$5k e-mini journal

among other things i see you fading markt when you've been going long (wait till it breaks support and wait for pullback). when you have a bottom and then return to that price try to get in as close as possible. With ym give it some room; place stop below the bottom. if you trade one contract you will have to take a profit pretty quickly. Draw support and resistance lines from longer term charts. Use fib lines perhaps--the trend may be down, but there will often be a retrace to 50,61, and if it continues past 75% look for retrace and new direction. Use book and T&S. Yea, floor traders and others trade without the charts but they still use $tick, cash index, compare moves in interest rates, reaction to news. And they have levels, written down on pieces of paper. They know the pivots, high, lows, and they share with each other. When you have a $100,000 trading account you can take some heat; you can average in/out; you have longer plays in addition to scalps. you know who the big players are; you place an order in ES, pull it and place it on SP and vice versa.

Number #1 from last chart you posted... get in trade earlier, once you've got 5 ticks trail up. Pull it up to b/e around 8, expect a little pull back, look for logical S/R for target and try for one tick less. in a 20 tick range try for 12-15 ticks. Scalpers will take 7 ticks on ym... Today it was flying around and you had to be careful...maybe even step aside.

Do you have TT and and T1 bandwidth? Pros will kick your ass. They pay 10 cent commissions. Do you think they care about jumping out and jumping back in 10 seconds later? What you're doing ain't working. What ever you do review your trades closely and see what happened on every trade; even tape your session.

It takes some guts. Keep it up. You're still doing well.

And stop fading the highs!
 
Day 10 results: +$156 on 8 YM contracts



Not a good day. I took a bunch off half-assed trades that are totally unrelated to my system. I'm shutting down and getting out of the house.
 
Quote from boid-dog:

< Among other things i see you fading markt when you've been going long (wait till it breaks support and wait for pullback). >

Yeah, I'm working on it. I definitely don't want to fight the market.



< When you have a bottom and then return to that price try to get in as close as possible. >

That's one of the problems I'm having to deal with at the moment. I see lots of second guessing, some psychology issues. I seem to have a problem keeping my $*** together.



< Floor traders and others trade without the charts but they still use $tick, cash index, compare moves in interest rates, reaction to news. And they have levels, written down on pieces of paper. They know the pivots, high, lows, and they share with each other. When you have a $100,000 trading account you can take some heat; you can average in/out; you have longer plays in addition to scalps. you know who the big players are; you place an order in ES, pull it and place it on SP and vice versa. >

I appreciate the info!



< Number #1 from last chart you posted... get in trade earlier, once you've got 5 ticks trail up. >

I might try that next time, hate those wide stops.



< Do you have TT and and T1 bandwidth? Pros will kick your ass. They pay 10 cent commissions. Do you think they care about jumping out and jumping back in 10 seconds later? >

I am aware that the game is heavily stacked against me. That's what makes it so interesting!
http://www.elitetrader.com/vb/showthread.php?s=&threadid=125197&highlight=pabst+article



< What you're doing ain't working. What ever you do review your trades closely and see what happened on every trade. >

Well, I think my strategy will be to just churn in place until I work out a better way to do it. In that way I'm not making money but not losing either.


Thanks for the comments, I really like the thoughts behind them
:)
 
DUDE, THIS POST IS FREAKING FUNNY...I AM LAUGHING MY ASS OFF

<object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/5P6UU6m3cqk&hl=en&fs=1"></param><param name="allowFullScreen" value="true"></param><embed src="http://www.youtube.com/v/5P6UU6m3cqk&hl=en&fs=1" type="application/x-shockwave-flash" allowfullscreen="true" width="425" height="344"></embed></object>
 
I blew up;;; I could feel it coming, but I thought I had it under control. I didn`t even trade my strategy.

Down $1400 on the day -taking remaining $2400 and getting out for good.

thanks for playing and good luck
 
Quote from walter4:

I blew up;;; I could feel it coming, but I thought I had it under control. I didn`t even trade my strategy.

Down $1400 on the day -taking remaining $2400 and getting out for good.

thanks for playing and good luck
More...



MAate dont give up...

I trade oil fulltime for a living, and my only csource of income.

I only now have an account of £2,600, after losing £836 today...,
But thats trading.

Most days you make a few hundred pips, but you have days when luck is against you and you lose big.



Just use this as a learning exerience, ractise abit more on a virtual account, then get back and trash the market
 
Walter..I blew my account also. I have been on the sim and my advice to you is take a few days off. Get on a sim and play the fib levels. If you have access to charts look how the market played every level intra day. Honestly getting on a sim has really helped me figure out my strategy for how i should be trading the markets. You have a little over 2K. I believe its not the amount of capital you have but how you use it. ( atleast for us) You can have 10k and lose it all yet some traders can start with 1k and make 10k. Lastly believe in yourself. No one else on this forum or in life will believe in you more than yourself. Keep a positive attitude and trade with purpose.
 
today was my first day trading for about a month, made .5 on 2 es trades, but it just went to remind me how hard trading really is. i'd go back to sim for a while.. a long while.
 
You must log in or register to reply here.
Back
Top