Thanks for the input. I will digest and see if I can fit it more into my plan. By way of explanation, I am able to take the larger losses due to lack of size at these lower levels. My biggest mistake today was not expanding to 3 units instead of two and perhaps to a 4th unit as well. I almost broke even, so not too bad, but of course, will need to improve these results otherwise it will be back to the strict position plays.
ES Journal Archive (2006 - 2008)
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Thanks for the input. I will digest and see if I can fit it more into my plan. By way of explanation, I am able to take the larger losses due to lack of size at these lower levels. My biggest mistake today was not expanding to 3 units instead of two and perhaps to a 4th unit as well. I almost broke even, so not too bad, but of course, will need to improve these results otherwise it will be back to the strict position plays.
B1S2...
I'm not being mean, but IMO, you sound like you are gambling rather than trading.
What does this mean??... I can afford to lose because I have alot of chips??
What does this mean?? ... The dealers GOT TO LOSE! Time to doubledown!??
Great! And the real test is that happened because you traded well by sticking to a plan or was there something else involved.
Take Spikes advise... review and maybe rework your trade and overall money management skill. And I'd suggest to limit your trading to no more 2 "units" per trade. Base the number of units on the "intensity" of your signal.
Tommorrow the PnL starts at 0. And Monday the PnL starts at 0. And Tuesday, Wednesday, etc... The point being, so what if you miss a trade. There's another one coming by in a few minutes.
Cheers,
Osorico
Indicators are just derivatives of price and/or volume. Price action and volume is all that is really needed if you listen to what they are saying. I used to use indicators, my favorites being macd, bb, stochastics and rsi but I no longer do in trading futures. But if it works for you, keep at it.
Thanks Wareco--appreciate the post and nice comment. I am a bit of a noob at the short term stuff though. I may keep with the position trading in the end simply due to the time factor involved in the short term stuff, but I'm good to go for a while yet to see if I improve. I'm having a great time right now.
Thank you for the interest and observations. Let me answer them in order as it may help me to vocalize the responses in order to ferret out in my mind whether they make sense or not.
1. Gambling-- There are some major differences in my plan and the Martingale. Most notably that I don't double the position after the first unit is added. Secondly, the blackjack table is 1 to 1 wins to losses in terms of profit and loss(not counting the occurence of an actual blackjack). What I am trying to do is catch a wave with larger positions that I would let run for a bit. The trick is to stop myself out for smaller losses than the eventual win. As I discover better intraday analysis (experience) my entries hopefully will get better and I will not have as many losses either.
2. Yes it does mean I can afford to lose early in the game since the position is extremely small, thus even a wide stop loss creates a very very small loss with relation to the portfolio.
3 Doubling down? No I am not doubling down , but yes I will eventually obtain a win and hopefully it will be significant.
Thank you again for the insight . Every bit helps me out.
Volente-- interesting post! I do look at price as well , but use the indicators to filter out the noise and help paint the picture as I described earlier. (Today's early painting was more of a Dom Deluise drawing on Pictionary as it turned out). I am wondering how you determine overbought/oversold with just price or do you even look for ob/os?
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Dont really care for MAcd......rsi either ;
franky like that note, volente-00
All those distract me from price and price action;
however BUY1 sell2 has some good points about liking indicators.
Like moving averages they UNDERLINE or OVERLINE price & price action;MACD/rsi distracts from price.
Ma also can hint , when studied long enough.of overbought /oversold,ES,YM ,any market.
And though it doesnt happen that often;
ma can act as a support & resistace level amazingly well.
Also any one could get by without an oil low level INDICATOR light;
& take a hint from price action from auto mechanic big bill
Not saying moving averages are best way to measure trends;
but theyre battle tested, especially on trend days.
Ps. Watching ES level ------------1280.00
Watching YM level-------------------110.00
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