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Analysis by Neutral Guy
- Thread starter mishwar
- Start date
Results so far.
Pl review and let me know if you need more info. For those who want it, I can post the results of yesterday.
it was + $ 37500
For those unable to open the gif file,
Gross Profit so far : $163850
Commission: $15562.5
Net Profit in 7 trading days : $148287.5
Thanks
mishwar
Pl review and let me know if you need more info. For those who want it, I can post the results of yesterday.
it was + $ 37500
For those unable to open the gif file,
Gross Profit so far : $163850
Commission: $15562.5
Net Profit in 7 trading days : $148287.5
Thanks
mishwar
Attachments
Quote from Kensho:
Reasons why people don't take you seriously:
- You're trying to papertrade ES futures by using delayed quotes on the S&P cash index. Why don't you try to papertrade the SPY instead. SPY is an ETF that tracks the S&P index. I'm sure there are sites out there that offer free real time quotes. And trade 100 share lots (keep it real).
- You're papertrading with 100 lots and building positions of 300+lots whereas most guys start off with a 1 lot. The only traders here that take 300+ lot positions are guys or institutions with 10 million+ accounts. And I doubt anyone scalps that much size.
- You ignore commisions and slippage costs, which alone can wipe out your profits or shrink them considerably.
- You say that commisions/taxes eat up too much of your profit. In the US its no different. Scalpers propbably keep 25% of their gross. Broker takes half in commisions and fees (don't forget slippage too) and goverment takes the other half in taxes.
- You're giving up Sensex (the hottest market in the world) for S&P (the dullest market in the world).
Quote from Kensho:
Reasons why people don't take you seriously:
- You're trying to papertrade ES futures by using delayed quotes on the S&P cash index. Why don't you try to papertrade the SPY instead. SPY is an ETF that tracks the S&P index. I'm sure there are sites out there that offer free real time quotes. And trade 100 share lots (keep it real).
- You're papertrading with 100 lots and building positions of 300+lots whereas most guys start off with a 1 lot. The only traders here that take 300+ lot positions are guys or institutions with 10 million+ accounts. And I doubt anyone scalps that much size.
- You ignore commisions and slippage costs, which alone can wipe out your profits or shrink them considerably.
- You say that commisions/taxes eat up too much of your profit. In the US its no different. Scalpers propbably keep 25% of their gross. Broker takes half in commisions and fees (don't forget slippage too) and goverment takes the other half in taxes.
- You're giving up Sensex (the hottest market in the world) for S&P (the dullest market in the world).
----I didnt knout bout SPY. Thanks i will check it out. if i dont get ES real time data, i will consider switching. Hope its liquid enough.
----I trade at least 5-6 lots in my place where i do real money trading. Yes, 100 is a lot but there is a reason right ?
Im considering commissions now. Check todays results.
----commissions and taxes in US are very favorable for traders. Right now, here trading is a damned profession. i hardly know anyone who does it day in day out. no separate rules and there is a 0.015 % tax just on sec trans + many many other taxes
like stamp duty, turnover tax, service tax and so on. the worst thing is they are levied at the time of trade and not later while reporting.. so its almost impossible to make a living scalping even if you are world class. its a diff story in the US.
----yes, sensex is hot.. the products, markets and rules are immature .. it will take time .. and consulting here is not easy ..
i know the rules v well and the conditions too..there are strong reasons why im considering trading a good time in the US or UKmkts .. can anyone tell me bout commissions and taxes in Europe, specifically UK ?
Thanks
mishwar
Quote from Buy1Sell2:
Mishwar, I have discovered from my journal that the intraday trading is extremely time consuming and I think takes away a certain "quality "of life. I will have days when I day trade in my journal, but not everyday now. The correct way to trade I think is to position trade first, when it's not so fast paced and then perhaps shorten the time frames if so desired. I am of the belief that new traders get eaten alive in the day trading world. I was able to turn a profit because I was adding positions, but not getting overextended. Most day traders I think probably trade the same size each time and that is not the way to trade unless you can be right a majority of the time. I noticed that you had incorporated the increasing positions in your strategy and that can be very profitable if you have the capital (the only true edge in trading). I appreciate your nice comments towards me .Thank you very much and I have enjoyed your journal. Keep em comin!
Ive done a lot of intra day trading using 1 min, 3 min, 5 min and 10 min indicators and patterns and trade optimization techniques .. very successfully .. only the charges are prohibitive..only a broker here can afford. yes it is time consuming and very intense. as u mature the quality of life adjusts.. its difficult in the beginning. the most frustrating part for me in day trading is waiting for my indicators to fall in place so that i can take positions.
i dont agree with ur style of increasing.. u have to play within ur limits .. suppose i can trade 10 lots total open at a time . i enter in 5 and 5
or 3 3 and 4. its possible .. and same way in exit
5 5 or 3 3 4
capital is imp . .. but in my experience most imp is trade optimization.. i believe i have developed it to more than world class.. thats why people are not able to believe .. blame paper trading etc. .. i have the same kind of results with real money trading .. but the only issues i have is with charges..
thanks
mishwar
Today's breif homework. and then i throw it in the dustbin after taking position. Works best for me.
Strong resistance around 1305.8? (dont know exact rate cause seeing it on yahoo finance. Only an open and hold above 1306 will help the index.
Indicators at close quite weak. Was this rise only an upward correction of the rise ? We will knw soon but there is one point that says its the contrary and that is the retracement is quite strong .. if it had failed before 38.2, 50 % of the fall then there was a good chance there wud be bearishness. now the index has a chance... so lets see ..
have a nice trading day.
thanks
mishwar
Strong resistance around 1305.8? (dont know exact rate cause seeing it on yahoo finance. Only an open and hold above 1306 will help the index.
Indicators at close quite weak. Was this rise only an upward correction of the rise ? We will knw soon but there is one point that says its the contrary and that is the retracement is quite strong .. if it had failed before 38.2, 50 % of the fall then there was a good chance there wud be bearishness. now the index has a chance... so lets see ..
have a nice trading day.
thanks
mishwar