ES Journal - 2014

[ammo]

http://imgur.com/FIUi4fs

 

[iloveoptions]

Bidding 1918.75 adding 1902, stop 1895.75 - day.

 

[johnny_utah]

Excellent opportunities this morning... Booked solid gain on 13 trades.

Still holding 1/2 position SPXL swingtrade from Friday. Hopefully we'll see 1945 this week.

 

[johnny_utah]

Hello,

You guys mind if I join in with ES trades

I am new here. I been trading ES for about 2-3 years off and on, not consistence due to full time job and working late on some months. But now I am focus.

I am paper trading. I set a goal for myself to not go live until I am consistently producing $500 profit per week for 2 months. AND my loss per trade does not exceed $125.

I have strict rules and a simple method I follow.

So that I feel the emotions (pressure) of trading a real account, I informed about 4 friends and my wife that I will send them a screen shot of my Demo Account balance per day, so they see how much money I gain/loss.

I have traded a real account before and loss money (about $4k) for many different reasons, mainly undisciplined, now I want to start over, this time with paper.

I just want to know if what I am doing is good. I am very serious about trading with real emotions, this is why I am showing friends daily my balance...

When would you recommend a newbie going live with real money? Or should the answer be whenever the trader feels he/she is ready? Is there a certain criteria?

Thanks.

Welcome to the thread Simple!
My advice... Try trading live with 1 contract. If your heart rate increases after you enter the position then you're not ready for prime yet.
How did you arrive at the $500 profit objective? That's 2 pts avg per day... rather ambitious goal for an aspiring trader. Setting profit objectives can be counter productive, it may force you to trade even though there may not be good opportunities. If you still insist on daily goal, then averaging 2-4 ticks profit per day initially would be more appropriate.

 

[trickshot]

Excellent opportunities this morning... Booked solid gain on 13 trades.

Still holding 1/2 position SPXL swingtrade from Friday. Hopefully we'll see 1945 this week.

I think we go lower eventually, this thing is forming a bear flag.

 

[EON Kid]

I think we go lower eventually, this thing is forming a bear flag.

agree, YM looks weak, daily bear flag wants to break lower

 

[EON Kid]

any recommendations of traders to follow on twitter for ES YM NQ TF ???

 

[fxwannaB]

any recommendations of traders to follow on twitter for ES YM NQ TF ???

@FuturesTrader71

 

[johnny_utah]

Also long SPXL @ 72.58 in my swing acct.

Added at 71.76, avg cost 72.17.

Exit 1/2 at 73.76.

Stopped on remainder slightly below b/e at 71.97. Even though the trade didn't pan out I still booked some profit.

 

[SimpleMeLike]

Welcome to the thread Simple!
My advice... Try trading live with 1 contract. If your heart rate increases after you enter the position then you're not ready for prime yet.
How did you arrive at the $500 profit objective? That's 2 pts avg per day... rather ambitious goal for an aspiring trader. Setting profit objectives can be counter productive, it may force you to trade even though there may not be good opportunities. If you still insist on daily goal, then averaging 2-4 ticks profit per day initially would be more appropriate.

Thank you,
Yes, I only trade one contract with the ES. This is where I need help from you all in reaching my goals.

First, I will not stop trading paper until I am consistence in what I am doing. I have traded live before and was undisciplined and was not sure of my method, I don’t want to go back til I am sure.

What should my goals be trading paper? $500 weekly goals come from wanting $500 per week. Should it be less (2pts, 3pts, …..5pts)?

Maybe I should start my own journal

My goals
1 contract
4pts per trade per day.
2-3 trades per day
max loss per trade -2pts
risk:reward 1:2
max loss per day -4pts