How Do DayTraders Make Money in the Futures Market?

This is a discussion on How Do DayTraders Make Money in the Futures Market? within the First Steps forums, part of the Reception category; Originally Posted by vrtrop22b timsk, did I miss something? Who is Lee? He/She was mentioned as a successful student of ...

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Old Jul 8, 2009, 9:16am   #121
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Originally Posted by vrtrop22b View Post
timsk, did I miss something? Who is Lee? He/She was mentioned as a successful student of Stuart's. Can we get some background on Lee and get him or her posting on here?
Lee is 'Pitbull' here on T2W. Take a look at his review on page 9 of this thread that I referenced in my earlier post. As regards to him posting, I expect he's too busy making those 100 point a day profits to want to get involved in this debate. He is both an experienced trader and a long standing member of T2W, therefore his credibility rating is about as good as it gets, IMO. I've 'known' him on here and on another forum for a long time and respect him as someone who knows what he's talking about. Then again, I doubt you'll have to hunt for very long before you find someone - or perhaps lots of people - who think that both Lee and I talk complete twaddle and know sweet FA about sweet FA! As is the way on forums like this, you believe what you want to believe and disregard the rest.
Tim.
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Old Jul 8, 2009, 11:53am   #122
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Okay, I wish Lee luck. He is going to need it
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Old Jul 9, 2009, 2:33am   #123
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Originally Posted by vrtrop22b View Post
Okay, I wish Lee luck. He is going to need it
Lee doesn't need any luck...he studies and applies the One Minute Methodology and makes HIS OWN luck....with the requisite British stiff upper lip, of course. Lee has a good analytical eye and doesn't bring emotion into the picture, which is excellent advice to everyone!

Stuart K.
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Old Jul 9, 2009, 2:41am   #124
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mechanicaldaytrader started this thread ...isn't it amazing that VTROPP22b just can't accept that someone can take the ball, run with it and then succeed...and be content about it? VTROPP22b definitely has an agenda and won't let go no matter what facts fly in his face...and we are noticing he hasn't taken back the smear of AussiePerson either...he's had plenty of time to contact him directly or the Mods.

Looks like one of my newbies has his Tradestation account funded so I will be working with him next week on his live trades hopefully. He nailed the bottom today (via his skype IM entry while I was away). Another newbie aced his Module II, will be progressing thru the videos for the rest of the week and I'll be working with him on taking Kindergarten Trades & installing Tradestation in the coming weeks.

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Old Jul 9, 2009, 1:54pm   #125
 
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This has been a lively debate! Welll, I am still using Stuart's method and raking in the points every week. Some days the Dow conforms wonderfully, like yesterday after a pretty choppy morning, some days it doesn't. You can't expect to get monster trades every day, but yesterday was an exception and I only traded the morning.

I think people get frustrated with it as they are trying to pick the exact tops and bottoms, R1 and S1. Sometimes you can get them but may take a few goes. When do you short a double top?, after uptrend ends, whats the safest entry? an RDOWN. When do you buy a double bottom? after downtrend ends, whats the safest entry? a URUP. What should all you short entries be? a H&S, what should all you long entries be? a RHS.

I find the best reversals happen on the hard numbers, 8100,8150,8200. Easy stuff!

I have added a couple of larger timeframes to get a bigger picture of the overbought/oversold situation for a likely larger reversal and the art part to the method is price action. Why try and buy a double bottom in a downtrend when price is still falling?? Newbie mistake! So when a URUP happens 15mins to the dot, does it hold the low keltner or keep falling? This is what you need to watch.

Chart from yesterday to show you how it works.
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Old Jul 9, 2009, 2:05pm   #126
 
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What was yesterdays trade? Talking Dow cash, 8088 to 8178, 90 points, were gapping up 50 odd points, what Dow behaviour has just occurred on the futures, 8190, what chart pattern has just occurred, a H&S...so we assume YT is finished at the open.
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Old Jul 9, 2009, 2:22pm   #127
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Originally Posted by PitBull View Post
This has been a lively debate! Welll, I am still using Stuart's method and raking in the points every week. Some days the Dow conforms wonderfully, like yesterday after a pretty choppy morning, some days it doesn't. You can't expect to get monster trades every day, but yesterday was an exception and I only traded the morning.

I think people get frustrated with it as they are trying to pick the exact tops and bottoms, R1 and S1. Sometimes you can get them but may take a few goes. When do you short a double top?, after uptrend ends, whats the safest entry? an RDOWN. When do you buy a double bottom? after downtrend ends, whats the safest entry? a URUP. What should all you short entries be? a H&S, what should all you long entries be? a RHS.

I find the best reversals happen on the hard numbers, 8100,8150,8200. Easy stuff!

I have added a couple of larger timeframes to get a bigger picture of the overbought/oversold situation for a likely larger reversal and the art part to the method is price action. Why try and buy a double bottom in a downtrend when price is still falling?? Newbie mistake! So when a URUP happens 15mins to the dot, does it hold the low keltner or keep falling? This is what you need to watch.

Chart from yesterday to show you how it works.
Lee - out of interest - can you tell us....

How many of those trades did you take.
What was your entry price, stop loss & exit price ?

Obviously, the anti-argument here is that it's retrospective. So - what were your entry points & risk at that point of entry ?
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Thanks! The following members like this post: timsk
Old Jul 9, 2009, 2:25pm   #128
 
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Where the arrows are and stop at the highs and lows, risk about 10 -20 ticks
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Old Jul 9, 2009, 2:40pm   #129
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Where the arrows are and stop at the highs and lows, risk about 10 -20 ticks
How abt posting up the TS chart of the YM with the actual trades on it ?

This will, after all, shut a lot of people up.

Come on... purleeeeeeeeze....
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Old Jul 9, 2009, 2:42pm   #130
 
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Well, I just called the short from 8180.
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Old Jul 9, 2009, 2:44pm   #131
 
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Closed half at 8131 yesterdays close on Dow cash
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Old Jul 9, 2009, 2:56pm   #132
 
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Closed rest at 8114 YM close
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Old Jul 9, 2009, 3:16pm   #133
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Well, I just called the short from 8180.
I agree - I'm not getting at you, just suggesting if you post your chart with the trades on it, it will end the argument....
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Old Jul 9, 2009, 3:30pm   #134
 
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How do day traders make money.....very simply, by buying low and selling higher, and selling high and buying lower, not difficult really, just the trader, armed with a mulititude of everybody's else opinions making it difficult really, I suppose. Do it yourself, sod everybody elses view is all I can say, what works for one, doesn't for another etc.
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Old Jul 9, 2009, 4:34pm   #135
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mechanicaldaytrader started this thread The Mechanicals are long from yesterday's Dow Cash 8101...look for the lows today to hold above that, then take out the morning high (the open) later today. Whether that happens or not, that's the strategy you have using the Methodology this morning. ...as things progress, you keep an open mind and re-evaluate as needed, based on what time of the day it is and what untouched Institutional Stops are left from today and yesterday.

Great calls Lee!

Stuart K.
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