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Is there a website to any of these discount brokers you mentioned whom are cheaper than IB? I am in the USA looking to trade the DJ Stoxx 50 --MIKE

How do you make $1 million in the stock market? -- start with $2 million. --MIKE

What about NASDAQ.. or make that NAZDOG. -MIKE

Here is my respone to an email I sent the CBOT. -------------------- I have been trading index futures for years. I am a professional daytrader and I am glad that the CBOT introduced the Dow emini contracts. Compared to CME the liquidity is still minimal on the Dow contract. This...

I am looking forward to trade the Dow emini once it actually gets liquid. Anyone care to share their experiences trading the DOW emini.. YM or YJ? --MIKE

I don't think you can actually day trade the YM or YJ.. In a fast market the spread is between 7-10 points. So its something like $35-50 per a contract on the YM. Thats still too wide for most. 7-10,000 contracts traded daily is only a few min worth of trading for the ES. There is still no...

I dont enforce any ratio.. and I dont aim to maintain a 3:1 or even 2:1 ratio. My strategy is designed to make more than 1:1.. thats pretty much it. For example, my stop loss will be adjusted to the market conditions. And my profit target would be a function of how well my system rides out the...

Let me take that back.. Wade Cook and Friends are traders #3 !!! --MIKE

I trade the NQ/ES.. and looking to trade the Dow emini once it becomes liquid. I avg between 0-3 trades a day. I am trader #2. --MIKE

Illiquid, There is no trader #3. Winning over %75 and having profit/loss over 2:1. Can someone actually do this year in and year out? Let me ask a better question... Whats the point if you can still be profitable being trader #1 or #2? I dont try to change the rules of the game.. I...

Tech Analysis, RIGHT ON!

I do not work with fixed targets. I prefer targets that are a function of the market, not arbitrary. Therefore, I use exit strategy that adjusts to the market. Within this is exit strategy I take many things into consideration. The most important being time and volatility. My exit is mechanical...

This whole discussion plays into my opinion that no one can pick bottoms or tops consistently. Not william oneil's cute little method, not Don Hayes with his crappy charts and indicators, no one. The point is.. who cares where the bottom will be? And investing in the stock market, mutual...

I have been getting a few emails that ask me this same question, I would like to share this: "What is it that separates successful traders from unsuccessful? " --- There usually is always 2 types of traders. Trader #1 has high % winners.. but their gains are minimal. And trader #2 is...

Means that when I exit the trade I didnt have a mechanical system. Whether it be a hard target, trailing stop, volatility based, etc. I just exited based on myself trying to micro manage the trade.. and use pure gut and instinct. --MIKE

I have been getting some emails asking me about my trading history.. here it goes.. I started out 8 years ago trading my own personal account. In the very beginning I made a killing purely using technical analysis. I quickly doubled my account in a matter months. I though I was God and the...

NihabaAshi, I agree with what you are saying completely. Perhaps, my insight in some ways is a waste of time to some traders. The only reason that I posted on this thread to begin with.. was to try to give some advice to a struggling trader. Bronks was down 20% in his account.. and it...

Bronks, You seem to be hitting my point home. You need major work on your exit strategy. To just say i will wait for 5 points then exit is not sound. Market doesnt care about your 5 points. THe best exit strategies in my opinion are the ones that adapt to the market. So here is what I...

Tamvik, Good question! Many things people do in life are a reflection of their personality. At times they do not realize that this is the case. In trading this is no different. You must find a timeframe/strategy that you are comfortable with. This is a difficult task in it of itself...

If your exit strategy is based on intuition or the "I'll do something when I get there"... only experience successful traders with lots of years in this trading business can get by with exit strategies (occassionaly) based on intuition...