To help other traders get a better idea of how I trade, I would like to organize a free live calls day. The day will include live trading calls, discussion of the different setups that I use, and Q&A. The plan is for next Monday July 12th from 8:00 AM EST to 4:15 PM EST. I would like to get an idea of the interest in this before committing my time. If you are interested in joining in for the day, please email me at smilestraders@gmail.com. Smiles
Perr, The crossover is a proprietary indicator that I created. Here is a post about it: All the technical indicators that the majority of traders use are lagging, I personally prefer like to use something that tends to lead price. However, I did not find anything that lead price, so I derived a crossover method that visually shows the direction the price of a specific instrument is most likely to go. In the chart illustrated below, follow the MAGENTA line cross of the WHITE line (at the bottom of the chart). In the illustration you will find various instances where the MAGENTA line led the price. This crossover method has yielded the most consistent results for me over the last 2 yrs. This is my Setup # 1, that I will trade for this challenge. and another one from this journal: 99.99% of the indicators are lagging, they each have a different function, and they typically do well to serve that purpose. however they are grossly misunderstood, and people start using them as trigger points. There is no magic wand that will tell you to "buy or sell", IF you choose to use indicators then you would also need to uderstand the components that make up that indicator. Hope this answers your question, Smiles
No trades today: For today, there were not trades for the challenge, as we missed the setup on sunday night. There will be no trades for the rest of the day either. We will let the dust settle from the long weekend and get back in tonight. Smiles
Recap for Wed 07/07/2010 started trading 3 contracts LONG 1020, flat @ 1020.50 +.5/contract total +1.5 SHORT 1020.50, s/o @ 1022.50 -2/contract total -6 LONG 1023 exit 2 contracts @ 1031+8/contract exit 1 @ 1036.50 +13.50 added on 2 contracts @ 1040 exit @ 1036.50 -3.5/contract total +22.5 S 1036.50 s/o @ 1040 -3.5/contract total -10.5 Total for the day: +7.5 points trading 3 contracts (+2.5points/contract)
Daily Summary for Thurs 07/08/2010: LONG @ 1055.50 2 exited @ 1058.50 +3/contract 1 exited @ 1055.50 b/e Total +6 LONG @ 1054.75 2 exited @ 1058 +3.25/contract 1 exited @ 1063.75 +9 Total +15.5 Total on the day +21.50 points trading 3 contracts (7.17 points/contract) A very nice day. Due to the interest in participating in a live trading day, I will be holding the live calls day on Monday 07/12. For anyone else interested in joining in: To help other traders get a better idea of how I trade, I would like to organize a free live calls day. The day will include live trading calls, discussion of the different setups that I use, and Q&A. The plan is for next Monday July 12th from 8:00 AM EST to 4:15 PM EST. If you are interested in joining in for the day, please email me at smilestraders@gmail.com. Also for those wishing to follow along real time on a daily basis: http://www.facebook.com/pages/SmilesTraders/130790796936898#!/pages/SmilesTraders/130790796936898 https://twitter.com/smilestraders
I'm leaving for the day. I have my stops in on the last long. I will post a summary after market close. Since there has been interest in people participating in a live trading room, I have decided to go ahead with the live calls room for Monday July 12th. The information is copied below. This will be an opportunity for people to see how an experienced trader trades. I will also be discussing how I apply my techniques to stocks/options. To help other traders get a better idea of how I trade, I would like to organize a free live calls day. The day will include live trading calls, discussion of the different setups that I use, and Q&A. The plan is for next Monday July 12th from 8:00 AM EST to 4:15 PM EST. If you are interested in joining in for the day, please email me at smilestraders@gmail.com. We will be using skype for this session. My skype name is Smilestrader. Hope everyone enjoys their weekend, Smiles
I definitely will be joining your live trade, anyways which brokerage do you like to use for trading eminis? thanks
Daily Summary for Fri 07/09/2010 SHORT 1067 exited @ b/e LONG 1068.25 exited all 3 @ 1072.50 +4.25/contract total +12.75 Total for the day +12.75 trading 3 contracts (+4.25/contract) The first trade went as much as +2.25 points in our favor, but due to the limited contract size, nothing was exited. As the account grows trade management will continue to become more flexible, thereby continuing to improve the returns seen. Hope everyone enjoys their weekend. Spend some good time with family/friends. Looking forward to getting to talk to everyone that joins in on the monday live calls session. If you haven't contacted me yet regarding joining in, email me @ smilestraders@gmail.com Smiles
This week saw a relatively limited amount of trades, but proved to be a decent week for the account. Daily summary: Monday was a holiday, so no trading. Tuesday, no trades were taken. Wed +7.5 points trading 3 contracts (+2.5points/contract) Thurs 21.50 points trading 3 contracts (+7.17 points/contract) Fri +12.75 trading 3 contracts (+4.25/contract) Total for the week is +41.75 points on 3 contracts (13.92 points/contract). All calls are issued live via facebook/twitter: http://www.facebook.com/pages/SmilesTraders/130790796936898#!/pages/SmilesTraders/130790796936898 http://twitter.com/smilestraders Anyone is welcome to follow along. We also post some options plays there. The methodology is basically the same as the ES, but applied on a larger time frame. The options are not part of the 3k Challenge, but have shown to be profitable. See everyone on Monday, Smiles
Just wanted to throw in a recap since the start of this journal. The account started with $3K and is currently over $9K. This is tripling the account in 4 weeks time. For a spreadsheet listing all the trades taken, please see https://spreadsheets0.google.com/ccc?key=thrcxt0fR2m7S8cqMQmu7yw&hl=en#gid=0 Here you will find all trades listed in a spreadsheet form, so you won't have to go through all the posts in this journal. This will give you a feel for how the trading has progressed. If you have any questions please feel free to post them. Smiles