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Most of your body's internal clock is regulated by light. Have the lights on at night while you are trading, don't sit there in the dark and trade by the light of your monitors and TV. Keep the blinds drawn while you are trading so your body doesn't think that it is the start of the day during...

It works best if your transaction costs are < $1. :D However the ability and wisdom of entering when the price moves against you in the very short term can make everyone a few extra pips per trade regardless of what timeframe they trade.

Also I should have added that obviously no one should try full blown scalping without having the fastest technology and depth of market. However, my first trade of the day is often in the right direction and only a few tics from the best possible price to enter at. If you have a directional...

The main trick to short term trading is watching the order flow. You don't really need to watch the order book (although it certainly helps), just watch the way the price moves within each five minute bar and the relationship of the last few five minute bars. Ask yourself questions like how...

At the absolute minimum, to give you any kind of significant advice, we need to know what market(s) you trade and what timeframe was the 17% drawdown. Of course, the more specific you get about your system the more meaningful replies you will get.

OK- First of all trading the 10 year note on numbers is better than the 30 year bonds. Since they stopped issuing the 30 year the liquidity has dropped. The first thing you need to do before trading the 10 year notes on a number is to look at a daily and/ or 60 minute chart to see if they are...

I trade between 10 and 100 round turns per day (per lot). I trade less on trend days and more on days when there is less directional movement (or I am less sure of where it is headed). On trending days I try to exit when the price becomes over-extended and I get back in at a better price when...

Baruch, Do you understand this quote? If so could you please explain it, I don't understand the meaning of "Sell to the sleeping point." Thanks :)

Baruch, About the depth of market we were posting about--you can sign up for a free 30 day trial of the X-trader simulator with Velocity Futures http://www.velocityfutures.com/ and see the same order book that I do (Velocity is an ET sponsor). The prices are delayed a fraction of a second so...

See http://www.elitetrader.com/vb/showthread.php?threadid=33202 and in the future please refrain from posting the same thread in different locations (unless you are after time sensitive info that you need for trading). Good luck with your system. :)

If you are in the market over the weekend then gap weekend movements must be included. If you don't hold a position over the weekend then they are not a problem except that your system has to take them into account when deciding when to enter at the beginning of the week.

The G-7 statement looks like a non-event for the currencies. http://quote.bloomberg.com/apps/news?pid=10000006&sid=aGqZQDvH.lKQ&refer=home

Yes DOM is mostly for scalpers but it's nice to have (see next paragraph). Right before a major economic release (in the electronic traded futures for EUR/USD) the market makers pull their bids and offers. The spread can open to 10 or 15 tics with 1 and 2 lots showing in the five bids and...

Yes.

Very interesting...I will follow your journal daily. Good luck or more accurately I hope Bob has an edge and this will prove profitable for you both. One question: does Bob know that his calls are being used to trade real $$$?

I work for a prop firm that is an exchange member and does enough volume to get the discount: $.10 per side to CME and my firm charges about double that in commission (it will be less as I trade more).

Most futures platforms have a Depth of Market (sometimes abbreviated DOM) feature. Double check to see if yours does. If not maybe you could open a small account somewhere else that does? When I first started I opened an account for $2,000 with an introducing broker and got depth of market...

Bollinger bands (I use the standard 20 period, 2 standard deviations) can help determine if the pair is overbought or oversold especially during range trade. If the price moves outside the bands you can be pretty sure that it will move back in since 95% of the price action is going to be inside...

Re: baruch -------------------------------------------------------------------------------- Quote from SethArb: do you or some of the other posters here look ar cross rates ever ? i.e. EURO / CABLE...

I day trade the Eur/USD futures (E6). If it looks like a trend day is forming, I will look to get in on a retracement. Because my costs for trading are so low (about 1/20th of a tick (pip) plus the spread if I chose to pay it), I can trade frequently if I want to. During directional moves I...