Emini Trading Update – Friday 7 Oct 2011 (11:45)
Playing it safe Thursday and Friday – take my trades and get out with enough to cover Wednesday’s loss. Amazing we’ve made it so far, so fast really – 1,173 after the employment numbers. Into a long weekend, which always tend to be a little bullish. The other side of the congestion zone at 1,200 will be another story though.
Quotes of the day …
Some great messages over the last couple of days.
Jeff S. played the same Short trade as me on the video, but he got in before the open and made his “One shot one kill”. Excellent …
“I watched the market turn after the employment came out at 8:30 am est. I went short before the open at 1166.00 when the pull back was marked on the 500 tick bar chart. I was out in minutes with 4 points. I did not even have a chance to open my target. I found that entire down move before the open interesting. Plenty of bullish signals all the way down but no exhaustion signals. The pull back marked on the 500 chart was a good place to get in. Thanks for the great indicators!!!!!”
From Paul P.
“Hi Barry, I am a long time listener and trader using your indicators. Just wanted to say thanks for listing the fact that you had a bad day yesterday. For the past two weeks I have been trading exceptionally well thanks to your indicators, but yesterday for me was horrible as well. It’s just nice to hear I am not alone and bad days happen to the pros as well. Today I got myself back on track. Enjoy your surfing and thanks again for your indicators and the education you provide.”
And a classic from Paul M. – with some really good suggestions (#9 & #12)
“Barry: That’s very funny about being distracted. However, I have a long list of failed trades and the reasons. Now, I keep a list – it continues to grow:
1. No phone calls, turn ringers off.
2. No emails, no browsing.
3. Don’t answer the front door if in a trade.
4. Don’t try to squeak a point during travel.
5. Don’t discuss family matters, non-trade questions and other issues.
6. No money activities, bill paying, no washroom breaks, no lunch breaks.
7. Do not refer to other charts (i.e. 5 minute chart) only tick charts.
8. Do not look at your daily dollar balance, only look at points for the day.
9. If you swear during a trade, reduce contracts.
10. Set an alarm–15 minutes? If still in and it isn’t working–take a second look.
11. At end of day, track all your trades in a spreadsheet including time of day in/out. If that is too much work then you are trading too much. I track points per minute and points per trade and points per dollar of commission.
12. If you still need to trade after your points are made, trade on the demo account for practice and save your profits.
Thanks for all your work, we really learn from it every day.”
Good luck with your Emini trading.