My emini daytrading journal

[rallymode]

Quote from martys:

Hi emini,


Emini and K-Rock, please feel free to PM me and maybe we can have more discussion without listening to "trading with the trend" in the background. We ARE trading the "beginning" of a trend with small stop loss while the rest of the world trading the "middle" of a trend with larger stop loss and some go for the kill.

It doesnt sound like emini is trading with a small stop loss plan. A small stop loss plan would be 1-2 points. Not only that but he is also adding positions at this point instead of cutting losers. He completely goes against the trend in his methodology. I am not saying its a bad strategy, but i AM saying that he needs to stick to higher probability trades and avoid being in a trade just for the sake of it. The only way to survival will be ROCK SOLID money management and continuous analysis on past performance so that he can avoid the big drawdowns which WILL happen.

Volatility has been pretty tame lately, just look at the VIX's. However, this won't last forever, it never does and when it does happen he will be out of the market if by then he doesnt have a tight grasp on avoiding large losses.

Again, it may work now but for how long?

emini -> you say that the reason you are a trend fighter now is because you tried the other way before but failed. Don't take this the wrong way but maybe you werent actually trading with the trend before either?? Could wider stops and shorter targets maybe be the reason for failure and not the trend?? What i am trying to say is that if lets say 1 big loser eliminates 10 winners, for you to survive you must be on the right side of the trade a hell of alot.

 

[emini500]

Quote from volente_00:

emini, you list a specific monetary daily goal, but what is your risk limit daily ?

I have 5 different levels of adding into a trade. When that 5th one would fail I would throw in the towel and the market will win.

 

[mishwar]

Quote from emini500:

Ok I am out of the long. Profit of the day was 275.00 -17RT's ='s 64.60 give me a profit of 210 dollars. I am done for the day.

Todays action was a little different then normal in my opinion but I did come out on top. Every thanks for your comments and enjoy your weekend.

What about taxes ? I'm curious to know what percentage of your 210 dollars will it take away ?

Thanks
mishwar

 

[romik]

Quote from Buy1Sell2:

I'll say it again--forget the daily news

I agree with this post, I find that trading during key economic reports is way too volatile. If your stops are reasonably tight, trendless volatilty before/during/just after the reports is a risk not worth taking in my view. Best to wait it out.

But, this is a risk taking thread...But correct me if I am wrong, do high risk takers last or do they eventually lose? The thing about high risk is knowing when to stop, you can't expect to rob banks and not get caught, one day will come when you will. IMO high risk is worth taking only 1 in a lifetime, if personal circumstances demand that action to be taken.

 

[porgie]

the first move is to trade YM only with one contract until u consistently make money after a couple of months at least...actually go to cannon trading or one of them that has a 30 day free demo............get a 50 a month realtime chart from barchart.com...........trade until you have a system that makes money most of the time..........until u do that it is highly unlikely u will succeed in emini trading except to lose your money.........just being brutally frank and honest.............10,000 hours plus in this business testing and developing ..............nobody has ever listened yet so i am sure you will not either..........i won' t say good luck because luck has nothing to do with it....only extreme dedication and hard work will get you there.....happy trading

 

[porgie]

one key is low risk, not high risk.......u can achieve low risk high reward.......but not without enormous sweat equity.....and patience.........

 

[emini500]

Quote from mishwar:

What about taxes ? I'm curious to know what percentage of your 210 dollars will it take away ?

Thanks
mishwar

My money is being traded into a IRA trust so no taxes are taking out till I withdraw the money

 

[martys]

I read a thread here about trading a roth IRA being a grey area... Anyway the emini future tax treatment is 60% long term capital gain and 40% short term... without declaring mark-to-market. Works for me.

 

[mishwar]

Quote from emini500:

My money is being traded into a IRA trust so no taxes are taking out till I withdraw the money

Wow !

In the country where i trade I pay 250 per 1 contract RT (contract value is 250000 ) plus huge taxes upto another 200 more. So thats a total of around 450 per contract !

Lucky guys. Now i realise ive been made to work harder. Cause here the only way to survive is getting good bigger waves right but always ruthlessly selling losers. lesser no. of trades etc.
But even scalping ive had success where i split commissions with the broker.

thanks
mishwar

 

[mishwar]

Quote from mishwar:

Wow !

In the country where i trade I pay 250 per 1 contract RT (contract value is 250000 ) plus huge taxes upto another 200 more. So thats a total of around 450 per contract !

Lucky guys. Now i realise ive been made to work harder. Cause here the only way to survive is getting good bigger waves right but always ruthlessly selling losers. lesser no. of trades etc.
But even scalping ive had success where i split commissions with the broker.

thanks
mishwar

in continuation of the above, its