I daytrade so i try to take the moves within the day. How big the move will be i don't care. I just trade my system and see afterwards if it was worth it.
ES Journal Archive (2006 - 2008)
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Ok, I understand. I will then clarify my statement about not seeing shorting potential on the 15 and the 60. What I am saying is that I don't see extended shorting potential on those charts yet. I can see where there might be a 5 or 6 point pullback, but that's because we are working different frames.
balancing between long and short
It means that the direction is not clear anymore. Part of the system indicates long at the bottom, other part indicates short at the top.
A kind of range trading.
But i stay short because the indicators that say short have priority.
A kind of range trading.
But i stay short because the indicators that say short have priority.
Six pages later......
(If you guys continue at this pace I will not be able to finish my interview with b1s2 before this thread runs out of pages....)
Thanks b1s2 for your openness. Some of the answers to these questions could have been discussed already earlier in this thread, please excuse me if I am repeating anything.
1.- You mention you hold up to six positions open at a time. Do you keep these position's entry, stops, FND, etc... logged in one single piece of paper or separate 4x4 cards, or you did away with paper and keep everything in your mind?
2.- From what I have understood sometimes you "build" a position and another times, double up if or as you are being stopped out. Could you tell us the reason to use each approach.
3.- When you add to a position on pullbacks, do you pyramid turtle style ?
4.- Do you always have a target profit in mind as you open a position or do you let TA tell you when it's time for harvest?
That's it.
(If you guys continue at this pace I will not be able to finish my interview with b1s2 before this thread runs out of pages....
)Thanks b1s2 for your openness. Some of the answers to these questions could have been discussed already earlier in this thread, please excuse me if I am repeating anything.
1.- You mention you hold up to six positions open at a time. Do you keep these position's entry, stops, FND, etc... logged in one single piece of paper or separate 4x4 cards, or you did away with paper and keep everything in your mind?
2.- From what I have understood sometimes you "build" a position and another times, double up if or as you are being stopped out. Could you tell us the reason to use each approach.
3.- When you add to a position on pullbacks, do you pyramid turtle style ?
4.- Do you always have a target profit in mind as you open a position or do you let TA tell you when it's time for harvest?
That's it.
Quote from optionpro007:
Thanks b1s2 for your openness. Some of the answers to these questions could have been discussed already earlier in this thread, please excuse me if I am repeating anything.
1.- You mention you hold up to six positions open at a time. Do you keep these position's entry, stops, FND, etc... logged in one single piece of paper or separate 4x4 cards, or you did away with paper and keep everything in your mind?
2.- From what I have understood sometimes you "build" a position and another times, double up if or as you are being stopped out. Could you tell us the reason to use each approach.
3.- When you add to a position on pullbacks, do you pyramid turtle style ?
4.- Do you always have a target profit in mind as you open a position or do you let TA tell you when it's time for harvest?
That's it.
1. I keep nothing written down anymore. In this age of computers where I can have orders ready whenever and save the potential trades so they are ready to go, I don't need to write it down. This actually helps, because it requires me to reevaluate the charts daily, the way we used to when we handwrote the charts.
2.I start with small positions and add to them. I use patience and self control. When I am using close stops, I advocate taking increasingly larger positions with each loss because the losses are small. When I am using wide stops, this is less necessary as I am right much more often. The latter strategy is my strategy of choice. If I feel like being more active, I sometimes use the former. It just depends on how much attention I want to pay to a market. Also, the longer frames like weekly allow much wider stops where you probably would not want to be increasing positions at the rate that you might as a shorter term trader.
3.I don't know what turtle style means. Mind you, I am self taught and do not keep up with trade publications or use anyone's advice anymore. I delete all emails that pertain to strategies etc. I also throw away all correspondence that might have potential influence on my thinking. I do occasionally read an article or two, generally an interview. I am closed minded in my approach. I am my own guru. Thus, I have never heard of turtle style and assume that it is something that has been put forward as a strategy.
4.It depends on how I feel. I generally like to let the TA tell me when to get out. However, I have a good idea how far a move will go as it's playing out and begin to be careful at those points. Profit targets are more suited to shorter term trading that longer term in my opinion, but can work with either. Let me say this--One of the keys to success is being able to let a profit ride even if it eats up a great deal of your initial profit. If the trade makes sense and has not violated reaction highs/lows, then you stay with it. Don't try to catch all the fluctuations--you will miss the big moves.
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