The Evolution of an E-mini Trader

[Huios]

Originally posted by dotslashfuture
...then try hard stops.

If they stay above a point, then I will. Actually thought about starting out that way, but didn't.

 

[Huios]

nkhoi, I just removed my name from their free email letter. I really liked Lo's old website "Intelligent Speculator". I actually copied most of her "Trading Book" (for lack of a better description) in a word doc. 66 pages!!

 

[js1257]

Huios whose calls were you playing on Friday?

 

[Huios]

js, sorry, but it was not a pay chat, but one of the several public s&p chats I frequent during the course of the day, so I'm not gonna divulge, besides, it doesn't really matter, what matters is I was not playing my game, but a combo of his and mine.

 

[js1257]

paltalk or mirc? I probably sat in on most of them. I think woodies is the best with some darn good traders. I was just curious.

 

[lundy]

what name u go by on paltalk?

i go by name burfi. I traded with some guy Mar*****, he's a legend.

 

[dotslashfuture]

its interesting that you only got into trouble when you tried to daytrade. I had the same experience and I'm sure lots of other people have as well. I sometimes do an overnight trade on an index but I try to force myself to go for multiday trends.

 

[js1257]

lundy I go by js1257. I don't hang out in any room but I might pop in for a little while, though I find it distracting to try to read and watch charts.

 

[Huios]

Originally posted by dotslashfuture
its interesting that you only got into trouble when you tried to daytrade...

What got me into trouble is I didn't understand the game, and was playing it like I was used to playing it. Not that I understand it now, just know one way it ain't played!!!!

The last thing I thought I would be doing is daytrading. But that seems to be where I ended up. Go figure. Electronic markets, lower fees, liquidity, lower risk parameters, flat at the end of the day, speed of execution, are some of the reasons I migrated to this type of game.

 

[AAAintheBeltway]

Huios,

You are learning and that is the key at this point, that and keeping in the game. I think it would be educational for you to get some backtesting software and see how various strategies work out. Also, you can experiment with various stop levels and profit-taking approaches. You might be surprised to find that most of the well known indicators give no edge and using too tight a stop will kill any system.

Just my opinion but I think trading more than 3 or 4 times a day is not a good approach, particularly for a newbie. You will get ground down over time by frequent losses and commish and you will get in the habit of taking quick profits. Good luck.