"playing with criminals?!?!?"........you have no plan whatsoever based on your chart comments....
.....boy...you are in for a world of hurt...
ES Greenhorn
- Thread starter retire45
- Start date
"playing with criminals?!?!?"........you have no plan whatsoever based on your chart comments....
.....boy...you are in for a world of hurt...
r45,u will learn qicker if u paper trade,the ability to see s/r ,watch your signals ,keep looser stops and get ready to cover,let a trade ride,they are all hampered by your fear of losing,if u paper trade a little longer and become better at the above stufff,u will do better with real money,u will have a lot more confidence,keep doing your short call sprds for now and practice with es
ES trading really something. Trading from 9:30 on VERY different from what I see from 4:30 am or so EST. I will begin day earlier as it is a lot less chaotic besides 8:30 area.
Today.. lost control mid-day and never regained it. Anger trade led to desperation trades later.
-6.25 points today.
-900 or so for the week.. not bad.
Lessons this week..
1. DON'T CHASE!
Self explanatory - take trades in which stop can survive. Trades where I first asked the question "can my stop survive? were the best of the week.. If not asked I simply traded emotionally and paid tuition for it.
2. NEVER MOVE STOP! - reduce to 1.5?
Seems most good trades rarely go bad worse that 1.5 or so before paying.
3. TRADE WITH LIMITS ONLY AS
MARKET ORDERS A SIGN OF EMOTION
4. ON CHOPPY DAYS (MOST DAYS) TAKE 3 TO 4 POINTS EVERY TRADE UNTIL LATE IN DAY.
Greed at work here..
Back for more learning next week...
Today.. lost control mid-day and never regained it. Anger trade led to desperation trades later.
-6.25 points today.
-900 or so for the week.. not bad.
Lessons this week..
1. DON'T CHASE!
Self explanatory - take trades in which stop can survive. Trades where I first asked the question "can my stop survive? were the best of the week.. If not asked I simply traded emotionally and paid tuition for it.
2. NEVER MOVE STOP! - reduce to 1.5?
Seems most good trades rarely go bad worse that 1.5 or so before paying.
3. TRADE WITH LIMITS ONLY AS
MARKET ORDERS A SIGN OF EMOTION
4. ON CHOPPY DAYS (MOST DAYS) TAKE 3 TO 4 POINTS EVERY TRADE UNTIL LATE IN DAY.
Greed at work here..
Back for more learning next week...
Weekend thoughts on a "Rainy Day in Georgia"....
Barring heavy news, markets tend to be range bound, especially the middle 3 hours. Not really new but will remind myself of this when I am shorting lows and buying highs expecting breakouts first half of trading day.
Ingraining this is key to trading without fearing the rocket moves from end to end. A persons actions are easier to deal with when you understand why the person is behaving as such. The speed (main source of anxiety) with which ES moves must not be mistaken for anything other than a trip from here to there.
The better traders out there definitely congregate at price levels and take advantage of the emotional ones. The trades taken WITH the better group resulting in possible stop out are good losses should they happen. Therefore there is ONLY one course of action to take at key price levels... fade trend.
Accurate pre-planning and noting actions to be taken at price levels BEFORE hand (limit orders) is key to handling most trading days. Trend days are less common than choppy days until an accumulation of news or technical event changes things..
Of course the script WILL change all the time so stay flexible mentally...
Barring heavy news, markets tend to be range bound, especially the middle 3 hours. Not really new but will remind myself of this when I am shorting lows and buying highs expecting breakouts first half of trading day.
Ingraining this is key to trading without fearing the rocket moves from end to end. A persons actions are easier to deal with when you understand why the person is behaving as such. The speed (main source of anxiety) with which ES moves must not be mistaken for anything other than a trip from here to there.
The better traders out there definitely congregate at price levels and take advantage of the emotional ones. The trades taken WITH the better group resulting in possible stop out are good losses should they happen. Therefore there is ONLY one course of action to take at key price levels... fade trend.
Accurate pre-planning and noting actions to be taken at price levels BEFORE hand (limit orders) is key to handling most trading days. Trend days are less common than choppy days until an accumulation of news or technical event changes things..
Of course the script WILL change all the time so stay flexible mentally...