Nickajack Creek Trading Co., Inc.

Support and Resistance Day Trading

December 18th, 2007

Blog Hiatus

It’s been a little over 3 months now since I first published the Nickajack SR methodology that has been the focus of this blog.  One purpose of this blog was to force me to focus on a single methodology and prove to myself that it would work.  For the most part, trading has been very successful.

I’ve also spent a lot of time trying to write software that could provide signals for the methodology.  In that effort, I’ve hit roadblocks in trying to identify trends and divergences.  I can recognize both rather quickly on a chart, but to code what I can visually see has been a coding task that seems to degenerate the more I work on it.  My software identifies trade setups, but it’s based on simplistic trend determination.  I need to analyze each trade setup to make sure the trend is clear enough to take the trade.  For now I’ve given up on that effort.

Every trader needs a methodology that fits their personality.  I like the methodology on this blog, but it’s tough for me to trade.  I have a hard time waiting for 1 to 3 or 4 trade setups a day.  Once I’m in a trade, I don’t have any problems letting them play out but the waiting for each setup is tough.  I find myself drifting back towards faster timeframes where there are more trading opportunities.  For the last week or so, I’ve been practicing ES scalping based on intraday support and resistance (i.e. swing highs and lows) with mixed results.  It’s a whole different skill set and one that I want to conquer and become consistent.

My daily publishing of the Nickajack SR methodology has become repetitive and a daily burden to me.  I think by now there are plenty of examples for both daily support and resistance areas and trade setups.  I’ll still trade the methodology on 5 minute charts as I see the setups, but I’m changing my primary focus to smaller timeframe charts. 

I have decided to stop publishing the daily trades and support and resistance levels and place the blog on a hiatus.  If I decide to continue the blog with another phase of my trading growth development, I will contact you via email to let you know (if you have registered).

I thank all of you for all the great feedback and I hope everyone that has read the blog takes away something that makes them a better trader.

Regards,

David

October 7th, 2007

Members’ Only Site

If you’ve visited my blog before, you may be wondering what happened to all the information.  It was my intention all along to make this site a member’s only site.  I placed http://nickajackcreektradingco.com online to show the content to a few people for feedback.  I’ve since invited a few others via email and have added the website address to a few of my forum username signatures.

When I signed up for Google’s Adsense program, I didn’t realize that would direct google bots to this site.  A few hard-core information seekers have found this site (probably on page 20+ of a google search) and have told a few other traders.  The site has only been up for 2 weeks and has already been visited by several hundred unique visitors.  How’s that for viral marketing?  I don’t think I could have done that well if I tried to advertise. 

I didn’t initially create this site as a members’ only site because I did not know how.  After researching a bit, I found the software I needed to make it work.  You’ll see a link “Read the Rest of this Entry >>” on most posts which will direct you to a login/registration page if you are not already logged in.

I’m sharing personal, valuable, and copyrighted trading information in this blog.  All I ask is that you join the NCTC community by registering as a member.  There is no cost.  I will be creating a member’s only forum for discussions around support and resistance trading which (I think) will use the same member username and login information.  Additionally, I may offer products and/or services in the future for members who (like me) always want to learn and improve their trading. 

This blog is supported through ads and affiliate links.  There is no obligation to purchase anything.  I recommend a few trading education products and books on this site because I found them to be useful in my development as a trader. 

Regards,

David

October 3rd, 2007

No trades for the rest of the week

I’ll be traveling through this weekend and will not trade the rest of the week.  I may have Internet access, so I’ll try to keep the SR numbers updated and possibly answer emails. 

Have a great weekend!

Regards,

David

September 25th, 2007

Where to Start?

This is my first post ever to a blog and it’s difficult to determine how I should start.  The purpose of this blog is to share information and experiences about my full-time profession as a work-at-home, independent futures day trader.  I hope to capture and organize much of my trading knowledge while also learning from other traders.  Trading is a skill that can always be improved.

Futures trading is a business.  As a business, there are many functional aspects which need to be handled to run a successful business.  A business is hindered or can possibly fail if one or more aspects are not given the proper attention.  For a trading business, some of these aspects would include trading systems (entry setups, entry triggers, stops, and profit targets), money management (how much to risk on each trade), trade management (how to manage stops and profit targets), order management (how to enter and exit orders), hardware setup (computers, monitors, Internet connections, etc.), software (charting, order entry, back-testing, programming, etc.), accounting, taxes, brokers, quote providers, environment (noise, comfort, etc), news (especially planned events like FMOC announcements), and most importantly; your frame of mind as a trader.

The above list is fairly extensive but more than likely I’ve left out a few topics.  The subject of trading systems alone could (and does) fill thousands of books.  There are many market theories and technical indicators that are touted to give a trader an ‘edge’ over the market.  I cannot claim to know or tried but a fraction of all the trading approaches out there.  I do however have a pretty good library of trading books and have spent thousands of dollars on ebook trading systems.  Most of them did not work for me, but a few have influenced my current trading methodology.  Any trading system that you trade must fit you.  It took me about 3 years before I started to consistently take money from the market.  My systems may not work for you and that’s ok.  Hopefully we’ll both walk away more knowledgeable than before we met.

I have experience and thoughts about all the above listed trading aspects.  Through this blog, I hope I can articulate them and explore them with other traders.

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