Hello everyone,
In an effort to raise capital and further establish our day-trading here at CRI in earnest, I have included Futures Trading into our blog posts here. Specifically, I have established a 'combine' relationship with TopStepTrader.com (more on them below) and for the next four trading weeks will execute our posted trades through their simulated trading platform using the futures markets exclusively. While I may post options trades if they present themselves, most will be futures trades. I am really excited about this development and look forward to both meeting and exceeding TopStepTrader's expectations going forward!
On to today's trade
Today's trade was all about technical trading within a non-news event session. Crude oil, along with most markets, fell overnight on the intervention in the currencies markets by the Japanese central bank. The intervention halted the Yen's appreciation vs. the greenback but also sent most dollar denominated assets (like NYMEX Crude Oil) lower.
On the regular open, the North American cash-market gaped lower across the board and then bounced. Our trade started at the end of the bounce. The chart above (times shown on chart are Eastern Time Zone) shows that crude put in a very tight double top pattern at 11:15 AM. You will notice that our first short was at 10:19 (TopStep's trading platform is in Chicago, so trade times listed are in CST), the market then tired to rally but failed again at 11:55(EST) and you will notice our second short was at 10:57(CST). The market moved then quite briskly down into the target zone (91.90 - 92.09) and I covered the short positions as each target was hit.
This trade was very fast - a total of a little more than an hour. I cleared $.56 from the combined position for a total net profit of $550 ($10 in commissions). Needless to say, I was quite delighted to see this happen in such a short period of time and was more than happy to call it a day...
That's all for this post,
Brian Beamish FCSI
the_rational_investor@yahoo.com
All appropriate disclaimers apply, DO NOT risk capital in options &/or futures trading that you cannot afford to lose.
More on TopStepTrader:
I was given these guys name by a friend of mine who trades for herself. She and I were brokers together 10 years ago and I am very fortune that I have been able to keep contact with her over the years. After visiting the company's site and trying their demo for a couple of weeks, I am very impressed with what I have learned about them so far. If I understand the company correctly, they are searching for traders who can constantly make profitable trades in the market. Should they find someone who meets their screening criteria (type of trading, frequency, profit/loss ratios, etc.) they will find/introduce them to institutions (funds, banks and even individual investors) who will put up a trading stake (typically $50,000) and split any future profits with the trader on a very generous basis. Since we are already trading a very tough market for consistent profits (making money in long options positions is one of the hardest things to do in the market and far more difficult than regular futures or stock trading) a program like this seems like a natural fit for someone like myself. I would Ideally like to turn this little trading/investing business I have created (therationalinvestor.ca) into a multi-billion dollar empire; it seems to me, this is a means to that end. Regardless of my person ambitions, if you consider yourself a trader and would like to do it for a living, you might want to give these guys some serious consideration...
No comments:
Post a Comment