ES Journal Archive (2006 - 2008)

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Quote from ForrestGump:

saxon22,

You have been getting some very good advice here on this thread. Even when you manage to get out with a profit, this is still a sub-optimal way to trade because you are taking a large undefined amount of risk for a very small return. This was pointed out to you several months ago on your other thread as well.


http://www.elitetrader.com/vb/showthread.php?s=&postid=1394688&highlight=mark#post1394688


An important quality for a trader to have is an open mind. If you have more than a passing interest in this game, you really should take a more rigorous look at this approach.

Happy Trading.:)
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I agree, too much risk. Sooner or later the account will be wiped out. You never know if the market will bounce. If the market doesnt' bounce you catch huge losses.
 
Quote from saxon22:

Precisely. That is one of the reasons I no longer place any orders after 2 pm. That late into trading session,there is not enough room for the market to fully bounce.
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After 2 PM, I would SELL weakness and BUY strength. Add positions once proven right; and keep trailing stops in place one is proven wrong. Limit risk, not reward.
 
Quote from smilingsynic:

After 2 PM, I would SELL weakness and BUY strength. Add positions once proven right; and keep trailing stops in place one is proven wrong. Limit risk, not reward.
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This works just as well. Buy every break of previous peak and sell every break of previous trough. You won't be able to say much on the chat but you will become better acquainted with your banker.

Timing is key if your doing it the other way.
 
Quote from smilingsynic:

After 2 PM, I would SELL weakness and BUY strength. Add positions once proven right; and keep trailing stops in place one is proven wrong. Limit risk, not reward.
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100% in agreement. The momentum players will come in hard with thier overnight positions.
 
Quote from apex82:

\

Nice man... quite a bounc eh?

I was barely able to cover some of my shorts... it moved so fast.
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That was some record volume on the hourly about 700k contracts for 1030. Bounce was similar to the one on 033007
 
Quote from saxon22:

36 points just enetered my account guys


total for today so far is 48 pts.


:D :D :D :D
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Although it looks pretty nutzo, what you are doing seems to be working for you ... and while I don't want to see what your money management algo's look like, I am curious as to how many cars you used to net the last 36 pts.

BTW, I'm currently up 4 pts in comp, with +1.25 outstanding on the second trade, with the entry protected (not looking too sparky though).

JJ
 
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