OK Noobs - Following on the long USD strategy I took some quick wham bam thank you mam profits on a correlated $DX trade yesterday - short Mexican Peso. The idea there is a lion needs calories from small prey before going on the big hunt. I remain long DX over the weekend. CME 1 MXN-USD future SEP 11 0.08400 23-JUN-11 39051308 CME 1 MXN-USD future SEP 11 0.083225 TOTAL 1 1 EX- 19-SEP-11 P&S USD 387.50 CR: As for Stock Indices next week - I'm feasting on Nikkei or Russell or NQ or YM or ES - those are zebras prancing about on the prairie
you are taking short term positions in various asset classes which can benefit you in reaching your profit goals. strictly daytrading can be more difficult depending on one's experience. if you could update daily it would keep people more interested in your journal. most traders on here are use to the daily updates of pnl blotters .. so your journal is different in many ways so far. At the end of the day if you reach your profit target then you would show your records to prove its legit to everyone since you are the real deal ..
I've always wondered, out of all the hopefuls expecting to take $10K to $100K/$500K/$1m in 6 months/weeks/days, how many actually had to max out their credit cards to get the 10K?
OK point noted - I have updated record. However my plan was to update that record only once on a weekend but I will do it each time I close out a trade profit or loss. There will some differences in P&L because although my base currency is USD but I'm actually holding the account in USD, Euro & GBP - so currency fluctuation account for differences. Just to clarify - I'm not really day-trading. That Mexican Peso position was actually entered after market re-opened carried overnight and closed out the next day but in terms of trading session definition it was a day trade. The reason for quick exit I explained in previous post - the position was strongly correlated to DX position I intend keep for as long as I'm making money - that way using a small account reduces negative account volatility swings associated with long term trading. To the other poster about credit card - its good business to borrow $10k from credit card and achieve a return higher than card interest. Do the loan amortization calculations.
I bailed out of DX early today with a modest $1000 profit following price utter rejection to clear 76500. Well lion's kill is taken away at time by a pack of hyenas. Gotta live with them they need food too. Current Positions - short Nikkei 250 futures with price going against me. Charts to follow today and P&L updates tomorrow when I get statement.
To maintain DX long position it was my requirement it decisively cleared today the high made on 16 June. The exact opposite happened trend not confirmed giving me a clear signal to run for the door. DX is back into consolidation - anything can happen here either back up or down - so I bailed out with my 2cents and now wait until the coast is clear - there are other more interesting stuff brewing up in softs where capital can be deployed more efficiently.