Games over Fish/Lets get the markets open

SSI · Mar 27, 2005

been sitting on 2 open trades over the easter weekend..

1. Long 2 July Corn/Short 2 July wheat (spread of $1.36). need the spread to narrow, since i hold 2.. its $100 for every cent that it narrows.. currently trading at ($1.28 3/4 cents), so up $725 right now.. entered on march 17th.

2. Short 1 June emini sp from 1194.00, stoploss in at 1194.00, so risk is a max of $750 on this trade,, market is now open, yes its open now.. trading at 1178.00, so we have a profit of $50 right now.. entered on mar 23rd.

once again, i wish we had a few more commodity traders here...

sorry for posting again but i didnt feel like looking up the old thread..

Fishhead · Mar 27, 2005

COOL!

There soon will be with your education to us all.

:103631605

SSI · Mar 27, 2005

Fish, i do not like to have that many open trades at a time, ties up a lot of margin money.. i didnt comment in the thread the other day about sports betting vs. daytrading because, i consider myself a short term trader and not a daytrader.. i have daytraded many times and i find it very stressful.. i prefer to put my trade on, give it a little room and hope that i am right.. also it is imperative that i reduce risk asap.. in years past, i have been a heavy trader but now (at this moment), i am much more of a student of the markets..

you should hear some of the systems in trading fish, from Gann wheels to 1-2-3 tops and bottoms and many more.. seasonal trades, fundmanetals, technicals, scalping, buying and selling options, butterfly spreads, bear spreads, bull spreads..

here's to making money fish, overnight session in grains is soon to open as well..

SSI · Mar 27, 2005

fish, my favorite market to trade is the emini sp and it is a direct reflection of the dow and nasdaq for the most part.. market is sitting at 1178 at the moment, now ive been doing a bit of chart reading tonight and it appears that it will be a difficult climb back over 1190.. there is quite a bit of resistance up there, we could trade back in the 1180's easy but the going gets rough up there..

as for the downside, there is nothing to hold this sucker up, once you get past tuesdays low of 1168.75, circle that mark fish ole boy (1168.75).. if we drop lower than that, we will lose another 10pts pretty quickly (thats about 100 on the dow)... as im sitting short, this is the scenario that i am looking for..

love the markets, guys dont know what your missing..

SSI · Mar 28, 2005

spread has now narrowed to ($1.26), so this one is looking nice, profit right here of $1000...

emini is up on the day (not good), met resistance in the 1180's, currently at 1180.00, so down $50 at this point.. plenty of action left today..

SSI · Mar 28, 2005

corn/wheat spread now at ($1.25).. so up $1100 as of now...

emini at 1181.. so down $100.. could cash out both trades and clear close to a grand..

will sit tight for now and not do that however... grain spreads sometimes move like a freight train, they get to going in a direction and are hard to shift.. emini is meeting the resistance and i still expect a selloff later today or tomorrow on "turnaround tuesday"..

telling myself to just be patient..

SSI · Mar 28, 2005

still being patient guys,, corn closed at 220.5/wheat closed at 345.5, so spread is officially at $1.25.. up exactly $1100... sticking with this trade as of now..

emini still looking ok, currently trading at 1180, so down $50... high of today at 1183.50.. met with lot of resistance today as expected..

sitting tight until tomorrow on both...

SSI · Mar 29, 2005

ok fish, fellas: lets make some money today.

getting antsy but still holding my two trades.

1. long 2 july corn/short 2 july wheat (spread of $1.36), currently at ($1.25). current profit of $1100 and still in trade. entered on march 17th.

2. short 1 june emini 1179.00, stoploss in at 1194.00.... currently at 1172.00.. current profit of $350 and still in trade. entered on mar 23rd..

emini and market is down overnight fish, as i expected on turnaround tuesday today,, will watch the 1168.75 mark. action today will determine if i continue with trade or take profits..

Fishhead · Mar 29, 2005

Thanks for the update

Following

PeteRoseJR · Mar 29, 2005

I ' m following as well...

SSI: What is average initial investment? I like my job now, but would be a day trader in a second. Is that what this is???

If I knew more about this I will definetly get involved. I have a few stocks right now but havent made much money at all...
Look forward to your reply.

bigbet1234 · Mar 29, 2005

SSI, where would you suggest one begins if they are interested in education on trading?

BB

SSI · Mar 29, 2005

guys i had a long answer typed out and i lost the connection, so ill try again..

Bigbet, i have been doing this longer than ive been on the internet, i learned through a ken roberts course, i dont advise this and im sure there are many good things on the net for beginners.. just google commodity trading and begin..

pete: this is not daytrading, although it can be.. im a short term posistion trader... i use supp and resistance points for my entry's and exits.

this is commodity trading and not stock trading, we are simply filling in the middle prices between buyers and sellers of the commodity, essentially we are making the markets...

GREAT NEWS today, i exited my grain trade on the close today with a 13 cent profit, i held 2 spreads, $100 for each cent, so i made $1300 (-4 comm), so i cleared $1200 in less than 2 weeks.. i exited because i think the trade will give a little back in the next session or two, and you cant go broke taking a profit.. trade looked like this..

Bought 2 July corn at $2.35 per bushel on Mar 17th, sold 2 July wheat at $3.71 on Mar 17th... today i exited the spread by selling 2 july corn at $2.20 cents per bushel and buying 2 july wheat at $3.43 cents per bushel.. you see i got into the spread at a difference in the price of $1.36... i exited the spread with a difference in the price of $1.23... thus i made 13 cents on the spread and i had 2 each, so it was a $1300 profit...

im now still holding my short emini from 1179.00,, market is moving down and in my favor, crash you sucker... ill update this later, and study the markets for my next trade... its a whole other game out there guys..

RPM · Mar 29, 2005

nice hit on the grain ssi.

im still watching and trying to get a grasp on this.

SSI · Mar 29, 2005

rpm, turn it on cnbc, look at the sp ticker, that is a cash ticker but the sp futures trade really close to this,, im trading the emini sp, so its $50 for every point it moves, as in 1170 down to 1169 is $50.. $1179 which im short from, down to 1170 is $450.. you can follow along on there...

fish, notice the low of 1169.75 today, its trying to break that old low of 1168.75 that i was referring to in an earlier post..

things look good now, sitting tight with this one and looking for the next one..

i am content now with about 2 at the same time...

SSI · Mar 29, 2005

pete, with what im doing (and its not making a living), i mess around with 10-20k.. this allows me to stay in trades overnight with required margin.. i used to trade much more, when i had more time and at times did daytrade, but i told you that i didnt like the stress of daytrading and having to make money... i prefer to monitor the markets, i usually watch about 4-5, i then simply like to put a trade on, give it a little room and time to move in my favor.. daytrading requires tight stops and comm must be kept low, you have to really do that online.. i prefer a more simplier method but let me tell you there is piles of money to be made doing this.. im almost up $500 now on this emini in just a few days and thats simply one contract, i just made $1200 in less than 2 weeks in the spread on corn/wheat,,, tonight ill start my search of the charts for the next trade..

feel free to ask any questions, ill get to them asap..

SSI · Mar 29, 2005

market sold off pretty good and we did make a new low today at 1166.75, im still short from 1179.00.. market is at 1169.50. so current profit of $475... i dont see anything in looking at the chart -- that tells me to exit this trade, will stay short, will probably lower my stop from 1194.00, down to 1184.00... this will reduce the risk on the trade to max loss of $250.. i dont have a problem doing this, since i just collected the $1200 on the corn/wheat spread.. so coming into tomorrow, the trade will look like this.

short one june emini 1179.00, stoploss at 1184.00... 1184.00 was picked because of the highs of the last 2 days being 1183.50 and 1183.25.. if those 2 highs come out, we dont want to be short -- because once those come out, stops get run and its an easy trek back to 1190..

Dubpoet · Mar 29, 2005

Any picks in China?

SSI · Mar 29, 2005

they are the main reason oil is over $54 a barrel... economy is booming there..

Dubpoet · Mar 29, 2005

I bought 25 shares of PTR at 23.?? and get a 7% dividend that is now like 2 % cause it flew up/ Wish I had more.

Games over Fish/Lets get the markets open

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