ES Journal Archive (2006 - 2008)

[JSSPMK]

bingo!

 

[Buy1Sell2]

Quote from tiddlywinks:

No offense, but how can you be in the black 25 pts? I suppose the missing piece of info is how many units you rolled with a 39 pt loss per unit.

What is breakeven for your 22 units, including the 39 pt per unit rollover loss?

Yes, I thought about including that loss in my post, however it was before my decision to always use max position on each trade. As well, if I included that loss , I would then have had to include the large win that I had from the mid 1200's starting last June. I felt that it would be best to just state this trade for now as it is the first in the series of all ins as well as all outs.

That being said, if you go back to my postings, you will see that the 39 point loss was on 5 units whereas the 25 pts earnings on this trade is on 22 units. Thanks for asking and giving me the opportunity to clarify.

 

[apex82]

Quote from JimmyJam:

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

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


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.


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. 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).

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

Thanks for the great post. It is really nice to see somone getting something out of my posts that could possibly help with their trading. You nailed the nail on the head on all of your key points. I couldnt state it any better. Especially on the key levels I trade off of. I live on the west coast and make sure I get up every morning at 4:45am so I have a minimum of an hour getting ready for the day. 75% of my trades are all planned before the market even opens.

I also liked the comment on multiple accounts. I have accounts for scalping, intraday swing and swing trading. The only thing you have to be careful with is adhering to your rules with each type of trade. At the beginning I had several scalp trades that seemed to turn into swing trades just because I could not accept a loss.

The most important point was the one with the risk management and being able to keep fighting through a drawdown. I have taken 2 massive hits on the ES in the last month. This hasnt happened in a long time and I have to tell you it was eye opener. I spent a while reviewing the trades and I did nothing wrong, in fact one of them was one of the best setups I have seen in a long time. I am going to get punched in the stomach sometimes, its just part of a trading.

 

[apex82]

Short from 1467 premarket adding on at 1469 stop at 1471.25 First profit target is 1455 second 1445 then moving stop to BE and let this last unit run for a large winner.

 

[apex82]

Quote from apex82:

Short from 1467 premarket adding on at 1469 stop at 1471.25 First profit target is 1455 second 1445 then moving stop to BE and let this last unit run for a large winner.

Moving add on up to 1469.50. Best way to trade a zone like this is wait for more confirmation. IE a washout with volume, a reversal bar on the 5min. That is usually a safer way to enter these countertrend trades, but thats not my style.

 

[tiddlywinks]

Quote from Buy1Sell2:

Yes, I thought about including that loss in my post, however it was before my decision to always use max position on each trade. As well, if I included that loss , I would then have had to include the large win that I had from the mid 1200's starting last June. I felt that it would be best to just state this trade for now as it is the first in the series of all ins as well as all outs.

That being said, if you go back to my postings, you will see that the 39 point loss was on 5 units whereas the 25 pts earnings on this trade is on 22 units. Thanks for asking and giving me the opportunity to clarify.

Because 22% of the open position was result of rollover it seems correct to me to treat as one. The purchase of the 5 units was forced, which was one of 3 (forced) options.

Thanks for the reply

 

[volente_00]

rule of 10 signal

 

[volente_00]

Quote from apex82:

Short from 1467 premarket adding on at 1469 stop at 1471.25 First profit target is 1455 second 1445 then moving stop to BE and let this last unit run for a large winner.

And if we breakout ?


:eek:

 

[apex82]

Quote from apex82:

Moving add on up to 1469.50. Best way to trade a zone like this is wait for more confirmation. IE a washout with volume, a reversal bar on the 5min. That is usually a safer way to enter these countertrend trades, but thats not my style.

Stopped out for a equity dip of 3.5pts. Reentered short at 1472 stop 1.5pts

 

[Brucelee]

Quote from theBuzz:

Apex is the only one worth to follow - oscar is only good for the first two hours after 8:30am and must improve his targets -too far and unrealistic- agree with Lance on that one - is a '"No Brainer" - brucelee needs to get a better education-agree

I just do not know what is wrong with you people. I post Oscars emails when I get them and they look reasonably accurate when I look at my charts. Here is an email which I DID NOT post, he was on the money.

Short Term Trading
April 15, 2007, 11:05 pm EDT

Oscar at Futurestraders.com has sent 2 Daily OMNI(s)
TRADE DATE: 04/16/07
GO TO OSCAR'S OMNI PAGE NOW!
============================================================
S&P 500 & EMINI (ESM7) June 07

OMNI SUPPORT = 1461.70-1460.70

OMNI TURNS NEUTRAL IF BELOW 1456.00

OMNI PROFIT OBJ = 1472.00

OR BE EXIT BY THE CLOSE

Edit; I will not be posting anymore.