NQ Trades RT

So u weatherd an 11 point drawdown to break even on a trade?

If you are taking profits to the tune of .5-1 points on average.. you are trading illogically. I'm surprised no one else comments on this.

I am not trying to be rude or derail your journal.

This is my last post on this thread...


--MIKE
 
Quote from Trend Fader:

Here is a fact. I have never met or spoken to a single person that actually daytrades futures and makes real consistent money. Real money is atleast $100k a year consistently. (I live in NYC so I have a high cost of living.)

Yet I have met countless people that have made millions holding(long or short) stocks/futures for the longer run . These people have consistently every year.. made serious money. They did not make money every week or every month.. but at the end of the year they were way ahead of the crowd.

Here is what I have come to at the end of years of trading and years of seeing other traders succeed and go bust..

#1. NO such thing as making consistent money every single day daytrading. That is a biggest myth. NO such thing as making consistent money every week daytrading. I mean.. maybe you will break even a few times and make chump change.. but you will not make a living every single week.

Here is what traders want.... they want great liquidity.. super fast fills... no worries overnight... massive leverage, cheap commisions.. The answer to these needs is EMINIS. The only problem is that no one really makes a living daytrading them.

--MIKE
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I think I know where you stand. I'm guessing that by your above post, you don't fall into the category of those "making consistent money every week daytrading." Also, I don't have to trade the way you think is best. It infuriates me that you have the audacity to continually lecture me. If there's one thing I don't do, it's debate my opinion.

At this time I think it wise to reiterate something I said at the beginning of the journal.

Quote from AFterburner:

Please do not use the information in this journal for trading decisions.
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Quote from darkhorse:


Imagine all net positive traders standing in line to receive their paychecks from the market. The order of pay goes from biggest and best to smallest and worst. The guys at the front of the line always get the biggest lump sum. The guys at the back of the line always get the smallest, some of them only pocket change.

Look in front of you. See all those thousands of guys? See the titans at the very front making five hundred million a year, all the way down to guys making 30 or 40K? See all those blood stained veterans, lightning fast mavericks and ruthless soldiers of fortune? The pie is limited, and aaalll those dudes ahead of you have to be paid in full before you get to see a single red cent.

Now look the other way. How many people are standing behind you in line? Maybe like three other fish who just managed to struggle across the zero line. When you make it into breakeven land, there's an old guy with balloons in a blazer and top hat who shakes your hand at the gate: "Congratulations, you can finally pay your nut without bleeding to death! Here's fifty cents, don't spend it all in one place."

Still want to make a million? Or just a measly little hundred K? Fine. Great. First you have to get past all those other experienced hardcases who would rather eat dog vomit than give up a single spot in line. It's easy to take money from sheep- all you have to do is push the other wolves aside. Snicker.
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May the Lord answer you when you are in distress;
may the name of the God of Jacob protect you.
May he send you help from the sanctuary
and grant you support from Zion.
May he remember all your sacrifices
and accept your burnt offerings.
May he give you the desire of your heart
and make all your plans succeed.
We will shout for joy when you are victorious
and will lift up our banners in the name of our God.
May the Lord grant all your requests.

Now I know that the Lord saves his anointed;
he answers him from his holy heaven
with the saving power of his right hand.
Some trust in chariots and some in horses,
but we trust in the name of the Lord our God.
They are brought to their knees and fall,
but we rise up and stand firm.

O Lord, save the king!
Answer us when we call!
 
Quote from AFterburner:

I would assume that it would probably go down at some point during the day, and I would also think that Friday's low of approximately 1480 should be tested. If I had to guess, I'd say that the market would close tomorrow either unchanged or down slightly.
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This and the fact that the tape was pointing up were the only things that kept me in Trade 2. I told myself that it at least had to come back to 1484.5. I should note that there really was no entry for Trade 2. I saw that the tape was pointing up and got in because I was afraid I'd miss out. Not the greatest of ideas. It almost seems like I was chasing the market, which in a way I was. I was under the impression that the fast up move would occur directly after the fast down move, not over two hours later.
 
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