Good stuff. Bagholders might get some relief tomorrow. Good for the short term ones, bad for the longer term ones cause it will give them hope that the turn is finally here. But then again, what do I know. I am a fish swimming with great white sharks everyday.
ES Journal - 2012
- Thread starter Buy1Sell2
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Good stuff. Bagholders might get some relief tomorrow. Good for the short term ones, bad for the longer term ones cause it will give them hope that the turn is finally here. But then again, what do I know. I am a fish swimming with great white sharks everyday.
Quote from Buy1Sell2:
still trading from the long side as long as we don't break 1325.
Did you close out your longs? What is your take on the summer market?
This is an excellent post, and summarizes the approach that I have been trying to implement in my trading recently. Rather than swinging for the fences on every trade, I am trying to manage my risk effectively, and catch profits where I can.
I have become willing to scratch a trade that doesn't work the way my setup tells me it should, in order to prevent a large loss from damaging my account, and my psyche. I often exit trades that turn out to be profitable in hindsight, in which case I remind myself that I don't have a crystal ball, and the only ones who can predict the future are those with the ability to control it. I never remember the ones I missed, but the blowup trades I have made are forever etched in the dark corners of my mind.
Too many times we become fixated on winning at all costs, and that forces us to make poor decisions. As traders we must accept the fact that we WILL lose, it's just the nature of the beast. Imagine a golfer that would only play if he knew he was the best in the field, and then would quit after a bad round, or even a few bad shots.
Trading is simple, but not easy. It comes down to having a system that has been proven to have an edge over time, managing risk effectively, and controlling the emotions that come with risking our money against the best of the best. It is one of the hardest things I have ever done, but also one of the most rewarding.
Long ES @ 1297, target 1304, stop 1293.50.
The correct entry would have been 1295, as that was a 50% level. I did not pull the trigger there, as we were below the pivot point. Instead I waited for confirmation on a break above the PP.
The long squeeze pullback to 93.75 just missed my stop by a tick...bastards!
A break above 99 should give some upside to the R1 level at 1304.
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