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trading late hours

i've only been trading a live account for about a week.

i got destroyed tonight. i was trading ES and YM.

seemed to be in the wrong position, and when i wasn't, i was so paranoid with tight stops and got stopped out.

i'm going to stick to the day time when volume is a little more consistent.

good idea?
I'm baaaaaaaaaaaaaaaaack.. Dang it........ Monkey Meat Help!!! What is monkeymeat anyway.. LOL.. Anybody heard of online trading academy. I have a traders meetup group down here and a couple of them have gone to it. The have a CD out called advanced e-mini trading strategies, and I'm thinking about buying it.

Psychosis of the day:
I jumped in at the 15 min low and got a point figureing the big candle on the spx I figured it was gonna turn bullish, but the tick was not confirming. but I took the point anyway. okay.. so.. then it starts falling and falling and falling and the whole time I'm thinking well it's too late now, I'll just wait.. then it starts chopping around so I take a nap, wake up to another big falling down... again, I think it's got to turn around somewhere and I'll just take the spike up.... fall fall fall.. oh it's waaay too late now.... then (and you're not gonna believe this) I decide to get in bearish at the pullback at 10:55 (california)at 929.25 and it goes down a bit then halls but waaaaaay up...... so well, I think stops are what have been screwing me up... so I wait...... bail out at 935.50. I must have THEEEEEEE worst luck in the entire trding history.... So here I am back trying to learn whatever it is that I need to learn... maaann.. Calgone take me away..
hah, i know how that feels!

where's your trading meetup? i see the trading academy is in irvine, .. i'm in so cal too.

yikes, their e-mini course is $5k for 2 days.

I won't go into too much detail ... but I flew out to CA and spent some time with them in 1998 or 99 for the specific purpose of observing their marketing strategy. I knew the guys that started it and the current CEO when he was just one of their "sales guys" (was a former car salesman btw, no kidding). Gave him a ride home one evening after observing him at work "selling" their $5k training course at the time. That's how they drew them in and got many accounts opened when they were an OSJ of Block Trading in the glory days of stock day trading. They had the whole promotional process down to a freaking science ... and it worked damn well ... obviously.

A couple of years later, they approached me to be a Texas/regional trainer for what could effectively be called a franchise location. I'm not saying their education is good or bad or otherwise ... only that I've had some history of interaction with them. Again, as always, I advise folks to not toss several grand at any school or trading vendor unless you have vetted them to the Nth degree.

Btw, MonkeyMeat is simply good eating ... especially when barbecued ... but then I'm an East Texan, ha!

Your post sounds like the thinking out loud of many traders ... the absolute frustration. I understand! Whether trading "late hours" or otherwise. Don't want to veer too far off the thread here. I'll email you again and hopefully can offer some decent guidance/help.


Originally posted by TraderFoo

hah, i know how that feels!

where's your trading meetup? i see the trading academy is in irvine, .. i'm in so cal too.

yikes, their e-mini course is $5k for 2 days.

Sorry about the late response on this. The trading group I go to in in Del Mar. I used to live in OC too. Didn't mean to change the subject on your thread. I actually put this under e-mini courses and they moved it for some reason.

Thanks MonkeyMeat for your help and comments. OTA actually has a reasonably priced CD that you can buy alone. It's called advanced e-mini trading strategies. It's only 50 bucks so I was thinking of picking it up. Anyone ever taken a look at it????
If you spend $2000+ on mentoring you better make sure it's personal 1-on-1 mentoring where you can ask all sorts of questions that might seem dumb.

I wouldn't trade the asian or european session unless you're willing to deal with the different kind of volatility. Markets move slower, but you will ocassionally see spikes.. while intraday those spikes might get countered, that might not happen at all in premarket because of the smaller volume, where big participants can control the market.
But intraday you will have more back and forth motion.