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ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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Quote from K-Rock:
[insert Oscar's video]
Very entertaining video, reads like something out of Two for the Money (caught the recent replay on HBO).
I much prefer a consistently repeatable rule-set that I can follow across the board for all markets under all trading conditions. Like these:
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1. The type of pattern that I have described using stops outside reaction highs/lows
2. Prudent Money Management
3. Never EVER scale out. Scaling out is played by scared and overextended money.
quote from B1S2 on the "The Actual Grail" thread.
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Now, do I use Grails, or for that matter anything else that I've found listed on this site?
No
But I sure do use the concepts espoused here by traders whose consistency prove they work.
Case in point:
I'm Long the YM (over the weekend) after two Buy Signals, a bullish divergent pattern, a strongly defined uptrend and with the market hitting support on the intermediate frame of reference that I use. (point 1)
The YM has the lowest overnight margin of all the financial derivatives and I'm well within my comfort zone, even with a 40 or 50 point protective stop. (point 2)
I'll only close this position when I get a Sell Signal going in the opposite direction (which we are nowhere near, BTW). (point 3)
Good trading,
Jimmy Jam
jj...tell the truth ...u r paper trading, right? Oscar is giving basic principles of trading that will never go away...trend...scaling out...setting stops quickly...basic stuff for 100 years...re-invention is not the key....to say never scale out reveals one's lack of experience...emini daytrading only....Oscar is giving it you have a closed mind......the ego kills them one by one on this forum .....Jack Hershey teaches the truth also and he gets constantly bashed by the paper boys....l have to laugh at some of the forum comments that promote new "discoveries"...notice Oscar's stuff is old and proven.......He is handing it to you and you can't accept it because it is not yours and it is too simplistic...I differ with him on one point...don't think ...but he is in many other markets and time frames....He is experienced enough to be able to think correctly.......
scaling out....Mark Douglas says scale out...Porgie says scale out unless you are scalper....daytrading does not mean have to be a scalper....riding runs end ot end is not scalping...anyone who doesn't know that is not on porgie level yet....took years to get here...you will not guess your way to where i am by reading books and watching videos........put your nose about 36" from live chart and watch it and record stuff for a few years and you might be rewarded....odds are against that happening......doing the work or being rewarded....being scared causes scaling out? absolutely 100% wrong....you don't know what you are saying there....scaling out is paying yourself as the run progresses....bigtime insurance..MY BROKER WITH 22 YEARS EXPERIENCE SAYS YOU ARE DEAD WRONG...SHE CALLS IT DROPPING COINS IN THE PURSE..she doesn't post here she is too busy dropping coins in the purse.. ....it is called trade management...money management...if you think seeing a few hundred dollars in your favor and think most if not all can't be taken from you then think again...and if you think you can trail the stops correctly then think again unless you are one of the few that know how to do that........and if you think 60% systems are great think again...Oscar is touting high probabilty system...why would a good trader have a 60% dog system to begin with? Simply silly to talk weak system for good trader....oil and water?
Quote from porge:
jj...tell the truth ...u r paper trading, right?
porgie, to tell you the truth, no. the ym is an inexpensive contract for anyone with even a little money. the only thing cheaper would be to go the TY/ZN.
come on porg, if you know so much, prove that you have the knowledge, that's all. if you can prove you have the knowledge, overtime, it can be inferred that you can make the money.
MAKE THE CALLS
Oscar is giving basic principles of trading that will never go away...trend...scaling out...setting stops quickly...basic stuff for 100 years...re-invention is not the key....to say never scale out reveals one's lack of experience...emini daytrading only....
Oscar is promoting a business, nothing more - nothing less. I'm not saying it isn't a good business (don't know enough about it), but it is a business nevertheless (making good use of youtube, though isn't he?).
edit - and for the record, Magna just shut down Rennick's thread for giving free promotion of "The Ball", I definitely am not going to support someone else's business on this one.
With modern technology, protective stop setting should be automatic, at least for anyone who uses any of the numerous software products currently on the market. Oscar made the comment of it being "OK" to take 1pt ES profit, even if that is all you get, on a move that goes 10pts - 12pts in your direction. Wrong
As far as whether someone should/should not scale-out, that really depends on the parameters of their trading system, and mine says don't (and after years of running the numbers, I have to agree with it).
Nope I don't have a closed mind, I'm doing what I know works, and while I'd love to go from a system/method that works for me that I developed to purchasing Oscar's product(s), I don't think I'll be doing that anytime soon.Oscar is giving it you have a closed mind......the ego kills them one by one on this forum .....Jack Hershey teaches the truth also and he gets constantly bashed by the paper boys....l have to laugh at some of the forum comments that promote new "discoveries"...notice Oscar's stuff is old and proven.......He is handing it to you and you can't accept it because it is not yours and it is too simplistic...I differ with him on one point...don't think ...but he is in many other markets and time frames....He is experienced enough to be able to think correctly.......
I never trash Jack, I always thank him for whatever he haves to say, even if I can only get through a third of it, I still thank him.
Once again, thinking (as you've stated yourself) is not necessary, especially if you are trading 3 or 4 markets, and impossible (for most) if you are trading 6 or more.
See, know, react.
That's it.
Good trading,
Jimmy Jam
jj.....oscar is making a point....if you can consistently exit with small money.....you can progress to big money..without the emotions killing you with high % losses........ .he did not say good traders always exit with 1 pt..and how many days do you see the 10 pt moves on ES...that your system gives most o f it to you...........I don't watch it becuase when i did it was 15 or 20 pts per run and usually 2 per day sometimes 3..........6 yrs ago..using points targets for exits was smart then and still is....happy trading and have a fantastic life.....george
Quote from porge:
jj.....oscar is making a point....if you can consistently exit with small money.....you can progress to big money..without the emotions killing you with high % losses........ .he did not say good traders always exit with 1 pt..and how many days do you see the 10 pt moves on ES...that your system gives most o f it to you...........I don't watch it because when i did it was 15 or 20 pts per run and usually 2 per day sometimes 3..........6 yrs ago..using points targets for exits was smart then and still is....happy trading and have a fantastic life.....george
No probs George.
Hell, it was a comment from you that showed me something that had been staring me in the face for a long time, "the market only does two things".
This got me to thinking, and I tried to break it down to it's simplest component, after which I saw that the markets actually only do one thing, all markets only do one thing.
All of them ... the only question is the regularity with which they do it.
Good trading,
James
I cant believe it... but this is the first time I have ever agreed with porgie.
Scaling out is one of the most important things that I have learned in trading.. hands down.
Nothing is worse then having a huge winner and losing it all the next time you look at your screen. It crushes me and it takes me out of the zone. Just because the trade is going your way you cannot predict the market. It can reverse in a seconds time and drop a 100 points if it wants too. I always take some off at a predetermined target to reward myself. Nothing is better in trading when you are trading with no fear and are confident. Scaling a piece out for me allows me to stick with trade and let the last piece run without thinking about every little thing that could be wrong for the trade. I am basically playing with the house's money.
It allows me to trade in the zone which is critical for success. I know some of you have felt it before..
Scaling out is one of the most important things that I have learned in trading.. hands down.
Nothing is worse then having a huge winner and losing it all the next time you look at your screen. It crushes me and it takes me out of the zone. Just because the trade is going your way you cannot predict the market. It can reverse in a seconds time and drop a 100 points if it wants too. I always take some off at a predetermined target to reward myself. Nothing is better in trading when you are trading with no fear and are confident. Scaling a piece out for me allows me to stick with trade and let the last piece run without thinking about every little thing that could be wrong for the trade. I am basically playing with the house's money.
It allows me to trade in the zone which is critical for success. I know some of you have felt it before..
Quote from apex82:
I cant believe it... but this is the first time I have ever agreed with porgie.
Porgie has a lot of good things to say, don't sell'em short. I've agreed with him on a lot of things in the past, but this one, not for me.
Scaling out is one of the most important things that I have learned in trading.. hands down.
It was one of the most important things I learned also, until I learned something better.
Good trading,
JJ
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