Emini Trading: Futures Results for October 25, 2010
Today was a choppy day. The markets are up, marginally. However the emini S&P is hovering the 1190 level. Whenever we see levels like this: 1190, 1180, or especially 1200, you tend to see a lot of choppiness as a lot of traders are buying support & resistance levels. I am not a S/R trader, but I must respect a “big” number such as 1190. Sure enough, we played around in No Zone a lot today – and right around that 1190 level. So I did trade a lot of EET trades as they tend to work well in choppy markets. Of course we teach this in our our futures day trading course.
I ended up with 6 trades today. My first NSE was a 2 point loser, the maximum loss I am willing to take on a NSE trade. Followed by another loser and then I started catching winners after the 10AM reports came out. I ended up about 1.5 points profit after commissions, and about 95 minutes of “work”. Still a great day, but you’ll notice we do not get the “One and Done” trades everyday! True, we’ve had quite a few lately, but not today!
We stay diligent, we do not rattle!
We followed the rules of our day trading system, we recovered, and went on to profit! That’s what it is all about – making money! Today is a good day for new students / traders as it shows them that trading is not easy! A new trader, or even an experienced trader must know how to recover when he/she loses on trades. Remembering that losing trades are inevitable regardless of the day trading system you choose to trade! A day like today wasn’t all that bad, but it could have been to a new trader who simply doesn’t understand the rules! So it’s kinda good that we take losing trades – it keeps us in check!!!
And that’s the message for the day! Regardless of the trading system you trade, you must accept the markets for what they are. You must take your lumps, and focus on recovering, and let the winners take care of themselves!
We had Existing Home Sales today and Diana Olick from CNBC.com runs the Reality Check blog, which I read regularly. It’s a pretty interesting read: The biggest monthly gain in 28 years – but also the 3rd worst sales month on record. Check it out here: http://www.cnbc.com/id/39831789
Until tomorrow!
Cheers!
Emini Trading: Today’s Futures Results 10/25/2010
