ES Journal Archive (2006 - 2008)

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Just to update my long position trade:

Long at 1458.25

Long at 1460.25

Long at 1452.50


I see no reason to exit and will add long on further long signals. Now , if I was overextended, I would have to be running scared. I've said this before, but it bears repeating: Being overextended is a great way to lose--Being underexetended is a great way to win. Most new traders will have to learn that the hard way.
 
I am not exhibiting any bravery here at all. Bravery would be holding a position when you have 10 to 1 margin on. I said it in another thread, but capital and the use thereof is the only true edge in trading. Manage your money wisely. My view is that the market is still in a general uptrend. Therfore I build long. Remember I am no longer daytrading.
 
Quote from murray t turtle:

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I am basicly a turtle type trader also.

However I know the CME/CBOT knows more about risk than i or most traders;
so the idea of more margin /overnight IN ADDITION to &70,ooo risk per contract just doesnt appeal to me.
Agree generally more money can be made that way but drawdowns usually are more. So prefer to selectively daytrade ES.
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Murray, could you elaborate a bit on this? I am having difficulty understanding where you are a turtle type trader but prefer not to hold overnight. To me , that is one of the main turtle traits(holding overnight).
 
Regardless of position size and account size, money management involves risk managment.

B1S2, earlier you stated you expect a shot at 1500-1550. Thats roughly 60-100 handles from here. Your position is down about 12 handles here (somewhere between 8%-20% of your target ).

With the understanding you swing for the fences and are anticipating adding to your positiion, at what point would you say your thesis is incorrect? What is your risk?
 
Quote from osorico:

Regardless of position size and account size, money management involves risk managment.

B1S2, earlier you stated you expect a shot at 1500-1550. Thats roughly 60-100 handles from here. Your position is down about 12 handles here (somewhere between 8%-20% of your target ).

With the understanding you swing for the fences and are anticipating adding to your positiion, at what point would you say your thesis is incorrect? What is your risk?
More...


I never risk more than 2 percent of liquid net worth.
 
Quote from osorico:

Regardless of position size and account size, money management involves risk managment.

B1S2, earlier you stated you expect a shot at 1500-1550. Thats roughly 60-100 handles from here. Your position is down about 12 handles here (somewhere between 8%-20% of your target ).

With the understanding you swing for the fences and are anticipating adding to your positiion, at what point would you say your thesis is incorrect? What is your risk?
More...

To better understand my trading, think of my money management like this:

Pretend that I am trading a 401K plan and keep the bulk of money in "safe" investments. I then branch out with small amounts into other "riskier" ventures and I add to those positions as I see fit, but never risking too much (partly because I am only trading with 20 percent of the funds). That would be a great way to describe my money management --Very hard to get whacked that way---
 
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