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Anyone having a good day today ? I got chopped to pieces early on.

Anyone want a nice bowl of CHOP suey ? Been locked 50-51 for over an hour now. :mad:

It looks like ES is finally coming into equilibrium, and we are getting two sided trade going on. For the first time since the FOMC push up, we've actually seen responsive sellers come into the marketplace. I'm guessing the 1443-46 area is probably "too cheap" and will continue to...

Hey All, I'm no perma bear by any means, and these days I do trade with a bullish bias. However, it seems that most ET members have a "the indices can never go down mentality". I was looking at the commitment of traders report for ES, and the non reportable positions for 1/23 were...

OK. I'm normally good at coming up with levels, but I'm a little stumped here. Does anyone have any ideas as to where to expect support below 1442 but above 1434 ? With whips from 1446 to 1423 back up to 1446, I kind of have the whole 34-42 area as this weird "no mans land" for price action.

Thanks to everyone who took the time to reply...got some good answers here ! -T

This is yesterday's(1/23/07) market profile. Anyone ever see anything like this ? Talk about a crazy market distribution ! There is that huge volume ledge just sitting out there at 1434.50. Very odd. -T

Right, it creates the phenomenon of "Dammit, I was right on direction but lost money all day !" To be successful trading ES as a small trader, it seems like you almost have to be reactionary. It reminds me of playing Shadow of the Colossus for PS2. In that game, you're a warrior and...

This is a bit of a tangent, but we seem to be moving towards a newbie versus pro discussion. The ES is an odd beast, to be sure. At one point, I broke down daily volume and found that 80 % of the ES volume comes from 20% of the trades posted in Time & Sales. So you've got a huge number...

Perhaps, but we newbies are out there contributing to the noise. I think a lot of the 3-6 box "flushes" you see in the ES are the result of us newbies getting shaken out by the pros. Brownsfan, thanks for the insight. Maybe the "too efficient" refers to as soon as the newbies slip up...

Could someone explain to me what "too efficient" means ? I often hear it in the context of "Don't waste your time trying to scalp the ES, that market is 'too efficient'" The connotation I always hear it in is in regards to it being impossible to take money consistently out of a certain...

Just curious, Which silver contract are you trading ? I was looking at the CBOT 5000 oz contract with the greatest open interest(March) and didnt see it trade $12.59 yet. Just wanted to check out the trade. -T

haha. Well, I feel like an ass. You've got quite a bit of experience on me...I've only been at it about six months now. We get so many new people, I sometimes assume everyone is just starting out like me and try to be encouraging. Good luck with the forex trading !

Agree with JJ. I've been plodding along, learning everything and trying everything I learn to find what works and what doesnt for me. Funny thing is as I get more advanced in my knowledge of the markets, things I tried in the past that I didnt get any use out of have been added back in...

Trading isnt all about the good times when you're just starting out...its about the journey to finally making it to consistent profitability. A journal is a good place to start documenting lessons learned. In the beginning, you will fall frequently. As long as you learn from each fall...

Hmm. Tough choices. If you want to be an independent trader, you will need a nice cushion of cash. Trading is all about turning excess capital into even more excess capital. If you dont have $$$ to start with, then you cannot trade. First you have to earn a surplus of capital...then you...

I dont believe the rules apply to any futures. :confused: Not 100% on this tho'.

Well, making music takes *talent* Anyone who can click a mouse can make supplemental income trading, right ? :D

BTW. Be careful here. Most people who get consumed by the markets usually get pooped out by the markets shortly after.

Have preexisting connections in the business.