ES Greenhorn

R

retire45

Another one here going to possibly (likely?) dash his foot against the same immovable rock others have run into.

6k Tradestation Acct... May be too small but it's all I don't mind losing. May be an undue and possibly insurmountable handicap but probably why I will give it a shot.

Plan:

Daily plan is establish day direction and to try to capture the bulk of the day's movement in as few trades as possible.. no scalping. Trade 1 contract until 2 consecutive up weeks AND acct over 10k.
Edges??

Never allow a single trade loss over 2 points... will tinker here, not sure yet if it can be less.

At 5% account day loss, quit for the day. Equates to 3 losing trades, above which I am over-trading.

Daily tasks:

Post Intraday Chart of trades and Acct.
Evenings/Mornings..
Establish price ES levels and potential actions.

There were two failings leading to the poor performance of prior Journal:

http://www.elitetrader.com/vb/showthread.php?s=&threadid=115745&perpage=6&pagenumber=196

Lack of rigid stop use.... Automatic stops cures this but hopefully doesn't erase profitable trades.

Refusal to accept current market direction... I can't be helped here.. Events in one's life do affect his/her view on the markets and where they "should" be.. Daily morning affirmations may help banish these, at least for the trading day. This problem may doom this effort.
 
Good luck! As you progress on your journey, I'd love if you could compare the differences between stocks and futures. Not just technically but also psychologically.

Are you quitting stocks altogether for now and concentrating solely on the ES?
 
and how exactly will you establish daily direction

I went through all these things,

good luck, you'll need it, cause what you are doing now will fail

I would gladly tell you why your plan will fail cause I don't get joy out of your pain

unfortunately I pissed blood and can't say shit :(
 
r 45,i dont know your system so the 2 point stop may be ok,i prefer to draw trendlines and place stops above or below those,the whole idea of stops is stagnant and works in theory but in live trading they are targets for stealing,i havnt found success with them and not using them has also proved expensive
 
As an experienced futures trader, my single best advice I can give you is:

Trade on a simulator for at least 2 months with your strategy before you go live with real cash or donate the $6K to charity, for the market will surely take it.
 
ammo and OP

this is depressing

ES doesn't care about your 2 point stop nor does it care about ammo's trend lines

ES is a psychotic animal on cocaine, it bites it scratches it spits

one moment it hides the next moment it doesn't want to hide even when you are shooting at it

very bad little kitty........bipolar little kitty
 
Quote from ammo:

i was reading a journal last year by r45 so he's not new,cold where have u been
More...

nearby.......oh so nearby

I open the door slightly and watch you sleep from the hallway

that's where I've been

creepy eh :p
 
Quote from buckoboy:

Good luck! As you progress on your journey, I'd love if you could compare the differences between stocks and futures. Not just technically but also psychologically.

Are you quitting stocks altogether for now and concentrating solely on the ES?
More...

Didn't realize the thread even posted.. ET seemed down..

Thanks bud... Yes quitting stocks for now.
 
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