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some thoughts:
- locals are not the devil incarnate as most inexperienced traders
suggest (and yes, I've seen traders with 10+ years under their belts
as basically "pit" dumb). stops cluster near obvious intraday highs
and lows by the "pit" dumb public, so if your stops are set near these
points, then they are in danger of being run. so place them somewhere
else, simple as that. most stops are set after of the morning range
expansion of the previous evening session, and then run during the
relatively illiquid middle part of the RTH session. i suggest that
most traders don't trade during this time period; why should you do
something that most pros don't?
- don't use stops; let your system be your stop. this is how the more
successful pros trade.
- paper trading is not a good indication of system performance; but
real time trading with real money is. if you're a trading newbie,
then starting with the S&P is just plain dumb. you're competing on my
turf and I'll kick your butt if you don't know what you're doing.
gain some experience first by watching and studying the S&P for at
least 6 months to a year. then begin trading the e-mini first, making
appropriate adjustments in your system to the different tick
increments. don't be in such a hurry to go broke, the markets will
always be there.
- don't expect to succeed right off the bat. sure, there are a few
who jackpot right away, but don't think that you're going to be one of
them. in any business, there is a learning curve. how can you expect
to succeed in trading with only a few months experience when training
for a professional or blue collar career may take 5 to 10 years before
you're proficient? sorry to burst your bubble, but better that than
your account. run out of money and you're out of business.
TJ
been there, done that
---TomKochik@xxxxxxx wrote:
asking some trading questions
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