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Assuming you are selling to get out....either the bid/ask has to trade above the market price, or the market price has to trade through your order to get hit. I have gotten out on the high tick of a candle many times but it's not something I depend on because it's an unlikely event. You...

You asked the same question a few days ago on a different thread in a different way. This was my response, not that repeating it will do much good but what the heck: ------------------------------------------------------------------------------ Well said. If you ask a profitable trader how...

Let me see if I understand this right. You have developed a system that produces 50% returns on a backtest, has never been tested with real money, hasn't had the "human element" involved and you want to start at the TOP? Is this correct? I started with $5000 in my basement and spent YEARS...

Because GS has the 2 things that really matter in life -- Size and Money :p

The best advice I ever heard ----->>>>> Trade what happens!

Right on learner, if the majority fail doesn't it make sense to buy what others are selling and sell what others are buying?

LOL. Nah, I just kinda roll onto the floor and dog drags me to the kitchen. The kids pick me up from there, carry me downstairs, rub some bengay on me, prop me up with my 2 canes, gimme a slap on the back and a, "go get 'em ole fart." Now that's family love :)

Here is a system that will never let you down as long as you keep this tool sharp: http://www.amazon.com/Trading-Zone-Confidence-Discipline-Attitude/dp/0735201447/ref=pd_bbs_sr_1?ie=UTF8&s=books&qid=1198114200&sr=1-1...

41. Damn, I'm the old fart in this crowd.

I whole heartedly agree with your 10% equity guideline but if you can make more than 1 to 2 pts per day then you can dial your contracts back and minimize your risk further. If you can't do more than that, or you don't even care to try then dailing the contracts up is the way to go. The nice...

Interesting thoughts f9. I guess it comes down to this....find what works for you and do it over and over. There are no two traders or methods alike and your method probably wouldn't appeal to me. Everybody has to find their own groove.

I can make money in <i>all</i> market conditions. I would be flipping burgers otherwise. It just so happens that a choppy market is the environment we're in and the example I decided to show.

Point well taken Anek. I used to do exactly what you describe but I found my stops would get triggered pretty damn near the bottom. The problem was my timing was good but not perfect. I'd get tossed on a fairly minor fluctuation. After watching this happen over and over and over I decided to...

Exactly. If the market gives you money take it. You don't have to take all of it but take at least some. This puts money in your account and reduces your exposure to the next market move. It also puts you in a position to take advantage of the next move because you have more fire power...

Interesting, this thread is still going and elite34s is long gone. I guess he had his fill of the ET parade?

This is essentially what I do except with the ES. Simple is better, imo.

how sad!

If the OP has a job then that's his job. If not, and he doesn't meet the other requirements then the IRS considers him unemployed. This is a very tricky area. Also, if you do get this designation and you end up losing your wad it's very difficult to go backwards. Be careful with this.

You probably don't want trader status because it can open a can of worms and make tax reporting very tricky. 1256 contracts are M2M so you don't need trader status. Trading income also needs to be your primary source of income to get that status, should you still desire. If you do a regular...

In the examples I attached the contract sizes are the same but I have done what you describe....start with 2, add 4 on the next, and possibly 8. This is a good way of doing it but if I F it up I'm up the creek. What I'd rather do is go 2, 2 and then add 2 at a higher price when the trade is...