Back from a little vacation, live trade room is re opening

Posted on May 15, 2012 by admin

I have taken a couple week break to visit family and now back to reopen the trading room. Join me as I have some new indicators that mesh with what I have been doing that I think any trader could use, It is Order Book Swept indicator, come see how to incorporate it into your trading.

I am also adding an Instant Messaging service along with my trade room.  You can join for $79.95/month and you will receive any of my counter trend numbers during the day.

The Live Trade Room is $149.95/month

Here is a video of some of todays trades:  http://youtu.be/9DuYubAw0jY

Uncle Mike

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Trade with Uncle Mike 4/25/12

Posted on April 25, 2012 by admin

April 25, 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  6:37, short with an entry of 1.3227, was stopped out with –2 tics.
  • 2nd trade at 7:19, it was on CL, long,  with an entry of 104.13and had a profit of +5 tics, momentum and volume got very weak so brought my target to 5 from 8 tics.
  • 3rd trade was at 7:13 on 6E, short with an entry at 1.3222 which turned out to be a 8 tic full winner

Done trading at 7:15 and started at 6:30, had three trades for the day with a profit of $75.00 trading one contract.

Video of trades:  http://youtu.be/8COCiRpX0iY

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Trade with Uncle Mike

Posted on April 25, 2012 by admin

April 23, 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  6:35 , for 5 tics due to low volume after I entered the trade.
  • 2nd trade at 2:!8, it was on CL and was a full winner for 8 tics.

So 2-0 today with a gross profit of $130.00

            

See you tomorrow…. See my One on One coaching program… could you use a Mentor?

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Trading with Uncle Mike 4/19/12

Posted on April 19, 2012 by admin

April 19, 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  5:26 , was stopped out with –4 tics.
  • 2nd trade at 5:37, it was on 6E and was a stop out at –5 tics.
  • 3rd trade was at 6:21  CL with an entry at 103.06 which turned out to be a 8 tic full winner
  • took a break from 6:30 to 8:15 to resume and traded for the next hour with 4 trades ( see some live trades on the video below) and ended the day with a +137.50

Video of trades:  http://youtu.be/uxR76kcy-Xw

See you tomorrow…. See my One on One coaching program… could you use a Mentor?

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Day Trade with Uncle Mike on 4/16/2012 Too many trades today!

Posted on April 16, 2012 by admin

April 16, 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.

Before I start, let me say that I was coaching as student this morning and we both were live trading. The plan for the day was to either hit the target of $100 or be stopped by the lost limit of $200 for the day. It was a rough ride but through perseverance and patience I hit the $100. I normally only take a maximum of 5 trades but since we were working on money management and entries I eventually took 12 trades, starting at 5:30 am and ending at 10:30am with the student.

Here is the rundown of the profit/loss per trade in order = -8 tics, – 3 tics, +8 tics, a no fill that turned out to be a winner, -5 tics, +8 tics, +4 tics, a breakeven, +8 tics, – 2 tics and + 8 tics this paid for commissions. And done for the day! I only used this exercise to show the student money management and patience to wait for proper set ups, but this is too many trades to take in one day for a trader. It just happened that I was down early and worked my way out but the time to be done would have been if I had hit a -$200.00 for the day.

My coaching program is for those traders who wish to be mentored and trade live with a coach as well as learn how to become a full time trader,

Here is a copy of one account I trade live with One Contract for the week starting March 26, 2012. You will notice that even of us who know better make mistakes. I should have had a max draw down of $200 on 4/10/12 but when I left my desk I forget a strategy on which caused a $500.00 draw down. Always… Always flatten your account when done trading. I forgot to and did some errands and look what happened.
See you tomorrow…. See my One on One coaching program… could you use a Mentor?

Video recap http://youtu.be/Xxtu6zqgFb4

 

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Could you use a Mentor / Coach

Posted on April 13, 2012 by admin

April 12, 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 4 trades this morning trading from 5:05 to 8:45am EST , 3 wins and 1 loss with a total of $690.00 for 3 contracts and $150.00 for 1 contract. See you tomorrow…. See my One on One coaching program… could you use a Mentor?

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Day Trading with Uncle Mike April 9. 2012

Posted on April 10, 2012 by admin

April 9, 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.

For the 3 contracts I normally trade with, the profit for the day was $500.00.

  • 1st trade was on CL on the 4 min chart at  7:00, it was a Price Action Line trade short at 101.84, hit full target of 8 tics, ( a target of 5/8/12 tics on 3 contracts )
  • 2nd  was on CL the 4 min chart at 8:32, it was a Price Action Line trade for 8 tics ( a target of 5/8/12 tics with 3 contracts).

So after 2 trades this morning trading from 7:00am to 12:30pm EST I had two wins and no losses.  This was enough as the price action was not very good this morning, lets do battle again tomorrow.

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Day trading with Uncle Mike 4/4/12- not a great day

Posted on April 5, 2012 by admin

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.

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Day Trading with Uncle Mike on April 3, 2012

Posted on April 4, 2012 by admin

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:

http://youtu.be/CtT664bd5po

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Trading for Monday April 2, 2012 with Uncle Mike

Posted on April 2, 2012 by admin

April 12, 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.

I trade JOT ( jump on the trend) Counter Trend, HLB & LHS ( higher low buy and lower high sell ) trades and Break out trades.  I use small stops and all in all out targets, my methodologies and strategies are based upon taking little bites out of the market ( being a little piranha ) and being Green and Gone! I try to trade only a few hours a day, in the mornings.

1)      1st trade at  8:14 on CL with an entry at 102.57, was stopped out with trailing stop for minus 3 tics or -$30.00 This trade was a JOT ( jump on trend ) trade on a 4 range.
2)      2nd trade at 8:37, it was on the 4 min CL chart at the price action line at 102.69 and this hit my profit target of 8 tics.

3)      3rd trade was at 8:55  CL with an entry at 102.57 and turned out Breakeven which was my fault, I had 7 tics profit with a trailing stop of –1 tic and I moved it to BE, price came back to BE and took me out and then went on to what would have been a winner.  I would have been done trading at this point if I had the winner.

4)      4th trade was at 9:20 on CL at 102.167.16 and I hit my profit target 8 tics so I was done trading for the day.

So after 4 trades this morning trading from 8:05 to 9:23 am EST I had 2 wins, one loss and a Break Even.  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.

For some background, I will be trading 1 contract for this journal period as it is much more difficult to trade smaller size for a trader.  I want to show that by using my strategies and money management that a trader with a small account can build their account to be able to trade more size.

My preferred instruments will be the 6E, ES and CL.  I trade the 6E and ES with a 8 tic stop which is trailing one tic at a time, a  4 tic profit with the stop going to breakeven after the target trades one contract so that if I am not filled then I am still in a risk free trade and worst case I will be taken out breakeven.  I trade the CL with a 8-10 tic stop and a 8-10 tic profit target based upon the entry and any support or resistance levels in that profit target range.

Today’s mistakes did not hurt me but in the long run they will if I keep making them.  What I need to work on for tomorrow is NO ATM mistakes and I am fixing that as I speak.  I will not be posting the profit numbers for the day a that is not the point of having a trading journal.  I will post the profits/losses at the end of the March when this is complete.

Here is the Youtube Video-  http://youtu.be/_NUKfdK5Jlg

See you tomorrow!

 

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