I would argue its not possible to make a consistent 500-700 a day trading 1 or 2 YM contracts. The markets inherent probabilities would prevent that. The math makes it impossible.
Hi chkitout I would certainly agree that making 700 per day consistently is very difficult on two contracts, but I do. All I do all day long is scalp. I have a system that I have studied and made my own and I simply watch the 30 stocks that make up the Dow. I only trade when a certain number of stocks move in a particular direction in accordance with a very simple system. I don't use charts, or patterns - oops I lie. I have a 10 minute chart on another screen to take my focus from the profit or loss Im currently making. By that I mean, if I look at how much money my current position is making or losing I tend to lose discipline and exit. Other than that reason I dont pay any attention to where the candlestick is on the chart. That is it. That is why I was interested as to how all 30 stock suddenly tumbled in unison, but some of the comments made here has opened my eyes. Cheers
Chkitout, Don't get me wrong, there have been days when I've been down over $1000 before lunchtime and I have managed to claw my way back up from being down over $1000 to to just being down just over $300. Therefore, you could quite rightly say I didn't make $500 - $700 on that particular day. I'm just saying on pretty much everyday I will make between $500 - $700, whether that results in me having a profitable day that's a different story. So I apologise if I confused the issue. Cheers
That does not sound like making $500 - $700 a day. I don't get it...you're counting the winners but not subtracting the losers?
Pookie, As I said, I probably confused readers with the way expressed what I meant by making $500 -$700 per day. OK, on a typical day I might lose say $200, and make $700, leaving me with a profit of $500. Yesterday I lost just over $30, but made just under $800. I have been asked what indicator or system I use, and I simply use an excel spreadsheet with price and volume pumped into it every 10 minutes using Esignals Qlink add-in for excel. No charts, no patterns, no setups.
There isn't even enough time in the day, on most days, to be down 1000 by lunch and get back to down 300 or whatever on the YM with 2 contracts. Sorry but your story just isn't adding up. But this is the internet so whatever, anybody can say whatever they want. Just a note to newbs reading this. You CAN NOT consistently make 500-700 a day trading 1 or 2 YM or ES. It just can't be done, period, end of story. Is it possible to be profitable almost every day? Yes.
OK, I don't believe I'm letting myself get drawn into this debate as if I have to prove myself. I have copied and pasted some of the trades I made yesterday, if you do the math you will see that they total just over $500 (excluding the commission) I do the math for the trade that provided the most profits and you can do the math for the others yourself - the times are stated in GMT So, at 19:30pm I sold 2 YM contracts at 12164, at 20:10pm I bought them back at 12132 with a gross profit of $320. BOT 2 YM JUN11 Futures 12179 USD ECBOT JUN 3 15:45:24 4.02 SLD 2 YM JUN11 Futures 12161 USD ECBOT JUN 3 15:53:06 4.02 SLD 2 YM JUN11 Futures 12164 USD ECBOT JUN 3 19:30:30 4.02 BOT 2 YM JUN11 Futures 12132 USD ECBOT JUN 3 20:10:08 4.02 BOT 2 YM JUN11 Futures 12135 USD ECBOT JUN 3 20:30:17 4.02 SLD 2 YM JUN11 Futures 12148 USD ECBOT JUN 3 20:45:13 4.02 SLD 2 YM JUN11 Futures 12136 USD ECBOT JUN 3 20:50:59 4.02 BOT 2 YM JUN11 Futures 12126 USD ECBOT JUN 3 20:55:12 4.02 Now, usually it doesn't take that long to make over $300. The trade at 20:50 took five minutes to make $100. I really don't want to get into whether I'm talking crap or not. It is what it is..... Cheers