My emini daytrading journal

update....

added at 1313.75 and 1314

scalped for .75 one contract at 1315.50.

Average now is 1313.80 and looking for a break even around 1312.75
 
Adding more contracts to a short position in a rising market is fighting the trend. You need to have a way of analyzing what is going on otherwise you are just doing a Martingale approach which will cause a blowout for certain someday.

Have a good reason to add to a losing posiiton based on detailed analysis, otherwise it is just....


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Quote from emini500:

Right now I pay 3.75 a RT with 700 dollar margin ...
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First of all good luck to you.

Who do you with? And how do you like it?

Now I am doing some simulated trades and some real ones on IB's platform, which assumes $4.8 RT bundled. For those who say that even $3.75 is too high, who do you recommend as a low commish, relliable brokers for e-futures? Remember, starters are usu. low volume traders.

Thanks in advance.

Opra
 
Quote from optioncoach:

My advice is to start with 1 contract per trade for a month and then review your daily performance.
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I was just going to write the same. I mean if you are willing to try with 30K you should know your system, how it performs and how much it should make a day. Based on that, you can make a safe and conservative trading plan, but you HAVE TO STICK to it...

Right now you are averaging into a losing position, doesn't look like good money management, unless your trading strategy allows it. Does it???
 
Still in trade. I understand what you guys are saying by adding to my losses. My thinking about the markets are they usually trade in a range and my day is easy. When the markets trend like today it does hurt but it also pulls back. The news that came out was really not good for the shorts but thats my life and I have to trade my way out of it. Looking to exit at 1313.25 and 1313 and will be done for the day. Will go short again at 1315.25 for another .75. If market goes up I'll add more around the 1318 area.
 
Quote from optioncoach:

This is what I am hearing from you:

"You guys might be right, but this is the way I have decided to trade it no matter what anyone says so I will continue to short in a rising market because markets HAVE to come back down eventually. I never heard of Long-Term Capital Management or the famous quote "The markets can remain irrational a lot longer than you can remain solvent". I do not understand what that means anyway.

Instead of taking the advice from people who have traded this before and went down the same road, I would rather blow up my $30K account to make sure I really learned the lesson my way. Changing my mind or admitting I am possibly wrong is defeatist and I would rather lose money than admit being wrong.

I made money in the past so I know for sure I was right in my approach and what works for me. Yes you guys have a valid point but this is my money and I want to lose it my way."
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