Australian (ASX) Stock Market Forum

Daytrading the Dow Video

MM

The majority of futures day traders I know on MIRC trade along these lines of progressive exits. I have done it a bit myself, but I'm more of an all-in all-out kind of trader.

On the average choppy sort of day they will do much better, but on a decent trending day all-in all-out traders get to kick much bigger goals.

I think it comes down to psychology once again :2twocents
 
Gees -

I thought some of the gear I'd signed up for was expensive, but $US2500 for a DVD set is taking it to another extreme.

NA
 
NettAssets said:
Gees -

I thought some of the gear I'd signed up for was expensive, but $US2500 for a DVD set is taking it to another extreme.

NA

John

You won't need it. Just get the free email videos ;) :2twocents
 
How does brokerage work on these trades

I see when he was past Target 1 he called the entry level breakeven - how does this work?

How does the entry work - its easy to see in hindsite but they seem to be hitting real quick after the reversal and with a pretty chart like that when the reversals are lined up with the price points it looks easy. I thought he said the entry was 1000 tick but it didnt seem to work that way
John
 
NettAssets said:
How does brokerage work on these trades

I see when he was past Target 1 he called the entry level breakeven - how does this work?

How does the entry work - its easy to see in hindsite but they seem to be hitting real quick after the reversal and with a pretty chart like that when the reversals are lined up with the price points it looks easy. I thought he said the entry was 1000 tick but it didnt seem to work that way
John

This is how I understand it

Lets suppose he goes long at 10,000

Trade 1: Long 4 contracts @ 10000 - stop loss at 9990

Trade 2: Sell 2 contracts @ 10005 - move stop on remain 2 contracts to 9995 ( So if he is stopped, it is break even less brokerage at $2 a side = $16)

Trade 3: Sell one contract @ 10010 - stop moved to 10000 on remaining contract (20 points x $5 locked in less brokerage)

Trade 4: discretionary exit

For mine, I don't really like this plan. I prefer a 20 - 30 pt stop and shoot for 50-100 points on all contracts. FWIW
 
Thanks for that Wayne

I have never got those "sell enough for a risk free trade deals" to work - Like your simple plan better . I will ahve to look into the indices a bit more now that I am getting comfortable. The intra day trading looks pretty interesting.

NA
 
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