I've been TRADING! -10 losts +20 gains -10 losts I don't see the need to post these small amounts I'm trading 1 lots, As some of you may know, I only enter using LIMIT orders, I only with the trend, under 50 ma, short, above 50 ma , long. My results have been improving once I told myself I would never pay the spread on entries, This way 1) I don't chase fast moving markets. Fast moving markets may make me money fast, but PROFESSIONALS get in when the market hasn't moved yet. AMATEURS get in when the market has completed its move. And Being the Professional I am, I will not chase by MKT orders. Either I get filled at my price, OR the next opportunity will come 1-2 hours later. Simple as that. I will be experiementing with my stop losts, Right now, with my LMT entries , I only allow a 0.5 stop lost. $10 While that has kept me being stopped out a few times, I find it makes me make sure my entry is 100% exact. Thats what I need, DISCPLINE. Out of 10 round trips today I had 2 winning orders (1.5 points each) 1 losing order (.5 stop) 2 breakeven orders (same price sell /buy) & commissions While I do notice, I missed some of the big moves, even though I'm well in position to capitalize it, I do not worry, because right now, I need more experience just in scalping, once I have my entries correct, once I have my scalping correct, I will let my stop a bit more loose , let it ride baby! I wish I traded 2 contracts, so I can scalpe the first contract for 2 points, let the other one ride. but I trade 1 contract so, This is what I do now, $40 in my pocket is better then $80 in some random persons pockets. ringing the register.
I have just took out the afternoon and read a lot of the archives this is by far the BEST FUCKING MESSAGE BOARD KNOWLEDGE IN THE WHOLE FUCKING WORLD. I have never learned as much intimate knowledge from REAL traders and REAL Successes, then these archives. Wow, for all the people working up, I suggest you to READ the archives from successful traders. and what they had to say in year 2002 , 2003 Most of them don't post anymore because they were flamed out, I have no idea why, fucking flaming is retarded, I would be paying them if I had to. SCIENTIST PROPS. flipping through a lot of garbage, I managed to find about 10-20 gems. Well worth my time. Just for your info.
My thoughts on trading futures right now: After acquring so much "experience stories" 1) I just realized it was $4.50 per CONTRACT per ROUNDTrip haha, all this time I thought it was $4.50 per TRADE like in stocks. Now that was a dumb moment 2) Realizing the above point just made me realize that, you need a very sufficient edge because a) You will be fucked entering in the market 0.5 ticks $10 b) You'll be fucked by commissions ($4.50 per contract) c) You'll probably be fucked by exiting (0.5 ticks $10) d) Sometimes your stops will have slippage (0.5 ticks $10) So add up all this ass kicking you end up with - $25 mininum of being IN THE TRADE - $35 being stopped out of the trade MININUM - $15 mininum of being IN The trade without giving up spread. - $25 miniinum of being IN The trade without giving up spread and getting stopped out. So right there, We are all trading at a lost. The futures is a losing game for 95% e)Knowing this, I really need to know, that when you enter, you need a 75% success rate or more (if daytrading) Or commissions will eat you alive, stops will eat you alive, spread will definately eat you alive. f) So Taking in the average of -$25 of just being in the trade, I'll need a mininum of 1 point mininum gain ( 2 ticks) just for commissions 4 point mininum gain (unlikely) 1:3 R/R g) Taking that into considering, its unlikely you'll be hitting 4 point mininum gains, so ................. forgot what I was going to say, but thats the gist of it.
I guess you're slowly realizing it's more treacherous than you thought! Nobody's handing out $$$ nowadays, that's for sure.
I remember what I was going to say, To play the game of the futures, You need sniper accuracy & patience. Enter at the maximimum point, set your stops just 1-2-3 ticks away max. Don't enter unless you have so much edge on yourself that giving away $35 to enter in the trade, will mean nothing to the gain you will recieve and the risk you will be taking. risktaker, Treachrous definately doesn't mean easy I have 6 months to trade 1 lots and build up experience right now, I will be building up massive experience over the next 6 months, day in day out, 1 lot 1 lot , 1 lot , I think doing this for 6 months I will master something. they are definately not handing out money here in the futures How long you been trading risktaker and how is it going?
The best quote I have read from someone on this board is: "Professionals buy/sell here:X , Amateurs buy/sell here: X" I believe this has the most profound meaning to the whole trading game. Was on a trip this past week, didn't trade the whole week! just researching and backtesting.
I am very close to the 99% trading strategy IMO, Everyday I make less mistakes or no mistakes, refine technique, simulate a few trades. I'm still trading 1 lot, because I find no rush to increase, When the time comes to increase, I will increase. when I do increase, it will be 10,20,50 , 100 lots once its proven. Things I have discovered more importantly, VOLUME DOM , Very important. I have started to use this to perfect my market reads, I can feel it when the big boys start pounding the ask when the market goes up and see it on the tape. I can also feel it when its choppy where they pound the ask and the bid simatuenously by differnet market particpants, its time to step back and let them pound each other to death I find it important to compare 15 min charts /longer term against shorter term charts. I re-confirm the path to least resistance is very important , long bars = more resistance in the opposite direction.
Make no mistake about it, I did not move into the trading business for the challenge as some people think, I came here to make an even bigger forturne. I find when you have a proven plan, you can take it to the limits by leverage as long as you know the risks. Same as in business Opportunity + Preparation = Success Opportunity + Prepartion * Leverage = Extreme Success With Prepartion + Constant refinement , You will clear up all errors and gravitate to the correct trading method. I can already picture myself trading 50-100 lots taking 2-3 ($40-60) points off NQ Dream but Act. Act but refine. I will be in the phase of constant refinement now, I will refine until there is no question, whenever I put down a trade, There will be only 2 outcomes. a) Bad bet b) Good bet No Bad trades, No Bad executions, Nothing. 0 emotions. Have no negative thoughts about the way you percieve this business, Just because 85% of the people fail in business, doesn't mean you have to be part of the 85%
Woke up late! Damnit, I stayed up an extra hour last night strategizing as well. Computer broke today in the morning as well, simulated all day (not much to do the whole day anyway) 2 entries, all 2 did not hit stop, All profitable 2 points and 2.5 points respectively. 12:54 SHORT NQ 1582 One more Short around 11:00 AM, can't find the charts for it. I don't short from the top.. I traded at market buy, so I know I got filled. Was routing NQ to SMART routing no wonder I wasn't getting a feed. I am now trading only ONE Strategy now, forget my other useless strategies such as fading breakouts, I'm trading go with the flow strategy, Its super simple, and you can't go wrong with it 50 ma long / price above / long 50 ma short simple huh, Theres more to it, but thats the whole basics of it, i sharpen it through looking at market breadth , volume, price. This is my best strategy, I find I always make money with this strategy, the opportunity comes up once or twice a day max. More strategies will just get me confused, a startup like me should not trade more then one strategy. When I put on my favorite strategy, it just flows, Theres usually no doubt in my mind it'll make money, I think thats what most traders say when they trade in the zone, it just FLOWS and effortless. But of course I sit there with my mouse pointer on the market sell/buy button just in case I get stopped out!
It's effortless until it screws you over first chance it gets, which undoubltly it will, sooner or later.