*** My Trading Plan ***

You just pinpointed one of the things that's lacking in my trading plan. Now I'm going to have to revise my plan. Although I see what you're saying.

 

I've decided instead of es futures, I'm gonna start off with the SPY's.... this trading plan will be revised.

 

I *hope* that thing is that your risk needs to be handled on a trade-by-trade basis, not daily (at least until the de-facto standard 2% (or whatever) of portfolio can apply). Applies to all levels, btw.

Good luck,
Osorico

 

I have been around for a bit. Your trading plan is very good. Do not let these people bother you.

To be a professional trader you must keep your costs under control. I trade ER2(Russell 2000). I own a GEM seat at the CME. My clearing fees are .095(plus $50 a day globex fee) and I pay .10 commission to my clearing firm. The front end I use is TT(Trading Technologies). TT costs $650 a month. Also I pay $400 a month to rent a desk in Chicago.

What are your monthly fixed costs?
What clearing firm are you going to trade thru?
What front end are you going to use?
Are you going to lease a seat at CME?
Where are you going to trade(physical location)?

I also would recommend if you are going to write a journal only respond to people who are going to help you. The people who are being negative do not deserve a response. When you read someones reply ask yourself the following question. Is the criticism something that will help me(you) be a better trader? If so respond. If not leave it alone.


Sean

 

Thanks man, much appreciated... your advice and businessman's advice truly "woke" me up. 450 shares of SPY is approximately equivalent to the volatility of 1 es contract. Once I have enough money to trade 1200 shares of SPY, I'll move on to the ES.

 

Kid slow down

 

Thanks. I realized I haven't been answering "enough" questions to myself. I realized what orisco and businessman were trying to get at when they were asking me questions. I should start answering my own questions. I'm going to start with the spys's first then graduate to the futures. If I can make money trading the spy's I can surely make money trading the es. There one thing I hate about shorting stocks. It's that godamn uptick rule.

 

very interesting please keep us posted trade by trade.

mark brown

 

Hey Scalper21!

Finally got your seat I see. ER is treating you, Im sure!


Osorico [Sorry to offtopic your thread IT4$]

 

Scalper21, thanks for your advice and information you provided me.