Daytrading Futures

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As Soon As I Received the Real Success Video
Tape Course, Believe Me, I Learned to Look at
The Markets in a Different Way and Feel More
Confident and Secure - T G

The purpose of this is to offer a testimony of what the Real Success Methodology has meant for me.Let me begin letting everyone know that I'm a registered Introducing Broker and have 10-years of experience with a long interval of inactivity in between. Being 48-years old, my first 5-years as a broker were long ago in a South American country, after I graduated from University and obtained an MBA on finance.

I left the industry for 15-years and returned 5-years ago. Starting from the very beginning, opening accounts in the international department (I speak fluent German, English and Spanish) for a big German broker house. Two years later, I was hired by another smaller German broker house as head of the international department and appointed to build up this department. I hired 25 brokers coming from every edge of the world that you can imagine. There were people working in English, French, Czech, Polish, Arabic, Russian and Spanish.

This company worked with an omnibus account and after a year or so, I discovered some irregularities basically on the fills, because nobody but the owner called the global desk so we had no possibility to confirm when and where we were filled. Because of this we increased significantly the size of our stops. As always, we had good and bad months profit wise, until some of the clients requested funds back. At that stage the real problems begun, as they were simply not paid out. With approximately 80 customers and 25 million US Dollar Equity, people can imagine what that is!

We supported clients until the end, when we massively retired. I obtained a clearing agreement with a clearinghouse and FCM and started working independently from home.

At the present, I have a bunch of clients for which I trade with a general POA. Accounts are segregated accounts, and my Round Turn Commission is $16. Clients pay as a general rule $99, plus cost for each RTC, when accounts are down, commission is lowered to $50, plus hard costs.

After experiencing ups and downs (more downs) on my trades, I started looking for a better trading system that would support my psychology, which was rather disturbed after all I had gone through.

Surfing on the web, I came to CTCN’s homepage and some of the testimonies picked up my attention immediately. So I was’t the only one, if you saw my first 8-years of trading you’d throw-up, my wife really did. I though to myself, here’s somebody who’s gone through it.

As soon as I received the (CTCN Real Success) Video Tape (Course), believe me, I learned to look at the markets in a different way, I feel more confident and secure, although the (video) quality is not perfect, and we have PAL (Video Format) in Germany, so reproduction is not the best.

I still have a way to go, it takes some time to face and approach the trades from a different angle, but I’am learning how to get to it!

I’m trading mostly E-Mini (S&P's), because of the equities, which are not too big. I use 3 and 5-minute bar charts side to side. I’ve noticed that I’m not picking up most of the signals, maybe because of fear or because I’m looking at the forest instead of looking at the trees. This is why I’m coming in late, making it much more difficult to achieve a good result by trading the E-Mini. I need at least 300 to 500 points, in other words a profit target between $150 and $250.

The daily movement of the market has to achieve reasonable results, yet one has to come in the beginning of the move, hopefully early enough so as to get in a second or third time, or if necessary correct the first trade to end up even, or with a small profit, scratching the trade.

OK that’s for the general set-up now. When it comes to the execution of the procedure, I call it procedure because this word involves the necessary discipline everybody needs to be a trader. When I’m in front of the screen, looking at these 3-5 minute charts trying to identify trends, pivots and hooks, I have windows that show the market’s move for at least 8-hours.

As e-mini's are traded over the Globex Exchange, DBC my data vendor provides a data stream according to European hours that start at 0:00 or midnight. So when I login at 8:00 Central European Time, I have the Asian activity on screen and as the day goes by the European activity is added, and then when the floor open in USA I have 16:00 hours of history.

I hardly trade the overnight session and I normally wait for the floor to open, and here is where I get stuck. I have the bad habit of not trading the first 45-minutes, so that all those crossed currents fade away, and then I wait for two pivots backwards and then its lunch time, and when I decide to come in I feel I’m late.

So what I was thinking, is changing my style, and getting rid of all my habits. To simply look for a signal to show up and jump in when it goes OK. Let the trade run and trail the stop as the trade develops, there are no stops on the E-Mini's, because a stops system is not compatible with the Globex-2. So, all stops are mental, which demands a lot of concentration.

My initial stop is 200 points and as the market develops, I trail the stop. Depending on the side I am on. I’ll build up a support or resistance line toughing the highs or lows of each bar, and when there is a pullback that goes through, I exit the trade.

Now things depend on the fact that I’m able to identify the signal as it appears, and this is the challenge, because here is where I’m failing.

Editor's Note: Thanks for all the comments. Alex, I agree with you on the subject of stops, especially involving the need for E-Mini stops of at least 300 to 500 points and profit targets of between $150 and $250.

The larger stops are necessary in the E-Mini S&P in particular due to its very small contract size (compared to the full-size S&P 500 futures contract). Also, the combination of the stock market's much higher volatility and its price level of over 10,000 on the Dow compared to the lower numbers when we made the original Real Success Tapes.

Information on the Real Success Video Course .

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