ES day trading journal - my final attempt

@hurricane_sh , I am also interested in learning about how to daytrade the ES successfully and would like to see more details about your trades if you are willing to post them? In order for the experienced traders here to help out, I think they will need to see such details as time stamp of entries and exits. What do you think?
 
Visaria said:
Actually you only need a couple of great trades say in a month or in a year to make it worthwhile. The only BIG profit i have had this year was on Brexit. That was serious money. All the other trades i have done have made me a net (small) loss.
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Sure everyone has a different system/style but if are you doing 20-30 round turns in futures and ending flat every day like the OP, making money only on Brexit would probably not be viable.
 
hurricane_sh said:
I entered the market with $26K in Feb this year, traded stocks for a few months and started trading es since May 11. A few weeks later I began to trade es exclusively.

I had some bad trading habits, and didn't follow my rules either, as a result I lost almost half of my precious capital in the past week, 4 losing days in a row:

09/09/2016: -9444 - I couldn't see this in my worst dream.
09/12/2016: -2542
09/13/2016: -481
09/14/2016: -343

That's 12,558 in total out of 25,726, 48.8% loss. I wouldn't make drastic changes unless it really really hurts. I decided to give it one last shot with new trading methods and new rules.

Some of my basic rules:
  1. Trade one contract only.
  2. Both stop loss and profit target are two points, must be attached to a new order. Max loss of one trade is around $100. Stop loss order can be slightly adjusted if there is a major resistance/support level nearby.
  3. Max loss per day is $300, shouldn't be more than $350 under any circumstances.
  4. If the profit reached $200, max allowed retracement is $100.
  5. Follow the trend, trade break-outs. Never bet on tops and bottoms.
My daily profit target is $120, this is the minimal amount for me to survive. I have about $700 monthly income from my previous career. I withdraw $2K per month. I can't afford to lose.

I use IB and Button Trader.
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That is a lot of pressure. Why not get a "job" for 6 months or so, take the pressure off and ease into it. It seems to be a more winning strategy for the traders I know. Then it is a win / win. You have a much better shot at trading long term for a living, and it will be easier. . . if you can create the 2k/mo. in some other way. . .
 
Steve Alexander said:
And finally, you want to "follow the trend, and trade break-outs." That doesn't work in day trading. Go ahead and try it - again. When you're ready to make money, trade pull backs and fade break-outs - or find a different way, entirely.
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Because you wrote that I know you are an experienced trader. GL.
 
Visaria said:
10,000 hours sound good...but it kinda depends on what you spent those 10k hours doing. Staring at a screen or at charts is not a good way of spending those hours.
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Of course. And I already said that the OP is wasting his money and time watching live prices moving up and down and emotionally reacting to them. :)

How did things go with that Al Brooks course?
 
Laissez Faire said:
Of course. And I already said that the OP is wasting his money and time watching live prices moving up and down and emotionally reacting to them. :)

How did things go with that Al Brooks course?
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he should keep buying more courses from scammers and their asssociates

This forum is well known for scammers

that makes u an associate ARSE HOLE
 
Laissez Faire said:
Of course. And I already said that the OP is wasting his money and time watching live prices moving up and down and emotionally reacting to them. :)

How did things go with that Al Brooks course?
More...

9 Red Flags to Help Spot FORUM Board Scammers
1) Someone who hyper-posts on only one TRADING EDUCATOR.


2) Someone who uses multiple identities. LASSEZ


3) Some who repeatedly attacks or belittles others on a message boards.


4) Someone who emerges as the moderator, or even the leader of the discussion group on that instrument


5) Someone, with a LONG history in their member profile, who suddenly shows up during a conversation started by others, and appears to know "all about" the LOSING TRADER.


6) Someone who is nearly always the first to respond to SOLUTIONS TO TRADING FAILURES.


7) Someone who continuously hints at succesful trading

8) Someone who hypes the expert trading educator

(9) Someone who goes out of their way to find good news about the instrument or commercial spam and makes a "case" out of it.
 
Last edited:
I Have read all the postings here with great interest. Your thread title is prophetic "My Final Attempt". You just do not know what you do not know and you refuse to listen to the good advice given to you by very well meaning responders.

It is impossible for you to be "over" a $9,000 loss on a day that was one of the best days of the year to trade. At this point in your trading career the confidence that you have in yourself is misplaced.

Take a time out from trading and work out a trading plan that "works". You do not even know what works for you yet. Then trade SPY instead of ES. They track each other with about 20% of the risk. Back test like Handel does or take the suggestion that was given to to you to demo trade. I know, you say you have no discipline so you can't do this.

Not much more to say except to say that I hope your broker has high initial margins for ES. At least you can leave the battlefield with that amount left.
 
hurricane_sh said:
I entered the market with $26K in Feb this year, traded stocks for a few months and started trading es since May 11. A few weeks later I began to trade es exclusively.

I had some bad trading habits, and didn't follow my rules either, as a result I lost almost half of my precious capital in the past week, 4 losing days in a row:

09/09/2016: -9444 - I couldn't see this in my worst dream.
09/12/2016: -2542
09/13/2016: -481
09/14/2016: -343

That's 12,558 in total out of 25,726, 48.8% loss. I wouldn't make drastic changes unless it really really hurts. I decided to give it one last shot with new trading methods and new rules.

Some of my basic rules:
  1. Trade one contract only.
  2. Both stop loss and profit target are two points, must be attached to a new order. Max loss of one trade is around $100. Stop loss order can be slightly adjusted if there is a major resistance/support level nearby.
  3. Max loss per day is $300, shouldn't be more than $350 under any circumstances.
  4. If the profit reached $200, max allowed retracement is $100.
  5. Follow the trend, trade break-outs. Never bet on tops and bottoms.
My daily profit target is $120, this is the minimal amount for me to survive. I have about $700 monthly income from my previous career. I withdraw $2K per month. I can't afford to lose.

I use IB and Button Trader.
More...

- Im not better than you are.. almost the same boat. Lost because I trade my ego not the rules. I stay away from market ranging on the daily chart. I used to trade break out, but 99% of the time they are traps so only trades the re test. Take quality trades and trade less, wait for it to give you a good trades , let it come to you.
I lost money when the market was ranging the whole summer. Just got a little bit back since it broke down.
 
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