E-mini Day Trading
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Daily Trading Log
If you’ve been to the other pages on this site, you’ve read my specific
tactics for e-mini day trading (emini
trading tips and
day trading the eminis) with my RBI strategy, based on fixed and dynamic
support and resistance trading.
I’ve done my best to convince you that when you are
emini day trading,
exit strategy, on both good trades and losers, is more important than your
entry strategy. If I haven’t convinced you of this one point, please go back
and re-read everything on this web site a second or third time. Your success
as a day trader absolutely depends on getting this concept and using it.
I’ve emphasized the fact that you’re going to need the best
day trading advisor you can possibly find who has years of trading experience and also
trades for a living.
Invest in some emini day trading courses. You will spend at least this much
money and probably more fighting your own untrained human instincts, as well
as fighting the professionals who (1) understand trader’s natural
weaknesses, (2) know most of the public’s “retail” setups and hard stop
placements, and (3) have deep enough pockets to ride out most of the
intraday market moves.
If you're thinking that the cost for a trading course is high, it may be
that e-mini day trading is not for you, because financial markets are risky,
and investing is risky. If you're not willing to pay for the chance to
decrease that risk, you may be training for the wrong profession.
Now here’s some general e-mini day trading guidelines.
Several of the RBI trading entries involve stepping in front of a quick,
strong-looking move at just the right moment of emotional exhaustion to
catch a small gain or a trend reversal. In order to avoid getting run over
on these, you need to develop a sense of when the trend is so strong it’s
unwise to fight it. In these situations, switch entries and use a pullback
to RBI dynamic support or resistance to enter with the trend. This is one
more area where experience and “Real-Time” training are valuable.
If you have 2 or 3 losing trades in a row, take a break from
trading. Get away from your computer screen and get your emotions under
control. Then after 15 minutes or so when you go back to trading,
that your former losses must have zero affect on the rest of your trading.
The tendency will be to increase your risk in some way to compensate for the
losses. This is a rookie mistake. A consistent approach (where you forget
about hitting home runs to make up for any losses) will work in the long
run. Anything that takes you away from your defensive posture (every trade
starts out as a scalp until proven otherwise) will kill your success in the
long run. Focus on the long run.
When e-mini day trading, keep a trading diary… at least until you’re
making a profit for six consecutive months. But keep the log easily doable.
A good way to do it is to mark your entries and exits on the chart you use,
then copy and paste it into your journal at the end of the day with minimal
Study your trading diary every weekend. Take notes of what works and what
doesn’t. Write these notes in red on the charts so you can review them
quickly at the end of each month. (Don’t make this a burden or you won’t do
When you find an e-mini day trading
method that works for you (mine or anyone else’s) don’t share it with
anybody. A trading edge is like a magic trick in a way. If a professional
magician tells the public his secrets, he’ll soon be out of work. I teach my
e-mini day trading method
to a handful of select traders during my
RBI Trading Camp. If my students keep this method private, it will
continue to make a good living for those of us who have the discipline and
the fortitude to trade it.
Support and resistance will never disappear from liquid markets, any
particular way of trading a market edge can lose its effectiveness if it
becomes popular. This is common sense among professional traders. Don’t give
away the family farm. I’m not. My Trading Camps are small and infrequent, I won’t
be teaching my RBI strategy long enough to overexpose it, and the trader’s who
take my classes sign a non-disclosure promising not to sell or share my
When e-mini day trading, write out a detailed trading plan that includes
your exit strategy, all your entry setups, all your rules about maintaining
discipline, and exactly what you’ll do if your discipline falters,
regardless of the trade’s outcome. Do your best to rank your entry setups in
order of highest probability to lowest. Gradually develop enough confidence
in your best ones to increase your trading size when they show up, always
keeping your risk per trade down to a tiny fraction of your overall trading
account size. Whenever you make money by entering or exiting a trade outside
the parameters of your trading plan, stop trading and remind yourself,
“success” outside of your trading plan is poison. Failure is much better
when your discipline slips! To make consistent profits
e-mini day trading,
you have to “program” your mind to work within your own strict parameters
until your strategy become a natural reflex.
If for some reason you are under serious emotional stress, like a divorce
or a death in the family, don’t trade real money when
e-mini day trading.
You’ll make your situation worse, I guarantee it. It would be like stepping
into the ring with a broken arm to face a heavyweight. Wait until you are at
least 80% back to normal. In the mean time, simulation trade with strict
discipline… or just watch the market passively to improve your rhythm.
Be patient, optimistic, well-informed, and above all, persistent. Success
in any business takes years… but when you arrive, you are the boss. If
day trading is your successful business, you can move anywhere in the world
(with an internet connection). You can take vacations any time. You don’t
have to please customers or employees. There’s no inventory headache, no
sales team to motivate and no advertising costs. And you’ll be doing work
that’s often very exciting and always interesting. You’ll look forward to
Monday mornings for the rest of your career. Actually, that may be the best
thing about professional e-mini day trading.
Expect to spend 3 to 5 years before turning a consistent profit
trading. You can greatly shorten your learning curve by following my
RBI Trader’s Updates. They give you my daily trading plan which is based on the
most accurate support and resistance levels you’ll find anywhere. I’ve been
publishing them to all levels of traders since 1996.
For more intense and in depth training, my week long “RBI Trading Camp” will
help take your e-mini day trading to a new level.
details. I’ll teach my strategy for a limited time, to a limited number of
traders (for the reasons I mentioned above).
There’s never been a better opportunity to turn the corner and become a