Osorico...thanks Man...really appreciate the time on this...I agree with the MAX loss for the day...my problem is my level has been hit and I go for more and have lost more!!!...interesting thought on the upside profit and that "no limit"...just FYI...I have never traded all day...I wonder how...
yea...I never dealt with this when swingtrading the QQQQ options etc...the deal is because I trade with low daytrade margins...must exit that day...so...cannot forever endure the drawdown or not acknowledge it as the "trading day will end" and here comes OVERNIGHT MARGIN!!!
do you do this?...is this an actual strategy employed by you for end of the day trades?...do you find that the end of the day "mirrors" the earlier part of the day?
thanks guys...this may be the most valuable thread with the insights here...I HOPE many read it..especially ?NEWBIEs!...I am at the airport now...researching the ES while waiting...11:03pm new york time...keep the insight coming!
you are bringing up some great points...I guess there are bigger issues of:
1-the largeness or smallness of the account you are trading
2-your ability to take a drawdown
3-the pyscholigical aspect of seeing (-) red negative in your account after a loss or during a drawdown...
4-not having a...
okay...coming into a day afresh...you do not have the "hurt"of losing already...so, you perception is better...get your focus going and throw 10-50 cars at the ES and net 2-5 points...that is serious $$$...the issue is "crystal clear" focus on one trade rather then 'multible' trades after your...
Q1-If you lose on your first ES daytrade...do you "keep trading" until you "win"...or...finish for the day? I have noticed that if my first trade is a loss, many times the day will turn out to be a losing $$$ day...thoughts?
Q2-It seems as if a better "daytrade" strategy is to focus on only...
honest and serious question...what do you all mean when you say "reaction highs or lows"?...does that mean spikes or dips hitting key support or resistance levels?..or volume spikes or dips?
...believe it or not, it helped me moving from a YM 2hr 1minute chart to a YM 24 hour 10 minute chart...the 1 minute chart was too "hyper" for me and made me exit and enter on wrong notes...the 24/10 helps me "see better"
I trade the YM...believe it or not, it helped me moving from a 2hr 1minute chart to a 24 hour 10 minute chart...the 1 minute chart was too "hyper" for me and made me exit and enter on wrong notes...the 24/10 helps me "see better"