A lot of people made a lot of money the last 2 weeks, they were gone after the first 45 minutes.
ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
- Start date
- Status
A lot of people made a lot of money the last 2 weeks, they were gone after the first 45 minutes.
This week was interesting, while making some decent trades, I more often than not ended up giving my profits back through over-trading and the desire to catch the turns which the financials tend to deliver (to be able to do that well, I'd have to spend 10 years or so with jack 
).
I think it's better to pick your spots and only make 1-3 trades a day (if they setup), this way I think the weekly bank roll will look a bit better than it does now. In my book, anything less than $500 per week per contract ES isn't really acceptable:
A = $500+
B = $400
C = $300
D = $200
F = $100
So for this week, my trading was just average. :eek: (yeah, it's a surprise to me too).
It's the cumulative totals that are going to fatten the pig and leave me to bid au revoir to the "day job".
Good trading,
JJ
).I think it's better to pick your spots and only make 1-3 trades a day (if they setup), this way I think the weekly bank roll will look a bit better than it does now. In my book, anything less than $500 per week per contract ES isn't really acceptable:
A = $500+
B = $400
C = $300
D = $200
F = $100
So for this week, my trading was just average. :eek: (yeah, it's a surprise to me too).
It's the cumulative totals that are going to fatten the pig and leave me to bid au revoir to the "day job".
Good trading,
JJ
i couldn't dream of doing $500 PER CONTRACT(????) per week. i'm happy to get 1-2 points off a contract and not lose any. BUT...as i get better at choosing entries and exits, my plan is to try to hold a bit longer as long as the setup is still in play and try to pull out greater point gains per contract. so far, when i've done this, i've ended up losing, but i think that's because i've needed to better understand the technicals to better be able to predict where things are going. being here and watching you guys work is helping.
Quote from JimmyJam:
This week was interesting, while making some decent trades, I more often than not ended up giving my profits back through over-trading and the desire to catch the turns which the financials tend to deliver (to be able to do that well, I'd have to spend 10 years or so with jack
I think it's better to pick your spots and only make 1-3 trades a day (if they setup), this way I think the weekly bank roll will look a bit better than it does now. In my book, anything less than $500 per week per contract ES isn't really acceptable:
A = $500+
B = $400
C = $300
D = $200
F = $100
So for this week, my trading was just average. :eek: (yeah, it's a surprise to me too).
It's the cumulative totals that are going to fatten the pig and leave me to bid au revoir to the "day job".
Good trading,
JJ
Now Im not quite here yet, but here's the deal...
Points per contract only matters to you, the trader. The real measure is whether or not trades were/are opened, maintained, and closed per YOUR rules and plan. A good trade gone bad is no different than a bad trade turned good.
The same applies to however you define "overtrading". Does a scalper overtrade if trades are opened, maintained, and closed based on rules and a plan? The only one that cares about points per contract is the trader. Points per contract is an otherwise useless measure of success.
Osorico
Done for the week and chilling until I go out later on (not that I want to, it's freezing and I don't, but a friend is celebrating his 33rd, so what the hey) so I figured I'd chat a minute.
True, and the points as listed are what the system I'm trading should deliver, if I trade it straight and stop improvising.
Amen to the first statement, it should be the thought that rules the traders' mind and the force which guides their hand when pushing the button.
If you're defining a bad trade as one which is taken according to your rules but just doesn't work out, I'll agree with you 100%.
I'm subjectively defining overtrading as a situtation where the trades makes a good trade, then at least 50% of the time turns around and makes a bad trade that wipes-out or severly limits his/her gains ... if a trader is doing that, there's something wrong with that program and you need to take a look at it (in my case, impatience, lack of discipline and greed would be the primary culprits).
During an average week the ES most definitely delivers the potential to make $100 per contract, per day, as measured on a weekly basis, and I think this is a pretty good measurement for a trader to gauge their E-mini trading level. (Not matter how I try to re-write that paragraph it comes out a little confusing, what I am saying is this. The ES will pretty much allow a trader with a good/great system the ability to end up with $500 per week, however, they may not get the opportunity to trade it every day ... but at the end of the week, they should still be able to gross $500).
You can scale the amount down by 20% if you're trading the NQ, and maybe down by 30-40% if trading the YM (but by that same token, you'd need to increase it by at least 50% if your focus is the ER). I like to bounce back and forth, so I'll use that median number.
Don't believe me? You the trader just look over a weeks worth of trading of your setups, and there should be plenty of opportunites to make those gains with your system ... and if not, you can change the levels according to what it can deliver, and let that be your BENCHMARK.
Osorico
Good trading,
JJ
Done for the week and chilling until I go out later on (not that I want to, it's freezing and I don't, but a friend is celebrating his 33rd, so what the hey) so I figured I'd chat a minute.
Ah, a palindrome birthday, at the low end. I remember those. :|
True, and the points as listed are what the system I'm trading should deliver, if I trade it straight and stop improvising.
And what happens during the dogdays of summer when the market doesn't give it up?
If you're defining a bad trade as one which is taken according to your rules but just doesn't work out, I'll agree with you 100%.
Yes. In the context of the original statement.
I'm subjectively defining overtrading as a situtation where the trades makes a good trade, then at least 50% of the time turns around and makes a bad trade that wipes-out or severly limits his/her gains ... if a trader is doing that, there's something wrong with that program and you need to take a look at it (in my case, impatience, lack of discipline and greed would be the primary culprits).
The problem with this thought is it equates good and bad with profit and loss. A trade is a good trade, win or lose, if it was opened, maintained, and closed based on rules and a plan. If a trader is working with a 50% WL ratio, and losses wipe out or severly reduce booked profits, maybe the rules of risk being employed and not the trader per-se, are the cause.
During an average week the ES most definitely delivers the potential to make $100 per contract, per day, as measured on a weekly basis, and I think this is a pretty good measurement for a trader to gauge their E-mini trading level. (Not matter how I try to re-write that paragraph it comes out a little confusing, what I am saying is this. The ES will pretty much allow a trader with a good/great system the ability to end up with $500 per week, however, they may not get the opportunity to trade it every day ... but at the end of the week, they should still be able to gross $500).
The problem with this thought is it equates good and bad with profit and loss.
And what happens during the dogdays of summer when the market doesn't give it up?
You can scale the amount down by 20% if you're trading the NQ, and maybe down by 30-40% if trading the YM (but by that same token, you'd need to increase it by at least 50% if your focus is the ER). I like to bounce back and forth, so I'll use that median number.
Why would you do this? Just use a simple guide... go for x% of the intraday range of whatever market per contract. Hence you aren't focused on profit per contract (unless you can predict the intraday range of any market before it opens), instead the focus is individual trades, you get consistent goals and results across all markets you trade, and you'll be able to celebrate (or not) even on those dog days of summer (or any other time) when the ranges just aren't there. -Consistently- capture just 25% of the intraday range of whatever market per contract... you'll be happy forever! Even trading 1 contract!
A trade is a good trade, win or lose, if it was opened, maintained, and closed based on rules and a plan.
Have a nice weekend.
Osorico
Ah, a palindrome birthday, at the low end. I remember those. :|
True, and the points as listed are what the system I'm trading should deliver, if I trade it straight and stop improvising.
And what happens during the dogdays of summer when the market doesn't give it up?
If you're defining a bad trade as one which is taken according to your rules but just doesn't work out, I'll agree with you 100%.
Yes. In the context of the original statement.
I'm subjectively defining overtrading as a situtation where the trades makes a good trade, then at least 50% of the time turns around and makes a bad trade that wipes-out or severly limits his/her gains ... if a trader is doing that, there's something wrong with that program and you need to take a look at it (in my case, impatience, lack of discipline and greed would be the primary culprits).
The problem with this thought is it equates good and bad with profit and loss. A trade is a good trade, win or lose, if it was opened, maintained, and closed based on rules and a plan. If a trader is working with a 50% WL ratio, and losses wipe out or severly reduce booked profits, maybe the rules of risk being employed and not the trader per-se, are the cause.
During an average week the ES most definitely delivers the potential to make $100 per contract, per day, as measured on a weekly basis, and I think this is a pretty good measurement for a trader to gauge their E-mini trading level. (Not matter how I try to re-write that paragraph it comes out a little confusing, what I am saying is this. The ES will pretty much allow a trader with a good/great system the ability to end up with $500 per week, however, they may not get the opportunity to trade it every day ... but at the end of the week, they should still be able to gross $500).
The problem with this thought is it equates good and bad with profit and loss.
And what happens during the dogdays of summer when the market doesn't give it up?
You can scale the amount down by 20% if you're trading the NQ, and maybe down by 30-40% if trading the YM (but by that same token, you'd need to increase it by at least 50% if your focus is the ER). I like to bounce back and forth, so I'll use that median number.
Why would you do this? Just use a simple guide... go for x% of the intraday range of whatever market per contract. Hence you aren't focused on profit per contract (unless you can predict the intraday range of any market before it opens), instead the focus is individual trades, you get consistent goals and results across all markets you trade, and you'll be able to celebrate (or not) even on those dog days of summer (or any other time) when the ranges just aren't there. -Consistently- capture just 25% of the intraday range of whatever market per contract... you'll be happy forever! Even trading 1 contract!
A trade is a good trade, win or lose, if it was opened, maintained, and closed based on rules and a plan.
Have a nice weekend.
Osorico
- Status