Thursday, February 5, 2009

Thursday Day Trading: ES Long SR Trade

Click on chart for comments on the ES market trade. Here is the trade that we waited all week to happen. It was a very nice trade after treading water basically all week.

One comment I want to make is that in the Live Trading Chat Room, I will be changing things up just a little bit ... I look forward to sharing the changes with you. One involves having a green light to share trades that I am considering that may or may not be a firm Rockwell trade, but still an A+ trade in my books.

Good Trades and See You Next Week,

David AKA Tiger

Wednesday, February 4, 2009

Wednesday Day Trading: ES Trades

Click on chart for comments on the ES market trade. The setups above are what seem to be the best possible trades to be taken in the emini today.

Friday the employment numbers come out ... how will the report be manipulated this time? The best advice is not to trade on Friday as a rule.

We finally saw the ES go down late in the day today after being up for the morning. There are a couple of red reports that will affect trading early tomorrow morning, then I am expecting pretty much a non event day in front of the Friday numbers.

Good Trades,

David AKA Tiger

Tuesday, February 3, 2009

Tuesday Day Trading: ES Long Trades

Click on chart for a larger chart picture. Today we had a breakout in the afternoon, but our entries did not work out. This happens at times. We get a valid signal, nice volume, but ol momo doesn't want to come along for the ride.

What do you do when these times happen? You either tread water waiting for the next trade, or you could even possibly take some time off waiting for the market to pick up again. With that being said, you tighten down your entries only looking for the best possible setups and trading them.

In the long run, trading is a numbers game when you are trading a trading method. You have to take the good with the bad. You will have draw down periods followed by gain periods, then breakeven periods. Your overall shape of your equity curve over time should be in an upward pattern, but with this being said, you can't SWEAT the SMALL stuff.

If you have a valid trading method or system, then trade it. Do not be afraid to adjust to current market conditions, as not everything goes in a straight up pattern.

Trading is not like movie, Back to the Future, where we can tell someone what to do. What we can control is our entry point, our exit point, and the size of contracts we will trade on each trade.

When you are first starting out trading one contract, I personally believe that this is the hardest thing to get yourself to the point where you can add contracts. Because when you have additional contracts, you can always scale back, but when you are trading one contract, there is no such thing as 1/2 of a contract.

My advice for what it is worth, is to be patient, disciplined, and self-controlled. Trust in your trading method, and allow the numbers game to work in your favor.

Good Trades,

David AKA Tiger

Monday, February 2, 2009

Monday Day Trading: ZB Long Trade $281.25 for every 2 contracts.

Click on chart for comments on the ZB Market Trade. This was a trade that we had to be a little careful from the morning high in bonds, and also the daily high from the previous day. The second contract was a trailer and the bonds moved back to backfill the last contract out.

This was still a great trade with conservative trade management on multiple contracts.

Good Trades,

David AKA Tiger

P.S. Once again, for those that don't know this by now, but I am hosting a LIVE Trading Chat Room with audio and video. Right now Rockwell Trading is still running a $1 USD Trial period for 7 days for you. I look forward to seeing you in the room soon.