Discussion in 'Educational Resources' started by shootingstar1, Sep 28, 2002.
Assuming one contract, it is extremely ambitious. To put it mildly.
I took the course. All of the fib trades I posted on the two fib threads a month or so ago were done by Rhythm of the Markets - and they all worked in Real Time. The only problem is the subjectivity of the entries and exits, which is now why I trade 90% Gann, 10% Rhythm of the Markets. So take it from someone who has traded this way, it does work, and I do recommend it. Further, Ed is always there to help you and answer your questions. He takes a real interest in your ability to succeed.
20 pts per day? It is hard to average that, but I had several days over 20 pts this past week, albeit trading Gann.
I'm not commenting about the course because I know nothing about it.
I will comment about +20 points per trading day.
It is possible and common among successful traders.
How? Trade some size. Thus, I completely agree it is possible via whatever trading methodology the successful trader is using.
There are many roads to profits.
For example...lets say your a successful trader trading 10 contracts. Your first trade nets you +1.5 points per contract = +15 points
Do another +1.5 point move per contract and you have now a total of +30 points for the day.
I've seen several traders do this consistently in realtime monitoring of their trading (online and in person).
These traders also understand and know how to manage their size per trade.
They know when to go light and when to go heavy (size management).
I've seen too many traders trading multiply contracts with the same exact number of contracts for all Long and Short positions for every trade setup...
these traders don't last too long.
Simply...size is the key to big points and requires a lot of years of successful trading to truly understand how to manage it.
When I see newbie emini traders trading more than 1 contract...I want to scream.
Once again...+20 points and a lot more is common for those successful traders (not many out there) trading with size.
P.S. This is my second post for the day. I'm already posting too much. I'll post again next weekend
Sorry I didn't clarify - that is 20 ES pts PER contract. I don't scalp, rather, I take 6 to 10 trades per day. I netted 35.5 yesterday.
another interesting thing is NihabaAshi suggested successful traders know how to manage their size. in a poll i started the other day, i asked, "do you in some way scale in/out of positions?" sarasota replied, "nope."
are you adjusting the size of your trades at all? that includes adding to winning positions. you always buy, say 5 contracts at once, and sell all 5 at once? HOW ON EARTH ARE YOU MAKING 20 ES POINTS PER CONTRACT?!?! and you don't adjust the size of your position??
:eek: :eek: :eek: :eek: :eek:
it's singing the blues.
Yes, that is buying 5 at once, and selling 5 at once. I have very precise areas for entry. I also have a target where price should move on each swing, as well as two areas I call "vibration points" where price could run into trouble. If I were to "scale" at all I would trade contracts in multiples of three (6, 9, 12, etc.), and scale out in multiples of three at the two vibration points. This is something I am still investigating at this point.
thanks you have just made me lift my sights
when people talk about 20points a day they are talking about PER CONTRACT. i thought that would be pretty obvious. otherwise it makes no sense to talk of "how many points did you make today?"
shit, someone could take a 1pt scalp with 50 contracts and claim he made 50pts. obviously that's not what we are talking about.
Precisely. In a similar vein if you normally trade 800sh of the QQQ (1 NQ contract) and made .05 on a trade, equal to 2 pts, does that mean if you double your size to 1600sh and get the same .05 scalp you can say it was really .10, equal to 4 pts? No, you still made the same .05 equal to the same 2 pts, but you made more money because you upped your size.
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