ES Journal Archive (2006 - 2008)

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Quote from ammo:

BS12 trading is longer term and requires a different mindset,scalping is really a tough way to make a living
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Nobody said he should scalp. But there are certain conditions when it is rather easy to see a 5-10 points bounce coming, like usually overnight after a big decline (see this week).

With his size those 5-10 points add up. One 10 points saving could pay the salary of a hired trader for the whole year. Thus his constant monitoring is not required.

Somebody brought up the other markets he trades. Since the ES is a basket of companies, I don't really see the need why he is involved with grains and such, specially that he doesn't want to monitor and actively trade the markets...
 
Quote from Optionpro007:

The size of certain accounts make daytrading inappropiate because of the costs involved. Actually I believe daytrading to be toughest and most expensive way to make money in the markets.

Kudos to those who can.
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Few can, for sure. Daytrading is like hitting major league pitching--the balls come at you so fast, there really is little room for error. These days, it is like Roger Clemens throwing a juiced-up fastball.

Daytrading is the major league of trading: the potential profit is greater (as is the potential loss). Intraday trading essentially speeds up time.

During these 40 point daily range, I have given up trying to catch the 4-6 points swings and have focused instead of trying to catch the 40-60 point swings. They ARE there. During fast times it is almost always better to longer-term bars (5 minute bars at the least). Those who used 250 tick or 1000 volume charts are just asking to get chopped to bits. Might as well stick the money into the Vegematic.

Daytrading should be pursued only by those who have mastered end-of-day trading first. After all, one cannot run until first walking.
 
optionspro and smiling are correct. there are a few who can master day trading futures but they are very far and few between. trying to scalp futures will dry most to insanity. it will make you feel like a gambling addict.take the giggles out and look longer term
 
Quote from smilingsynic:

Daytrading is the major league of trading: the potential profit is greater (as is the potential loss). Intraday trading essentially speeds up time.

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I disagree, using proper discipline and money management you actually are at less risk while strictly daytrading. I can control the risk intraday all the time. Can you control the risk if you are long es and a big company warns during the maintenance period and your posiition opens up down 20 points from the previous close ? Or better yet limit down? We are having daily ranges from 20 to 60 points. Are you going to swing trade with stops as big as the daily range ? If not then odds are your swing trade will get stopped out on the volatility. The day trader on the other hand can take multiple shots with larger size using much smaller stops and each one has a chance of becoming a home run. The fact remains that stops do not work when the market is closed so you are putting yourself at major risk to lose big every single day. How does one sleep at night knowing their position could open up down huge due to a gap ?
 
smilingsinc said you have to master end of day trading first,for what its worth you will never have the info needed to match that of the large players to know if thier is a buy or sell on close and not get caught on the wrong side so without that info end of trading is just overtrading or gambling,as for day trading there is the opening which with its momentum makes for an easy day trade til 10.30 cst,11-1 is liike the close where the pros adjust thier biases,dangerous time to trade,and 1-2.30 again momentum for scalping,you can daytrade these opportune times with larger positions with mit stops and make a very good living and if your successful and your acct grows you can often have a position overnight or for several days and make money there too,you just have to keep your wits about you and leave your ego and bias in the drawer. your money is always on the line ,like driving a car ,you know where the brake,and gas pedal are at all times .
 
Quote from MandelbrotSet:

Here's a list of some of the markets B1S2 trades,
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This rises another money management question:

How to decide what % to trade in each markets? Does he have a fav market where he trades most of his money (maybe ES) and the rest is there just for fun, or does he divide the funds evenly?
 
When trading thru TA and with this volatility,you can basically trade any rubberband thats overstretched,if you go to ino.com and click market summary on left it'll pull up a page with 20 to 30 mrkts and give you the stochs and rsi for each. What other traders do should not be your homework assignment,the big picture is your acct and how it's growing .Find ways that you can make money where you feel confidant in your trades. I luv all the knowledge im getting from these generous ,profitable traders sharing thier opinions with us but if your still stumped and losing money dont trade or trade 1 lots sparingly. These mrkts are brutal and these guys making some coin have figured out how to make money trading a long time ago,going thru the same misery that some are goin thru now. It takes time and discipline and if u haven't got it yet then these mrkts at this time are not for you. These are pros mrkts and a lot of beginners get chewed up here,don't beat yourself up trying to overtrade hear. The earlier post about trying to hit a roger clemens fastball was right on the money. BE patient and pick your spots.
 
don't know what news could take it there but charts say way oversold and spx cash could rally to 1358 res and then 1378 res,looking for 1 little dip and then big push up
 
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