I would not expect anyone to be taking the trades posted. As stated previously:
My goal is to show that it is not impossible to achieve decent success with modest capital available.
Smiles
Passage to $1 Million
- Thread starter smilestraders
- Start date
I would not expect anyone to be taking the trades posted. As stated previously:
My goal is to show that it is not impossible to achieve decent success with modest capital available.
Smiles
Summary for Wed 06/30/2010:
A great day!
L 1039 1st Target 1044 +5 2nd b/e total +5
L 1035.50 1st Target 1040.50 +5 2nd exit 1037.25 +1.75
add-on L 1038 (part of 1035.50 L) exit 1037.25 -.75 total +6
S 1043 exit both 1028 +15/contract total +30
L 1024 exit both 1026.50 +2.5/contract total +5
A total of +46 points with 2 contracts (+23/contract).
This was a nice break out from these last few days. Looking forward to the account resuming nice growth.
A great day!
L 1039 1st Target 1044 +5 2nd b/e total +5
L 1035.50 1st Target 1040.50 +5 2nd exit 1037.25 +1.75
add-on L 1038 (part of 1035.50 L) exit 1037.25 -.75 total +6
S 1043 exit both 1028 +15/contract total +30
L 1024 exit both 1026.50 +2.5/contract total +5
A total of +46 points with 2 contracts (+23/contract).
This was a nice break out from these last few days. Looking forward to the account resuming nice growth.
Well played, Smiles!
As for following another trader's posts, I find it useful to analyze various traders' strategies, especially exit strategies for obtaining maximum profits. I would guess that if 20 traders entered every trade at the exact same price and time as Smiles today, you'd get 20 VERY different results.
I participate in a live trading room and learning someone's setups and entries is easy. We usually know each other's entries almost to the tick before they are announced, but managing the trades for maximum profit is where the real work is put in and it's a never-ending refinement process IMHO.
I don't follow Smiles' tweets because I trade CL which requires about 5x more focus than I seem able to manage at this time, but if I were trading ES actively, I'd find it very enlightening to follow along, even if I took completely different trades.
As for following another trader's posts, I find it useful to analyze various traders' strategies, especially exit strategies for obtaining maximum profits. I would guess that if 20 traders entered every trade at the exact same price and time as Smiles today, you'd get 20 VERY different results.
I participate in a live trading room and learning someone's setups and entries is easy. We usually know each other's entries almost to the tick before they are announced, but managing the trades for maximum profit is where the real work is put in and it's a never-ending refinement process IMHO.
I don't follow Smiles' tweets because I trade CL which requires about 5x more focus than I seem able to manage at this time, but if I were trading ES actively, I'd find it very enlightening to follow along, even if I took completely different trades.
Thanks NoDoji,
As someone who has been around for a while, I expected that you would understand what the journal is about.
Again, thank you for the support and encouragement!
Smiles
No one is saying that's not possible. But that's quite different to turning 3k into 1 million in 6 months. The reason people are rightly sceptical is because the vast majority of people who claim this are clueless noobs/gamblers who are going to blow up. Perhaps a tiny handful of traders actually *can* turn 3k into 1 mill in 6 months, but those few very skilled traders will readily admit to you that it has to involve a huge dose of luck, and the willingness to take huge risks, as well as ability and good trading. They certainly don't start journals asserting they will do so in advance.
Bear in mind that if you can turn 3k into 1 mill in 6 months via skill in the ES, then you can turn 1 mill into 30 mill in another 6 months. And that 30 into 1 bill in another year (we'll allow double the time because of increased slippage). How many people have made 1 billion from trading ES futures, let alone 1 bill in 2 years, after starting with 3k? No one has ever done anything remotely close to that.
Passage to $1 Million
As you have outlined what you are doing, from that you will not make your fortune.
Of course I would like every trader to succeed. But that doesn't happen. Nevertheless it is possible to learn, to map out a plan with a sound methodology and execute success at a very high level. Importantly, day trading is the right course for the amateur.
Only the metrics of a market tell you what are the maximum points made available through the daily gyrations (eg CL), open to close. From those daily maximums you begin to see what you can reasonably obtain with a tested and successful methodology. And going onward, it is possible to make yourself rich.
As you have outlined what you are doing, from that you will not make your fortune.
Of course I would like every trader to succeed. But that doesn't happen. Nevertheless it is possible to learn, to map out a plan with a sound methodology and execute success at a very high level. Importantly, day trading is the right course for the amateur.
Only the metrics of a market tell you what are the maximum points made available through the daily gyrations (eg CL), open to close. From those daily maximums you begin to see what you can reasonably obtain with a tested and successful methodology. And going onward, it is possible to make yourself rich.
Daily Summary For Thurs 07/01/2010
S 1026 s/o 1027.75 -1.75/contract total -3.5
L 1020 s/o 1017 -3/contract total -6
S 1016.25 exit both @ 1013.25 +3/contract total +6
L 1013.25 s/o 1012.50 -.75/contract total -1.5
S 1022.50 exit both @ 1019.75 +2.75/contract total +5.5
S 1021.50 s/o 1023.25 -1.75/contract total -3.5 points
A back and forth day. A couple of the trades (S 1026 and L 1013.25) got stopped out and then went a long way in the direction of the trade. Oh well, those things happen. There are the times when trading can mess with your head. The important thing is to have a trading plan and to stick to it. Experienced traders have an edge and stick to it.
Overall for the day ended up -3 points trading 2 contracts (-1.5/contract).
S 1026 s/o 1027.75 -1.75/contract total -3.5
L 1020 s/o 1017 -3/contract total -6
S 1016.25 exit both @ 1013.25 +3/contract total +6
L 1013.25 s/o 1012.50 -.75/contract total -1.5
S 1022.50 exit both @ 1019.75 +2.75/contract total +5.5
S 1021.50 s/o 1023.25 -1.75/contract total -3.5 points
A back and forth day. A couple of the trades (S 1026 and L 1013.25) got stopped out and then went a long way in the direction of the trade. Oh well, those things happen. There are the times when trading can mess with your head. The important thing is to have a trading plan and to stick to it. Experienced traders have an edge and stick to it.
Overall for the day ended up -3 points trading 2 contracts (-1.5/contract).
This is the line between amateur and pro.
I have a trading plan for every trade.
I have excellent risk management.
I have an edge.
What I'm still missing, the thing that separates me from crossing that line to professional, is taking every signal mechanically without hesitation. Because if you have a statistical edge, yet you don't take trade every valid setup, you become a gambler instead of the casino; you dilute your statistical edge by picking and choosing from among all your valid setups. If the dealers at a casino started choosing which hands they wanted to play instead of having to play every hand, the casino would lose its edge and go out of business.
All traders who have missed a great trade because of hesitating to take a valid setup, then started trading mediocre setups to try and get back what you missed and ended up chopping yourself to death, please raise your hand
