tag:blogger.com,1999:blog-9032445040623191995.post9031461117438870091..comments2023-09-10T02:56:07.392-05:00Comments on E-Mini Player: EMini S&P 500 Futures Trading Education and Analysis: Thursday 05/21/09 - Good News/Bad NewsE-Mini Playerhttp://www.blogger.com/profile/08254731622932971485noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-9032445040623191995.post-9718112800927629352009-05-24T22:43:51.710-05:002009-05-24T22:43:51.710-05:00First of all, congrats, EP! It's good to have a jo...First of all, congrats, EP! It's good to have a job. I wish I am as motivated to look for one. Not having a job does something to your psychology. Trading with capital that's not growing is no fun. <br />And I see that you bought Al Brooks :-) He's driving me nuts! Doctors have that effect on me LOL! Seriously, you'll keep having to refer to his "glossary" page for definitions of the terms he uses. And he tends to skip a few steps in his explanations so you keep having to go back to it for deeper understanding. And there are lots of typo with candle numbers e.g. when he would mention candle 3 when he actually meant candle 8, etc. <br />But it's a good book :-)Juleshttps://www.blogger.com/profile/13279368221859540562noreply@blogger.comtag:blogger.com,1999:blog-9032445040623191995.post-4487220290456287212009-05-22T19:17:11.966-05:002009-05-22T19:17:11.966-05:00Thanks for the comments guys (or girls)! :)Thanks for the comments guys (or girls)! :)E-Mini Playerhttps://www.blogger.com/profile/08254731622932971485noreply@blogger.comtag:blogger.com,1999:blog-9032445040623191995.post-63130153392014824992009-05-22T18:10:45.080-05:002009-05-22T18:10:45.080-05:00I am trading full time. I think many traders suff...I am trading full time. I think many traders suffer from that "impatient" trading syndrome you mentioned. Luckily, I have a good cushion that allows me to trade large contract sizes so even my scalps are fairly lucrative to live on. <br /><br />Suggestions: <br /><br />1. Sometimes I set my stops and walk away from my pc. I have a stop watch which hangs around my neck. I will usually give 3-5 minutes to allow for usual retracement before I venture back into my office to see how the trade fared.<br /><br />2. While I enter trades at the 1 min timeframe, I then switch to a <br />5 minute chart for exiting. The <br />1 min timeframe is critical for my entries, however, the 5-min chart conceals the typical retracements and slows things down for me.<br /><br />3. Know the target exit price:<br />I scale out of my positions by<br />taking half-off at 2 points. 1/4 off at the first s/r level and I use fib tools to offer target ranges of -23.6 or 161.80 for 1/8 and the remaining 1/8 is set to b/e. <br /><br />4. Never look at the money or have dollar goals. A bad habit is to monitor daily balances and $ amounts this causes more impatience while trying to "end the day/week/month" on a profitable note. Instead, I concentrate on the trade itself knowing that end the end of the day, the money will come if I perform correctly.<br /><br />5. One of my acquaintances suffered so much from the inability to pull the trigger and trade mismanagement, that he partnered up with someone. He would monitor his software and call out the signals to his partner who would enter/exit robotically.<br /><br />6. Automate: my algorithm is about 11 months old and is going very well. However, the only way to insure proper execution is to automate with my broker. It may take me another year to work that out (or less for a semi-auto version).<br /><br />I hope that this helps.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9032445040623191995.post-11937164022170039462009-05-22T12:30:14.273-05:002009-05-22T12:30:14.273-05:00Congrats on the Job front. I agree you should take...Congrats on the Job front. I agree you should take it and really try to build a cushion for when you eventually go fulltime. I'm in the same position, have a job and saving to eventually go full time well capitalized plus all living expenses for a while. What you don't want, as you mentioned, is to be undercapitalized and start making mistakes and be fearful because you may run out of cash. You have to be somewhat comfortable and keep a clear and confident attitude. Also use this time away to hit some books and further develop your strategy since we'll never know enough. I still believe full-time trading is the career to have. Good luck and good job on the posts. <br />nickAnonymousnoreply@blogger.com