Swing Trading E-Minis w/ Trade Prospector

J

jasper6

I would be interested to know if any traders here are swing trading the ES/NQ using the Trade Prospector swing trading bulletin. I have been a subscriber for some time, mainly for the SR software and daily commentary. I haven't been using the swing trading entries and exits, however.

Is anyone using these profitably? If so, what type of results have you had?

They appear to require multiple contracts and to scale out as the position moves in a favorable direction. Is this a good idea? Van Tharp seems to argue against this methodology.

Also, the Trade Prospector folk(s) seem to be extremely knowledgeable, but pretty obscure. If you check out their website at http://www.trade-prospector.com, there is no real information on who they actually are. Does anyone know?
 
I remember archangel posting some information about those folks ... seemed to know some about them. Try dropping him an email or PM.
 
Doesn't seem to be a program people swing trade with here? Their email trade summaries appear profitable, but somedays they get chopped up.
 
Jasper -

I use TP for daytrading and multiday swing trading (multiday at least when the darn market moves in one direction for more than a day anyway).

I don't explicitly trade their trading bulletin because I've got my own trading plans and methods, but I refer to the bulletin as a comparison. Van Tharp and some others argue against partial profit taking, but personally I like it.

Absolutely if you get a nice trend, you will definitely leave some money on the table by doing partial exits. BUT, the damn market's often so choppy that I think you get better results using partial exits. At the very least, by taking some profits out, it's easier (or maybe it's just psychologically so for me) to ride out the chop. And I'm willing to potentially leave some money on the table in exchange for that.

I also think those arguing against profit taking have over generalized the situation. They seem to assume some kind of fixed point or fixed % profit taking target in their comparison model. I think the key is having an idea where to take the partial profits not just using a simple fixed # of points or %. I target partial exits near an expected support or resistance area. But also, if it's got a lot of momentum, I will let it run until it stalls rather than just mechanically taking the partial profit just because it hit a predetermined distance or number. So I suppose it's kind of mechanically planned, discretionary execution trading. :)

Of course if you're trading single lots or a single emini contract, then you can't take partial profits. So the best you can do is manage the trailing stop as if you had. If you're chopped, you don't have the buffer of the partial profits, but at least you've got a mechanism to limit your down side.

You could maybe try following the trading bulletins for a while and see how (or if) you could integrate its ideas into your trading.
 
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