ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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B1, I know u've given up on intraday trading, though I still feel that perhaps was due to your vast positional experiences, you have failed to realise that intraday based trading is more towards fewer point gains multiplied by amount of signals triggered by a mech system. I understand that you have also given up on intraday trading because you wanted more freedom during the day, therefore joining these 2 points together is a bullet proof way to failed pursues of positive daily ROI. Ask yourself the following, if you had a system with average 2 point PTs and was a net positive EOW, would you still have stopped? We know you can trade size, so 2 points here and there would have given you a pretty desirable ROI. I am saying this from my own experiences in keeping PTs reasonably tight, just like stops, pretty much going for 1:1.
I have started looking at 2 point range charts on ES and even though I have not done a hell of a lot of back-testing, as I need to have a basic algo first, it is obvious that range charts provide very tradable signals. I can post my initial thoughts if anyone is interested.
Yes, I agree the intraday goes against my normal trading steategy which is to reap large rewards per commission round turn. The day trading requires much more activity than I am willing to commit to. Although, I would eventually be very successful with day trading, I prefer the quality of life as opposed to the juicing of the return. The greed factor has me wanting to day trade, but I have been able now to successfully supress that.
I'm looking at 1297.25 as a potential new reaction low here. We need to push higher for this to be confirmed and of course if we head down a bit, this would negate this . I would actually prefer a reaction low about 1286. I will still be ready to get short longer term if I see the right signals.
Quote from Buy1Sell2:
Yes, I agree the intraday goes against my normal trading steategy which is to reap large rewards per commission round turn. The day trading requires much more activity than I am willing to commit to. Although, I would eventually be very successful with day trading, I prefer the quality of life as opposed to the juicing of the return. The greed factor has me wanting to day trade, but I have been able now to successfully supress that.
I used to be a long term trader as well. Actually, when I had a break from daytrading the ES it was because I gave up daytrading. I thought I didn't have the mental abilities nor did I want to waste my time spent stuck in front of the screen all day. As I was a successful longer term trader I thought I would merely concentrate on that.
Then by accident I got interested in the ES again. Now, I think there is nothing more fun than daytrading. The difference has been a method with a positive expectancy.
Giving up for a few months was actually the best thing as I was able to come back seeing the market in a different light and seeing the wood from the trees, so to speak.
If you don't want to spend all day in front of the screen perhaps you might just want to trade the morning or afternoon session only. That way you can daytrade, but not be so tied to the screen.
You don't need to watch every tick, just be there at the critical times of the day when good moves usually happen.
Cheers.
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