I'm not sure why this didn't post with the previous message, but here is the example of one of the setups that I am using for the 3k Challenge. For this particular trade, I will use a 5 point stop loss. Generally this trade produces at least a 10 point gain (If not more). This trade has a VERY high win percentage. My target for this trade is usually based on my daily clusters (which are generated prior to the trading session).
I'm suprised you've had success using an indictor, even if its only a week. Also it will be easier to follow your trades if you post them on twitter instead of facebook.
Smiles, you have a very interesting and intriguing approach. And it is now apparent that you do possess a plan. However, it is my opinion that what you are proposing to do is just within the realm of numerical possibility, but well outside the range of statistical probability. In my own personal experience, I once watched a trading associate take a $40K account to $478K in one day in the S&P500. But that day was the crash of 87. In any case, you've stirred my attention, and I'm more than curious to observe your progress as you proceed. I still have many unanswered questions that I will reserve for a later date. And, I might add, contrary to popular belief, you have my best wishes for success in this quest, no matter what the odds say. I would really like to see you do it. Thanks, BTW - My trader friend left the market in disgust 8 months later with about 3K left in his account. I haven't heard from him, or about him since.
PCP198, This is an one of the setups that I use. As I mentioned in a previous post, most indicators are lagging, but the crossover you see illustrated is a leading indicator. This is a setup that I have been using for much longer than a week and it continues to be very profitable with a very high win %. Thank you for your interest and please feel free to ask any questions. Smiles
The only way to generate this kind of rise is to basically throw a lot of caution to the wind. A semi-interesting experiment, but we have all seen what happened to all the others on ET who tried this. In reality, it labels the OP as a newbie, as someone with real experience would not be dazzled or attempting to shoot for the stars. After they blow out a couple of times, they leave this kind of abandon to the paper traders. Unfortunately, there are a lot of paper traders who egg this on. And without proof or trading stats, it is irrelevant what the performance is. But of course, we will watch this experiment in levity
Ok, I've worked out a twitter account for those wishing to follow along with the real time trades. Here is the link: http://twitter.com/smilestraders
I don't understand why so many people believe you can't make consistent profits patiently waiting for high probability setups and trading them with risk management in place, especially when trading just one or two things that you've become very familiar with. It's not only possible, it's almost difficult to not be profitable when doing this.
It must a conspiracy set by Wall St., they know if those 9 - 5ers find out they could be raking in a 7 figure salary trading the ES, they'll quit there jobs at the drop of a hat.
Few people have the discipline to do what you have done. Just finished reading your closed journal. Siming (or simming not sure?) for months on end. How many people start a diet, exercise program or whatever and quit before a month is over. Takes a certain type of personality and desire. You first have to believe it is possible. I believe.
Summary for Wed 06/23/2010 L 1094 exited @ b/e L 1084 s/o @ 1082.50 -1.5/contract I had some business to attend to after 9:30 CST so I did not have any trades after that time.