Emini SP Trading 2008

[SSI]

Hello guys, just thought id drop back in to say hello and share my trades in the Emini SP 500 market......

Ill try and answer questions that you may have......... The emini sp 500 is a minature version of the big SP 500 market, that im sure your familiar with. It trades at (1/5) the size of the big SP and is ideal for the small trader........

This market trades roughly around the clock and in a way is the greatest form of gambling that ive ever seen and you can do it all legally from your own living room....... You can make all you want or lose all you want and not have to worry about getting paid or anything like that...

If your a gambler or investor and are getting tired of locals or the offshore world........ This may be something for you to look into..... Its not for everyone and you really should educate yourself before trying it but it also is not rocket science and in many ways is like gambling........

This market ends the trading day (mon-fri) at 3:15 cst and them opens for the next days trading at 3:30 pm cst, so its roughly closed for 15 minutes..

It takes currently ($3800) in your account for every one contract that you hold overnight............ For every pt the emini sp 500 moves, its $50 either for or against you.......... You can wager (might as well call it that) that it will go up or down, makes no difference, this is how it differs from simple stock trading (ill explain this comment later)............

currently we are trading the March ES 500........ the current price is (1421) and is available for trading.......

if you have never checked into this, you may want to..............

im going to try and list a few trades......... any ???????? feel free to ask..


Hitman, do you ever trade this commodity and it is considered a commodity..

 

[SSI]

I trade at "Redlands Futures and Options", they clear trades thru RJ Obrien, one of the oldest firms around.......... I can trade either electronically or thru a broker........ My broker is Nick Kioussis and is in Redlands CA........... i pay $25rt but comminssions will vary depending on account size and the number of trades that you make......... i pay the $25rt for full service, i want that noted........... He is in his office for after hour trades or you may get the number to the night desk or you can simply set up your online trading platform for reduced comm charges........

Im going to study the charts now, which i have been for several hours and look for a possible trade.............

Ill try and lay it out for you in simple english........

Hitman, you around............... Is this thing going alot lower? whats your opinion for the remainder of this week........

I dont want to call myself a daytrader as i may stay in trades for a few days, i prefer the term "short term trader"....... always playing with (stop-losses) in place to limit risk..... Learn to trade and read charts and you can retire, or mess with fire and get burned.......... as i stated this in many ways is the ultimate form of gambling............ can you imagine a game starting every day any minute that you wanted, well this one does.......

 

[SSI]

this is a good way to trade the overall market without investing in any individual stock and is a good way to hedge your stock portfolio........ if you own a lot of stock but think the market is going lower in the near term, simply sell yourself several emini sp contracts or a few of the bigger sp contracts........ this will hedge your stock position immensely in the short term.......... great for the longer term investor.........

todays high in the emini sp 500 market was 1432.25, the low today was 1410.00........ the last trade was at 1421 and that is where we are currently at......

Looking back at a daily chart (not an intra day chart), we can see that we are nearing the lows and actually today broke thru contract lows.. However we didnt come close to a Key reversal (more on this later) in the market...... in looking at the chart, we can see some solid resistance just over 1440 and the downside could become a freefall with trades under 1410, there would just be nothing to hold us up......

If anyone reads this, whats your opinion on the next 4 days in the market... Id like to make a $1000 this week, so what is it fellas, up or down.

Is the fed going to cut another 50 basis points or merely 25, did we resolve that yet....... rumors were for 50 and we still couldnt muster a big rally today....... I thought todays action was rather poor........

I must admit that im biased to the downside but im always flexible........

anybody interested in this or learning to trade this market, let me know and we can slowly walk thru this..........

 

[Hitman26]

Yeah I'm around. I have no idea what the market is going to do in the near term. I try to buy good stocks and hold them for 5 years or more. Go into the politics forum and check out the thread "sell sell sell". There is a running daily commentary on the current conditions of the market, the price of oil and gold, interest rates, etc etc. I am a bull by nature but I was also bullish in 2000 before the crash so I'm no expert. I guess we are heading into a recession for 08 and maybe 09 but that hasn't been proven yet for sure. I don't dabble in futures/commodities but I do love options on stocks and etf's which is pretty much the same thing.





Good luck with your 2008 ventures.

 

[magicnlove]

Hey

I'd love to learn emini trading. I heard it was a great way to make money.

I heard you make 5-6 points a week, or every few days.

 

[Waz]

SSI,

Do you trade based strictly on technical analysis? Which indicators do you use? Moving averages, MACD, RSI, etc?

 

[Waz]

Also, where's a good place to go to learn to trade the Emini SP? Any links would be appreciated.

 

[SSI]

hello im back around today...........

when i trade, i am a technical trader to answer that question......... i base my trades off reading the charts and by price action but of course when there is a report (fundamental news) coming out, its best to be wary of that as well.......

there are a number of good commodity books out there, i suggest simply googling it......... there is a very good online book about trading called "Phantom of the Pits"......... you can find it online..........

im going to focus on this one market, the emini sp 500........ eventually i want to trade in (3 lot's), thats 3 contracts at a time but for now, ill focus on one at a time, to start with....... ive traded off an on for quite a few years.............

im hoping now to go for a broader approach at a slower pace, setting trades up with defined risks and profit targets.......

magicnlove: i dont want to be a day trader......... one can make a fortune simply daytrading the SP 500 market (its $250 a point) and you can set there all day and take a point here or there if you know what your doing.. there is also a ton of risk involved in that style of trading and its not for everyone (not for me) unless i could go fulltime into this and i cant at the moment, so for im going to just set up a few trades and see how it goes......


lets just start with yesterdays numbers and this is the March Emini SP contract that we will be trading.........

tuesday morning: the initial move is to the upside, we have made a new high this morning of (1434) just over yesterdays high of (1432.50)... so the early sentiment is to the upside.......... by looking at a daily chart (those can be found at commodity traders forum), we can see alot of resistance near 1440.........

my first thought is to sell 1 march emini sp contract in the 1430's, specifically at (1433)....... i should have had an order waiting as it would have been filled........... if im filled on the order, im going to risk 20pts or $1000 on this trade.......... my profit target will be posted and entered, once im into the trade.......

this is a fast moving market at times, so you can have orders placed and ready to be filled......... entrys, profit targets, stoplosses can all be in there and ready to work........

if i sell today, ill try and post the exact trade.......... remember the emini sp is ($50) for every point it moves....... you can either buy or sell first, makes no difference..... your actually betting on the direction of the market.......

 

[SSI]

well i am now into my first trade of (2008)...... in market conditions such as these, i am looking to sell rallys........ thats what you do when your biased to the downside.......

i got another opportunity rougly an hour ago........ here is my first trade for 2008..

1. short 1 march emini sp 500 contract at 1435.00............ i have a stoploss currently placed at 1455.00........ so i have an initial risk of 20pts or $1000 (plus a $25rt comm) on this trade......... that is my entire risk on the trade........ the stoploss (which is actualy a buy order, since i sold first to get into the trade) is a GTC (good til cancelled) order.. which means it will work until i cancel it......

at the moment i did not put a profit target into the market but i want this stated..... if for some reason the market falls below 1410, yesterdays low.. ill immediatly lower my stop to a guaranteed profit mark.... ill determine that, when 1410 comes out.............

for now, i sit and wait....... currently the market has sold off and is sitting around 1424..... so this trade is working better than expected...... i could get out now with an 11pt gain (+$550) but for now ill sit tight as im biased to the downside........... not bad making $550 in an hour...... too bad im trading one-lot mini's.........

ill be out for 2 hrs and monitoring my trade thru a broker (this is why i pay $25rt full comm) because i cant sit by my monitor all day......... he knows my game plan and will call me when changes occur........ we can set alerts for different prices in the market................. for now i hold on..........

ill update the next move later.............

trade 1. short 1 march ES (1435.00) stoploss (1455.00)

thats where i sit......

 

[SSI]

back for a while but ready for a nap........ market did make a leg down to 1417.50............ currently back to 1425.00............. im still short from 1435.00............... plan is to sit back the remainder of the day and watch the action at the close........... i dont want to see any close over 1432.50, which was yesterdays high............. if i get out, ill post it, otherwise im sitting tight or with a weaker close, im going to lower my stoploss from 1455 to 1438.............. the 1438 is just over the current high today of 1437.75......

back later.......

 

[SportsRadio]

since your not day trading, do you find it difficult to add to current positions when the ES is going your way. Do you ever add at all?

 

[SSI]

adding is tough for short term trading........... if your a long term position trader, then adding is something that you should do.........

today was huge, the market has sold off bigtime......... the low's are currently (1399.25)........ at this point, im ahead (35.75pts) or roughly ($1750) clear......

the stoploss at 1455 is now cancelled........... im going to re-evaluate this trade after the close at (3:15 cst today)....... the market will then trade very slowly until the overseas markets open.......

the hard part is not taking the profits.......... todays move was huge, i may pull out.........

i look pretty smart for trade 1........... get in around (9:15 this morning) on a simple one lot emini trade and by the close im up over ($1500)......

trade 1: currently short 1 march ES (1435) no stops in at the moment...

back later.....

 

[SSI]

ok guys i just got out.......... bought i march ES at 1397.00

i made 38pts on this trade or $1900 - $25 comm......... so i cleared $1875 today..

if you dont believe, simply go to a chart and look it up........ simply turn on cnbc and follow the sp daily......... what you will be looking at is the sp cash price and we are trading futures but they trade roughly the same, just at a slightly adjusted number..

i decided to take this profit and wait for a rally....... the drop in the last hour, left some gaps on the intra day chart that should get filled......

this was a very lucky and unusual day, hope i get more of them...

Trade 1........ short 1 march ES 500 (1435) at roughly 9:15 am cst, bought back (exited trade) 1 march ES 500 at 1397 at roughly 3:10 cst......... gain (+38pts)..

its time to sit back, confer with broker over the charts and probably just wait for next rally to sell again...

great day, back later with trade 2..

 

[SSI]

just a little commentary, i havent actively traded in several months until today but ive got a lot of experience in trading commodities.....

i have in the past traded extensively.......... the emini sp, cattle, hogs, cotton, corn, wheat, beans, beanoil, beanmeal, cocoa, sugar and orange juice..... this includes both futures and options in these markets.....

there are countless systems, strategies and many ways to make and lose money.......

or you can do what i just did today,,,,,,,,,,,, find a good downtrending market and simply sell into the rally....

this trade was created yesterday and last night...... in a conference with my broker last night, we could see how disappointing yesterdays trading was...... it just couldnt rally............

it gave one good last gasp today at it and failed again.... once we broke 1410 (yesterdays lows) there was simply nothing to hold it up and it dropped to 1394 pretty quickly.........

im on the sides for now but will be reading the charts but at the moment, the plan is simple............ all rallys should be sold and if a buying opportunity arises, it should be handled with a stop loss in place, as it could turn on a dime..........

SSI and the bears win today.......

 

[SSI]

I hate to keep replying to myself but if anyone is reading this and is interested, let me know if i can be of assistance.....

here is a term for today..

"Outside Day".................... an outside day is when we trade both Over the previous days high (which we did) and Under the previous days low (which we did)........... then we also closed Under that low (1410)...... normally this is a sign of a very weak market.........

technically i may should have stayed in but the move today was just so huge that i couldnt resist taking the easy profits.......... the technically correct move would have been to have stayed short, then lowered your stoploss and have the market take you out......... however i did research that and there was simply no where to put this stop........ we could have chose (1438) just over todays high, this would have been the correct stop for a very long term trade........... other than this, the numbers to use were very unclear, so i chose the profits today...........

now lets get the rally going...............

remember, the market just reopened for wednesdays trading and i can now get back in, whenever i like........

if any of you get involved in this, i can show you how to trade for less money and beat the margin calls............ i have a great relationship with my broker and trust me, i take many liberties in the markets.......


remember "Greed is good" (gordon gecko)......

 

[Timetopay]

oh my....

 

[SSI]

hey TTP, where you been?

do you know anything at all, about this?

 

[WorldNumberOne]

I'd love to learn emini trading. I heard it was a great way to make money.

I heard you make 5-6 points a week, or every few days.

or lose...

 

[SSI]

thats, rights...... bears win, bulls win, pigs get slaughtered.....

the smart can make money at almost anything........ i can assure you, short term trading is not rocket science....... my God, ive been away for months. walk right back in on day one and take almost 2 grand out of the market and if you dont believe it, fine..........

there is a gazillion (if thats a word) more money in the markets, than there will ever be in sports wagering and its all right there for the taking, daily.....

back with trade 2, whenever it sets up........

 

[Waz]

if any of you get involved in this, i can show you how to trade for less money and beat the margin calls............ i have a great relationship with my broker and trust me, i take many liberties in the markets.......


remember "Greed is good" (gordon gecko)......

I enjoy your trading log and what your mindset is througout the day. I am becoming a student of the markets and I want to learn as much as possible. How do you beat the margin calls? How can you tell where they are?