hey tic, no problem..
as for margins,, each house is different... Infinity has a day trade margin of $500 per contract... but hey thats only 10pts and is unrealistic...
overnight margin is around $5100... this is set by the exchange but your allowed to be on margin call at most places 3 days before they blow you out of trade...
tic, alot of this has to do with developing a relationship with your house and broker and that comes with time and trades... i can do alot of things, that others cannot do..... why because my broker knows me, he knows my account, he knows how i trade... many things..
but let me better answer your question..
if i had $1000 and wanted to daytrade, id trade 1 contract only..
i would not add another until i had $2500...
at $2500, id trade 2............. even though it says i can trade 5... do not do it......
listen to me............ go slow... your not ready to trade with real money, i can tell you that......... you need some Paper Trading.... a demo account is great, use it for 30 days..
i cant tell you the number of things that can go wrong...
at 5k id trade 3.................. at 10k, id trade at most 5......
you cant let one trade wipe out your account or say 3-4 trades wipe it out...
just some suggestions from someone that knows..... go slow, paper trade, open a small account, trade 1 contract only....... if your successful, after time---move up to 2.........
if you rush this, you will blow your account out...
SSI
as for margins,, each house is different... Infinity has a day trade margin of $500 per contract... but hey thats only 10pts and is unrealistic...
overnight margin is around $5100... this is set by the exchange but your allowed to be on margin call at most places 3 days before they blow you out of trade...
tic, alot of this has to do with developing a relationship with your house and broker and that comes with time and trades... i can do alot of things, that others cannot do..... why because my broker knows me, he knows my account, he knows how i trade... many things..
but let me better answer your question..
if i had $1000 and wanted to daytrade, id trade 1 contract only..
i would not add another until i had $2500...
at $2500, id trade 2............. even though it says i can trade 5... do not do it......
listen to me............ go slow... your not ready to trade with real money, i can tell you that......... you need some Paper Trading.... a demo account is great, use it for 30 days..
i cant tell you the number of things that can go wrong...
at 5k id trade 3.................. at 10k, id trade at most 5......
you cant let one trade wipe out your account or say 3-4 trades wipe it out...
just some suggestions from someone that knows..... go slow, paper trade, open a small account, trade 1 contract only....... if your successful, after time---move up to 2.........
if you rush this, you will blow your account out...
SSI
here is the nba update..
5 game o/u chase: 45-0 (+45.00 units) (2 pending)
plays for tuesday feb 17
chase 43
d) knicks Under
chase 44
d) wash Under
chase 48
a) detroit Under
thats all for tuesday feb 17............ closing lines at covers will be used for record keeping... ill make my bets as late as i possibly can..
7 game (ats) chase: 21-0 (+21.00 units) (0 pending)
no games for today...
good luck tonight..
SSI
5 game o/u chase: 45-0 (+45.00 units) (2 pending)
plays for tuesday feb 17
chase 43
d) knicks Under
chase 44
d) wash Under
chase 48
a) detroit Under
thats all for tuesday feb 17............ closing lines at covers will be used for record keeping... ill make my bets as late as i possibly can..
7 game (ats) chase: 21-0 (+21.00 units) (0 pending)
no games for today...
good luck tonight..
SSI
let me tell you a little about my (13pt system),,,, it was so good the end of last year........... clearing around 29k (-comm) on 265 trades, from sept 27 to the end of Jan...
however the last 23 trades have not been kind........ its in a drawdown now but has had 2 winners in a row...
13pt system: 8-15 (-11pts)
that is how the last 23 trades have fared...
ill try and keep this one running as well,,,,, so just follow along, ill try and update the trades as they happen and then maybe you can catch on...
this system involves staying in overnight (margin) and requires almost around the clock observation....
i am now trailing a buystop, exactly 13pts off the low of this move, which is 786.75 now.......... i have an order working to buy 1 esh09 at 799.75
the market is at 794.00 as i type this,,,,,,,,,,,,, it will need to move to 799.75 for me to enter (Long)............. if it goes lower, i wont be in.... if the market trades below the low of 786.75, ill cancel my order to buy at 799.75 and simply follow the move lower,, with the buystop 13pts off the low of move... you will have time to follow, so dont rush it...
if i am hit on my entry, my trade will look like this initially..
trade 24. Long 1 esh09 (799.75) profit target (limit order) at 814.75, initial stoploss (sell stop) at 786.75.............
then for every point it moves higher, i raise my stoploss, exactly 13pts from the high of move, after my entry...
lets say i enter Long at 799.75 and the market moves to 804.00 and stalls out... id raise my stoploss from 786.75,,, up to 791.00..... exactly 13pts from the high of move at 804.00....... this has reduced my risk on trade from the initial risk of 13pts, down to only 9pts......
also my stoploss at 786.75, is a 2 lot order.... so it wouldnt only be my stoploss but it would also be my entery into the next trade....
just bear with me on this one and if you have questions, just ask..
SSI
however the last 23 trades have not been kind........ its in a drawdown now but has had 2 winners in a row...
13pt system: 8-15 (-11pts)
that is how the last 23 trades have fared...
ill try and keep this one running as well,,,,, so just follow along, ill try and update the trades as they happen and then maybe you can catch on...
this system involves staying in overnight (margin) and requires almost around the clock observation....
i am now trailing a buystop, exactly 13pts off the low of this move, which is 786.75 now.......... i have an order working to buy 1 esh09 at 799.75
the market is at 794.00 as i type this,,,,,,,,,,,,, it will need to move to 799.75 for me to enter (Long)............. if it goes lower, i wont be in.... if the market trades below the low of 786.75, ill cancel my order to buy at 799.75 and simply follow the move lower,, with the buystop 13pts off the low of move... you will have time to follow, so dont rush it...
if i am hit on my entry, my trade will look like this initially..
trade 24. Long 1 esh09 (799.75) profit target (limit order) at 814.75, initial stoploss (sell stop) at 786.75.............
then for every point it moves higher, i raise my stoploss, exactly 13pts from the high of move, after my entry...
lets say i enter Long at 799.75 and the market moves to 804.00 and stalls out... id raise my stoploss from 786.75,,, up to 791.00..... exactly 13pts from the high of move at 804.00....... this has reduced my risk on trade from the initial risk of 13pts, down to only 9pts......
also my stoploss at 786.75, is a 2 lot order.... so it wouldnt only be my stoploss but it would also be my entery into the next trade....
just bear with me on this one and if you have questions, just ask..
SSI
sure man..
as you know i dont trade at Infinity but i did speak with Kevin (a broker) there yesterday....
it takes $3000, to open an account to trade futures at Infinity....
if you send them $3000 and open an account, technically you could trade 6 contracts in the emini sp 500...
as the daytrade margin is $500...
but in my opinion, that would be an insane thing to do..... and i can tell you flat out, thats over trading an account and will not work... even the best professional would not do that..
$500 is equal to 10pts in the emini............ so basically you would be giving yourself a "drawdown" of 10pts and then your out of the game... finanical suicide in the trading world...
and i dont even want to discuss how crazy that would be for a beginning trader....
i laid out the plan that you should take.............. and i think Infinity looks like a good place to open an account...
1. mess around with their demo account for 30 days, treat it like a real account..
2. if you were successful and almost everybody is when paper trading, then open an account with them for $3000...
3. since your a beginner, trade only 1 contract out of this.... if you build this up to say $5k, then move to 2 contracts and then simply progress higher, as your account grows....
you dont want to blow your account out and over trading will do that...
i dont want to damper your spirits, im just cautioning you to go slow, if your a new trader..
SSI
as you know i dont trade at Infinity but i did speak with Kevin (a broker) there yesterday....
it takes $3000, to open an account to trade futures at Infinity....
if you send them $3000 and open an account, technically you could trade 6 contracts in the emini sp 500...
as the daytrade margin is $500...
but in my opinion, that would be an insane thing to do..... and i can tell you flat out, thats over trading an account and will not work... even the best professional would not do that..
$500 is equal to 10pts in the emini............ so basically you would be giving yourself a "drawdown" of 10pts and then your out of the game... finanical suicide in the trading world...
and i dont even want to discuss how crazy that would be for a beginning trader....
i laid out the plan that you should take.............. and i think Infinity looks like a good place to open an account...
1. mess around with their demo account for 30 days, treat it like a real account..
2. if you were successful and almost everybody is when paper trading, then open an account with them for $3000...
3. since your a beginner, trade only 1 contract out of this.... if you build this up to say $5k, then move to 2 contracts and then simply progress higher, as your account grows....
you dont want to blow your account out and over trading will do that...
i dont want to damper your spirits, im just cautioning you to go slow, if your a new trader..
SSI
to better answer your question, about the $1000...
i think you can open an account where i trade for $1000 and daytrade the emini there............. broker assisted, so comm would be a little higher as you learn the ropes...
Nick is out today but i can get with him tomorrow to verify this..
maybe starting out with $1000 is better than $3000..... in case you blow thru it...
just remember this, there are no free lunches, so be careful, with how you proceed down the trading path..
there are millions at my fingertips daily (no exaggeration) but id only like to take a little before they even notice that im there...
i make these kinds of statements, because i live in the emini....
sort of dumb to say that but it just means, you must learn the "ins and outs" of your market....... learn everything you can about it... because you really can do this for a living... i hope to be there in 1 more year..
nap time for me..... last trade 794.00
back later..
SSI
i think you can open an account where i trade for $1000 and daytrade the emini there............. broker assisted, so comm would be a little higher as you learn the ropes...
Nick is out today but i can get with him tomorrow to verify this..
maybe starting out with $1000 is better than $3000..... in case you blow thru it...
just remember this, there are no free lunches, so be careful, with how you proceed down the trading path..
there are millions at my fingertips daily (no exaggeration) but id only like to take a little before they even notice that im there...
i make these kinds of statements, because i live in the emini....
sort of dumb to say that but it just means, you must learn the "ins and outs" of your market....... learn everything you can about it... because you really can do this for a living... i hope to be there in 1 more year..
nap time for me..... last trade 794.00
back later..
SSI
OK - let's talk through this trade on the premise of one contract...
So you "sold" (i.e. bet it is going to drop) at 801.25 and you told the broker to close the deal (i.e. take your profit) when it hits 798.50 or 2.75 points. for every contract that would be $137.50 ($50 per point * 2.75) in profit.
You also put a "StopLoss" (i.e. Get out if it gets ugly) on the trade at 806.25..
So if you guessed right you'd clear $137.50, but if things got ugly fast you'd be out $300.
I'm assuming you are using some indicator to determine which direction you are going daily or is it more price action?
I know you're napping so whenever is fine.
short term trade, you assume right...
im using a bracket strategy or small breakout strategy if you will..
i dont particularly like the (+2.75) for a win,,, vs (-6pts) for a loss... thats why i told you, i needed a (5:1) ratio to retire....
so far (8-1)...........
as for how many contracts, lets just say more than 1 and leave this thread for only trading one, to use in our examples...
this morning, here is what i placed, all at one time...
1. sellstop order at 801.25
2. buy limit order at 798.50
3. buystop at 812.25
4. sell limit order at 814.75
i called and placed all 4 orders, as the market was sitting around 803.00 or so... sometime just after (7:00 am cst)...
now you have to get your orders right........... i use a sell or buy (stop) for my entry and the limit orders are the profit target...
now listen, once it hit the sellstop at 801.25, around 7:33 am cst... i called and placed a buystop at 807.25..... 6pts above my entry.... i left the other order working as well....
thankfully, i only had to wait about 20 min or so and my profit target was hit..... when that happened, i immediatly canceled all my other working orders and called it a day..... for the short term system...
no entry for the 13pt system... as of now...
hey ive got to be out until (8:00 pm cst) so any more questions for trading or the nba will have to be addressed after that..
have a good one..
SSI
im using a bracket strategy or small breakout strategy if you will..
i dont particularly like the (+2.75) for a win,,, vs (-6pts) for a loss... thats why i told you, i needed a (5:1) ratio to retire....
so far (8-1)...........
as for how many contracts, lets just say more than 1 and leave this thread for only trading one, to use in our examples...
this morning, here is what i placed, all at one time...
1. sellstop order at 801.25
2. buy limit order at 798.50
3. buystop at 812.25
4. sell limit order at 814.75
i called and placed all 4 orders, as the market was sitting around 803.00 or so... sometime just after (7:00 am cst)...
now you have to get your orders right........... i use a sell or buy (stop) for my entry and the limit orders are the profit target...
now listen, once it hit the sellstop at 801.25, around 7:33 am cst... i called and placed a buystop at 807.25..... 6pts above my entry.... i left the other order working as well....
thankfully, i only had to wait about 20 min or so and my profit target was hit..... when that happened, i immediatly canceled all my other working orders and called it a day..... for the short term system...
no entry for the 13pt system... as of now...
hey ive got to be out until (8:00 pm cst) so any more questions for trading or the nba will have to be addressed after that..
have a good one..
SSI
hey SSI --- thanks for all the info today. still pretty confusing for a newbie like me but i like the journey of sorting it out.
are the order cancellations a routine part of your strategy? based on the activity you described this morning, almost an hour went by before you cancelled the remaining orders. is there a fee for those cancellations?
are the order cancellations a routine part of your strategy? based on the activity you described this morning, almost an hour went by before you cancelled the remaining orders. is there a fee for those cancellations?
walnut, dont know how the post may have came off but i canceled the orders as soon as my trade was a winner... somewhere near 8:00 am cst...
no there is no fee to cancel an order...
no problem....
i think if there is any interest, ill still post the short term system but im not going to get into the other one at this time....
i need at least one of those nba plays tonight...
the main reason that im posting about the trading is........... i see hundreds of people on a daily basis at my store and have many friends but guess how many know anything about trading........ well if you guessed ONE, you would be correct..
i have a cousin that is going to open an account for 1k and do the short term system (where i trade)... ill sort of oversee this account, as all the orders will be my orders.... he knows the dangers and is willing to lose his 1k.......... hopefully he wont...
back tomorrow morning..
SSI
no there is no fee to cancel an order...
no problem....
i think if there is any interest, ill still post the short term system but im not going to get into the other one at this time....
i need at least one of those nba plays tonight...
the main reason that im posting about the trading is........... i see hundreds of people on a daily basis at my store and have many friends but guess how many know anything about trading........ well if you guessed ONE, you would be correct..
i have a cousin that is going to open an account for 1k and do the short term system (where i trade)... ill sort of oversee this account, as all the orders will be my orders.... he knows the dangers and is willing to lose his 1k.......... hopefully he wont...
back tomorrow morning..
SSI
thats good to hear... take your paper trading seriously...
almost everyone makes money paper trading..... then the game changes, with real money on the line...
whatever you decide to do, have a definite plan.... having a plan is what turned my trading all around...
i may have a losing trade tomorrow but i know exactly what i am going to do..
great OT in NY.... i cannot catch a break...
just great..
ill be around tomorrow morning..
SSI
almost everyone makes money paper trading..... then the game changes, with real money on the line...
whatever you decide to do, have a definite plan.... having a plan is what turned my trading all around...
i may have a losing trade tomorrow but i know exactly what i am going to do..
great OT in NY.... i cannot catch a break...
just great..
ill be around tomorrow morning..
SSI
small consolation but at least Detroit came through ...
i think you mentioned earlier that you have an MLB system. i've lost more money on baseball than i ever care to think about ... but finally did ok for a while last year with a system that kind of reminds me your NBA system.
kinda feeling like a mooch right now, but i hope you'll be posting that too!
i think you mentioned earlier that you have an MLB system. i've lost more money on baseball than i ever care to think about ... but finally did ok for a while last year with a system that kind of reminds me your NBA system.
kinda feeling like a mooch right now, but i hope you'll be posting that too!
Mike i dont trade currencies, only the emini sp 500...
lets quickly look at the market at (7:57 am cst)
today is simple...
i have 4 orders now working (not in yet)
buy esh09 on a stop at 795.00
sell esh09 on a limit order at 797.75
then on the downside..
sell esh09 on a stop at 784.75
buy esh09 on a limit order at 782.00
im typing quickly, as i hope those numbers are correct..
last trade 792.50 at (7:58 am cst)
waiting to enter trade now, so im doing this one live, if your watching..
SSI
lets quickly look at the market at (7:57 am cst)
today is simple...
i have 4 orders now working (not in yet)
buy esh09 on a stop at 795.00
sell esh09 on a limit order at 797.75
then on the downside..
sell esh09 on a stop at 784.75
buy esh09 on a limit order at 782.00
im typing quickly, as i hope those numbers are correct..
last trade 792.50 at (7:58 am cst)
waiting to enter trade now, so im doing this one live, if your watching..
SSI
