type of approach you are testing here. Hope this helps