Passage to $1 Million

I am slowly going to get into the game.....I'm going to fund my account with 5k and receive 4 to 1 leverage....I'm 27...I started educating my self on Investing, Swinging, Daytrading at the age of 18....I'm A Jack of all & Master at none yet lol...Based On My personality I'm focused on day trading...The basic structure of my strategy will be daytrading from a web based platform and having esignal browser as my charting software..because I have a full time Consulting job and can't download software to my comp at work....Also, I will not touch any profits while I continue to work and hopefully grow my account to 25k plus, and put my 10,000 hours in while reaceiving decent income from my job.


MP
 
Quote from trading_time:

you seem eager to answer questions.. I am not trying to pry.. I am just thinking maybe you didn't see mine.

Its on page 4, 3rd post down... thanks...

TT
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Trading Time,

I'm sorry I missed your initial question, thanks for reposting so I could address this.

I day trade for a living. I trade outside of the challenge account, so to keep the number of contracts manageable I want to cap the contracts. As I already trade a large number of contracts, even going all the way up to 144 will be a stretch.

The exact number 144 comes from it being a fib numbers :).

Thanks for your question,
Smiles
 
Quote from mpbizman:

I am slowly going to get into the game.....I'm going to fund my account with 5k and receive 4 to 1 leverage....I'm 27...I started educating my self on Investing, Swinging, Daytrading at the age of 18....I'm A Jack of all & Master at none yet lol...Based On My personality I'm focused on day trading...The basic structure of my strategy will be daytrading from a web based platform and having esignal browser as my charting software..because I have a full time Consulting job and can't download software to my comp at work....Also, I will not touch any profits while I continue to work and hopefully grow my account to 25k plus, and put my 10,000 hours in while reaceiving decent income from my job.


MP
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no offense, but it sounds like you won't be having any profits anytime soon.
 
I am looking for the ES to have put in a significant low today. To take advantage of this, I have placed the following trade.

This is outside of the challenge account:

I have initiated an option play. Purchase SDS July 34 Puts for $1.44.

I expect there to be a significant push high on the ES.

Smiles
 
Quote from mpbizman:

Why Is That?
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I sent you a PM explaining why you'll fail as a trader. Read it carefully several times before you go any further. My words will save your trading life, I promise.

(Sorry the mean people got to me again...)


Smiles, I also feel a low has been put in for now, barring any major adverse news. The daily ES chart looks strong to the upside. Are you doing an options play vs. ES swing trade as protection against potential news-related gap?
 
Quote from smilestraders:

The exact number 144 comes from it being a fib numbers :).
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Does that mean if you tell us you put on 144 cars, you'll be fibbing?

OK, that's "gross" (pun intended).
 
Quote from NoDoji:

I sent you a PM explaining why you'll fail as a trader. Read it carefully several times before you go any further. My words will save your trading life, I promise.

(Sorry the mean people got to me again...)


Smiles, I also feel a low has been put in for now, barring any major adverse news. The daily ES chart looks strong to the upside. Are you doing an options play vs. ES swing trade as protection against potential news-related gap?
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NoDoji,

My studies show a significant low is in place with a very nice upside potential on the ES. The option play on SDS is used to help capture that upside potential. I don't view it as a hedge or anything, just using it as a way to capture the move higher.

Thanks for the comment,

Smiles
 
Quote from NoDoji:

Does that mean if you tell us you put on 144 cars, you'll be fibbing?

OK, that's "gross" (pun intended).
More...

LOL it must be friday. Traders getting relaxed for the weekend. Hope everyone enjoys their weekend. Take some time to enjoy time with family/friends.

Smiles
 
Summary for Friday 06/25/2010

L @ 1072.50 s/o @1067.50 -5/contract
L @ 1066.75 s/o @ 1063.75 -3/contract
L @ 1072.25 1st target @ 1078.25 +6 2nd contract exit @ moved stop @ 1075 +2.75 points
L add-on @ 1076.25 exited @ b/e stop

Overall for the day -7.25 points for the day trading 2 contracts.
 
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