Well, now we know who doesn't trade! The money-making began at 2pm EST.
And since it was FOMC day, my trade size was kept to only one NQ contract. Still a 4-digit day with the drop and the amazing subsequent rally.
Any daytraders get their numbers Today?
- Thread starter easymon1
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Well, now we know who doesn't trade! The money-making began at 2pm EST.
And since it was FOMC day, my trade size was kept to only one NQ contract. Still a 4-digit day with the drop and the amazing subsequent rally.
Murphy's law #17:
E.T. traders ALWAYS earn thousands ($$$) after an important economic report is released, no matter where their stop is located.
Focusing on day-trading, I did not trade today. My strategies work well, except for days like today, where I am usually flat by noon. It is exciting to see the moves, after the fact. But it NEVER works out in real time (Murphy's Law).
Simply divide your day-trading into 2 segments, 9:30am-12:30pm (EST), and 12:30pm-3:30pm (EST). Analyze your results over an 18-month period. This will include all holidays, and all 4 major FED meetings. The last 30 minutes of the day are too erratic (and you may be exhausted, and it's ALGO land), so I don't recommend entering new orders during that time period. This will give you an idea about your performance (hint: higher volume in your instrument= more realistic, consistent results).
You always want to go for the consistent, easier money. The rest is an illusion...
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Excellent point.
That's why volume-based indicators like VWAP are priceless, if used correctly.
https://www.investopedia.com/articles/trading/11/trading-with-vwap-mvwap.asp
I use UBER!
Funny story: When I was on a trading desk, I saw the successful traders buy Porsches 911 (4 different guys). ALL OF THEM, returned the cars in less than 9 months to the same dealership! One of them, later, got a Ferrari, registered in NJ, and that lasted about 10 months. The cars, and all the paperwork, and maintenance (and NYC potholes), drove them nuts. That memory always stayed with me. My only extravagance is travel & fine dining...
We were very young, and stupid...
@TrailerParkTed $70 bucks, and you got all that. Dude, are you in Colombia?
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Stayed with GBP/AUD, and GBP/JPY, at 20 minutes. That's my world. Somehow, whenever I touched the main pairs, I get my ass kicked...
I wasn't in trading then, but I bought a 2nd hand Porsche that I returned 9 months later for just about the same reasons. All it took was one dealer paid maintenance to instantly recognize that I was being fisted with a smile. Only people who can truly enjoy these cars are those who couldn't care less how much maintenance cost them. Not one of those.
Indeed, by watching my four friends buy BRAND-NEW Porsches 911, and then return them to the same dealership (within 9 months), I knew exactly what would happen to me.
That said, I have been to support races at Grand Prix, and I can see people who are truly really into it. I am not like that. These guys are obsessed. One of them, had his own trailer/truck, with a team of mechanics for the weekend. His Porsche, was basically a cage, and his racing suit had an internal cooling system.
Anecdote: he was a PM at SAC, and when I went to visit him in his hotel room (his 2 main analysts were there as well), he had a MacBook Air laptop, showing his portfolio, $1 Billion+. I saw his P&L, and it was +$3.5M (flickering super fast). I asked if I could use his restroom. I took a quick piss, and came back, and his P&L was flat. I said, dude, you lost $3.5M, while I took a piss; he just laughed at me...
True Story...
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So because I don't trade every Fed announcement...I don't trade. You lost the internet with that one, bozo. But thanks for identifying yourself as an ET wannabe trader!