My emini daytrading journal

Quote from porgie:

one key is low risk, not high risk.......u can achieve low risk high reward.......but not without enormous sweat equity.....and patience.........
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Well I can understand why most of the people do not like the way I trade but if you can remember that I tried to trade but catching trends and obviously I didn't do it right cause I lost. Now I would like it if you can post some charts with your current trades and why you took the trade I think that would help a lot of people in this site. After looking at recent data and charts I feel my system is good. I feel that my first entry is good or else I wouldn't take it. The more the market moves against me the more I feel by adding on that the market will turn. Will I lose??? Of course one day the market will crush me like ..... hmmm can't think of anything but it will hurt a lot. Yes I know that one day the market will get the best of me. Show me a chart of the last 3 months and show me where the market would of crushed me... There isn't one. The last 3 months have been good to me but I know the system isn't perfect and I know I am far from perfect. I am looking to get in and out on the first 2 pull backs a day. 2 pull backs and I should get my target. Now I could wait for bigger market moves to the up or down side before I get in. That would make more sense but who knows when the market will be in just a 4 point range for the next 3 or 4 hours so that is why I take my first trade. I could use a 3 point reward with a 3 point stop.... Just to watch the market move 3.5 points against me before it makes a 5 point move.

Anyways.... I appreciate all the advise you guys have given to me. If you guys want to PM me with charts showing me your entries I would love to look at them and learn about the way you trade. The way I trade now makes the most sense to me then anything. I know its risky but so is the business. There hasn't been a chart in the last few months that with the amount of contracts I have available to me now that couldn't fight my way out of. Who knows... maybe Monday will kill me but until then I feel I can take 200 a day out of the market.
 
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
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just recently, i now have a deal for 125 per RT and 200 taxes for 250000 contract value. Thats the equivalent of paying $ 31.5 RT for ES !

No wonder traders here have no room for mistakes.

mishwar
 
Quote from 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.
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Its not a roth IRA but a regular one. Same as a stock trading account. Don't see why a futures account would be any different.

I don't understand why more people don't trade out of a IRA that have a nice cusion to live on....... My understanding is that when you trade regular account you will pay around 20-40% taxes on your money you make. Will since I am make a small amount of money and if I withdrawl say 10k at the end of the year so I pay 30%.... 20% taxes and 10% fee...... So say I make 100k in a year trading a normal account would have to pay around 25k in taxes. Well I can use that money to add more contracts and not worry about taxes until the time I take out the money which could be years away. I am sure my numbers are off a little but was just a example
 
Risky long trade, again at a crucial point. Should we break the 1307 level we may not be back up here for a while.

But as you said you are counting on brief pullbacks/rebounds to make your profit and take advantage of lowered average due to the addition of contracts.
 
Just did a small scalp. Average now 1309.33 ... Looking to exit at 1311. Will add 1 more contract at 1308 and look to get out at 1310 if I am filled there
 
Mister emini
U are using a nice strategy but the market look very week to me
like the other guy said if it brake 1307 we could go lower and i see a lot of selling coming in but u never know it could bounce back also
Good luck in trading bro :)
 
i'd be cautious going long here.

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