eminidaytrading ?

A

andy4

Hi,



1, has anybody used or heard of eminidaytrading.com ?

They seem to keep to a no more than 5pt stoploss on the nasdaq mini and look to pull out about 3-5pts.

2, For those who trade the NQ mini's out there, (who make it work) is it wrong for me to set a goal of 10pt's a day profit, and switch off once I get there or if I hit 10pt's loss for that day, trading one contact ?

Any ideas, hints, or helpful books out there to help me reach that goal scalping would be very much appreciated.


Thanks, Andy
 
I was using the standard opinion that 9 out of 10 traders fail. I, personally, think the odds are much higher. I really should have asked how many points he was making now. I assumed, perhaps incorrectly, that he was a new trader. If he is presently making a few points a day then I suppose, ten is not too unreasonable. If he is not averageing even one point a day at present, then the question is ridiculous.
 
For someone with the experience 10 points is not to much to expect. If in fact you are new do not expect this. Expect to learn - and learning is not free.
 
Originally posted by andy4
...For those who trade the NQ mini's out there, (who make it work) is it wrong for me to set a goal of 10pt's a day profit, and switch off once I get there or if I hit 10pt's loss for that day, trading one contact?

Any ideas, hints, or helpful books out there to help me reach that goal scalping would be very much appreciated.

Thanks, Andy
More...

Easyrider quote has some valid points:

Originally posted by easyrider
...If he is presently making a few points a day then I suppose, ten is not too unreasonable. If he is not averageing even one point a day at present, then the question is ridiculous.
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Andy4:

I completely agree with easyrider. Thus, if a trader is new to the eminis regardless if their a winner elsewhere in other financial instruments...the goal is to learn and become discipline...this process may take months.

Therefore, learn how to get on first base before trying to learn how to hit a home run.

After such...a newbie can start thinking about trying to capture 1-3 points per trading day while hoping to hit a home run (+10 points) once a month.

If your already profitably trading the Emini Futures...who cares how many points. Just try to capture as many as possible to make a living.

Here's something for thought. I know a guy that averages 1.5 points per trading day and another guy that averages 4.0 points per trading day...per contract.

Thus, both are profitable yet only one is able to make a living (pay the bills and put a little away each month in savings and keogh).

It's the guy that makes 1.5 points on average making a living...I've met a few newbies unable to figure that simple riddle...that's a newbie that needs to keep learning.

As for Eminidaytrading.com, go try it and come back in a few months and tell us if it was a waste of your time or if you were able to make enough points to make a living.

I'll never put down a service because it may be good for one trader and bad for another...back to my riddle above...one guy may be able to make a living while the other guy couldn't eventhough both were profitable (plus side in points).

As for books...go to Amazon or something and type in their book search..."Index Futures" or "Emini Futures"...check out the comments and/or reviews and buy something.

Come back here after reading and applying what you learn and get Baron to add it to the Book Reviews.

Nihaba Ashi
 
Originally posted by NihabaAshi




Here's something for thought. I know a guy that averages 1.5 points per trading day and another guy that averages 4.0 points per trading day...per contract.

Thus, both are profitable yet only one is able to make a living (pay the bills and put a little away each month in savings and keogh).

It's the guy that makes 1.5 points on average making a living...I've met a few newbies unable to figure that simple riddle...that's a newbie that needs to keep learning.



Nihaba Ashi
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Nihabi,

I confess I am unable to figure out the riddle :confused: can you elaborate pease?
 
well, do you mean the 1.5 guy averages that on many many contracts a day ? as opposed to the other one on very few ?
if not, I am clueless too.

tntneo
 
Originally posted by TriPack
The answer has to either be SIZE or LIVING WITH THE PARENTS.
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TriPack and tntneo,

Indeed your both correct. The guy making more points was trading less contracts (size). In addition, the guy making less points had no debts in comparison to the guy making more points.

I brought that silly riddle into play because I often here guys say "I'm profitable" but in reality...they are not making enough money to pay the bills.

Thus, I think its true that one of the reasons why some traders fail is because they are under-capitalize.

I just found it odd that some newbie traders I've met didn't understand the importance of being properly capitalized...

Then again...that could be the reason why they try to hit home runs (+10 pts per trading day) instead of trying to get on first or second base.

P.S. I'm going to start a thread called Mechanical Trading versus Discretionary Trading...it should be interesting to see what people here at EliteTrader will post.

Nihaba Ashi
 
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