Today is Thursday March 26, and it was a quick day of trading.
Yesterday I had posted that I wanted to increase contract size and trade less. Well, I got my wish.
I was able to shift my thinking to attain my stated goal and it was nice. I had two trades, the first one for 1 point on 10 contracts, all in – all out. The second one was for 1 point on 5 contracts and 2 points on the other 5, and I was done.
This what I wanted to do as I wrote yesterday. $1,2oo profit after commission on two trades. Now I have the rest of the day to accomplish other things of interest. I would take every day in the same fashion, and will be working towards that end.
This was my original plan from the beginning and I will continue to work at it. Consistent daily profit is the objective, combined with the least amount of struggle to get there. Once you reach your daily goal, I will admit, it is and will be hard to stop trading. That is where you will also need a mentor, someone who is on the same desired path and can give you the support and discipline to stick to the plan.
Anyone who partners with me will have my full attention and support to help them see what I see and do what I do. It is hard to go it alone and you will most certainly pay your dues one way or another, but it would be my job to help make those dues as small as possible. There is usually no easy way around the fact that you will need help in trading consistently for daily profit. You will pay someone for the experience. Everyone does. You will pay the markets because of your losses and you may still not have learned how to trade consistently. Or you can pay someone who knows how to help you get there.
There are very few trading programs that are of any value and a lot of them are a waste of money. Many of them are focused only on indicators, or some other idea that puts you and your account at great risk before you are able to capture your occasional gain.
There are many ways to trade the markets and I believe that the way I approach day trading is one of the best available. When it comes to a choppy market, I love it. While others are just wishing for the day to be over. If we are seeing large swings up and down by several points, I love it. Because I can easily capture additional profits on extended moves. When the markets are showing long extended trending markets, no problem. We just look for low risk entry points along the way and pop in and out before anyone even spots us.
When you are able to trade the very small stuff, 3 or 4 ticks, you are able to take advantage of any kind of market, because you use the method to get you into a HIGH PERCENTAGE trade that gives you a pre-determined amount of profit. If you only need a couple of those trades for the day, it does not matter what kind of action the market is displaying.
In any of the three types of markets that I described above, you come out on top. There are many people out there that say scalping is the most difficult type of trading there is. In part, because they are not able to do it successfully, so they talk it down and people believe them. Then you look at the alternatives – trading a higher time frame chart, waiting hours for the right set up, risking 4 or 5 points on the trade, and then have it go against you for a loss. Now what do you do? You are running out of time before the day comes to a close and you want to be profitable for the day, so you take a less than desirable trade now for another loss and you are totally frustrated. Not a good day.
With my method, you will see plenty of trade possibilities in whatever type of action the market is displaying and have the ability to capture a nice trading profit each and every day the markets are open. That is the goal. Is it attainable? Yes.
If you have any questions, please email me and I will be glad to answer them for you. Have a great day.
http://www.screencast.com/t/gYuBtR2l Today’s trades
http://www.screencast.com/t/GP2oGYTi Today’s equity chart
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Tags: choppy market, commission, contracts, daily goal, Day Trading, Dow, equity, focus, focused, support, tick, time frame, trading indicators, trending market
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