nothing like taking off for a few days...
several of you have expressed interest in learning to trade.... im glad that you did, i dont mean to discourage anyone. i love to discuss it so feel free to ask any questions that you may have... if i cant answer them, my broker probably can...
Let me lay this out for you (my situation)....
I own a convenience store, i work 7 days each week, always from (4:00 am cst) to about (7:45 am cst) or maybe (8:00 am cst)..... i will not be available during those hours....
this is a big reason, that i still use a real live broker and dont trade online. i monitor the markets at all times, whether by watching cnbc or using delayed quotes on my cell phone.... or my broker simply babysits the trades for me... and yes this service cost me in comm price.... that is something that ill be working on in the future... however, for now im willing to pay him to watch it for me, when i cant..... when im at home and trading, i have live quotes....... Live quotes is something that you will need, most firms will provide them for you, if your trading with them...
there is a huge difference in online trading and broker assisted trading... before you trade online for yourself, you better know what your doing,,,, one mistake can wipe you out....... a buy, when you meant to sell, a market order instead of limit order.... if you make a mistake, its your fault.. not trying to scare you, just want you to know what to expect.
this is not like buying 100 shares of walmart and selling them later in the day... this is a fast paced game for professionals.... if you go into this, you must know what your doing and have a plan....... i can help you with the plan (the trades), i cant help you in placing your orders.... realize the market can and will do what it wants to do and its always right...
i highly suggest that you find a service that you want to work with... there are many out there... learn the basics of how to make trades, by setting up a demo account and practicing.. i dont know what kind of money that you will need to start... each house is different... i can tell you that day trading margin is much smaller than overnight margin... most places require about $1000 to daytrade the emini (thats per contract traded)..... the overnight margin is around $5000... these figures can change at any time....
ill say this again, i have traded at the same place for 12yrs now.... i know exactly what im doing and am aware of market situations at all times... i also know how to bend the rules somewhat now... i can tell you about those things later.... mostly i can beat margin requirements, where i trade.
just bored this morning, so ive rambled...
if you need my help, just let me know what your looking at or thinking about...
ill be right here online tomorrow morning (if nothing happens) to set up my real trades.... you will need to be able to see the emini to know what im referring to and talking about... cnbc runs the futures price all morning, until the big board opens at (8:30 am cst) then they will switch to a cash price listing... our emini price will be just a few points behind the cash price......... example cnbc may show the sp 500 at 820.00....... our emini is probably trading at about 817.50 at that time...... this is a way for you to know where we are at.... you can also pull up delayed quotes, at several places on the internet... one place is (tfc free commodity charts) they have delayed quotes and charts that i still use from time to time... i actually use the daily chart to see the high and low of various moves...
i cannot give you live quotes, i dont think anyone except your trading house can but if you do what i just said, you can get an idea of where the market is at,,,,,,,,,, and exactly what im looking at...
im really focused on my "Short Term Trading" system right now.... i get the setup each morning, somewhere between say (7:00 am cst) up until (8:30-9:00 am cst)... i can not tell you the exact time or the exact entry on the trade, until we get into the trading day........... i can see the setup and can post it ahead of time or pass along the info ahead of time or in real time............ when im right on my trade, it should only last minutes, then i collect the profits and walk away for the day (from this method)... when i get a win, that is it, i only get one shot.............. as ive stated before, this is a 2 sided trade system, so ill have 2 orders working, if the first is hit and is a winner, thats it for the day... ill cancel the other order.. if the trade is a loser (and they happen), ill leave the other side working... it may or may not get hit that day but ill leave it working.. this is only for my short term trading system and has nothing to do with my other system, which is longer term and a little more complicated... if im right on this one, ill probably walk from everything else i do,,, i mean everything.... all i need to do is hold a (5:1) ratio of wins to losses, i probably could make it work on a (4:1)......... then simply add to the contracts that i trade each day...
sorry for the rambling, if you dont understand something, ask and ill try and clear it up..
SSI
