Breakout of ascending triangle. Yep, bullish price action right there. Chart
Earlier chat conversation by
Tom: I guess I better look for a different vehicle to make a living from, if you dont know anyone making a living with futures, I'm likely not the exception. It is a lot of work to make a buck.
Tom, I'm flattered, thank you, but whether YM is the vehicle for you to make a living from is dependant on so many factors that I cannot possibly know. It really calls for a good long post on the subject, and frankly because of the type of person I am I isolate myself and dont network, and dont have specific examples (where I know without question) of YM futures success to throw at you. Tigga and Woodie are two chat people I know of that jump to mind only because of the chatroom experience from my past. I know Woodys work has progressed impressively since I attended his chat, and his following is growing at a rather impressive rate. As for Tigga, he is still actively day trading the eminis in the same chatroom, so that too suggests hes making a living. But both of them, I dont know personally. Then there are the likes of the much revered Marty Schwartz, and Frankie Joe and Linda Radke, who Ive only heard anecdotal evidence they are great traders. But just because I dont personally know any money-making dudes in futures doesnt mean much at all, and certainly shouldnt be the reason you get discouraged. Your bottom line should be the thing doing that. Lets face it.....if youre a good trader, who appreciates the fundamentals and can trade around support and resistance, and able to block out emotion, you surely will make money. But I do know that a lot of people fail at it.....mainly because of a problem with self discipline. And do or did those people possess the fine qualities that you have? Perhaps not. From reading your posts, it seems you are very precise at limiting the downside. You target short, and scalp, and your r/r is low, but it seems to be working for you, and its been profitable recently. Can you do it in all market conditions? Only time will tell. But gee Id like to watch you do it :) So is the YM the vehicle for you? Only you can answer that one. Perhaps the ER emini (Russell) is you kind of beast, or the ES, or currencies. I dunno. Paper trade em until you know for sure. But honestly, dude, I'm certainly not the person to be asking whether you have what it takes to be that 5% minority. Only a robust system proving itself through all market conditions will tell you that one. I wish I could tell you with accuracy. But my opinion is simply that, and an isolated one at that. Best to ya Tom.