Friday, September 5, 2008
The total time in this trade was less than 5 minutes for a profit of $375 per every 2 contracts traded, or 12 tics per contract at $187.50 per contract. My advice on this trade is to trade in very small contract size. To cut your contract size in half is normal. For example, if you trade 4 contracts on the ES, then only trade 2 contracts or half your normal amount.
You will earn half as much as you would normally, but you only will lose half as much as your full position, just in case you are wrong. This trade should only be put on, if and only if, you have a trading gain on the month to offset the trade. You want to finish the first week of the month at breakeven or better to allow you to continue to EARN from the market for the rest of the month.
In any case, I wish you all the best in your trading, and I will be making a video of one of my trades this week to explain my reasons for entering.
David AKA Tiger
Thursday, September 4, 2008
Wednesday, September 3, 2008
The 'discretion' part of being a trader is what will make or break you and your trading plan. Oh, do you even have a written trading plan? Do you have a long range trading plan and goals? What exactly do you want to make out of your account?
And don't say a penny doubled every day for 30 days ... :-)
Do you have a vision board of the things that you want out of life? What are you willing to do to reach your vision and goals? Are you simply tired of being on the losing side of a trade?!?
You CAN be a WINNER in trading, if you will apply a set of rules, and become a discretionary trader.
Now, one thing that I know about being a trader for over 20 years now is this ... I do not know everything nor do I want to. You do not need CNBC to trade. You do not need a GURU to trade for you. You do not need a financial planner or broker to trade for you.
If you have at least, $5,000 you can start trading the futures market. You do not need to have $25,000 to day trade in the futures market, like you do have to have in the stock market. You can take advantage of leverage and a trading method to help you get into the winner's circle.
There is only one day trading company that I recommend. Honestly, I know there is a lot of CRAP out there, wouldn't it be nice to cut out the CRAP, and get to the REAL THING!
Marcus Heitkoetter's company called Rockwell Trading has helped me and I believe they can help you in your day trading. You will get a trading coach to look over your trading. You will be able to work with a simulated account while risking nothing in the market. You will be able to attend a live chat room that is in my opinion alone worth the price of the day trading course.
And if you tell them David Knight sent you, then you may be entitled to an additional discount in the price of the day trading course, or the Day Trading Boot Camp.
Go to this website:
http://www.rockwelltrading.com/ and take a look around!
I believe with all my heart, that if you are struggling as a trader, this will be a great place to call home for you.
David AKA Tiger
Tuesday, September 2, 2008
This is a book that was recommended to me several years ago, and I in return recommend that you get yourself a copy and read it as well. This is from the same author as The Disciplined Trader book.
As in all things, I have been able to take GEMS out of just about everything that I pick up and read. I highly encourage the practice of utilizing the brain that God has given us. We can not trade 24 hours a day, well that is not true, but you should take time off. When you take time off outside of your leisure reading, then I would recommend getting a copy of this book and reading it.
Psychology and the mental makeup of a trader, especially a day trader. This book will allow you to see how you stack up.
David AKA Tiger