ES Journal - 2017/2018

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pinabetal said:
I agree
I agree. Homeruns for day trading are extremely hard to pull off. The key is to get really good making 1 to 5 points at a time with a win rate of about 60 to 70 percent. Occasionally, one can tap 8 points in one trade but that is rare. That is why if the market gives me 3 or 4 points but i think it will have another leg i will lock in the profit and then wait for PA to show me the next leg is indeed coming. I don't mind the extra comm. i don't like the roller coaster rides like buy1sell2 does. I had rather miss the second or third leg. But that is me. I only day trade so i am flat before the close. Get really good at just making even 2 points per day with trade size and some decent money can be made without all the up and downs.
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I trade long term commodity trading. OMG the swings at some point become huge whether going up/down, I had to think in more of terms of percentages, much easier to take. Few months ago I was short and plus 25 points in ES on long term trade, then went back up but didn't stop out, then went down and at 40 points took 25% of contracts take profit, then went back up to stop me out. Then I got short on new highs and remain short. You have to just get use price bouncing, not for everyone.

I see day trading as horrible way to make money cause of overall risk. I risk more in one day of day/scalping than all month in long term trading, only reason I continual is took me so long to figure out the game. I keep telling traders if you net $80 a day based on one lot then, get volume it to 50 lots is million a year. Too many think they have to day all day and they don't have to.
 
Nobody mentioned compounding after a win, an optional strategy within the PRM 'arsenal'.

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JSSPMK said:
Nobody mentioned compounding after a win, an optional strategy within the PRM 'arsenal'.

Kr2Y7f5.png
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I think this is very true by experienced traders, too often younger traders will say "well I have my stop loss in place, if trade is wrong, I will let stops take me out", I often think they don't know enough about charting where the chart can be telling them the trade most likely wrong and they can save "units" instead of just tossing away money and let markets stop them out. I believe those who have this in their automation or rules in manual trading will get out and save some money.
 
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