A down day for an emini intraday trader should not happen. Minor losses yes.
ES Daytraders, Whats max heat you will take ?
- Thread starter tradertony76
- Start date
<i>"As long as austinp writes it. He is a true professional, rest are like me."</i>
Before anyone annoints my feet with oil, check my results for the day. 0, -1pt and -1pt was the scoreboard. Six minutes after third trade stopped for tiny loss, upside exploded without me aboard.
Trading mistakes? Sure, I made a few. They all had to do with trading "not to lose" other people's money. Keeping losses controlled is easy... but making solid gains consistently requires drawdowns, too.
We each have to define our objectives in trading. Do we desire a steady ascent up the equity curve without drawdowns? Then we must settle for very small profit gains in order to avoid loss.
Do we desire max profit potential from each given week or month? We must likewise hold thru some sideways wash = modest losses in order to hit the medium = large wins that come along all the time.
*
If either of my short attempts had filled today, net result would have been +6pts to +8pts ES before lunch. If I hadn't crowded final stop in order "not to lose" then net result upside would have been +8pts exit into the close.
Neither scenario happened in reality. We don't wire profits out of our "if only" account, we draw from the "reality" account. Today is a reminder to let stops breathe and hunt the directional swings of +4pts to +8pts ES which happen all the time. Trading a -4-box stop doesn't let +16 to +32 box profit trades happen.
Those moves exist in the charts... several times per week, sometimes several per session. Targeting and capturing those is where the (relatively) big ES money is made :>)
Before anyone annoints my feet with oil, check my results for the day. 0, -1pt and -1pt was the scoreboard. Six minutes after third trade stopped for tiny loss, upside exploded without me aboard.
Trading mistakes? Sure, I made a few. They all had to do with trading "not to lose" other people's money. Keeping losses controlled is easy... but making solid gains consistently requires drawdowns, too.
We each have to define our objectives in trading. Do we desire a steady ascent up the equity curve without drawdowns? Then we must settle for very small profit gains in order to avoid loss.
Do we desire max profit potential from each given week or month? We must likewise hold thru some sideways wash = modest losses in order to hit the medium = large wins that come along all the time.
*
If either of my short attempts had filled today, net result would have been +6pts to +8pts ES before lunch. If I hadn't crowded final stop in order "not to lose" then net result upside would have been +8pts exit into the close.
Neither scenario happened in reality. We don't wire profits out of our "if only" account, we draw from the "reality" account. Today is a reminder to let stops breathe and hunt the directional swings of +4pts to +8pts ES which happen all the time. Trading a -4-box stop doesn't let +16 to +32 box profit trades happen.
Those moves exist in the charts... several times per week, sometimes several per session. Targeting and capturing those is where the (relatively) big ES money is made :>)
Ain't that the truth Austin!
Quote from Steve Tvardek:
Whoa, I am just harmlessly reading this thread and see my name pop up
I'm all seriousness, I think I am a solid trader but by no means a big hitter. Its true I have had very few down days this year (3, I think totaling ~$500) but I also do not have the bigger up days that often ($2000+). I guess you have to take the good with the bad. For the year though, I am up nicely but I would like to be better and I think, in order to have Lescor type months, I will have to accept the inevitable down days. Hopefully I will learn to deal w/ this when it happens and can come out a better trader for it.
Sorry for interrupting the ES thread, please continue...
I was using you because you are a perfect example and I still stand behind my quote.
Maybe you were just to busy posting on this thread instead of trading.
That's a pretty vague statement. What is exactly a 'high percentage' system? What is 'rarely' stopping out with a loss? And to say that 'risk is not a big issue' in trading, especially daytrading futures, is a bit off... There is risk every day and every trade, but that's why we do it b/c of the reward you may get for the risk you are taking.
Your post reminds me of something you would find in a book or pamphlet on how to trade the e-mini's, but doesn't provide any real substance in real life trading.
How's the weather Porgie ?
I am a Scalper....for the most part. The following chart is to show how I Scalp....it doesn't matter ES....ER....YM....NQ. Mostly....I trade the ER....but sometimes the other contracts as well.
Just about always trade 4 contracts....2 ticks....Market order to Enter....usually Limit to Exit....although....I will also just hit the Close button....to Exit a trade....if needed. Many times....there are more than 2 ticks available....but I am happy getting two ticks. I have been trading this method for about 10 years now....but with some improvements along the way. Some traders would find it very nerve racking....trading this way....but I find it Relaxing. Hell....if I held a position overnight....you might as well bury me....because I am sure I would have a heart attack.
The following is a 20 tick Scalping chart....I also have a 610 tick Trending chart. By the way....I do try to get into Trends....and ride them....but only if I am firmly convinced it is really a Trend. Also....if a Trend is Smooth....I will stay in....if the Trend is Choppy....I will Scalp only.
Some of the important things I do consider....before Entry and Exit:
1) is there Nearby S&R
2) Trendline cross
3) Blue dots....must Stop
4) either Red or Green dots....when the Blue dots Stop....depending on whether I am going Long or Short
I have a Default stop....set....way out. As soon as I Enter a trade....I can....with a Single Click....move my Stop....as shown on the Chart.
What I am trying to show is....with a Disciplined approach....with a Set of Rules to follow....for a particular type of trade....Scalping can be very Safe and Rewarding. Also shown is how I trade....Break Outs....coming out of a Range Condition....again....based on a Set of Rules to follow. If I break my Rules....I break my Discipline....and I know damn well....I will lose....been there....done that....too often in the past. I had to teach myself to take a Disciplined approach to trading.
I was told....many years ago....traders can't make money Scalping. All I can say is....I found a way that works for me....and that is all that really matters. I believe the reason most traders have a hard time Scalping is....they are not truly Disciplined.
VSTscalper
Just about always trade 4 contracts....2 ticks....Market order to Enter....usually Limit to Exit....although....I will also just hit the Close button....to Exit a trade....if needed. Many times....there are more than 2 ticks available....but I am happy getting two ticks. I have been trading this method for about 10 years now....but with some improvements along the way. Some traders would find it very nerve racking....trading this way....but I find it Relaxing. Hell....if I held a position overnight....you might as well bury me....because I am sure I would have a heart attack.
The following is a 20 tick Scalping chart....I also have a 610 tick Trending chart. By the way....I do try to get into Trends....and ride them....but only if I am firmly convinced it is really a Trend. Also....if a Trend is Smooth....I will stay in....if the Trend is Choppy....I will Scalp only.
Some of the important things I do consider....before Entry and Exit:
1) is there Nearby S&R
2) Trendline cross
3) Blue dots....must Stop
4) either Red or Green dots....when the Blue dots Stop....depending on whether I am going Long or Short
I have a Default stop....set....way out. As soon as I Enter a trade....I can....with a Single Click....move my Stop....as shown on the Chart.
What I am trying to show is....with a Disciplined approach....with a Set of Rules to follow....for a particular type of trade....Scalping can be very Safe and Rewarding. Also shown is how I trade....Break Outs....coming out of a Range Condition....again....based on a Set of Rules to follow. If I break my Rules....I break my Discipline....and I know damn well....I will lose....been there....done that....too often in the past. I had to teach myself to take a Disciplined approach to trading.
I was told....many years ago....traders can't make money Scalping. All I can say is....I found a way that works for me....and that is all that really matters. I believe the reason most traders have a hard time Scalping is....they are not truly Disciplined.
VSTscalper
<i>"Maybe you were just to busy posting on this thread instead of trading."</i>
Hours of boredom punctuated by a few minutes of intense focus is how I'd define today's trading.
I do suffer from some degree of ADHD, in all seriousness. Visiting with peers in the trenches here (such as you, <b>Volente</b>) is very enjoyable and helps break the tedium for me. Lack of attention didn't cause today's results... micromanagement in loss avoidance is to blame.
Which leads back to the topic of this thread. Too tight of stops definitely do not save any money... they cost me a bundle today. Correct stop usage is vital, but that may not be four boxes per the OP question this morning. Definitely not for me and my intraday swing trade approach!
Hours of boredom punctuated by a few minutes of intense focus is how I'd define today's trading.
I do suffer from some degree of ADHD, in all seriousness. Visiting with peers in the trenches here (such as you, <b>Volente</b>) is very enjoyable and helps break the tedium for me. Lack of attention didn't cause today's results... micromanagement in loss avoidance is to blame.
Which leads back to the topic of this thread. Too tight of stops definitely do not save any money... they cost me a bundle today. Correct stop usage is vital, but that may not be four boxes per the OP question this morning. Definitely not for me and my intraday swing trade approach!