You said before Porph that you had done 11 DOW shorts in an hour. You are obviously trading of a very short term (1 min?) chart but what areas are you selling? Breaks of short-term swing lows and resistance areas? And then how do you exit? What indicator are you using to trigger you to cover your position?
5% - 10% profit per day trading
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You said before Porph that you had done 11 DOW shorts in an hour. You are obviously trading of a very short term (1 min?) chart but what areas are you selling? Breaks of short-term swing lows and resistance areas? And then how do you exit? What indicator are you using to trigger you to cover your position?
jeez, ive been away from my screen for only 40mins or so and dow is down to 75..
Anyway, I look at the overall levels, news etc to guage my long term (for me max 1 week) view.
I then look to get on top of the small pullbacks when i see the momentum gone. When I see the candle shape I like and the way it forms in real time I go with it with a tight stop.
If you look at the example (unfortunately it got a bit squashed so not great) i actually saw it leveling at the start (about 19:47) and bought on the consolidated candle. I then sold and went short at the stall in momentum. I then closed that one and went long again (not a great trade but i think i went in on a part formed candle - bit impatient).
I also marked on in blue for buy and yellow for sell what i might have done if i carried on trading.
It's hard to explain and i think market familiarity is a major thing. I spend a lot of time just watching.
I do have a 20 period simple moving average which i use partly as a moving line of resistance/support depending on the direction.
yeh it wasnt a great example going counter trend. doh.
With regards to pivots I dont pay too much attention to historical pivots. I like to see the price action and make my mind up when it starts to move rather than trying to predict.
I do trade some slightly longer timeframe trades that do take those setups into account more but they have a much lower W/L ratio though I often catch big winners (150pts+).
Often I have to 'set and forget' those trades as that way I dont cash in the trades too early.
Do you generally use candle reversal patterns (hammers, engulfing patterns etc) as reversal signals? I use them but the other condition is that it happens at a S/R point or a daily pivot point. My, clearly incorrect, belief about a style like yours is trading costs and wipe-saws would decimate returns in non-trending markets.
It is tricky and im constantly adapting and changing things to reflect changing conditions.
I use the patterns but in the context of the ongoing trend. I take a gamble somewhat in assuming that the wave cycle will continue 4-5 times. The reward is good whilst if I get it wrong, I get stopped out once..
Aloha mate and thanks for your concern.
Ive been lying in bed as i went to sleep at about 8pm yesterday, so wokeup at 4am now and cant get back to sleep, and so have just been thinking and thinking about when i actually went wrong.... :/
Ive decided quite a few things;
1stly ive moved stoploss for that trade to $48.66,
and if oil keeps on in this up move thats its doing at moment and it breaks through 49.52 then i will put my stoploss at $48.86.
Since i started trading with under £1,000, and i went from there to earning over £18,000 profit within 4months.
It may be extremely hard, but if i could do it before that means i could do it again.
However i couldnt turn £0 into anything.
Even in the october contract i started with just under £4,000 capital, traded the while contract at just £2 t £3 per tick (was big increase from my £1 at the time), and i earnt over £6,100profit that month, by just having smaller daily targets of a few hundred quid, NOT 1000+ ever.
And so i am going to go back to that now.
I dont have any need for £1,000+ per day, i dont even need £200+ per day.
Once i start getting housing benefit i will only need to earn £500 per month to get by
Before this oil trade i had already earnt just under £500 in 1day all at just £1 per tick,
and so im fedup of pushing myself to try earning more than i need to, when at the end of the day every trade and every extra minute you holding that trade is just added risk.
So from now on im gna go back and start again..
Il have over £3,000 MINIMUM, so am still up for the last 2months, and thats after withdrawing over £1000 3days ago for rent and living costs, and having spent over £2000 during the last month contract.
And so from that 3k im going to try just earning £86 per day as my base minimum, and il be happy with that.
Gna trade at just £2 per tick, so all i need is one 45ticks move and im done for the day.
I would like to try getting 150oints+ per day, so be on the £300 per day / 6k per month, but im not gna be greedy or take too much risk to do that.
I have made a decison though that for the next few weeks atleast i am going to leave here, and just focus on my own trading and my own earning.
Im not being rude at all to any of you, as i honestly do really like you porph, jakker, procel and everyone else...
And ive gained alot from watching how you all trade and sharing our sucesses together...
But its been for teh lat few weeks now than when i came on and saw porph and jakker trading at 2x 3x higher £ per tick than me,
and so earning 2x t 3x more than me everyday, it made me start to feel not jealous, cos i truely do liek seeing others suceed.
But it just feel like 'if they are doing it then the moves are there in the maket, so why am i not also doing that too'.
So i started trading £6 t £8 per tick too then..
But unlike you guys who could blowup all your traidng account today, and still be able to keep a comfortable living with another income and wouldnt starve or anything,
me i would seriously be homeless if i lost my money.
So thats why i used to always cash-in all my trades way to early to lock in the money,
but instead of being happy with that money, i spent the whole of last months contract feeling angry an miserable everyday about how much money i had missed out on.
And then when i saw how much you guys were still making as you did hold out your trades, it made me even more determined to get back into the same group as you again like before,
and so i started throwing huge amounts of money at the market. :/
Its not the case of ''me wanting to be the biggest fish a small pond'', since i know there will always be richer traders than me.
And you guys have been working harder and smarter than me over the lat month when i had gotten lazy, and instead of traidng strategically i had just started using my money as muscle to just out-szie the market. :/
But i just want to have some time to only focus on myself and my own earning, and to compare that to normal people like my few friends, who dont even make £800 per month, let alone per day like i often can.
But more to not 'have to compare it to anything'.
Instead just earn as much as i can, and then have it and enjoy it.
Not spend all day and night and weekend thinking about how it could have been more.
I will be back in a few weeks though, if i can even stay away for that long that is.
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