ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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L
Lance Carson
Have you considered teaching OMNI how to trade? (seriously):
+7.5 Pts ( your trade,1st target) vs. + .50 ( OMNI- with way out of range entries and targets)
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Lance Carson
Short Term Trading
April 13, 2007, 11:32 am EDT ( WAS TRADING 1457-1457.50)
3rd flash s&p trade
Therefore the market trading range at the time of the flash update was also bad math. Who are you trying to deceive , yourself? Go back to school and learn some basic logic.
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Lance Carson
04-13-07 11:23 AM
3rd flash s&p trade
take profit right here in the s&p
and cancel your buy stops above
last tick =1453.50
No, NOT my mistake, Brucelee's mistake for posting the 11:23am time ( just read it again )He should still go back to school and learn some basic logic and common sense.
You are mistaken, here are the emails and times received. The time you see on these postings are not EDT.
Short Term Trading
April 13, 2007, 8:38 am EDT
Oscar at Futurestraders.com has sent 3 Daily OMNI(s)
TRADE DATE: 04/13/07
GO TO OSCAR'S OMNI PAGE NOW!
*******************************************************
1st flash update S&P
We are now short ESM7 @ 1457.70
Last tick = 1458.50
Keep your buy stops in place.
I'll keep you informed
Short Term Trading
April 13, 2007, 10:32 am EDT
Oscar at Futurestraders.com has sent 3 Daily OMNI(s)
TRADE DATE: 04/13/07
GO TO OSCAR'S OMNI PAGE NOW!
*******************************************************
3rd flash s&p trade
take profit right here in the s&p
and cancel your buy stops above
last tick =1453.50
Thanks for posting some truly excellent trading apex82.
Sitting here and viewing the market through your eyes (well actually, your system) has been a very informative learning experience, and given me insight into how someone who probably earns their living from trading actually thinks, using a methodology which is accessible by any trader with a small retail account.
The key points that I've identified and take away from the process are:
1. Having triggers (in this case, Price Levels) which tell you when to take an action.
2. These triggers also provide guidance in the direction of the trade that you want to take
3. Always having manageable Protective Stops (quite often less than 2pts or equivalent on the ES), and implementing them when Price Action goes against your trade.
4. Very Important for Daytraders - the ability to Scale-Out out of all positions for the trades where Price Action moves favorably in the direction of your trade.
Also, stating why this is done, and the fact that it makes your trading a better experience psychologically.
While it may be argued that this is a less efficient way to manage money for futures trades provide we continue to experience the ebb and flow of constant Range Expansion & Contraction, there is no guarantee for any trade or series of trades that that is so, and using this money management technique will provide the intra-day trader with a smoother equity curve.
In fact, the more I study it, the more I think a trader might actually be better off having a Scalping Account (to take advantage of the small, $100 trades, providing monthly income) & and a Position Trading account (designed to capture the larger moves, providing the yearly bonus, since you don't get one if you're a professional daytrader, but you sure do deserve it).
5. Taking accountability when a trade goes against you. If you're stating in the same and other threads you took a hit here or took a hit there. Or making a call for Price Action to hold at a certain level, and then days later saying "price didn't hold, so I took a hit", (that's right, I pay attention) that is the ultimate sign of legitimacy to me and tells me that you are actually trading a system that has a little something called Positive Expectation and don't have to worry about the small losses, because you know the market will deliver many other opportunities which fall within the parameters of your trading system again and again.
6. This, actually, is THE MOST critical part of trading (in my eyes). The successful traders are successful because they've designed a system which incorporates top notch Risk Management. They've done all of their homework before entering their trade, and once they do so, all they do is manage risk, period (well, yes they do take profits as well, but there are many software applications on the market that will do that for you automatically).
The important thing I want to say here is that once you enter a position and wait ("it's the sitting and the waiting that's the hard part" - Jesse Livermore) for your profit(s), the only thing you're really actively doing is managing risk (and once your first profit target is hit, you're no longer doing that either).
***
I've obviously gained a lot from this process, hope sharing my thoughts makes it clearer for someone else as it has been made clearer for me.
Good trading,
Jimmy Jam
Just read some posts by Porgie, he has a valid point. I only know it as I use probably the same technique that he uses. I don't know why he is so secretive about it, as this so called "system" is nothing new, but probably better than 90% of indicator based ones that are suffering from latency issues.
What he does is enter on higher closes & lower closes & scales out after a certain minimum profit generated. By the time an oscillator goes green, a buyer based on higher closed price has already generated a small profit (small compared to daily average range) & scaled out to hold for potentially bigger winner. At that time when an oscillator makes a bullish turn price has already risen & quite a few will be destined for a whipsaw or a continuation of original move or reversal, so basically it's 1/3 odds of being on the right side, when price based buyer will be about 1/1.5-2, basically a better position to be in. "100% system" is pure bullshit.
What he does is enter on higher closes & lower closes & scales out after a certain minimum profit generated. By the time an oscillator goes green, a buyer based on higher closed price has already generated a small profit (small compared to daily average range) & scaled out to hold for potentially bigger winner. At that time when an oscillator makes a bullish turn price has already risen & quite a few will be destined for a whipsaw or a continuation of original move or reversal, so basically it's 1/3 odds of being on the right side, when price based buyer will be about 1/1.5-2, basically a better position to be in. "100% system" is pure bullshit.
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