CL Redux
- Thread starter schizo
- Start date
ya, I played it this afternoon, when I turned on my computer, I saw ES was being traded at 1068ish and it was under my EMA,when I just try to think, it quickly dropped to 1067under, my feeling is "what the hell,what are you waiting for, you idiot, it is dropping, sell now!", three lot fired at market order filled at 1066.5, covered it 1063.5 with limit order, it was so quick, I did not feel the waiting, the target is hit!
then my logic is back to normal, "he he stop, it is too low, almost at the exact bottom". so I walk away with my 3points and did nothing with ES after that.
then my logic is back to normal, "he he stop, it is too low, almost at the exact bottom". so I walk away with my 3points and did nothing with ES after that.
NoDoji do you think it has helped your trading to focus on many different instruments?
My thinking goes like this:
-Most experienced traders say need to focus on one instrument to become an expert in it and know all the instruments tricks
-The days when there are no setups in that primary instrument are not very effectively used if just focusing on that one
tnx, for any answers
if the results are not in your control or in another word, can not be predicted: win/lose, then it is a gambling. casino built on statistical edge, but we all know it is a gambling business. the casino in the market is the exchange and brokers, not NOdoji, trader198, or schizo, cstfx,Ek_kids,... every time we put on a bet, whether we win or lose, we lose something to our exchange and our broker, is that right? like shizo, he trades 20lot of Es, 1lot round trip is $4.61, that will be $184.4, he bascially did more than 10 roundtrips I suspect, that will be around $1844 per day, whether schizo wins 30k or lose 30k per day! my fee every day most time is above $50, my IB smiles when I put on a bet! 52*5*50=$13000. in schizo's case, will be $1844.4*52*5=$479544, that is CEO's pay!
statistically said 90% of traders are losers, that is a fact. what a fit with casino gamblers!
so the first thing you need do: admit we are all gamblers. from there, you will find what adversity we face! not lose money and gaining does not change the fact:gambler
statistically said 90% of traders are losers, that is a fact. what a fit with casino gamblers!
so the first thing you need do: admit we are all gamblers. from there, you will find what adversity we face! not lose money and gaining does not change the fact:gambler
schizo's "what the hell", basically before he put on a bet, he does not know whether he will win or lose, he just be brave enough to throw the dice and have the "let's see" attitude. so schizo is not casino.
Nodoji's "power off/internet down after a bet is on", her fear kicked in, why fear, because of possible wrong bet. so nodoji is not casino.
Nodoji's "power off/internet down after a bet is on", her fear kicked in, why fear, because of possible wrong bet. so nodoji is not casino.
casino runners toke out millions of people's small bets, then toke out a little bit to award just few people with big price, at the same time, they pocketed huge bets from those 99.9999% losers.
bear in mind:
the winers' huge award is not from the casino runners, it is from those millions of other participants.
the same applies to trading, when you win, you in reality takes money out of other people's pockets, not from exchange or brokers, they are casino runners. we participants do dog eat dog, and the truth is only few get rewarded with big price just like in the casino places.
most participants do not admit they are gamblers. gambling does not mean bad. to me, if legally, then it is ok since all participants agree on the game rules.
bear in mind:
the winers' huge award is not from the casino runners, it is from those millions of other participants.
the same applies to trading, when you win, you in reality takes money out of other people's pockets, not from exchange or brokers, they are casino runners. we participants do dog eat dog, and the truth is only few get rewarded with big price just like in the casino places.
most participants do not admit they are gamblers. gambling does not mean bad. to me, if legally, then it is ok since all participants agree on the game rules.
My focus is quite narrowed at this time (I trade CL, occasional ES, and 2 momentum stocks), but I'm finding that narrowing it further may still be best, mainly because CL provides a lot of action all day long.
I like the stocks I trade because I've been trading them so long and they have such strong personalities they're like my backup ATM machines. For example, in the past 8 or 9 trading days, I took one small loss on my stock trades.
I only started trading CL live in April and I'm still working through the acceptance of larger stop losses, especially now with more volatility. I'm studying use of the 1-min chart for earlier entries into trades so I'm not as compelled to micromanage the trade as a result of the wider stop loss. This was a huge turning point for me early in the year with my stock trading and I think it will be just as helpful for futures.
In a successful trading recipe, confidence is a main ingredient. Confidence allows you to let winners run and that pays for the inevitable losses and leaves you plenty of money to live on. When I reach the level of confidence with CL and ES that I have with my stocks that will be a serious step up for me.
There are certain price levels and longer term setups that give me a lot of confidence with ES and CL and I had some very nice days with them before and after the "flash crash". I want to get more confidence in my statistical edge so I can easily grab all setups without even worrying about where the stop would be placed.
No, no, and no!
I do know before I put on a "what the hell" trade that the probability is with me rather than against me. But note that this is especially helpful in times when I'm wrong. For example, I put on a trade and it doesn't go my way, I know instinctively when to get out. I usually don't wait until I get stopped out.
Haven't you had those moments when you tell yourself in hindsight "I knew that would happen"? Well, I get a lot of those moments and I've worked my ass off very hard over the years to attain that knowledge. You seem to think it's easy stuff. It ain't by any stretch of imagination.
But what the hell!
