Yes doable for very experienced guys, the other poster is new. My advice was specifically for him.
ES Journal - 2014
- Thread starter murica
- Start date
Yes doable for very experienced guys, the other poster is new. My advice was specifically for him.
Appreciate the advice.
What's wrong with going for a few points each trade? Why should I stay in a trade thats loosing 8, 9 or 10 pts? If you need an INTRADAY SL that large doesn't that suggest you're premise for the trade is wrong in first place. Shooting for a few pts is a valid style too is it not?
trading costs - commissions and bid-ask spread.
If you take 30 trades a week, you are paying a spread of 0.25 each time. Equals 7.25 ES points - you are losing this.
If you are taking 5 trades a week, you are losing 1.25 ES points in spread.
When i say 10 point stop, I am not referring to day trading only. I am advocating overnight holds, the most important point I am saying is trade in the direction of trend especially for first 6-9 months of your trading career. Easier than counter-trend trading.
Finally, 10 point stop and 20 point target - forces you to think and analyze. You can have a full day to analyze ES and then decide whether we are more likely to go to 1935 or 1895 and take a trade and stick to it. If you don't know, then don't trade. Maybe next week you will have a better idea of the way market is going, then trade.
If you ask me, Ideally you shouldn't take more than 3 trades in a week, when you are starting to trade. Just my experience and my 98 cents
Short 18.75; tgt 16.50
covered 19.25.
I'm not a sophisticated trader that swings a big one. My reasons for a trade are usually very simple, and often on the sperm of the moment. I rely on intuition as well a few basics of TA.
spurn, not sperm
sperm is what is inside that white stuff that comes outta your dick when u r excited....when u r using that coolhand of yours!
spurn, not sperm
sperm is what is inside that white stuff that comes outta your dick when u r excited....when u r using that coolhand of yours!
Thanks I did not know that
Just a private j/k that refers to taking a trade based only on whim/testosterone surge. Ie, "Sperm of the moment". lol
trading costs - commissions and bid-ask spread.
If you take 30 trades a week, you are paying a spread of 0.25 each time. Equals 7.25 ES points - you are losing this.
If you are taking 5 trades a week, you are losing 1.25 ES points in spread.
When i say 10 point stop, I am not referring to day trading only. I am advocating overnight holds, the most important point I am saying is trade in the direction of trend especially for first 6-9 months of your trading career. Easier than counter-trend trading.
Finally, 10 point stop and 20 point target - forces you to think and analyze. You can have a full day to analyze ES and then decide whether we are more likely to go to 1935 or 1895 and take a trade and stick to it. If you don't know, then don't trade. Maybe next week you will have a better idea of the way market is going, then trade.
If you ask me, Ideally you shouldn't take more than 3 trades in a week, when you are starting to trade. Just my experience and my 98 cents
yeah daytrading is onlyfor the very best. and always trade in the direction of the trend. its a bull market you know. the only problem is we are topping right now in front of short pullback sell in may, maybe a few months off but i suggest he doesnt go long unless he has a very good pullback buy system.
after october a monkey could make money.
out with 2 ticks