E-mini Rookie Trading Journal

[bronks]

Originally posted by njones5
... (and I know expectation is a lousy thing to bring to the market).

njones5--
I don't think your expectation is such a bad thing. The more I play this game, the more I feel expectation-anticipation-bias, in the hands of a major player, is one of keys to extreme success. To be able to take on a position with that kind of authority and confidence by using all your market experience and savvy is, IMHO, the pinnacle of trading. This is not to suggest throwing your management out the window. Part of that "PLAYER" status is knowing when you are wrong and act accordingly. I just think that in only reacting, as opposed to taking a more pro-active (for lack of a better word) stance, one may be short changing himself. Also not saying that one can't make a handsome living by simply going where the market leads, but, well, you guys get the gist of it.

Since I am no where near having that kind of confidence in my trading abilities, I would like to hear from some of you who are. And how what I stated above fits into your trading scheme. Not looking for any secrets or anything, just some honest opinion.

 

[jeffgus]

I too am moving over to e-mini. I will start with 2 contracts and trade sp and nd. I will try to post my results

 

[Magna]

Thanks for the clarification Publias, peace and good trading to you too.

Magna

 

[Ditch]

Bronks,

I used to lose a lot of money fighting trend days. What keeps me in sync with the flow, is watching the trin. Have a look at www.daytradersaction.com/education/high5table.asp and at www.mrci/lbr/trendday/index.cfm

Good luck.

 

[Ditch]

Correction: www.mrci.com/lbr/trendday/index.cfm

 

[hardcash]

Originally posted by bronks


I don't think your expectation is such a bad thing. The more I play this game, the more I feel expectation-anticipation-bias, in the hands of a major player, is one of keys to extreme success.

if you want to know more about reading + classifying market action, you can find here a brief lesson from linda raschke

http://www.mrci.com/lbr/charts/20011111/index.htm

trading

 

[NihabaAshi]

Originally posted by jeffgus
I too am moving over to e-mini. I will start with 2 contracts and trade sp and nd. I will try to post my results

I highly recommend any new trader to the Eminis...regardless to prior trading experience...to only trade 1 contract.

By the way...its not SP and ND (eventhough I know what you meant)...its ES and NQ for the Eminis.

If your new to trading...you should only trade 1 contract for many many many months.

If your already a successful trader (making consistent profits) that used the Eminis as a lead indicator...for example...for your stock trading...you should only trade 1 contract for at least a month before moving up to more contracts.

Something else I've repeated before on other threads...most stock trading intraday strategies don't work well with the Eminis...

thus, when switching to the Eminis...your going to have to re-educate yourself on some new trading strategies (trade setups)...start slow with just 1 trade setup and build up from it.

If you already have a high-probability...repetitive trade setup applicable to the Eminis...use that as your 1 trade setup for exclusive trading...

until your ready to explore the Eminis further with an additonal trade setup. Building Blocks

For future reference: When you start your trading journal...the next trader that replies that saids try this particular trade setup...respond to them by asking them to post a chart of exactly what they're talking about.

We as traders should at least be able to WALK THE TALK (my favorite saying as of lately) visually with charts when making suggestions on what someone should explore or use.

This is something I plan on doing myself from now on here at EliteTrader when making any trade setup suggestions to any board member here.

Therefore, if I can't back up a trade setup suggestion with a chart...I won't respond.

Charts speak a thousand words

NihabaAshi

 

[easyrider]

Originally posted by NihabaAshi
Something else I've repeated before on other threads...most stock trading intraday strategies don't work well with the Eminis...

Would you care to expand on this comment. Why do they not work?

 

[candletrader]

Originally posted by easyrider

Would you care to expand on this comment. Why do they not work?

Probably something along the lines of "the traders who succeed in emini's are approaching 'em in a way that 95% of traders would feel extremely uncomfortable doing"...

 

[bronks]

Kind of wishy washy day for me as I was up a coupla time only to give it all back. Fortunately, I had a nice trade near the end. Mainly it was because I was trying to reach my profit target of 5 points with each trade. As usual, stops played a pivotal role in this quest, but I stuck to my guns. Entry-entry-entry... I cannot help but feel how important they are on the NQ if your playing a tight game. I don't know why stops are given so much attention when entries, IMHO, deserve at least equal, if not higher billing. Stops require discipline, entries require judgement and clear thought. Stops I honestly don't think about. It gets there and I take it. But it's the ENTRY that is the cause and effect of the stop. For me anyways.

My conservative trading continues and I will stick with it.


+ 5.5 points / 5 RT's