Wednesday's Trading

[SSI]

Just the daily thread..

today is actually the first day ---- that im considering a real trade...

doubt that it happens but soon........

have a good feel for 5 of my 10 markets............

pressure on the SP again today, as we drift to the 1435...

im watching 1428, 1435, 1445.... in this market.......

lot of reports and earnings due out today...... quite day yesterday, could be that way again....

initial pressure lower......... so initially that is the way the market wants to go.......

 

[SSI]

lets look at march sugar..

we have yesterdays low of 10.69
we have contract lows of 10.65

we have a market that is drifiting lower..

we have yesterdays high of 11.05

ive got a good friend, thats long march sugar with stoploss at 10.65 and he is worried......... another acquataince i know, bought sugar this morning in the 10.90s with a stoploss at 10.50

my opinion, i think a bounce to 11.50 is due but my numbers at the moment arent backing this up........... todays range so far....... 10.84 low, 10.95 high...........

as for now, im watching closely but on the sidelines....... need to see a trade over 11.05 today, to have me interested in becoming a short term buyer.........

 

[SSI]

sugar still dropping, numbers to buy were never confirmed today....... just reassures me once again, to trust my work......

moving on to april cattle.......

low yesterday 92.85
high yesterday 94.25

high so far today 94.40

if im going to trust my work, im looking to buy any weakness today.. ideally in the low 93.70s, with a stoploss at 92.80......

now do i trust my work, enough to pull the trigger......... if we get there..

 

[TheCooler]

Hey do you use a program for paper trading or just keep track by hand?...What do think will happen with OJ?

 

[SSI]

the freeze scare will not effect it much...... frozen concentrate or something there....... broker said it was a different thing.....

do not trade OJ (my opinion),,,,, volume is thin........ if your interested in this market,,,,,,,, options are your better bet..........

as for paper trading.......... i do all mine by hand.........

im from the old school...... ive got a briefcase with several notebooks in it.. i keep my data there....... then ill pull up charts to look at on the computer............

 

[SSI]

entered into first real trade today............. God, did it feel good.....

bought (Long) april cattle 93.70...... stoploss in at 92.80...

numbers posted above, were right on........ those were posted before the trade......

nice to know, when your right and its confirmed...

i have proven to myself, i can do this, without a doubt........ now it just becomes a matter of discipline......... and following a detailed plan, from the night before............

no knee jerk reactions........

note to self:

your a trader now..............

have your plan, if it goes up --- down or sideways....... then stick to it..

 

[BASEHEAD]

Most indicators seem to point to OJ being oversold.

 

[SSI]

Base, i dont trade it ----- or chart it..... so i have no idea.......

 

[namathfan]

Best of luck.

I'll pull up a chart and take a peak.

 

[namathfan]

Looks like 93.70 is a nice buy..

Jan 10th hi....99.25
Jan 16th lo....92.25

.750 retracement was 94.00

Are you looking to take out the 1-12 low 96.20 and the 1-11 low of 97.00 to confirm strength?

 

[SSI]

that would be the ultimate......... ill ride it, til the market takes me out.

long from 93.70,,,,,, stoploss 92.80...

if im not stopped out, ill simply try to trail stop..........

 

[Sportsrmylife]

SSI

Quick question for you. Can you buy commodities like stocks where you buy and hold?

If this is possible where are best online places to perform this transaction?

 

[SSI]

only if your pockets are deep enough and you continue to roll the front months........

i dont trade online but have seen alot of ads..........

 

[namathfan]

Sports, Take a look at lindwaldock a very reputable discount broker. Or google discount futures brokers.

 

[Baker]

I don't post here much anymore but there were two things I wanted to add:

1. If you are going to trade anything online take a look at Tradestation (www.tradestation.com). They offer a direct access platform and the lowest fees outside of having a seat at an exchange. Their trading platform also allows for rule based trading and includes many years of historical data.
2. This one is for SSI. There is only one "s" in Position. Everytime I read that you are posistion trader I feel like breaking something.

I hope everyone is careful investing in futures,e-minis, etc.... It is a lot more complicated and much more difficult than SSI seems to be implying to be a successful stock/commodity trader.

Good Luck

-B