ES Journal - 2019/2020

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As an example, the current PA looks to be more likely bullish to me than bearish. Doesn't matter which way it goes in the end, but if I were short, I'd be concerned.

Hmmm.JPG
 
vanzandt said:
The major turning point for me... was learning to do nothing and wait.
Edit: And have conviction in the trade when you make it.
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Better to have a solid trade plan and the discipline to adhere to it than have conviction in any trade. Nobody knows which will work or not work.
 
NQurious said:
The problem with day traders is they practice mouse clicks rather than technical analysis and trade management.
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I can't speak for others, but taking profits (and/or losses) many times throughout the trading day involves less risk and the ability to take opportunities without concern or maintenance of a bias. Own nothing except cash at eod.
 
speedo said:
Better to have a solid trade plan and the discipline to adhere to it than have conviction in any trade. Nobody knows which will work or not work.
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Yeah I should caveat that... that applies more to individual stocks for me using FA, not so much the ES stuff.
 
speedo said:
Better to have a solid trade plan and the discipline to adhere to it than have conviction in any trade. Nobody knows which will work or not work.
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Perhaps "conviction in your trading plan and your ability to follow it." I have a friend, quite well-off, very smart, Ph.D. chemical engineer who was laid off from his $350K/year job. At his age, it proved not easy finding another comparable position. He decided he would day trade while waiting for an offer. I showed him a very easy, very mechanical set up. He demo traded it for two weeks, thought it was the greatest thing since sliced bread.

The first day he goes live the market closes and I don't hear from him. I was surprised, because I had a chart template set up for that system that day knowing he'd be trading it and he should have had a very nice day with four trades, three +4's and one -2.

Finally, I texted him, "hey, how did it go today."

His response: "Terrible :mad: A $100 loser and three breakevens ... your system sucks only works in demo account"

He never did find another engineering job close enough to home and they didn't want to move before their kids graduated from high school. So, you care to take a guess at where he's working ... I kid you not ... Home Depot.
 
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