Great job, Wally!
Corallus Chronicles, ES Journal
- Thread starter Corallus
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Great job, Wally!
1. This is probably the most important lesson you'll learn. Nearly all the screwups that occur are a result of failing to play the hand that's dealt.
2. And many people don't trade between 1130 and 1430. Or after 1130 at all. Or during midday, in any case. A professional trader once told me that if you don't make it in the morning, you're not likely to make it in the afternoon, and, with rare exceptions, I've found that to be true.
3. A very grown-up attitude. Don't concern yourself with what other people made. Otherwise you'll drive yourself crazy. What you're after is consistency, not a big-time win that will make you feel puffed up. Overconfidence is as bad as being gun-shy. Just think, fighting the trend the way you were, you could have done some serious damage to yourself. As it was, you made a profit anyway and learned some lessons.
--Db
And that's precisely one of those biases. The money is not made in the morning or in the afternoon, but in the market. Today a lot of it could have been made just between the morning and the afternoon. Reversals frequently start during the dull market hours.
Another thing: don't expect choppinness when the last several days have been choppy. You have to be a little bit contrarian and expect things most don't anticipate. And even if you failed to anticipate, try to follow the market immediately instead of waiting for the afternoon hours.
On the whole, you made some money today, and that what counts, so you should not feel bad about it because tomorrow is another day and another chance.
Have a good afternoon.
Quote from ddefina:
Good job Wally. I assume you mean 12.83 points per contract and not 3 x 38.5 points? If you did net that much I need your systems!At that point yield, I could screw up and still make money.
The exact count is: 9+9+18.5=36.5.
As far as systems are concerned, I will see how to handle requests like that
in future. I am still testing them and have been trading them only since November 1st. So far up some 80+30+20 pts on one contract, one for each system. They had a very good October (some 70+120+25), not a very good September (losses in one of them) and will have to see how they did in the past, but the ideas behind them are simple and smart enough to make me believe that they had the good past too. Maybe not all months, but that's fine and should be expected. Anyway, I am planning to start something of a journal when I am ready to do so, still too busy with many other ideas.
wally_
You misunderstand. In order to make decent money, one would have had to enter in the morning. That doesn't mean that one exits at 1100 and takes off for the rest of the day.
Finding it easier to make money in the morning than in the afternoon is not a bias; it is an observed phenomenon.
As for choppiness and trend, no one but a beginner expects chop to follow chop in perpetuity. But neither can one assume that the market is going to trend just because someone "feels" like it's ready to do so, which is in itself a bias. The trick is to face the market day with an open mind.
--Db