Covered that B/E. Looking to re-enter long on a second reversal. Not shorting this today, although I can see the short side.
ES Journal - 2023/2024
- Thread starter Buy1Sell2
- Start date
Ashamed to say I was stopped out BE
Intuitively, one might reason that if we were to see a rally today we'd be on our way already. Barely an hour left for today.
A drop seems more likely. It will happen without me participating, though.
A drop seems more likely. It will happen without me participating, though.
Noooo! Such a shame. Was a brilliant call.
flat evetyhing at 3989
I am beginning to think I should enter trades without a stop loss. I have a good feeling of what is going to happen but hate to lose too much.
Don't do it unless you're disciplined enough to cut it/reverse when you need to. And did the rough math ahead of time.
edit- probably best to use the appropriate stop (don't keep it so tight). If it doesn't fit what you want to risk, don't take the trade.
I reckon so, I just need to loosen up the stops.
There was an interview with a Hedge Fund Market Wizard who would always stop himself out of profitable plays by using too tight stops and one of the things he had to come to terms with was that if he wanted to play he needed to be willing to accept the required risk on a trade.
I recognized myself in that interview as in the past I would all too quickly B/E a trade and get stopped out of what would have been a profitable trade if I stayed the course.
I don't know what your personal situation is, but putting it at B/E as soon as you're a few ticks in profit generally doesn't work on ES.