5% - 10% profit per day trading
- Thread starter spanish89
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Hi Usman,
In answer to your question, the following markets are great for those 5+ figure targets:
1) mini S&P 500 futures
2) Crude (CL contract)
3) Eurodollar futures
4) DAX (you may want to check the mini DAX as well)
5) Forex (most liquid pairs like gbp/usd, eur/usd, usd/jpy) are great since you may not even need to scale in over time if you trade during liquid sessions (i.e. london and new york sessions)
A good way to judge whether or not the market is liquid enough for the type of return you want, you should start by checking out how many contracts a day it trades. Also check out the ticker tape for those markets (if available) and filter out all but the largest trades. It'll help you spot where the heavy hitters are placing their orders
Quote from spanish89:
Same, dont like the idea of sleling oil at this level,
yet no buying opportunities...
Hoepfully by next week market will be back to normla volatility and range though
Something to consider.
The big trading houses MS and GS do NOT want to bring attention to oil before the stimulus bill is passed.
The higher the price of oil the larger the appropriation for alternative energy. The cost of Nuclear power is about .02 per kilowatt. That is like gas at $.60 per gallon. Batteries and clean nukes could substitute fairly easily and efficiently for the gas guzzlers we have today, once they break the internal combustion habit.
Morgan Stanley and Goldman Sachs are partners in ICE which does not disclose who holds what position. Last Spring there were allegations that the big wall street firms were trading oil among themselves to push the price up, but Congress had no jurisdiction to get the data to prove it. Both companies have now had to be bailed out by the US govt because of problems primarily from credit default swap redemptions.
So now if Congress wants to say .......take a closer look at their oil trading history they have the stake to do so.
Hello everyone,
I went live on Tesday with a semi-automatic trading system. It trades the mini S&P 500 futures at the moment but can be adapted to most markets.
Anyway, here are the results. Its done exceptionally well so far this week, but its because market conditions were perfect for this strategy...so I doubt it will continue this good streak.
But with the theme of this thread, it has returned a little more than 10% of my account this week!
I went live on Tesday with a semi-automatic trading system. It trades the mini S&P 500 futures at the moment but can be adapted to most markets.
Anyway, here are the results. Its done exceptionally well so far this week, but its because market conditions were perfect for this strategy...so I doubt it will continue this good streak.
But with the theme of this thread, it has returned a little more than 10% of my account this week!
Quote from spanish89:
Same, dont like the idea of sleling oil at this level,
yet no buying opportunities...
Hoepfully by next week market will be back to normla volatility and range though
Yeah that's the reason why I have stayed out of the market in the last two days. I don't see any good setups and don't want to trade for the sake of trading and lose money. I was really hoping that we would finally break out of this range today, but it didn't happen. We've been stuck at these levels for 8 days now.
This is a good point, but I am not ready to jump in the oil conspiracy bandwagon. From 2003-2008 the price of everything went up vertically, not just oil. If you pull up a chart of any commodity, or even real-estate, you'll see a vertical rise in prices right up to the crash in 2008. What was actually happening was that the value of paper money ( US dollar and all other fiat currencies tied to it, EUR, JPY, etc) was going down.
I am not an economist, so you can take this for a grain of salt. But I won't buy the theory that GS and Morgan drove up oil, but everything else went up naturally.
Quote from spanish89:
nicely done x2...
Can i ask what sorta of style and stratergey of traidng you use that works best in such a tight sideways range though mate?? :eek:
Since you are currently beating all of us in being able to make something good from this sorta market action...,
so welldone mate.
I use a couple of strategies/systems. Honestly, one of them is as simple as it gets. I just watch the markets for a bit to get a feel for them for that day before trading.
One of the simplest strategies I use is simply this: I buy when I see price starting to go up, or sell when I start seeing price go down.
Take a look at all the charts I posted if you don't believe it. For example, the very first chart I posted, with the scalps on crude (i've attached it again)
On the first trade, the market had gone up a bit before I bought.
On the next trade, the market had started to go down a bit before i sold. The same thing happened for the very next trade.
On the fourth trade, the market had gone up a bit before I bought again.
Couple this simple strategy with effective money management, tight stops and it'll literally print money for you. You just need to be patient.
The downside of course is that you need to limit yourself to making only a few points instead of going for bit hits every time. However, if a trade goes in my favor for more than 15 or so points very quickly, or if I realize I've caught the trend, then I just let the trade run.
Although, I must add that it has taken me over a thousand hours of screen time just be able to get to this stage. I used to have all kinds of indicators and crap on my screen...now its just been reduced to price.
The other system I use (which is the one that is semi-automatic) on the S&P 500 futures uses rules that I wont share but it is based on doing a real time statistical analysis, price action and also volume analysis.
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