ES Journal - 2012

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Nice to see that the 50% level held like a rock. Not to the tick, but what the hell.

Still resistance around 20, but I`ve got a hunch we take it out by EOD.

Continued failure at this level and we get a double top or possible H&S variation which could be a good short. :)
 
Quote from Laissez Faire:

Odds are that we make either new highs or lows, unless it`s a narrow range day and we trade sideways from here.

Yes. I think you have got it covered.:D
 
Time for my rant!
Long 14.50, puked it up at 4.75, for a 10 pt loss.
I am a stones throw away from quitting due to
funds. I don't get it, I just never fucking learn.
 
Quote from DanS:

Time for my rant!
Long 14.50, puked it up at 4.75, for a 10 pt loss.
I am a stones throw away from quitting due to
funds. I don't get it, I just never fucking learn.

The tuition can be high...especially when we make the same bad decisions over and over. Part of why the algos have the advantage!
 
Quote from DanS:

Time for my rant!
Long 14.50, puked it up at 4.75, for a 10 pt loss.
I am a stones throw away from quitting due to
funds. I don't get it, I just never fucking learn.

Question:

Why do you take a 10 point loss on a day trade in ES? Do you not use hard stops?

Me personally, and I know there are big players on this site who would disagree with me, would never use anything more than a 3 point stop. Preferrably less. It`s all relative to the reward. Take the loss, step back for a while, get back in if it still looks good and you were shaken out. Reverse if that`s the right direction.

But very often, being FLAT is the right trade.

Get back to simulator training and don`t throw away your last funds in frustration. Earn the right to get back with cash. 5 days in a row with excellent trading as a minimum. The market is not going anywhere.

A rule that would benefit you, if I have observed some of your trades correctly is to NEVER go long when price is falling and there is a gap below. Conversely for a short.
 
Quote from DanS:

Time for my rant!
Long 14.50, puked it up at 4.75, for a 10 pt loss.
I am a stones throw away from quitting due to
funds. I don't get it, I just never fucking learn.
starts out ego ,no big deal, it's me,can't lose,then alright i am on a learning curve but it's me,so won't be that bad,then,holy shit ,this aint cool.not working out,then no ego,all of the sudden after acct is gone,gets clearer...ego is expensive..what we figure we can't live without, we find out we can' live with,the majority that is not trading,doesn't have to admit to this, because the majority can afford to lie, they have plenty of white lie believers around them, are not trading..edit LF,you post all this crap each day,better than half of it useless,but you post it,so you might still believe in your scenario based on but it's me,,take offense,attack me if you want,but in reality ,that's a training ground that the longer you are in denial ,the more money you give to the street,forget the color commentary,the ego,street is right,survive with out an ego or die..believed in all this stuff long enough,so don;t take it as an insult.more as a painful memory
 
Quote from Laissez Faire:

Question: Why do you take a 10 point loss on a day trade in ES? Do you not use hard stops?

And if your stop is 10 points, you should almost NEVER hit it, regardless of the number of points it is. Stops are for CATASTROPHE only! The moment you realize it could be a loser SCALE BACK/GET OUT WAY BEFORE approaching the stop.

Never HOPE the loss will get smaller, but rather FEAR it will grow larger!

Never HOPE your profit will grow, but rather FEAR it will dissappear and become a loss!

There is no place for hope in trading!


Simple concepts can be so tough to follow in the heat of battle. That is why soldiers must thoroughly train BEFORE the battle. Practice practice practice paper trading until your reflex decision making is profitable for a LONG time.

All the best!
 
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