Emini Futures Trading Results 10/13/2010
As most of our emini blog followers know, we’ve had 8 straight one and done days! Pretty awesome trading! If you watch any of my videos, or attend any of my webinars, you know that I discuss discipline! Why? If we’re having so many “one and done” days – who needs it? Trading is easy, awesome, and profitable… Right? WRONG!
Trading is not easy. I’ve been a futures trader for a long time and I can tell you that easy is one thing it is never going to be! In the past 8 days, we’ve had 8 trades. BUT TODAY, however, some of us (myself included) had about 10 trades in the first hour! So in one day I had more trades than I did in the past 8 days! What does this tell you? We take losing trades – just like all the other futures day traders out there! It’s part of life. This is why I push discipline so much as it is so important!
Today was actually a great day. If you look at the big picture, I was up 2 points (after commissions) within in 1 hour of the opening bell. Not too hard to take! That’s double what I normally make. As I said though it took 10 trades to get there! Mind you, in the video you will see how a lot of my students had less trades than I. I actually missed a trade. I’m human guys! But I followed the rules, and came out ahead!
Again, DISCIPLINE. You also need a good trading system that continuously works in all market conditions, like The Tick Trader System. Just go back over the years through my emini blog and you will use prove it over and over again. Not trying to sound “to good to be true”, as I said it’s a tough gig to do this for a living. With enough practice, and a lot of discipline, and a good day trading system, I believe anyone can be a great futures trader!
As of this writing, the S&P is up about 1 percent, the Dow is up about 1 percent, and Gold continues to rally. I said just the other day (maybe yesterday) that it is going to be difficult for the Dow to stay above 11,000. So far, I stand corrected as the Dow as well as the broader market are up! I personally at this time do not hold any long term investments as I really have a hard time believing this rally is sustainable. Am I wrong? Who knows. If I am, I guess I miss out. Fortunately I use the markets to make daily profit from so it really doesn’t matter.
A great read on CNC.com today titled: Across the US, Long Recovery Looks More Like a Recession.. You can find that article here: http://www.cnbc.com/id/39647980
Some of the interesting facts that I read is that the current rate of job creation we would need 9 more years to recapture the jobs lost during the recession….. ; Median home prices are down 20 percent since 2005. When you consider inflation we are looking at 13 years for housing prices to climb back to their peak….; and commercial vacancies are soaring – another decade to absorb the excess…
Be sure to read the article.
What does this tell me? Well I believe we will see another downturn in this economy. I hope I am wrong, however I don’t believe I am.
As I said though on a previous blog post, the volatility is a good thing! We may have had 10 trades today, and a little sideways action, but we still make money as day traders! So if you are a long term investor, hold on tight as I believe another roller coaster ride is imminent – probably after the elections.
For futures traders, hold on tight! The roller coaster rides can be very profitable, but can also be very treacherous for an undisciplined day trader!
Life moves forward 🙂
Have an awesome day, and here is today’s video.
Cheers!
ETS
Emini Futures Trading Results 10/13/2010
