Phoenix - That's very informative. I hope your friend has got the art of exiting down cold. I'm scared of the leverage at this point in my development because a QQQ trade will occasionally go against me in the first minute after my entry, in spite of all my confirming rules and prayers. The big boys can't make any money unless they take it from us.
I misunderstood what you meant by a long hold. Fifteen minutes is about right for me, too. I can't scalp with the connection, services, and account size I have now. I have been trading QQQ daily for about two months, and I have yet to find any reliable technique for holding longer than one leg in a one minute chart. You got one, I'd pay for it! I think the better strategy is to jack up the position size and keep working on the reliability of your system. As a correspondent said to me on another thread, "It's hard not to make a living off of ten cent moves in a thousand shares of anything."
May I enquire, how many contracts do you trade? I am a poor boy myself, so no need to be embarrassed if it's modest.
BTW, you are to be much commended for this thread. I have repeatedly searched here, on EliteTrader, on the Fool, and in YahooGroups and have found nothing else I thought was remotely as good. |
