S/R Emini Journal

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Quote from 4re:

Yes there was...but I would rather wait for tomorrow instead of sitting around watching this type of day
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And no need to force what isn't there. As always, there's more than one way to skin a cat.

And to go completely off topic here, I've got a book recommendation that I figure Gary, as a former sailor and soldier, and many of you will enjoy.

The book, Warlord: No better friend, No worse enemy, by Ilario Pantano, details the author's second tour in Iraq (the first as a 19 year old Marine in Desert Storm) during the current war and weaves it around his military murder trial. The trial was headline news during April of 2005 but somehow I don't recall the coverage.

Regardless of your politics or stance on the war, this book is as a compelling read as Philip Caputo's Rumor of War.

Big two thumbs up.
 
hell no go look at the p@l blotters .everyone made $500-3k today. barely anyone lost and the market was as flat as a pancake. amazing how all on et make money every day no matter if market up down or flat
 
Quote from 4re:

Hey Guys,
I been out almost all day, earning my right to be right here in front of my monitor all day tomorrow. I will probably go out for a little in the morning also but I am going to be pumped in the afternoon. I don't care which way it moves just move BIG.
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Hi 4re,

I'm curious about something. Doesn't the FOMC announcement come out at 2:15 ET? Will you be playing an after-market move? What am I missing?

http://www.deltat1.com/economic-events.htm

Duh! Had my time zones confused. There should be some very nice afternoon action.
 
Quote from riaamaan:

Hi 4re,

I'm curious about something. Doesn't the FOMC announcement come out at 2:15 ET? Will you be playing an after-market move? What am I missing?

http://www.deltat1.com/economic-events.htm

Duh! Had my time zones confused. There should be some very nice afternoon action.
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Wheew, I sure am glad I didn't have to explain time to you. That would have given me fits...LOL

Have a good day
 
Greetings,

Its been a while since last here,could someone answer a naive couple of questions for me?

1 Ive seen the abbr. used "TF",could someone clarify?

2 Tax time,This will be my first year with futures trades,and some days theres alot.How do most of you handle your trade data for the IRS,"Tradelog" or something along those lines?

TIA and Peace,
Tom
 
Tom -

1. TF = Timeframe

2. The nice thing about futures (unlike stocks or options), is that all you have to report is the net profit/loss at the end of the year (which will come on a statement from your broker). There's no need to report all the trades to the IRS. The extra bonus is that futures are taxed at 60% long term cap gains rates and 40% short term cap gains rates (regular income rates), no matter how long you hold the position (even day trading). For most profitable traders, this represents a decent tax savings versus day-trading gains being taxed 100% at short term rates on stocks and options.

Sandy
 
TF = Time Frame

Taxes....not sure, but I believe gains are taxed at 60% long term capital gains and 40% as ordinary income. I could definitely be wrong here. I seem to remember reading something along those lines though. Perhaps one of the multi year futures traders would have a more credible answer.

Cheers.
 
Greetings,

Thanks for the reply,very helpful.I've been trading several indexes,usually screw myself more often than not.

As some of you may remember,I was martingaling some trades,with my stop as the trigger for the reversal,I used it last week with QG,and caught a real nice move down,only when I covered,I accidently doubled,erasing all the gains,and then some.

Not a good idea unless your nimble with your fingers,and good at handling a volatile move.

Thanks again,
Peace,Tom
 
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