Wednesday, May 20, 2009

Wed. 05/20/09 - Last Minute Trade

As noted in yesterday's post, I had a job interview this morning which went pretty well, IMO, but you never know until they present an offer in writing. I got back home around 2:30 PM (central), and immediately fired up the trading PC to check the market...and wow, quite a nice reversal there. Saw a short setting up on the 5-min chart, waited for a couple of minutes, then jumped in short at 905; exited at 901 for +4 pts. Had a couple of small scalps in between and ended with a +5.00 pt gain, which took a whole 10 minutes. For tomorrow, looking for the 888-892 area to hold as support. Here's how the Stats broke down on my 10 minutes of trading:

# of Trades 3
Longs 0
Shorts 3
% Break-Even: 0.00
% Win 100.00
% Loss 0.00
Avg Win 1.67
Avg Loss 0.00
Largest Win (pts) 4.00
Largest Loss (pts) 0.00
Total Win (pts) 5.00
Total Loss (pts) 0.00
Net Gain/Loss (pts) 5.00
ES Daily Range 24.25
P/L as % of Daily Range 20.62

On another note, wanted to give provide an update on my friend who I'm currently teaching how to trade. This is his 4th week trading the ES with 1 contract, and currently his Net P&L is at +$4,363.20 after commissions (87.25+ ES Points Net!) and he still has 2 more days to go in the week. I'm rooting for him and shooting for a +$5K net gain which would mean a 100% return on an initial $5K account within 1 month. And please keep in mind that the simulated fills on the Infinity Sim are technically worst than realistic fills since the Sim doesn't fill your Sell order until the Bid moves to that price and doesn't fill your Buy order until that price is offered at the Ask. The gain was accomplished using 6-8 tick stops, and price action charts only (No Indicators, Moving Averages, Fibonacci, etc). He's proof that simpler is better.

Jobless Claims at 7:30 AM (central), Leading Indicators at 9:00 AM tomorrow morning.

ES/$TICK (5-Min)

ES (Daily) - Watching 888-892 for support


  1. Ever considered teaching, EP? :-)

  2. Glad the interview went well and nice trading today. Your friend is knocking it out of the park! He needs to start a blog!

  3. A good way to figure out what you like doing is to do it for free, and I definitely enjoy teaching/mentoring as long as the person I'm teaching is passionate about the subject matter. At this point, I'm still in the learning process myself, but I would consider teaching/mentoring down the road but becoming consistently profitable yourself is a prerequisite to teaching others. Otherwise, it's just a case of blind leading the blind LOL

  4. Hi,
    was wondering if you are still paper-trading or if you actually placed that orders posted? Also, is the friend you are teaching also papertrading or actually trading his $5k account?
    Either case. would be great to read what methods/signals you use for an entry...



  5. My account at Infinity has been funded and ready to go for months now, but I'm still on Infinity's Sim, which provides worst fills than Live trading. My friend will be funding his account with $5-6K in a week or so. I'll let you all know when we're on real $ live trading. Sim until then.

  6. It's much easier to get a fill trading a live account. The sim accounts tend to cheat you out of that 12.50 buffer that you should be allowed!

    Oh well, when you go from sim trading to real trading I suppose there's a relief at being able to get filled a little closer to where you'd like.


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