Day Trade with Uncle Mike

[unclemike]

Started this a few weeks ago but was side tracked due to the overwhelming response for my trade room. I will be posting a trade journal of my Live Trades each day based upon 1 contract.

This is realistic for most traders as what we are bombarded with each day are advertisements of how a trader can make $800-$2000 per day when day trading. Well we know most traders fail.....

What you see with Uncle Mike is real, live trading with One contract. I will revert to 3 contracts in a few months but I feel that this exercise will help many traders.

What I teach is not the over hype, sexy allure to day trading, it is a realistic method to build an account so that a trader can get to a point to trade for a living.

Uncle Mike

 

[unclemike]

April 3, 2012 trading journal – The goal for the month is to trade 1 contract and earn on average 1 point per day which equals $50.00 so that in 20 days I would have a profit of $1000.00. I feel that this is a realistic goal for a small trader.



1st trade was on the 6E at 8:15 , was able to capture a quick 4 pips.
2nd trade at 8:27, it was on the 4 min CL chart at the price action line at 104.59 , this time the price line was sliced right through and I had a full stop out at 8 tics.
3rd trade was at 8:42 CL with an entry at 104.63 which turned out to be a 5 tic loss with my trailing stop. At this point I was at a $90.00 loss, one more loser I would be at my max loss for the day and would be done trading.
4th trade was at 9:28 on CL at 105.02 and I hit my profit target 8 tics.
A few minutes prior to this trade I was sitting at a limit on CL at 104.42 long and Mr Market came within one tic of taking me in for the ride on what would have been a full winner.
My last trade would be at 10:09 on CL at 104.68 which proved to be a full winner at 8 tics.
So after 5 trades this morning trading from 8:05 to 10:10am EST I had 3 wins and 2 losses. It was time to stop trading for the day and go into SIM for any other entries but I did leave and enjoy the day.


Video recap for the day:

Day Trading with Uncle Mike for April 3, 2012 - YouTube

 

[pboyles]

Er...is your second name Baghdady?

 

[counter_violent]

Er...is your second name Baghdady?

No, he's too well spoken !

 

[pboyles]

No, he's too well spoken !

I think I had a flashback!

 

[unclemike]

April 4, 2012 trading journal – The goal for the month is to trade 1 contract and earn on average 1 point per day which equals $50.00 so that in 20 days I would have a profit of $1000.00. I feel that this is a realistic goal for a small trader.



· 1st trade was on the CL at 8:28 , was stopped out with –5 tics.
· 2nd trade at 8:32, it was on 6E chart at the price action line at and was a stop out at –7 tics.
· 3rd trade was at 8:39 CL with an entry at 102.69 which turned out to be a 8 tic full loss


So after 3 trades this morning trading from 8:05 to 8:45am EST I had no wins and 3 losses reaching my stop loss for the day so I went into SIM mode and wouldn’t you know it…… the next seven trades were winners! Always the way it seems but you must not let this bother you, you NEED discipline in your trading and rules are rules. I live to do battle again tomorrow.

 

[TASK]

Whats your entry strategy if you don't mind sharing with us?

 

[rsh01]

April 4, 2012 trading journal – The goal for the month is to trade 1 contract and earn on average 1 point per day which equals $50.00 so that in 20 days I would have a profit of $1000.00. I feel that this is a realistic goal for a small trader.



· 1st trade was on the CL at 8:28 , was stopped out with –5 tics.
· 2nd trade at 8:32, it was on 6E chart at the price action line at and was a stop out at –7 tics.
· 3rd trade was at 8:39 CL with an entry at 102.69 which turned out to be a 8 tic full loss


So after 3 trades this morning trading from 8:05 to 8:45am EST I had no wins and 3 losses reaching my stop loss for the day so I went into SIM mode and wouldn’t you know it…… the next seven trades were winners! Always the way it seems but you must not let this bother you, you NEED discipline in your trading and rules are rules. I live to do battle again tomorrow.

do you use charts or just purely text?

 

[neil]

do you use charts or just purely text?

ffs -

 

[rsh01]

ffs -

Ffs neil. [Gives the t sign]