The Million $$$ Quest 2006

[Ripley]

Quote from ksonsinc:

HEy ripley
Imagine trading from 2.45am to end on the day till the Usa market closes man
THAT IS SOMETHING
I hope u r making a lot of money man $$$$$$
DO u also trade the NIKKIE - ?
How is all the experience

I did that primarily to speed up my learning curve rather than to do anything else. But, also the fact that.. if you can scalp, or is good at it.. All the markets regardless of time, place or point value are just the same thing: just another market to milk money out of. I also felt since I was starting to be a consistent trader, the more markets I scalp & the more time I put into my work, the more $ I could make. But, it is tiring to wake up at 2:45 AM EST. Well, waking up isn't the hard part, but.. going to sleep early is the hardest part.

 

[ksonsinc]

Well that,s nice
I think if a person is good he make make good money in any market but u should not be greedy that what i have learnt.
By the way the DAX how does it work like how much is a point or a tick if you don't mind
I am seriously trying to take note,s and trying to get how much every knowledge is possible
Advice is greatly appreciated

 

[Ripley]

NIKKIE?

lol.. thats funny. I just noticed it. Reminds me of this girl I grew up with. Nikki by the 'hood.. I never traded NIKKEI

DAX has a 0.5 pt tick value, with a $ value of $12.50 EUROs per tick. And its pretty explosive. One should only take on DAX after some solid learning trading the U.S. e-minis.

 

[ksonsinc]

HEy Ripley did u catch some of the +100 point,s on the YM today.

 

[Ripley]

Day 28

UP..

Such a great day to trade. Huge moves, and up we went all day.

As always I could've traded a lot better... & taking a trade overnight wasn't the right thing to do either. I am long at 11,039 and lets just hope the strenght continues and it gaps up.

 

[Ripley]

Day 29

Disgrace...

I am a disgrace to all the newbie traders all around the world. My trading is wild, it sucks. Going in with no pre-defined risks, adding more cars at the wrong time etc.. Just out of control for the last couple of days. Taking losers overning etc.. tunring losing day trades into even riskier swing trades.

Last 4 trading days (F,M,T,W) has to be the craziest trading days I have ever seen.

I don't have any more time to post in here.. I am so busy with so many things.. But, even then.. I must persist on...


Always stay in Control...

Never Wish...

& Protect your ass on all trades at all times...

 

[lilduckling]

Ripley if things ever get to crazy and your trading is effected.... do what im doing and take time off from trading.... recharge your batteries.

 

[Ripley]

Day 30

Chaos...

This is what usually happens after a chaotic week.. My desk is a huge disorganized mess and filled with 20 million things to take care of. My sleeping times are out of order.. & I am completely out. It would take 2 weekends to recover.

All that is magnified when a sure thing trade on my swing trading account turned into a disaster where it is going to take out a huge chunk of equity till something happens fast.

It happend because I don't use a stop on sure thing trades. And I only take sure thing trades on my swing trading account. Added to losers.. etc etc.. the whole 99 yards.

I need to get back at it..


Writing a second check to a commodity broker

is an admission of defeat;

traders who arrive at this sorry state of affairs

are psychologically damaged

and have very little chances of ever breaking even;

never mind winning.

 

[Ripley]

Day 31

Excited...

Got so much to do.. yet so little time. I wasn't focused on trading in the afternoon... I think I took a long lunch break, and watched TV waiting for markets to move a bit. Which it really didn't do till the very last half hour.

I am so excitied about DD.. I get to grow up with a contract from the very beginning:

 

[Ripley]

Trading can easily take over your life and ruin you;

the world is full of commodity junkies who have to call

their brokers twenty times a day for a fix.

Irrelevant information is your number one enemy.

Do not be seduced by it, and keep your distance.

Accept that from time to time the market is going to

make an enormous fool of you; that is its nature.

Smile at its contrariness, and in the end

you will have the last laugh.

Winners don't worry about the market;

they don't have to, for they are secure in their own knowledge.