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This a reply to the previous post. 1. The maximum stop ( daily ) I will use is 10% of my entire account. I use a fairly small trading account ( I have more personally than i keep there that is allotted for trading I have just found that the bigger my account is the more i tend to oversize my...

Thanks Chris your addition to this thread is hugely appreciated. AllenZ

Personally I trade the minis. QQQ's can be traded via options, futures or the actual stock. I choose futures due to the leverage and better commission structure. AllenZ

Currently I am only trading 2-5 contracts depending on some personal factors. If anyone would like me to post a days trading statement or a chart showing a trade i took please ask and I will do so. I am not going to post daily statements but I will do an occasional one when requested. Again...

Thought i would give a little update since yesterday was one of the most frustrating days I have had in awhile. Today was simply wonderful, trades setup, I took them, they worked. How sweet it can be. This illustrates a very good point I think I first read in Market Wizards: " Good...

I use Real Tick charts and did manual back tests for past few months. For data prior to that i had another trader in the room do some work. I looked at patterns on the timeframes i was interested in then broke them down to shorter timeframes to find out what was going on when they triggered...

Today was flat out not my day. I have been in a pretty nice win cluster the past few weeks came to an end today. Not a huge down day but just a very frustrating day. Moves were a bit too volatile to keep the stops I keep. Just one of those days. I took every single trade my system gave and none...

Vulture awesome repsonse I discuss this a little in this thread. http://www.elitetrader.com/vb/showthread.php?threadid=6128 I invite you to paste the same response there as you did here as I feel you are on the ball and i completely agree. Great post!! AllenZ

Support and Resistance

After tuesday or Wednesday i generally do an update of my weeks performance to see if I am on track for the week or if i am skewing away from the plan. Here is my update: June 10 and 11 Number of trades = 21 Rt's Net Points = 20.5 System Setups = 7 System Net points = 20...

I really want to thank you all for keeping this thread going many people here on Elite ask all the time for experienced traders to give some insight and advice, I started this thread to do just that. But in order to do it i need people to ask questions, comment on my suggestions and theories...

Great question!! I did some extensive research on chart patterns. I set out to look for patterns that I could easily recognize and had clear entry points or "triggers". Next i added moving averages to help identify directional likelihood. My goal was to find setups that occurred 1-2 times a...

AAAinthebeltway- My system is not a scalp system for the mini's as i look for 6-12 points moves which is not scalping to me. I look for 3-5 trades a day which sounds same as you. I scalp only to amuse myself while waiting for a setup that fits my system. After reading your post it sounds...

By looking at my trades last week I formulated some thoughts for the coming week: 1. Reduce scalp trades from 56 to 45-50. 2. Last weeks gains were upper end of profit range as far as points so i anticipate some rough trading this week therefore I will be more patient and look at setups a...

I must admit I don't look at any chart shorter than a 3 min and most of my entries are based of the 30 or 60min charts. I look at a 3min with stochastics, but just for purpose of refining entry. I have seen stochastics work but I have never seen a statistically proven relationship that I could...

ddefina some very interesting information there as far as performance by time of day. I have found that I tend to do poorest late in the day after 11:00 west coast time ( I am based in California ). My best time of day consistently is 8:00 - 11:00 I don't mind trading the chop. My system does...

This thread is here for traders to post their trading plans or questions on how to develop them. If you don't have a trading plan try to sit and write one or write down how you would like to see an average weeks trading go. I will post my past weeks performance June 3 - June 7 and how it...

Trader88- The QQQ and the futures trade pretty much in lock step except for fast markets when they can lag by a few seconds or so. There is no uptick rule. Bronx- 1. As far as account size goes you look to have 5k+ so even if you widened stops to 4-6 points you would only be...

This thread is my way to attempt to help newer traders who are looking to trade the mini's. I am not here to give setups, just to offer some help if you are struggling or getting started, by aiding in the process of planning your trades or at least developing your style. If you don't want or...

I trade at home and would not have it any other way. Many people I know need the discipline of trading at a firm with no distractions or comforts of home. For me i have a great work station, good internet connection, and all the convenience of a 20 second commute from my bedroom to my office...