ES Journal - 2014
- Thread starter murica
- Start date
trhe DOW has been writing the cks all day..that dip YM 16715 is prophetic?
http://www.youtube.com/watch?v=D7WJLihAMS0
http://www.youtube.com/watch?v=D7WJLihAMS0
You could fall asleep scalping the Financials and given I don't like being in a trade too long, ZN bounces back and forth forever. I will trade them on Reports, five seconds after a report comes in I will place my orders, but other than that, not worth my time.
When I first started trading S&P500, it was $500 a POINT, so ES is watered down version big time, back in the 80s, a ten lot wasn't playing with the big dogs at all, ten lot today is 100 contracts. Before I stopped trading 1.5 years ago, I was doing 300-400 contracts early in morning, and averaging down would be same amounts. It is going to take me awhile to get back to where I was cause summer volume makes it very tough to sometimes handle, it is not the getting in that I be concerned about, the getting out when wrong. Back in 80s margin was $12,500 most of the time for Big S&P500, now of the equal amount is $4,000? So now it gets people who have no knowledge and little money to open accounts and CME gets even more for fees. I use to pay $12 bucks for a roundturn on one contract, now for equal is what $40.00?
I meet him twice back in the 90's, I had won a contest and met Marty Schwartz then, and had lunch with him another time, it was pretty cool to listen on what he did to prepare each day, but was way over my head as far as adding it to what I did. He had been a broker for many years before trading for himself. He really knew his stuff though, very good knowing which way he thought it would go each day.
And thank you, Good Health and Wealth to ALL of you. Very long road of brain cancers, Sarcoidosis (chronic now), Gallbladder removed, Fibromyalgeria(95% gone to chg diet), almost in remission Prostrate cancer.
Way to go, let someone else pay the commish.Covered + 1 tick... at least I didn't turn a winner into a loser.
Cool: All I am saying is that the market closed strong today with no "test points" [Acutally, there is one, but I think RTH open should take care of testing it]. So, what I think is most likely to happen is for the market to continue going up, of course, until something [like test failing, or sellers finally showing up, or adverse news] happens which could be during the day tomorrow or in the night today (really, who knows what tomorrow holds for us!).
For my trading, I really don't care if the market makes new highs or new lows. The reason I don't form expectations about the next day's market is because my analysis of the market action today could be wrong! So, I don't want to be married to an opinion at Open the next day.
I react to what I think the market shows me. If I detect weakness, I try to find a good low risk entry to go short, and a possible target; on strength, I try to find a good low risk entry to go long, and a possible target. If the target holds, I am done; if it does not hold, then I try to reenter with a small risk. Keep doing this over and over again.
I leave the prediction of "what markets will do tomorrow (and in the distant future)" to the very learned pundits on TV and other newsletter gurus!
All the best!
Marty Schwartz was never a broker. He was an analyst prior to his trading career. Says so in his autobiography. Never says anything about being a broker.
blah blah my god take a position here
Someone mentioned here that markets are good "stop hunters"; just be aware that markets are good "ego hunters" too.
All the best!
ok, ya. anyone that has read your stuff knows this already.
what we don't know is what is your position here?
ps flat is not a position.
I trade intra-day; I don't carry overnight positions.