S/R Emini Journal

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It's been a quiet day since this mornings activity. All of my indicators in all TF's have been relatively flat. Had a hard time staying awake.
Unless something unusual happens it looks like it over for the day. Then again, "It's not over till the fat lady sings".
:)
 
Quote from romik:

Gary, I am curious here, have you made comparisons trading your levels to trading yesterdays High/Low breakouts?
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Yes, I have done some studies and the win/loss ration wasn't quite as good. I tried it going for different target and S/L. It just didn't work out.
 
Greetings,

Great forum,I was interested to see the Martingale theory mentioned,as its a betting strategy for roulette.Its guaranteed to at least break even,though a long losing streak can make the bets huge.

I was going to use the same idea,it seems with some chart skills,and the R/R in your favor compared to roulette,the downside appears limited.

I am in need of a good book on getting the mind to think logically about trading.Having a stock move against me for 5% bothers me less than a 10 point stop out on a YM trade.

Without being an expert,futures looks much more profitable,with proper risk control I dont understand why they are portrayed as a losing trade vehicle?

Is there any data on how many can make a living trading minis?
My job sucks,and if I could net $300 a day from a 30 k bankroll,Id quit tomorrow,has it been done?

cordially Tom
 
Quote from Thom64:

Greetings,

Great forum,I was interested to see the Martingale theory mentioned,as its a betting strategy for roulette.Its guaranteed to at least break even,though a long losing streak can make the bets huge.

I was going to use the same idea,it seems with some chart skills,and the R/R in your favor compared to roulette,the downside appears limited.

I am in need of a good book on getting the mind to think logically about trading.Having a stock move against me for 5% bothers me less than a 10 point stop out on a YM trade.

Without being an expert,futures looks much more profitable,with proper risk control I dont understand why they are portrayed as a losing trade vehicle?

Is there any data on how many can make a living trading minis?
My job sucks,and if I could net $300 a day from a 30 k bankroll,Id quit tomorrow,has it been done?

cordially Tom
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Hey Tom,

First I don't believe Romik was really referring to the Martingale system with his question yesterday, maybe a modified form anyway. But I don't recommend using such a system as it turns from trading into gambling and leads into revenge trade mentality. Not a good thing when trading futures.

Second, I am sure somewhere out there somebody has taken a 30K bankroll and made a living off of it. But with futures you will always have a string of losing days. I wouldn't think that trading futures with 30K would be a great way to make a living unless you have proven that you are a really great trader already. Not knowing what your trading skill level is at this point I would not advise it full time at this point. Why not take your 30K and start trading futures very small at first and build it up. If you can be consistant for a period of time and have built it up considerably then maybe transition in to full time.

It just seems like everybody expects this to be easy money and that is why individuals trading alone don't have a very good track record. The psychology will start nagging at you from the very beginning because all of a sudden you HAVE to perform in order to survive. I believe a big part of my edge is that I am trading with disposible income. If I lost it all I could still survive. I'd be pissed but still survive.

Hope this helps,
Gary
 
Sorry Guys,
I have been getting my butt kicked with work right now. I didn't even get to charts last night as I was getting caught up with accounting and misc paperwork. I won't be trading today either. Should be back in full swing tomorrow.

And yes, I did have a failed trade set-up yesterday. I wasn't able to trade it but if I was I would have lost and no other trades came up for me to break even. It does happen and hopefully anybody who made the trade can come back today and get that money back. I will drop in and monitor a couple times during the day today when I get a chance to. I hope you all have a good trading day. Let know how it works out.

Gary
 
Quote from 4re:

Sorry Guys,
I have been getting my butt kicked with work right now. I didn't even get to charts last night as I was getting caught up with accounting and misc paperwork. I won't be trading today either. Should be back in full swing tomorrow.

And yes, I did have a failed trade set-up yesterday. I wasn't able to trade it but if I was I would have lost and no other trades came up for me to break even. It does happen and hopefully anybody who made the trade can come back today and get that money back. I will drop in and monitor a couple times during the day today when I get a chance to. I hope you all have a good trading day. Let know how it works out.

Gary
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for today's resistance 1247.5-1248.0 area looks prime, if by T-Day volente 00 means "this market is going to blast to the upside" i'd have to agree with 'em. i mean, i've only being saying it for the past 5 days :p .
 

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Quote from JimmyJam:

for today's resistance 1247.5-1248.0 area looks prime, if by T-Day volente 00 means "this market is going to blast to the upside" i'd have to agree with 'em. i mean, i've only being saying it for the past 5 days :p .
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Are you saying that with a 50/50 guess we all have to be right sooner or later???LOL...Just playing with ya, JJ
 
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