ES Journal Archive (2006 - 2008)

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out of short here at 1307.25 1 pt loss. Long unit here at 1307.25.

Looking at a higher trough in RSI that hour coming from underneath the 50 line. Additionally MACD had a slight upturn that hour. I'll place my stop 2 pts below the low of the day at 1304.50 Stop is at 1302.50. This trade is tenuous again. I am not just taking the great signals. I am attempting take all the hourly signal so that I can work this strategy as a worst case scenario. Obviously my system is not great in chop , but better on a real trend day unless most of the move occurs within an hour bar and I am not in yet. That is the price that I will pay for not using shorter than 60 minute charts. But --quality of life will be better. Well worth it I wil bet as I go on.
 
OK we just sold at 1305.50 at the end of the last bar and went short 2 units
Result of last trade was a loss of 1.75 pts

RSI has a lower peak and as you may know I like the close of the bar to be at one end. Reminder --my trades are in general "probes" until we find a trend. My system does not perform in chop. No stop in place just now. I am using that descending line from yesterday's high drawn through today's high as a guide for a mental stop on this one.
 
I can't remember whether you mentioned it or not already, do you use 2 systems for position trading and short term trading or do you apply the same criteria in both cases?

I have 1 main system and 2 secondary. 2 work in very short time frames, when the 3rd one could require being in the trade up to 3-4 hours. Applying the 3rd system in shorter time frames didn't work, only sometimes, but not enough to justify using it in short time frames with tight stops, for the 3rd system I had to readjust my trade size and stops.
 
Quote from romik:

I can't remember whether you mentioned it or not already, do you use 2 systems for position trading and short term trading or do you apply the same criteria in both cases?

I have 1 main system and 2 secondary. 2 work in very short time frames, when the 3rd one could require being in the trade up to 3-4 hours. Applying the 3rd system in shorter time frames didn't work, only sometimes, but not enough to justify using it in short time frames with tight stops, for the 3rd system I had to readjust my trade size and stops.
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I am using just one system with roughy the same type of signals. It is aimed at catching the larger moves than just one point etc. Now that I have settled on holding overnight, the hope is that trends from one day may carry into the next. However, by using hourly charts now as my shortest term, I do miss some of the intraday trends . As well, I agree that stops for the larger time frame need to be different than ones for 3 and 5 minute type of trading.
 
the longer it goes the more info u use and the harder it gets........emotions..........u r just now entering the deep woods of intraday trading eminis......it will get so much worse that you will want to "don't do that"........to relieve the emotional pain of being in too many trades that don't do what you planned.........but, realize then that u r in the deepest middle of the woods........and the rest of the way is out ........if your psyche will allow...........try to keep your money ready for the exit into the other side of woods where the reward is much larger than the risk......... u said it might take you "awhile".........what do you think now?
 
It's not taking nearly as long as I originally thought. I expected to be unprofitable right from the start for weeks and perhaps months, but that has not happened. I would expect that there will be days now where I will have big moves. There will of course be some downs, but the long haul will be fruitful.
 
Quote from Buy1Sell2:

out of short here at 1307.25 1 pt loss. Long unit here at 1307.25.

Looking within an hour bar and I am not in yet. That is the price that I will pay for not using shorter than 60 minute charts. But --quality of life will be better. Well worth it I wil bet as I go on.
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Hi Buy1Sell2 .. I keep reading that the quality of life is better for longer term trades. In general, yes i agree. But its not always true for quite a good percentage. There are pluses and minuses. For example, the quality of life while holding obviously wrong positions can be painful.

The point is that intraday trading and scalping can be amazing simple after a while ..like i keep saying .. spiritual (thats if you have reasonable charges :P) i'd say it takes and average 4-6 yrs after you have already broken even as a normal good trader.

If you mean that in your case its ok but not 100 % true.

Your thots ?

Regards
mishwar
 
Quote from mishwar:

Hi Buy1Sell2 .. I keep reading that the quality of life is better for longer term trades. In general, yes i agree. But its not always true for quite a good percentage. There are pluses and minuses. For example, the quality of life while holding obviously wrong positions can be painful.

The point is that intraday trading and scalping can be amazing simple after a while ..like i keep saying .. spiritual (thats if you have reasonable charges :P) i'd say it takes and average 4-6 yrs after you have already broken even as a normal good trader.

If you mean that in your case its ok but not 100 % true.

Your thots ?

Regards
mishwar
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Quality of life is what one perceives it to be I think. For me, it entails being a little more relaxed and not watching the screen continuously. This allows me more time to make business calls etc and not be constantly looking for the next 1 to 3 point move. As you are probably aware, I like to work the market for infrequent , but large gains.
 
Quote from Buy1Sell2:

Quality of life is what one perceives it to be I think. For me, it entails being a little more relaxed and not watching the screen continuously. This allows me more time to make business calls etc and not be constantly looking for the next 1 to 3 point move. As you are probably aware, I like to work the market for infrequent , but large gains.
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True, I get the point.
The only difference is that scalping and v short term trading has the same advantage but only if the trader can control himself and stay away when he has something more important to do (but its not so easy, there is the temptation to stay around.)
cause i have a trade alive for say 3-12 mins ... close and then decide what to do ..
yes, there is one point..more trades generally required to earn the same kind of money generally .. that is .. like i said earlier till one really really masters thats like 1 in 1000000 trader or prob more...

thanks
mishwar
 
The quality of life style doesn't depends on the fact whether you daytrade or trade on longer timeframes. It depends on what you have to do and what result you get by doing that.

I trade on average 5 hours a day. I don't have to watch my screen constantly. I make more money then the average employee that has to work 8 hours a day. I can stay at home and don't lose time in traffic jams between home and work. If i don't want to trade i can take a day off, i can even take a week off. While most people spent more time at the office i can spent it with my family.

If i compare my lifestyle with trading to the lifestyle without trading, the first lifestyle is exponentially better. If i would trade on medium or long term i won't be so successful, so it would for me personally decrease my lifestyle. I would have to worry about overnight positions, bad trades could cause days of pain, and my financial situation would be not so good.
 
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