ES Journal - 2019/2020

[Laissez Faire]

Fairly nice statement by the bulls today. Without looking up the hard data, I can say from a glance that a gap up open tomorrow should be bullish for the day ahead. Would be very surprised to see further weekly range expansion either way though.

 

[Laissez Faire]

I am convinced that you are right about that and it can be done. The wife is not so enthused. I am getting better though. Lately I have been able to report to her of making more in an hour than a week of the day job. She may come around yet.

Five years of formal education and a minimum of three years work experience to become somewhat proficient is probably accurate for most professions requiring an education. And here - you have people guiding you both through school and work. There's always someone to ask.

Trading is really no different. If you don't put in the time - you'll never earn a dime.

Most retail traders face a huge disadvantage though as they usually are undercapitalized, have no professional guidance or are led astray by educators who usually ain't making $$$ themselves.

10 000 hours or more probably sums it up for any lone amateur trying to make it in this business. That's the harsh reality.

 

[Cessna06P]

It is done regularly by about 5 people out of every 1000 who try.

I may be overestimating the success rate by a bit though.

The real money isn't futures though - the real gas, it seems to me, is options. I'm still very much a novice and a work in progress there but the more I do the more I really enjoy them - especially using them for swing trades - even intraday swings. I'm studying The Options Trader Handbook by ET's very own @El OchoCinco ... Anything worth learning takes time and effort.

I have diddled with options some but I find futures fascinating. Engineering is boring compared to this. I have traded for years and the tuition has been not cheap but I have never blown up my account. I think I am at the threshold where my equity curve will exceed the learning curve.

 

[IB_Dude]

It is done regularly by about 5 people out of every 1000 who try.

I may be overestimating the success rate by a bit though.

The real money isn't futures though - the real gas, it seems to me, is options. I'm still very much a novice and a work in progress there but the more I do the more I really enjoy them - especially using them for swing trades - even intraday swings. I'm studying The Options Trader Handbook by ET's very own @El OchoCinco ... Anything worth learning takes time and effort.

With your market insight, you can do damage in the options space.

 

[SPYgrain]

on the 3 drives up today: SPY options expiring tomorrow.
1. 286 call traded 23 cents to 70
2. 287 strike - .23-.75
3. 288 strike - .20-.63
I like to pay .15-.30 - these seem to have most leverage / most volume..
Yesterdays selloff. 283 put (exp yesterday) - .18 - 3.50+

 

[Overnight]

on the 3 drives up today: SPY options expiring tomorrow.
1. 286 call traded 23 cents to 70
2. 287 strike - .23-.75
3. 288 strike - .20-.63
I like to pay .15-.30 - these seem to have most leverage / most volume..
Yesterdays selloff. 283 put (exp yesterday) - .18 - 3.50+

Speaking of options, I have read recently that for some reason, tomorrow is going to be a big day with some cra-cra on options balancing? So i.e., watch out for volatility? Can't remember the reasons for it.

 

[Sekiyo]

Short @48 expect a correction towards 28
Upside risk 70. 50:50 bet

 

[Sekiyo]

Short @48 expect a correction towards 28
Upside risk 70. 50:50 bet

Are we going to break below 42 ?
Protective stop @47 but it's 1point too close.

 

[themickey]

The Banks today helped rescue the market.
I'm not convinced about a bull market continuing.
The ASX today is Friday, market opening in a couple of hours, usually Friday's sell off as the day progresses.
Will maintain my short positions for the meantime, from what I observe from USA data there was no conviction in the rally.
Probably some higher volatility ahead.

BANK INDEX

 

[Sekiyo]

Are we going to break below 42 ?
Protective stop @47 but it's 1point too close.

+4 flipped long @44
Min target 48

Out + 1/2 point

Currently stuck btw a 2/3 pts range.
Let's see.

Failure to break below 42 though.