AMT is the real deal. If you have not talked to him or watched him trade then you might think he's full of it. He's able to pull points out of the market even when you think it's against him. The best part is that he's very open with his methods and help. Unlike some traders who charge you for every bit of info they give you. I think my trading has greatly improved because of his posts. He really gets you to think outside the box. But if you want a mechanical perfect method, then you will be disappointed. I think some people get mad at him because they think he has the Holy Grail of trading and will not share it with them. But, when you read his posts it's just that he is able to handle fear and greed VERY WELL. Also I have my money on AMT winning this contest. I wish I could buy some stock on him. By the way I hope everyone had a great Christmas and will have a great New Years!
sell stop 3 ymh4 @ 10260 sell stop 3 ymh4 @ 10230 sell stop 3 ymh4 @ 10190 buy stop 3 ymh4 @ 10330 buy stop 3 ymh4 @ 10360 buy stop 3 ymh4 @ 10390 letting the market come to me. target is a time, fill, price/volume based 1.) looking for the shorts due to. a. daily chart formations and decreasing volume even before the holidays. b. potential descending triangle on the 60 minute chart. c. some news/fundamentals. with each fill the opposite side is brought closer for the stops. ex. if the sell stop 3 @ 10260 is filled: then the buy stop at 13390 is replaced to a buy stop at 10300. ** newbie here still so don't laugh too hard!!
Ditch was wrong. However, Chris, you made a point of posting a number of short position trades you made between 11/21 and 11/25. But, you never posted the fact that you covered those position trades for a loss of I'm guessing at least 70-80+ ES points. Its only fair that the bad get mentioned along with the good.
Wareco, You' re right, i was wrong, in fact it were those trades that made me skeptical. Chris, my apologies.
This competition should be among those whose sole source of income is trading..period. I am not taking away from AMT's ability, but trading as a sole source of income is wayyyy different then knowing you can cover the monthly nut with other monies coming in. Just my opinion, but it's a big difference indeed. I have been on both ends of the equity curve, and when you are trying to pay the mtg, car lease, etc ..trading thru that lens has a way different feel. Best, David
It seems this contest has a lot of people writing the rules after the contest has begun. Not that any of these rules has affected me.....I am in a swing position of days not hours, I trade as a sole income, and I am entering end of day prices. But this is getting a little nit-picky for me.
What rules are we rewriting..and whose being nitpicky..people who have jobs are not full time traders ..period..trust me if was covering all HH expenses with a side income..I'd be much more aggressive as well. I don't know about you..but as of 12/23 I closed out 77 positions (from 103, incl. options sales) from 11/10/03 at a $29,000 profit in 5 weeks, and this is all I do. I just think this would be a better competition amongst those who live and die by the PL. Best David
David, the points that you and OldTrader bring up are legitimate in normal, day-to-day trading. This, however, is a competition and, as such, merits completely different tactics. The aim is to have the highest equity at the end of X days. Blind adherence to the tenets of prudent money management is an invitation to finish out of the money. Consider this extreme example of a blackjack tournament in which only first place gets paid, where you are in second place trailing the leader by $100, and the last hand, for $75, is now dealt to you. You are dealt 19 versus the dealer's 6. In normal circumstances, basic strategy dictates that you stand and this indeed is a very favorable position to be in - in this tournament, however, your only choice is the vastly inferior and "not recommended for daily use" strategy of doubling down. You either win $150, and the tournament, or you go home.
I see your point..I am a bit agitated tonite..in-laws in from Europe for past 3 weeks! I need to get out! Point taken, David..... I need some more wine! Gn all...good trading
Impressive results any way you want to count it. Good trading! Have a happy new year. Best regards, Trapper