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Are you winning?


This post was prompted by something I read today. elite trader asked myptofvu if he was a profitable trader. myptofvu apparently gave an honest answer. No details, but quite frank. Well, this is something I would dearly like to know about all residents and visitors here. Are you winning or losing?

Many posts here have alluded to successes. Several contributors are revealing their basic strategies. PT is posting daily logs of his trades, both wins and losses. I think that's awesome and want to thank you all for sharing. But let's take it further.

We all keep pretty tight about our overall profits/losses. I've visited several trading rooms and it's the same. Not many traders will reveal their real performance. Over and over, we put these vendors under pressure to supply broker-verified statements. Well, without going to that extent, how about a general summation of your successes/failures? We'll take it on the honor system.

Now I realize that it may be considered extremely rude to ask a guy how much money he makes. It's kind of like asking a couple how often they have sex. Not only is it personal, but you will probably get a different answer from each participant! And of course, no one wants to appear a braggart, nor a loser.

But I'm curious. If 90% of traders lose money, does that statistic transfer into this forum? Or could it be that we are actually blessed with a high percentage of substantially profitable traders? I see a lot of intelligence here (beyond my level) but how about a dollar value? In the words of elite trader: "Are you a profitable trader?" That's what I want to know.

I propose a thread whereby anyone willing can brag about individual victories, cry about heavy losses, or simply reveal their long term performance. Bare your soul for the benefit of those who follow.

I will personally kick off the discussion with my own experience to date. If anyone else would care to contribute, here's to ya!
I look for an area of support/resistence but during the first hour I use predefined areas ( numbers above or below the open price) along with the overnight high/low and realtime session High/low. I take profits when I can get them so I don't let the entire position go to the original target.

Bruce
Today was a pretty crappy day to try and trade the S&P. It was mostly choppy and congested. Out of boredom I took 1 trade that didn't work.

S 1445.75
B 1446.75
P&L -1.00 pt PC

By the way, I received an answer to the comissions question. To receive 3.88 round turn you need to trade 700 contracts per month (they may make exceptions)
What was the trigger for that trade myptofvu?
quote:
Originally posted by elite trader

What was the trigger for that trade myptofvu?



Boredom.... plus I had to walk the dog.
Taking the dog for a walk is a trade entry signal? I must admit that I have never heard of that one.
quote:
Originally posted by elite trader

Taking the dog for a walk is a trade entry signal? I must admit that I have never heard of that one.


LMAO

My point was that we are all prone to making bad trades and this was one of mine.
quote:
Originally posted by myptofvu

Today was a pretty crappy day to try and trade the S&P. It was mostly choppy and congested. Out of boredom I took 1 trade that didn't work.

S 1445.75
B 1446.75
P&L -1.00 pt PC

By the way, I received an answer to the comissions question. To receive 3.88 round turn you need to trade 700 contracts per month (they may make exceptions)


myptofvu:

Which broker?

Did you sell as price was moving up from lower levels or down from much higher ones? If you post a screenshot with time and sale of entry, I'll put in my 2 cents worth if you care.

Don't feel bad about missing trades. Today I planned on buying 1442 on the retest around 10:30 and got interrupted by the superintendent. It was costly.

T Rex
I originally participated in this thread for three reasons:

First, Felix had asked if people were winning. I viewed this as an opportunity to encourage new traders to take up arms and join the fight. I felt that if they witnessed other traders experiencing winning days they would feel more comfortable taking the leap into trading.

Second, I thought that this could provide a great service on down days helping to muster fellow traders spirits on losing days realizing they are not alone.

Lastly, I took this as opportunity to enhance my own trading skills by being more discerning about my own trades knowing that they will be made visible to public scrutiny.

I find however that my first two reasons will come to naught if I am the only one posting their results. If others feel such as I do, would they please contribute to this thread?
quote:
Originally posted by T Rex

quote:
Originally posted by myptofvu

Today was a pretty crappy day to try and trade the S&P. It was mostly choppy and congested. Out of boredom I took 1 trade that didn't work.

S 1445.75
B 1446.75
P&L -1.00 pt PC

By the way, I received an answer to the comissions question. To receive 3.88 round turn you need to trade 700 contracts per month (they may make exceptions)


myptofvu:

Which broker?

Did you sell as price was moving up from lower levels or down from much higher ones? If you post a screenshot with time and sale of entry, I'll put in my 2 cents worth if you care.

Don't feel bad about missing trades. Today I planned on buying 1442 on the retest around 10:30 and got interrupted by the superintendent. It was costly.

T Rex



I have four brokers. I don't want to mention names for fear that I might be promoting something. If you are interested we'll find another way to transact.

YES, I WOULD HIGHLY VALUE YOUR FEEDBACK, but I don't know how to post snapshots. I do talk to others while trading via yahoo instant messanger. Would you consider doing that?
myptofvu:

I think you hit a nerve here--a big nerve.

A brief reading of posts will tell you that people only believe trades that are backed up with statements. Don't feel bad about that. Its symptomatic of all amateurs (and losers) who can't believe that anyone can take money out of the markets consistently.

How about that broker's name?


T Rex.
Sure, I have no problem commenting. Sorry to hear you had a bad week and thanks for the kind words. I hope you are getting some value from these posts and glad to see you take responsibility for your trades and it sure sounds like you learn from others after investigating a methods effectiveness which is fantastic. That's what it's all about...

Anyway I have been "successful" since about the year 2000 but I define success as being able to follow a discipline, adapt to market conditions and make money while keeping my sanity. I started day trading in late 1997 and took a beating the firs 1.5 years or so...then I got better...for a while...lol. In late 2001 I had my worst period as I had a new born at home and just didn't have my head in the game...my own fault. Since then I keep evolving and have done well. I have a long way to go as the market is forever changing it's colors so I realize the need to be flexible and keep the market in it's proper context. What turned my trading around was having multiple contracts on and averaging into trades, this solved the fear and greed factor for me. I like daytrading a lot but lately ( last two years)I seem to be trying to hold positions longer as volitilty is lower and I can stomach that. I'm a fairly simple guy and I am conservative. I beleive slow and steady wins the race so I strive for consistency and make sure I follow rules that are comfortable for me. I don't beleive you have to make a certain amount of money to be considered a success as a trader. That's ridiculous as we all have different circumstances. Just because you think I have more knowledge or experience doesn't mean I am a better trader. This is why I try to encourage anyone to "make the setups your own" and do research.

As a side note I beleive it would be a greater value for me to post the ideas instead of my specific trades. I wouldn't want this to turn into a "posting and bosting " thing. I also beleve based on your comments that this isn't the thread for it. So I apologize for getting side tracked myself and taking this off of your original topic. I hope that helps and if you have specific questions I will be more than happy to answer them.

Bruce
quote:
Originally posted by felix

[quote]One question, Bruce, if I may. When this thread was started, I was curious as to which contributors here were day-trading successfully. I have seen you put on some good trades. Of course you acknowledge that you have bad days too. But I'm curious if you are long-term successful.

Naturally, you have the right to remain silent, and I don't want to pry or put you on the spot publicly. But you have been at this a lot longer than I, and you have a lot more knowledge and experience with the markets. I'm wondering if your efforts have paid off for you. Care to comment?

To everyone: Have a great long weekend!