ES Journal Archive (2006 - 2008)

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Quote from Mins:

I wonder if you can guys can tell me your how you approach profit targets daily / weekly / monthly.

Is my approach foolish or is the consistent results proving i am on the right track? Any thoughts and advice will be welcome.
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Mins,

I think by trying to get consistent results you are on the right track. I do however believe that once you hit your goal doesn't mean you should stop.

Here is a post I made recently about how I trade.

http://www.elitetrader.com/vb/showthread.php?s=&postid=1601345#post1601345
 
I have added.

I have a timed stop for 20 minutes from now.

I will exit if not higher.

So far it is tight range day, 37 is bottom of range, 45 is top. Approximate.
 
Quote from Mins:

I wonder if you can guys can tell me your how you approach profit targets daily / weekly / monthly.
...
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Mins;

There is no such thing as a daily/weekly/monthly PROFIT target when each and every trade stands on it's own. Daily/weekly/monthly "targets" mutate into MAXIMUM RISK LIMITS. Your business consists of individual trades... take care of business; hitting daily/weekly/monthly limits become exceptions.

Osorico :)
 
Looks to me like the market is ready foranother leg down. That sell at around 11:15 went down fast and we have yet to recover flatlining since then. Anyway if it gets to 1542 - 43 I will short it.
 
Quote from saxon22:

Looks to me like the market is ready foranother leg down. That sell at around 11:15 went down fast and we have yet to recover flatlining since then. Anyway if it gets to 1542 - 43 I will short it.
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Markets' trying to put in a bottom and move up from here.

JJ

P.S. Hope you took short profits on your short. :D
 
Quote from osorico:

Mins;

There is no such thing as a daily/weekly/monthly PROFIT target when each and every trade stands on it's own. Daily/weekly/monthly "targets" mutate into MAXIMUM RISK LIMITS. Your business consists of individual trades... take care of business; hitting daily/weekly/monthly limits become exceptions.

Osorico :)
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I don't have d,w, or m profit targets. I do have targets, but are based on the number of trades taken: every 600 trades I should average 1 point per trade per contract. if I take four trades per day, my goal OVER THE LONG TERM is four points a day.

In layman's terms, I care about how I do over a long season. A batter may go 0-5 in a ballgame and still end up batting .350. He may go through a 0-20 slump and still bat over .300. Likewise in trading, a day, a week or a month is too short a time frame.

My best single day in August is more than I am going to do in three weeks in September. Does that make me a worse trader now when compared to then?

I hope not!
 
Quote from saxon22:

Looks to me like the market is ready foranother leg down. That sell at around 11:15 went down fast and we have yet to recover flatlining since then. Anyway if it gets to 1542 - 43 I will short it.
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Why would you expect it to rise to 42-43 before heading down?

The rapid decline you mentioned went roughly from 44 to 37. It then retraced to about the 50% point, which is the most likely retracement. If there's another leg down, don't you think it's most likely from current levels (40-41)?

EDIT:
44 is a very important resistance level, which has been tested at least 5 times in the past week without breaking. If we get up to 42, it will be to retest the 44 level. Confirmed failure to penetrate the 44 zone represents a low-risk shorting opportunity IMHO.
 
Quote from JimmyJam:

Markets' trying to put in a bottom and move up from here.

JJ

P.S. Hope you took short profits on your short. :D
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I ma as flat as one can be. :D waiting for a move.
 
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