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First of all, I respect old traders. The fact that they are old and still trading adds so much weight to whatever they share. "Picking tops" is assumed to be bad by most traders, yet I want to argue it may not be as bad as it seems. The thing is you have to have deep pockets if you want to...

ES 10 point (989-999) range so far. Looks like it will climb over 1000 today. On the wrong side of the market again, for the 1000000th time. Well, this is supposed to happen statistically. and statistically it should reverse and allow me to take profit before stop out. So I will keep the GTC buy...

I don't know how good trading and making money can be separated, i.e., how one can make money without trading well, or how one can manage to not make money by trading well. You have to explain it to me. Simulators (or paper trades) don't work for most people; I use the examples on this board...

No, because I read too many books and his book didn't stand out from the crowd. But I do use the concept of finding a bias off the weekly chart and then a setup on the daily.

How can I do this experiment without using real money? What is going to motivate me to watch the market and jump in and out on a daily basis? I read some journals on this board. The performance difference between paper trades and real trades of some people are more than mind boggling.

Thanks. I have read more books than I would care, including this one. But if one can trade successfully by reading books, I would rather become a brain surgeon by doing the same.

I don't think what you call "dumb" money is really dumb. Truth is "dumb" money makes more money than you would know or like. Where do you think the larget amount of "dumb" money resides? In wall street firms! And they are getting richer, not poorer, by the day. And by the way, statistically...

I know. See my post yesterday. I may have to do this experiment in my other account, where I can afford an adverse move of 100 points. But meantime I am hoping I don't have to do this. Hoping because I don't want this experiment to mess with my positions in the other account, not because I...

10 minutes before NY open, ES high was 995. If I were trading scared money, I would have cut loss already. Instead, I have the opportunity to watch how high it can go before it hopefully reverses. Please, don't start with a stop loss.

First of all, I am not a good trader, yet. My account equity resembles a roller coaster more than anything else. I fought the uptrend since March and lost a large percentage. The main edge I have is that I am trading with money I can afford to lose, hence this "no fear no greed" experiment...

3 point range overnight (989.75-993). Japan closed above 10000 the first time in a while. Order still standing. No fear, no greed.

Decided to leave a GTC buy @ 982 order before going to bed. Last Thursday evening after the blackout, I watched ES spiked down and wanted to buy @978 but of course IB was down. I will leave a GTC order whenever I am not watching the market. I guess I will be happy with 8 points (random) if...

No, no, I don't intend to optimize by curve fitting or back testing. I will decide stop and target points based solely on my mood at the time. Maybe optimize is the wrong word; randomize may be more appropriate. :p

Thanks for the highly valuable statistics. I intend to push to profitability by doing the following: 1. Have a bias that matches with the market's intermediate term trend. 2. Improve entry points such that they are better than random. 3. Optimize target and stop points on the go rather than...

You made two points. I agree on one and disagree on the other one. This account is indeed underfunded for such an experiment. One bad week I will be out--overleverage kills There are several actions I can take and I will take one of them if the experiment gets to a bad start. 1. I can switch...

This is certaily my hope. The idea to start this experiment formed after I read a number of Journals on this site over the weekend. All the daytraders and scalpers blowed up sooner or later. I'd like to try something different. Let's see what happens.

Yes

Experiment started on 8/15/03 sell 1 ES @ 990

Background I traded my IRA account from $9000 to $16000 in 2002, then I fought the uptrend from March 2003 until now by buying puts on indices and stocks. Now my account stands at a little over 5000. Since future trading is allowed in IB's IRA accounts, I will trade 1 ES contract in this...

test if I can post