Go ask Steve T how many losing days he has in a year.
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ES Daytraders, Whats max heat you will take ?
- Thread starter tradertony76
- Start date
Go ask Steve T how many losing days he has in a year.
Quote from austinp:
<i>"This is the result of 10 years work... Everything changed for me a while ago when I decided to aim for a smooth delivery of net points. By smooth I mean daily, not trade by trade."</i>
<u>I am 100% sincere</u> when commending you on that. Very few traders on earth are capable of similar consistent production. By far the vast majority who try, fail.
Initially the pain is enormous, unbearable,
but gradually it passes.
To learn this way, I suggest the sim to begin ( obviously), but you must trade.
You must take every open at 09.30, not just some of them.
These approach is super training and it is designed to put your mind under the blow-torch for 90 minutes ... no more.
If this is beyond anything that you have attempted before, then your mind will pull every little trick that it can in order to escape the pressure.
Remember that a 1 tic profit only attracts < quarter point comm.
I have a audible signal running in the background for filtered strikes.
100+ buy strike is a high tone, 100 lot sell strike is a dull tone.
It brings my ears into play and keeps me in tune with the market and it's speed.
WAV files also act as prompts.
The actual charts are quite simple really.
Either the delta is dragging price towards s&r lines or it is not, plus how often price touchs the same line.
You just have to force yourself through the pain barrier.
Quote from austinp:
<i>"I am with you V.
I do not have losing days."</i>
The big players who rake in five-six figures monthly in 2006 P&L thread have numerous losing days. They wish there were never losing days for them, I'm sure :>)
Is it fair to assume you trade their size or bigger for substantial net results? Or is the price of never losing miniscule % returns on capital?
I never said I don't have a losing day. I said I go into each day with the additude to win for the day.
My losing days mainly come on trend days if I have the wrong bias for the day. Luckily these only happen a few times a month. A while back I put on 37 straight ES trades without a loss. The key is to have the discilpine to walk away from a bad trade and not to keep hammering away trying to revenge trade after you have hit your max drawdown for the day.
<i>"The key is to have the discilpine to walk away from a bad trade and not to keep hammering away trying to revenge trade after you have hit your max drawdown for the day."</i>
That's for sure. No single day can make anyone's career, but a lot of single days let out of control have certainly ended more than a few careers.
That's for sure. No single day can make anyone's career, but a lot of single days let out of control have certainly ended more than a few careers.
How much "heat" one should be willing to take should be based on the risk/reward ratio. If you're reward is 4 ticks and your risk is 6 ticks, good luck because you're going to need it. Not saying it's not possible, but the odds are against you. I don't take any trades that don't at least have a 1.5. ( eg, risk 1 point to make 1.5). This only works if you have realistic profit objectives. You can't say your going to risk 1 point to make 20- probably not going to happen. If the reward is not worth the risk, then I pass. Just my opinion.
Quote from Trader273:
How much "heat" one should be willing to take should be based on the risk/reward ratio. If you're reward is 4 ticks and your risk is 6 ticks, good luck because you're going to need it. Not saying it's not possible, but the odds are against you. I don't take any trades that don't at least have a 1.5. ( eg, risk 1 point to make 1.5). This only works if you have realistic profit objectives. You can't say your going to risk 1 point to make 20- probably not going to happen. If the reward is not worth the risk, then I pass. Just my opinion.
How do you know that you have 1.5 or better.
The problem with ES and other index futures is you have to give the trade room to work. 4 ticks is not much wiggle room considering you will most likely will have to buy the ask and sell the bid so there goes 2 ticks right there.