ES Journal Archive (2006 - 2008)
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I sincerely believe in doing only what you do best until you get your skills in place and under control...........really perfecting something good into something great.........not breaking rules formulated while your head is clear and your nerves calm..........trade your rules with patience and discipline......like a robot.......win some and lose some.......keep the winners bigger than the losers. Preferably more on th ewinning side as well.....losers smaller and fewer........don't mind bailing out instantly if you see it going against you.......don't mind breakeven stop nailing you ........that is a hair's breadth away from a win.........only a loss can be a loss.........missing a run is not a loss...........b/e is not a loss.......i like breakevens plus one for commission.........YM.....
Hi guyzzz,
I found a link Equaliser posted in another thread of a really great documentary. Here it is:
http://bear.cba.ufl.edu/karceski/FIN7447/lectures/trillion dollar bet nova.wmv
Here is a PM sent (by request) to me by one of the veteran traders. You can take it or leave it. Watch the documentary and then try to relate the advice given to me by this trader to whom I am grateful:
"Dear Romik:
Successful day traders:
1. Develop a proven method of trading based on several YEARS of trial-and-error activity.
2. Follow their method religiously and don't change it.
3. Go for small, easy-to-get profits 3 to 6 times per day.
4. Slowly but deliberately INCREASE their position size to at least 5 to 10 contracts.
5. Hold their risks to about 2% of capital.
6. Keep their account well margined.
7. Dump or scratch trades that don't move quickly.
8. Live well within their means.
9. Trade in manner that suits their personality and emotional patience level attention span, etc.
10. Be very disciplined and focused.
11. Have a positive mental attitude that cannot be intimidated by fear or uncertainty. \
12. Have true confidence based on actual trades and successes.
You need ALL the RIGHT STUFF to succeed.
Have fun and make lots of money."
All the best to all,
Romik
I found a link Equaliser posted in another thread of a really great documentary. Here it is:
http://bear.cba.ufl.edu/karceski/FIN7447/lectures/trillion dollar bet nova.wmv
Here is a PM sent (by request) to me by one of the veteran traders. You can take it or leave it. Watch the documentary and then try to relate the advice given to me by this trader to whom I am grateful:
"Dear Romik:
Successful day traders:
1. Develop a proven method of trading based on several YEARS of trial-and-error activity.
2. Follow their method religiously and don't change it.
3. Go for small, easy-to-get profits 3 to 6 times per day.
4. Slowly but deliberately INCREASE their position size to at least 5 to 10 contracts.
5. Hold their risks to about 2% of capital.
6. Keep their account well margined.
7. Dump or scratch trades that don't move quickly.
8. Live well within their means.
9. Trade in manner that suits their personality and emotional patience level attention span, etc.
10. Be very disciplined and focused.
11. Have a positive mental attitude that cannot be intimidated by fear or uncertainty. \
12. Have true confidence based on actual trades and successes.
You need ALL the RIGHT STUFF to succeed.
Have fun and make lots of money."
All the best to all,
Romik
I am still only trading 1 contract but when Esignal went down I did not enter. I am trying to use my limited scalping experience to capture the big moves and go with the trend. With Scalping I can usually find 'safe entry's with very tight stops.
You will find that those who cannot trade with the trend become good at picking tops and bottoms if they have any chance at surviving. I am just trying to use this to improve my trend trading. Its slowly coming together.
romik
did this guy say "YEARS"? he doesn't realize that most become overnight experts.........lol everything he said is true but can be found in a million websites......well, maybe a thousand.......he is so on the money, but who listens to them.....almost nobody......still the best advice you can find........the one thing i would add is buy mark douglas's book "trading in the zone" or "the disciplined trader"........cheap but worth more than you can imagine..........the only trading books i have ever read.......unbelievable and more helpful than the 5 yrs.......of study........he deals with the real problem traders have and that is ourselves..........
did this guy say "YEARS"? he doesn't realize that most become overnight experts.........lol everything he said is true but can be found in a million websites......well, maybe a thousand.......he is so on the money, but who listens to them.....almost nobody......still the best advice you can find........the one thing i would add is buy mark douglas's book "trading in the zone" or "the disciplined trader"........cheap but worth more than you can imagine..........the only trading books i have ever read.......unbelievable and more helpful than the 5 yrs.......of study........he deals with the real problem traders have and that is ourselves..........
Thank you for the nice comment porgie. I would say though that gharghur2's "Bond rally nearing an end" thread is also a very open, honest ,clean thread. There are several interesting and informative posters there including steveosborne,landboy, mcurto,gharghur2 and riskarb has recently been joining and adding some good info there as well. I probably missed one of the main posters, but you get the idea--very good thread and this is the way ET should be.
I am in the process beginning today of covering my short June 1350 calls. I will be scaling out. These are in addition to the outrights shorts that I have been carrying. As I have mentioned before, shorting naked premium feeds the income while I am awaiting the short position to come in.
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