5% - 10% profit per day trading

[lemeeeplay]

just went short 1 CL @ 43.02

keeping tight .50 loss/exit on this one too

 

[spanish89]

Quote from lemeeeplay:

Yeah, small, but the market is too chaotic right now so i am betting small

i think we are in the middle of a long term trend reversal (after that big drop from 130 last year) which means crappy whipsawed/sideways activity for awhile

I think that we will range trade between 36 t 52 for teh next 6months atleast...

If we do but with big intraday spikes and ranges it will be christmas come early for me!


As im so sooo fedup with this stupid elongated down trend.

 

[lemeeeplay]

lol, nice, though i tend to do bad in side ways markets

 

[usman88]

as long the market remains below 50 its good for us traders
lower margins and almost certainity that we cant go wrong when buying

 

[lemeeeplay]

Yeah that's true. I also noticed that IB had lowered intraday margins this week. One CL contract would cost $9200 last week, but its half that right now.

 

[lemeeeplay]

Woot! hit my exit @ 42.53 and got out with $495 profit

 

[usman88]

nice
whts ur daily target ?

 

[lemeeeplay]

I don't have a daily up target, though I should, cuz thats my biggest problem, i tend to over trade and give my profits back

I do however have a daily down limit, which I have mentally set for -500, but I don't always stick to it, and sometimes i just keep trading until i hit -1000 and then panic and stop

I had two new year resolutions:
1) stop over-trading (aim for 3 max trades per day)
2) Stop using MACD

I have been able to do #2, but still having problems with #1

 

[usman88]

i find MACD to be the best indicator available but thts coz i see something else and use it in a different way. MACD & Bollinger bands are the indicators i use 90% of the time.
i guess as one gets experienced, price action combined with macd produces vgood results

 

[lemeeeplay]

For some reason, MACD wasn’t working for me. When I would look back on charts, it always looked like it lined up perfectly with all the peaks and valleys, but once I would get in a trade, it was a different story. It would either scare me out of a good position or give me over-confidence to stay in a bad position. Maybe part of the problem was that I am really a swing trader and MACD is good for scalping. I don’t know.

At any rate, right now I only use support/resistance/fib lines. This month I added 60min moving avg as a sanity check just to make sure I am not fighting the trend. But other than that, all of my trading decisions (enter/exit) etc are based on S/R right now. I like its simplicity, though i tend to over-complicate it sometimes