Chris's Comments: The initial move was up so we sell as soon as the ADX turns, selling in the top 20% and buying back to close in the lower 20% of the Williams.
http://www.60minutetrader.com/archive/mayfutures07/110-05-07.htm
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Monday, May 21, 2007
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5 comments:
I have enjoyed using the 60MT. Although overall I have lost money, it's not the fault of 60MT. I've done several things wrong. 1. I didn't stick to my original plan of only taking the first trade, 2. I would get greedy and end up turning a small winner into a big loser, and 3. not shutting the computer down after the first trade.
If I took a loss, I tried to get it back and in many instances I was hooked to the computer for the entire trading session trying to catch up.
Now with increased volatility in the market and increased margins, you can no longer trade one contract for $2K. I trade with OptionsXpess and the minimum now is about $3,125.
I would love the opportunity to sit next to Chris for one trading day to really see what he does. There have been many times for me when it appeared that everything was indicating a trade only to take a 17 point loss and at times, several in a row. So it's obvious I'm not reading something correctly.
If you get in a position where you have had 1 or more losing trades, it's very difficult if not impossible to get back when your winners are 6 - 10pts and your losers are 17.
Once I have my account back up, I will try 60MT once again. I believe in the system, I just need to get better at interpreting the indicators.
Good Afternoon:
I must say that your 60MT is truly a great trading system. I have been trading it "live" for just over 3 weeks and I can honestly say that it was a winner each day. Now that does not mean that I have won each day but if I didn't it was the result of "finger trouble" on the part of my broker(I trade strictly online now) or yours truly. I just have to develop a little more patience and pay more strict attention to the rules.
As I am writing this out of the corner of my left eye I see a submission from that very prolific Blogger "Anonymous". He speaks of his greed and his inability to trade beyond the first hour. Moi aussi. Although it looks like "a piece of cake" in hindsight, I have only had one successful trade out of a half dozen attempts. Is there a secret?
I do, however, have a couple of questions: any chance that we could have an amendment to the 60MT ebook which migh include a full explaination of the use of the RSI or an informative eMail. Also yesterday's eMail that included a May 20th, 2005 example; there is still another indicator(perhaps an MACD???) with a notation of "a better entry" beside it. Might we have an explanation of the proper use of this indicator?
One comment that I might direct to our buddy "Anonymous" with regard to margins. I am not positive what he is trading but my broker(Infinity) requires $500/contract on any daytrade of the eMinis - for what it is worth.
Thanks again
CA"Butch" Hillman
Beaumont, Alberta
Hi it is good to publish your trading results, but I would not say "won" in the title. I personally thought it was some kind of on line gambling and have deleted your previos e-mails because of this.
www.rdi-aah.hu;
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honlapot
Really like the 60 MT system, its proved itself time and time again.
One question I do have is why is the stop set at 17 points? Why not 18 or 15....etc.
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