Just curious, since I don't have the time during the day to actively trade like you do, what kind of spreads do you have to deal with when you trade ES? I realize the commish is only a handful of $'s, but are the spreads on ES much of an issue as far as your profitability? FYI - I trade mostly Calendar spreads on indexes and occasional credit spreads. Am somewhat jealous about your ability to go flat at the end of each day.
Hi nlslax I never enter market orders (rarely is better, never is too strong), only limit orders. Generally I look for two tick profit, though sometimes I get lucky. I scale in and scale out all day long.
Trades in the 9.00 - 10.00 AM (EST) trade window: Long 40 contracts ESU closed for a profit $1500.00 Flat before the 10 AM news.
Trades in the 10.00 - 11.00 AM (EST) trade window Trades after the economic news: Short 35 contracts ESU closed for a profit $625.00 This was a bad trade. I shorted too late, and market started going up. I averaged down and saved my skin.
To: katesdp Yes, I don't have an edge. I don't know how to buy one. I don't mean to be facitious. The only way I see (in my naiive understanding of the markets) I can have an edge is if I am managing a billion dollar hedge fund and can control the market direction to some extent. I am humble enough to know that every time I am pulling the trigger, some one else is on the opporsite side of the trade, and that I have greater than even chance of being someone's lunch. I tread gently... and hope to stay alive at the end of the day. You are right. I have NO edge... I trade in the shadows of the big guys and pick up scraps left on the table.... Can you suggest a way I can get an edge? I am eager to learn.
Trades in the 11.00 - 12.00 noon (EST) trade window: Short 30 contracts ESU closed for a profit $1812.50 Flat before noon time lull. Comment: In the last hourly trade, in retrospect, I got out of shorts too quickly, based on the one-minute charts. So, I got back in, after 11 AM charts, and took advantage of the down trend.
Total Trades for the day: 6-27-06 263 ESU contracts traded. $7200 profit for the day Flat at the end of the day.