Thanks Appreciate the Fast Response....Sounds Good to me and enjoy the fireworks tomorrow morning in the futures gap down. Nice job on the position and I do agree with that statement of yours "that you have to trust yourself" your absolutely right that is a very important element of successful trading. Good trading.
I think I should clarify why I even brought up the subject about the 50 ES. The reason is more to do with me than you, let me explain. I currently trade with 500K total spread over 4 accounts. The account at IB has 60K (for futures use only) and it is in this account that for some reason I have grown accustom of taking around 4-6 eminis short or long at most during times of what I perceive to be high probability setup trades. Why the extra money above and beyond has to do with the fact that maybe one day I will go out and buy 15 SP emini's at once lol who knows. However when I heard that you had 50 of them short I said to myself wow to my risk reward parameters that I set up for a 500K account that would be a huge position. I mean a 10 point gap in the wrong direction overnight due to unforseen news events would lose me half my total equity! Anyway thats why it came up, once again very nice job with the 50 short, I'm glad the market is gapping down nicely for you. Good Luck.
That is why a protective stop needs to be in play always. 5 points is adequate IMO for this type of trading. Tomorrow will be interesting though with MSFT to announce after the close.....could be a biggie! Chris
osaka n225 down 600 points..HSI down 555.. the nikkei has drop 1000 point from its peak at 12260(simex), and it has done so without a bounce, and there is still a lot of room on the downside.. the nikkei pit at simex was going nuts, it was so loud I couldn't even hear the guy on the phone with me.. I traded the asian market and looking to see how it goes in europe, nothing happening so far.. I don't know.. this might be a prelude to a mega crash of the black monday scale. remember, it always starts in asia..
no offense bro.... but I never much liked guys who count their cards while sitting at the table. Didn't the SPX close UP today? I don't now what is going to happen next, but I do know that all your posting on this and another thread about all the short ES you allegedly had overnight.... was not very appealing to me, and likely to others! Never understood why some guys gotta tell others about their ersatz "brilliance", but usually never come on board to let us know when they screw up. And what happened to all that emotion last night about the nikkei being down so much. From what I can see the NDX and SPX weren't hit too bad considering all the doom and gloom I read! There is still an open gap on NDX so maybe we head lower, but as far as a crash... I don't see it yet. But we gotta wait and see if SPX holds it 50 day EMA. b.t.w how do you hold such a large position while working the 3rd shift? :eek: :eek: ICe
So you would prefer what? The usual crap here on ET with inexperienced loudmouths spouting their projections without anything to back it up? Given the choice, I'd certainly prefer to hear somebody like AMT4SWA put his cards on the table and confidently take a stand. I can't personally imagine anyone being comfortable with that level of risk, and I hope that AMT4SWA has been through enough wars to know what he is taking on, and is prepared for possibilities. But I can't imagine why you would have a problem with his post, unless possibly it is......envy?
Nice to see that there's an old time shooter round here! Chris, you clearly appreciate that one of the beauties of futures is leverage. Live the dream!! The path to riches in this game is not built around trying to make money every day on some 3min. MACD setup, but on taking a shot on the big trade. Best of luck!!
Chris, your 26th ego challenge performance helped me a lot to see that I needed to give positions more space and it has been working great for me. This experience of the past 3 weeks is almost over for you as it looks like you will square your position within the week. I hope it is a killer win!!! If you have time once you are flat and get some rest please share some of your thoughts. What did you learn from this trip? What was the largest drawdown? Did you keep adding contracts throughout the 3 weeks, or all at once? What would you have done differently? Good luck on the last mile!!! Mike
Chicago Sun Times: "An independent Metro area daytrader was hospitalized today due to severe exhaustion and sleep deprivation. The trader, known as Nitro, stated, 'I was trying to trade 24-7 - literally. I reached 77 hours straight. I turned 6,786 ES contracts. The amphetamines produced hallucinations and so I checked myself in' Nitro is at Memorial Hope Hospital and expected to make a full recovery according to hospital spokesmen, who added that the hospital turned down NItro's request for a T1 connection and a Dell in his room. The CME was contacted and they said this is the first they have heard of this phenomenon, but they would discuss the event up in their marketing and promotions department. "We run the futures markets 24-7 and love obsessive traders." said CME CEO James McNulty, and we at the CME will supply Nitro with a years' worth of protein energy bars."