ES Journal - 2015
- Thread starter Buy1Sell2
- Start date
Next trade. I've identified a range 4370 to 4375
I'll let you know later on how I played it
I'll let you know later on how I played it
Well, I've gotta add in my 2 cents here. For those who think I'm a troll, their mind is made up already, but I would hope that any intelligent enough person can see that I'm only using the info provided and trying to piece it together, and when things don't up add, its appropriate to question to point these things out. Since I know 40D isn't reading, it won't matter much, but I'm sure someone will tip him off to this post.
Here is my problem/question. This post he made here is quite telling how he trades. It makes total sense of course. I don't think getting 5 points is easy, but hey, if your testing tells you that 80% of the time or higher you hit your 5 point target, then you really got something here. Note how he says that he "always" takes half of his contracts at +5 target.
You see, I'm actually a fan of 40D and I have found him to be quite inspiring. But because I'm a fan, I remember so well most of his other posts, like this one here.
http://www.elitetrader.com/et/index...w-a-straight-line.287955/page-29#post-4071216
There, in the second attached image, he shows a trade where he made 34 points in less than 10 minutes. Wow! At the time, I even made sure to plot this on my chart so I could really study what he is doing. (Chart attached, don't pay any attention to my crappy trades) He even includes the trade stamps to show entry and exit.
But here is the thing. If we take what he said today about "always" exiting half of his contracts for +5, why is this not shown in January? I know that he can go on and on about how the different environment made him put into motion a different part of his trading plan, but for these past few days, he's really been pushing this scaling out routine. Why also on his trade stamp does he not show us the number of contracts? We are all expecting 20 or 30 contracts to be entered initially, so its not like we will be blown away by this number and can't handle it. It would make it easier to follow if we knew that he starts with 20, drops down to 10 after 5 points profit, holds some more for +10 as he states, and so on. But as it is now, he's got who knows how many contracts that he can say he sold or held at will. He does mention in the post back in January about holding some, but it in no way matches the procedure that he outlines here that he says he uses.
Here is the thing. I personally don't care how much money he makes or what he actually does. I'm only interested in making money myself. But when everyone, and rightfully so, places the onus on having a solid trading plan that you follow to the "T", why don't the guys who are trying to teach us follow this same protocol? If 40D really held most of the contracts back in January for the 34 points, then he is breaking his rule of taking half off at 5 points profit. If he did take some profit at 5 points, why isn't this reflected in his post? Why does the trade stamp only show one entry and one exit for 34 points? Why does he hide the "number of contracts" field?
I once again have to maintain that although these guys are trying to help by telling us how to trade, what they actually do is often quite different. What is so called "shown" is literally less than 25% I'm sure of what is actually going on. By only showing us bits and pieces, they are skewing in our minds what is actually necessary, and especially as noted here, by stating flat out how each trade is managed, but then not showing us how they stick to this plan for each and every trade, they aren't helping us instill the importance of following a trading plan.
Anyway, I think this has to be pointed out so here it is.
Attachments
Excellent! Congratulations!
Good trading to you.
shorted
4370
4370
stop at 75.25
edit
edit
not looking great. I'm popping out for a bit. Stop at 75.25 and profit take is at 4362 for now.
Back in a bit
Back in a bit