OOps, 9 days of screen time in total..??? My appologies THEN. m sure you will need way more time on sim. Just rem. when you switch from paper to real, trade 1/5th if the size you were trading in SIM. Without going thru al the posts, I recommend Stocks only, do not mess with futures. also, It if you can, time permitting, post some charts and mark your entries. May be we can help you better that way. with charts we can see what tools are you using and lil insight in your execution. Gud luck.
Forgot to mention in journal for Jan 3, 2011: I could not place an order, even though it is fake, before 9:50. Not sure why.
Jan 4, 2011: Net of sales: $729, Net of commissions: $726.50 Average profit per share traded (sell 1, buy 1 = 2 shares): 1.21 % on capital used: 3.3% % index gain (as of writing): -0.75% Trade size: 300 Played with fire by shorting near open and got lucky. Only one trade today which was my goal. Not much else to say. Starting to understand why people say a few big days mark the majority of the gain for the year.
You need to understand why it was a good short. becaus there was weakness in yesterdays close and today we marginally gapped up ?? Also as soon as the bell rang pople sold futures and market closed the gap in few minutes !! Try to understand relative strenght. Look at the chart of FCX - Daily/ 30 min and 5 min (yesterday and today). and compare it to the index. (any). Look for relative weakness in last two days. It was a beautiful short.
I agree! It was not quantitative at all. However, I think it was intuitively based on the weakness in yesterday's close and the gap up as you said. As for relative strength, are you saying that FCX was a bit too strong in the past couple of days?
I will take credit for that one hahaha.... good to see you put in a decent day! Sit back and wait for the $$ to be lying on the floor in the corner and walk over and pick it up... easy as that. Oh btw check out Lescor's journal... you will see how he made a huge chunk in a 1 month period that accounted for like half his year
Understand that you are a day trader and there fore do not concern your self with a behaviour of a stock more than couple of days. what I wanted to show you is that in different time frames FCX has shown different relative stregth or weakness. it was way strong in the last few weeks and there fore was a good long. after yesterdays negative close on a +positive day it was a good candidate for short on a day of pull back.