Wish me luck....

Discussion in 'Journals' started by garage sale, Dec 29, 2009.

  1. It's been a while since I posted here and I spent few months learning and losing money. Three months ago I met someone that traded for a living and was willing to teach me too.

    I started with $2,400 and started trading the NQ. I have made $870 so far this month trading 1 NQ. Although this is not a big amount, I have $20,000 saved to trade. I plan on trading 2 contracts starting in January and if I have few wins I might trade up to 5 contacts.

    I will post my daily trades here going forward. I cannot teach the strategy because it is not my strategy but I can give clues (per my teacher) regarding the strategy.

    Here are few things that I learnt.

    1. Trade larger time-frames (30 min or above). Be patient.
    2. Daily high-low work are resistance or support.
    3. Buy pullbacks. If it is above an MA, it is in an uptrend.

    There are few more things to this but I think I gave you most of it.
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  2. Good luck! If you actively post I will be sure to follow along. One piece of advice is try not to size up too fast if you go on a winning streak. Slow and steady with good risk management wins the race. (in my opinion)
  3. I agree......I do not want to size up too fast but I mentioned it to say that I have enough money to trade 2-5 contracts. My stops are 5-10 points per trade but the win ratio is really good.

    I will start posting my regular trades starting 2010.
  4. As I was learning about trading, I was asked whether I thought the market was going up or down. I always had my opinion but I was told that none of those matter if you are trading intraday.

    You buy if it is above an MA and sell if it is beow an MA. Then I asked what is the right MA to use, the answer was it does not matter much it just depends on how fast you want to catch a trend. You can use a 4 MA and catch a trend early but you will be stopped out many times. I use 4 and 24 period MA...there is no scientific reason but I'm trading 1 set-up and I feel comfortable with it.
  5. No trade today. When the market is very strong or very weak, my set-up does not work.