ES Journal - 2014
- Thread starter murica
- Start date
+ 1 tick
When you get out for a single tick rather than 8, does that signify your waning confidence in the trade?
short YM 874
AMZN is +18. If you bought lower would you hold it here over weekend?
Or, take profits, reassess Monday?
Or, take profits, reassess Monday?
+ 5 ticks
always enjoyable watching good trade play out realtime.
holding my shorts for taking a shot @ a gap down Monday.
When you get out for a single tick rather than 8, does that signify your waning confidence in the trade?
I am confident of my system that I will have 2-4 losing days a year based on over 67,000 sample size going back 13 years/3 years forward and past three years actual trading. My losing days are HUGE being that I average down and sometimes takes two weeks to recover from loses made in one day, this is a numbers type of business.
I exit based on rules, time, speed, price action, I know I will have some days where each trade will get me one tick. Often exits violate time rules based on mean time of profitable trades, as far as confidence, I try hard to not have that when I enter office cause confidence is an emotion. I am just a Monkey hitting buttons based on rules.
I am a horrible discretionary, I have journals going back twenty years where I posted and found that 97% of discretionary trades posted and not taken were losers. I have used this to my benefit though, I am very in tune on my emotions, so when I get happier than a bear with 50 gallons of honey, market is ready to reverse. When I get scared the market is going to hit my mental stop, market is going to reverse.
One of the things that took me a long time to get good at was reading the DOME, I often avoid 2-4 trades a week that would have been full 2.00 plus losers, and I often get in a trade 1-4 ticks better on 25% of my trades. So just when you think you have learned it all....
Have a fine weekend all.