Clowns ES Daytrading Journal

Quote from Churn2Learn:

Oh I totally agree but you know what, I'm sure you're only trading 1 contract lots. Yea you can take those chances. When you're trading a lot more contracts, you need to watch the amount of trades you take. All you need is 3 trades a day tops and looking for 3 very high probability trades. My win % is about 90% while averaging about 2-3 trades a day.

You don't need to be in everything.

It's your money and you can do what you please. Their's also a million type of methods/trading strategies that work.

In the end, I wish you all the best and I hope you're very successful.
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I think your right. I do get impatient with my day trade entries - i will never go back to trade size i am uncomfortable with until i earn the right to do so.

I do have different strategies however, where my other account does rely on maybe 1 trade per day which is extremely high probability and great R:R.

My day trade account is completely different however. Again statistics of my system is the only thing i can rely on - if it fails to make money I'm sure i will change system. I am not stubborn or feel my way is right, it just something i have come across and what i feel comfortable with.
 
Quote from ESclown:

I think your right. I do get impatient with my day trade entries - i will never go back to trade size i am uncomfortable with until i earn the right to do so.

I do have different strategies however, where my other account does rely on maybe 1 trade per day which is extremely high probability and great R:R.

My day trade account is completely different however. Again statistics of my system is the only thing i can rely on - if it fails to make money I'm sure i will change system. I am not stubborn or feel my way is right, it just something i have come across and what i feel comfortable with.
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That's the most important part right there. You have to be confident to be a successful trader. Their can't be any doubts or then you start to contradict yourself. Confidence is key.
 
Quote from ESclown:

Trying another shortie here. Shorted again at 73.50 - tight stop.

I should have waited for that 75 level to be tested before getting short here. Most likely be punished for my lack of patience.
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Its all probabilities - no point ever getting mad i guess. On to the next way which offers good probability of success.
 
Shorted at 76.50. High risk trade as gap still not filled.

Very risky so may move stop to b/e lets see how this goes. Needs to break 74 if we got anything here,
 
Quote from ESclown:

Shorted at 76.50. High risk trade as gap still not filled.
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That could be a good trade. There's an up channel and 76.50 is touching teh LTL. You have to be careful though because when it broke the LTL, usually you can have a very quick break out bar. It broke it and then came back in. I can see it going to around 72.50 before going back up again.

What's your expected out because at one point you were 1 1/4 points out of the money.
 
Quote from ESclown:

- i will never go back to trade size i am uncomfortable with until i earn the right to do so.
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Curiosity -

You seem to have fairly decent entries and price will move your way a bit before retracing and taking you out.

If you were to trade 2 contracts and take one off at say the same distance your stop is at 1 - 1.5 ticks, you would thus have a almost free trade; losses would be much less and it would not cut into the potential for the longer runs.

When I started implementing this principle - it made a world of difference in my trading - both pyschologically and materially.

Make 'em petty, Chris
 
Quote from DblArrow:

Curiosity -

You seem to have fairly decent entries and price will move your way a bit before retracing and taking you out.

If you were to trade 2 contracts and take one off at say the same distance your stop is at 1 - 1.5 ticks, you would thus have a almost free trade; losses would be much less and it would not cut into the potential for the longer runs.

When I started implementing this principle - it made a world of difference in my trading - both pyschologically and materially.

Make 'em petty, Chris
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I do have good entries and would benefit greatly from scaling out. As i do get many 3-4 point winners. However, i have stuck myself the challenge of making money with 1 contract before moving on.

Its not that i am undercapitalised - its just when i traded big i was a real Clown. I figure if you are ready and good enough then you should be able to make money with 1 contract . Hence, i do this not for the money but for the test of if i am ready or earned the right to increase size again.

Good trading
 
Quote from DblArrow:

Curiosity -

You seem to have fairly decent entries and price will move your way a bit before retracing and taking you out.

If you were to trade 2 contracts and take one off at say the same distance your stop is at 1 - 1.5 ticks, you would thus have a almost free trade; losses would be much less and it would not cut into the potential for the longer runs.

When I started implementing this principle - it made a world of difference in my trading - both pyschologically and materially.

Make 'em petty, Chris
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That is correct but going from 1 to 2 contracts is a big deal. That's double your losses when your wrong. People might not be mentally ready to handle that. That's a strategy I use but it can't be done on 1 contract.

It's easier said then done to just trade 2 contracts when you consistently only trade 1.

Another thing is he never said he trades just 1 contract.
 
Quote from Churn2Learn:

That could be a good trade. There's an up channel and 76.50 is touching teh LTL. You have to be careful though because when it broke the LTL, usually you can have a very quick break out bar. It broke it and then came back in. I can see it going to around 72.50 before going back up again.

What's your expected out because at one point you were 1 1/4 points out of the money.
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Im very scared of the TL up and if it bounces i may trail and stop myself out. If it bounces of TL and the comes back down - i will be quick to jump back in.

I took virtually no heat on this trade - apart from 1 tick. Most likely a test of 78 in order so i would rather get out b/e and then try again.


We shall see - price action dictates all my entries and stops.
 
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