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ES Journal - 2012
- Thread starter Buy1Sell2
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Quote from uptickk:
Would love a beakeven after a going 4 points in my favor and then taking 3.5 points of heat.
EDIT - Looks like 1308.25 is holding though.
A +0.25 is not much different from a -0.25, but we see the former as a "winner" and the latter as a "loser" ... I have many times had the opportunity to get out at -0.25, or BE, but I wanted that one tick at least, and it wound up costing me 2 points. If you can get out for -1.00 and you really truly want to get out, you shouldn't let it go another -1.00 so you can have a "BE" trade.
Same IMO with winners -- if you're up 6 points and the target is 6.50, and you're willing to let it pull back another 3 points, it just doesn't make sense to me. But I tend to take profit early so I'm not exactly king of this subject. Just my 2 cents as usual.
Quote from JoshDance:
A +0.25 is not much different from a -0.25, but we see the former as a "winner" and the latter as a "loser" ... I have many times had the opportunity to get out at -0.25, or BE, but I wanted that one tick at least, and it wound up costing me 2 points. If you can get out for -1.00 and you really truly want to get out, you shouldn't let it go another -1.00 so you can have a "BE" trade.
Same IMO with winners -- if you're up 6 points and the target is 6.50, and you're willing to let it pull back another 3 points, it just doesn't make sense to me. But I tend to take profit early so I'm not exactly king of this subject. Just my 2 cents as usual.
JD - I couldn't agree with you more regarding your whole statement. I tend to take profits early and of course am really trying to work on letting the trade play out which has put me where I am in my current trade.
EDIT - With that being said I should also look at where the market is and say "Am I comfortable being long/short there" and adjust accordingly.
planning on going short 1311. limit order set
Quote from uptickk:
JD - I couldn't agree with you more regarding your whole statement. I tend to take profits early and of course am really trying to work on letting the trade play out which has put me where I am in my current trade.
It's happened to us all, and no worse feeling than being up and close to target, and then fighting to get out BE. Perhaps the worst part is that even if you turn something like this into a +8 point trade, you know in your heart that it wasn't supposed to work that way and kinda got lucky. Of course you realize that letting a 4 point winner turn into a -3 pointer is not "letting it play out" -- easy to say after the fact I know. If your stop is 10 points and you're going for 50, then it's a different ball game of course, but that wasn't your trade. It's all good, just shake it off and move on.
Short at 1311. 2 point stop. Target around 1306
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