User Profile

Hi, my name is Michael Taylor and I've been trading the Emini for more than 5 years now. I'm profitable for the past 4 years with consistent profits at the end of each month. I only trade the EMINI and so far it has been a very lucrative business.

In 2000, with just an interest in day trading, I plunged right into Emini
and lost $ 21,325 in my first year of trading. I was a victim to the hype and hooha about how day trading can make you rich fast. I immediately realized that it is also a very fast way to lose all your savings. Nobody taught me what I needed to know about the cut throat nature of day trading and I was trading purely on gut feelings. 2001 was one of the lowest point of my life. I have depleted all my savings and my wife was about to leave me if I continued losing money that way....

Stay Out of the Market!
What they don't teach you about the truth of trading is: If you can't make money, stay out of the market. you'll be just filling your broker's pockets with commissions. Broke and desperate, I stopped trading for 3 months, I analyzed my all the trades I made and discovered that they all had something in common. If only I eliminate those mistakes, I could have easily turned my losses into profits. I started paper trading again to regain confidence.... It was painful but necessary. I also started to keep a detailed journal of my trades, why I entered the trade, where I put my stop loss, where I exited, etc.... I was able to judge my trading more objectively and by the next month, my trading was showing promise and I started trading with real money again.

By the end of 2001, I was making an average of $200 per day. This is excellent results considering that I was losing an average of $100 per day just one year ago. The power of day trading is that once you get it right, you can easily increase your profits by buying more lots. I started increasing the number of lots per trade and by end of 2002, I made $238,223...... more than 10 TIMES of what I lost!!

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