ES Journal Archive (2006 - 2008)

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Quote from wareco:

That's all well and good, but maintaining that position has cost you about 40 ES points from the 1407 buy. To me, whether its a small position or a large position, if I thought the odds were that I could considerably improve my position I would do that.

Again, as I saw it, the odds of a pull-back vs. a continuation of the bounce was such that it made sense to cover that long and wait and see.
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I hear you, and not that I'm speaking for B1S2 (he can speak for himself), but I think he takes a differnt (longer) viewpoint.

For intra-day traders, while they enter and exit trades on a very short (for the most part intra-day) time frame, you really shouldn't be so concerned with your daily profit totals, so long as you are consistently in the green on a weekly basis, you are obviously doing something right. This is true because their is a log of random noise in price action on the intra-day time frame.

For someone who is entering trades on a daily/weekly basis they are probably looking at their monthly totals, and doing the same type of analysis.

I'll show the chart again, nothing has changed on the basic technical level, and while a trader could wait for a retracement before adding to a position, there's nothing to say when or where it is going to happen.

Whatever "losses" he has sustained, they are just in-the-moment, and unrealized until those positions are closed.

When would that be?

Don't know, probably when the technicals change against his current viewpoint.

Good trading,

Jimmy Jam
 

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Quote from wareco:

That's all well and good, but maintaining that position has cost you about 40 ES points from the 1407 buy. To me, whether its a small position or a large position, if I thought the odds were that I could considerably improve my position I would do that.

Again, as I saw it, the odds of a pull-back vs. a continuation of the bounce was such that it made sense to cover that long and wait and see.
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I agree. Buffet-like investing in futures is not for me. I guess I'll never be a position trader, fund manager, or Buffet. :D

Life is good and the grass is green over here!!
Osorico :)
 
Quote from JimmyJam:

S @ 1386.00. PS @ 1389.00

JJ

edit: PS hit, -1 pt ES total
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S @ 1389.00, PS ! 1342.00
***
Price action is tough to game (for me at least), reversed long @ 1389.75, PS @ 1386.75

JJ
 
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