At the risk of raining on the parade, the attached chart tells me we some room to go but not much before we encounter either sideways action or a retracement.
Question: When you refer to 200 points are you saying 200 point move in the YM or if you buy 10 contracts and it moves 10 points, that is 100 points for you (10 points on 10 contracts yada yada)? Some people do that when they are talking about ES moves so just want to follow what you are saying?
could someone please teach me how to trail my stop? i am just figuring this stuff out........for the last month.....been working this stuff for 3 months and newbies always take a couple of months to get there...........so they say...... please help a struggling trader .......all the gold friday and i just kep t shorting and shorting and the market kept going up up and away.........why can't i go the direction price is going? why OH why? please advise me about trailing my stop and finding better entries than what i use, wich is about 35 %..........thanks
I just recently made a small tweak to my system that significally improved its profitability. Right now, I only trade one YM contract, and the +200 point expectation is on one contract of YM. But, I tend to add one more contract to a winning trade every once in a while when there is a strong move in my favor. But, the risk basis still stands on one contract.
oso, thanks for the grin........is that not a typical post ? i was actually at a high school baseball playoff game in weimar texas al day friday........friday was a day to drop the coins in the purse....all day long ride 2 moves or enter and exit enter and exit.......i did like some of your trades real time in chat room.......i am phasing way out of here as i now have some family members who need porgie to say, pull the trigger now........happy trading , seriously.........have a magnificent trading career........
So if you trade 2 contracts then 100 points for the week will give you your 200 points. I am asking because I am also working on daily and weekly goals and when I read others I want to know if they are talking about actual point moves no matter the contracts or are multiplying the number of contracts by points. My personal goal in a general sense is minimum 60 points a day on 1 contract, or 30 points if I use 2 contracts, 10 with 3 contracts depending on the signals I get. I am sticking with about 2 contracts a position on average as I get a better feel for my entries and exits. Actual points will be more or less depending on losses or small gain days of course. ALSO, this is on MULTIPLE positions through the day, not ONE position looking for 60 on 1 contract (just want to be clear so that people do not rush in telling me getting 60 points on one move is not likely). Today I got my 60 points but it was on 7 or 8 trades inclulding 2 losing positions. So it is just curiousity of when people say points. So I assume you meant 200 points whether it was 1 contract or always 2 contracts for 100 points, etc... Anyone, hope to post my positions in real-time as best as I can since it is hard ot look away long enough to type when it is on lol... Below are today's trades including the early losses.. Will try and do it as often as possible to keep disciplined.