ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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Point well taken. But I think that most beginners have the hope their loss will turn into a gain and the fear that a profit will be taken away. It seems to be generally conceded that this leads to large losses and small gains.
It was Jesse Livermore who said that one must emotionally be just the opposite of what normally occurs. However, I agree that the ultimate place to be is emotionless.
Currently, I have no trouble stopping my losses. Fear of losing a profit is my biggest obstacle.
like buy at a certain limit minimum? like 1440, for example?
i've decided to put a stop in, either at 35 or 32. just have to decide which. $150 difference between the two. much better chance of reaching 35 overnight or on a mild pullback. if i do 32, i have a much bigger loss to make up if it gets to that. hmmm...decisions, decisions.
To elaborate a bit more P, I really have no idea of what will happen tomorrow, I know for a fact that pros will be playing it either way, some will be going for a breakout, some will be sellers around 1344 area on tight stops above current high. So which group would you go with? What are their reasons? Hell knows, they sure do have them. Like Volente is going with his T-day strategy I would have thought for tomorrow, Porgie will ride every single turn tomorrow for sure.
I can say this though, if capital does allow, one can trade major S/R levels either way, as at those points price normally either continues its course or reverses, staying market neutral & trading breaks either way would put you on the right side with more probability than making a 50/50 bet by going with your personal instincts/analyses.
So how can I tell you whether it is either a good idea or a bad idea to hold a position overnight, on top of it knowing that you are long near recent highs & prior to reports tomorrow morning? I know you know I live in the UK and UK is a small place, I don't want any trouble Ms
Good Luck tomorrow whatever you decide to do!
EDIT: Some pros use 15 point stops when eco data is released, consider that also.
I can say this though, if capital does allow, one can trade major S/R levels either way, as at those points price normally either continues its course or reverses, staying market neutral & trading breaks either way would put you on the right side with more probability than making a 50/50 bet by going with your personal instincts/analyses.
So how can I tell you whether it is either a good idea or a bad idea to hold a position overnight, on top of it knowing that you are long near recent highs & prior to reports tomorrow morning? I know you know I live in the UK and UK is a small place, I don't want any trouble Ms
Good Luck tomorrow whatever you decide to do!
EDIT: Some pros use 15 point stops when eco data is released, consider that also.
Quote from romik:
Listen to Illiquid, he gained the knowledge on Sep 29th 2006, knowledge how to do it that is
By the way you keep repeating that date, and by the way you handle your journal posts, you sure have insecurities about public displays of losses. It's ok to lose sometimes, really, it shouldn't bother you at all if you're gonna do this full time (and no, I don't mean journal writing).
I think this topic is very germane to any journal thread, the ability to set aside one's ego and just post the facts, as opposed to trying to hide behind supposed "strategy". You're not a shill for some spread betting firm, don't be so scared to post a losing day.
April '04 I lost nearly 100 times the above amount in a few days, right after going on vaca -- there was a lesson to be learned there for sure. That's what losses are for, don't try to run away from what they try to tell you.
Adding this to my book of quotes.
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