ES Journal Archive (2006 - 2008)

[apex82]

Quote from tiddlywinks:

That would qualify as being right.
I wouldn't say its low risk high reward though.

If the setup is defined in your trading plan, your entry, your target, position sizing..... then yes it is. Only thing is.. 99% of traders cannot trade this accurate and most definately have lack of discipline after taking a loss which results in changes in position sizing. So to an extent, I would have to agree with you.

 

[MiniDowTrader]

Developing ANY intraday trading strategies that are based on trying to catch a trend day is a fool's game IMO. Scaling out to catch a larger intraday move is okay....but to hold for a big move will cost you more in the long run as you give back the gains...and of course this is logical to most. I'd say 80/20 sounds about right for range/trend days for ES.

What ever happened to porgie? He could probably clear this up!

MDT

 

[tiddlywinks]

Quote from apex82:

If the setup is defined in your trading plan, your entry, your target, position sizing..... then yes it is. Only thing is.. 99% of traders cannot trade this accurate and most definately have lack of discipline after taking a loss which results in changes in position sizing. So to an extent, I would have to agree with you.

Drop the ego for a moment and please explain something to me:

Why would a loss result in a change in sizing?

IMO, trading equal size positions accompanied with defined risk management is a more judicious way to trade. Changes in position size should only be employed when the market suggests doing so and based on your setups. It should not be guided by previous trade PnL.

 

[apex82]

Quote from apex82:

Crystal ball looks nice today....check the time stamp on the previous post.. now have contact with the zone where lows can be retested... Any move above 1486 will negate this. Still waiting for 1485.25 to add on to my short

added on short at 1485.25
stop at 1486.75 1.5pts

target is 1482.50 1481.50 then hold for new lows.

 

[PitchBlack]

Quote from MiniDowTrader:

Developing ANY intraday trading strategies that are based on trying to catch a trend day is a fool's game IMO. Scaling out to catch a larger intraday move is okay....but to hold for a big move will cost you more in the long run as you give back the gains...and of course this is logical to most. I'd say 80/20 sounds about right for range/trend days for ES.

What ever happened to porgie? He could probably clear this up!

MDT

As you said: it's your opinion. But therefore it is not necessarily the truth.

I daytrade "trendfollowing" and i never gave back 20% of my brut profits. That's normal, because my average profit per trade is bigger than my average loss per trade, and i have a high rate of profitable trades. If a have 50% of losing trades, i still make money.

Opinions are mostly based on personal experience. This means that opinions only have value if you have lots of experience in a very wide range of products and techniques.

In the jungle of Africa there are places where people believe that the fastest way to move is by foot. That's logic and true if they don't know bicycles , cars, trains and airplanes. But they don't realize, as you do neither, that their opinion is limited by what they know.

 

[apex82]

Quote from tiddlywinks:

Drop the ego for a moment and please explain something to me:

Why would a loss result in a change in sizing?

IMO, trading equal size positions accompanied with defined risk management is a more judicious way to trade. Changes in position size should only be employed when the market suggests doing so and based on your setups. It should not be guided by previous trade PnL.

I completely agree... thats why I said it is the only way that setup would yield low risk, high reward returns if the trader used position sizing. Most traders get frustrated trying to call bottoms and tops and will end up increasing size, take a few losers, then decrease size on the winner or miss the trade all together.

 

[JimmyJam]

Quote from apex82:

added on short at 1485.25
stop at 1486.75 1.5pts

target is 1482.50 1481.50 then hold for new lows.

Yep, here's where the rubber meets the road.

Somebody's having steak for dinner and someone else is breaking out the Ramen.

JJ

 

[apex82]

Quote from JimmyJam:

Yep, here's where the rubber meets the road.

Somebody's having steak for dinner and someone else is breaking out the Ramen.

JJ

yep... not ideal to hit it going into lunch session.. but what can ya do. If we break higher we should get a nice pullback to buy into. 828.50 area on er2 is also resistance so its nice to see some other indexs complying with the setup.

 

[tiddlywinks]

Quote from apex82:

I completely agree... thats why I said it is the only way that setup would yield low risk, high reward returns if the trader used position sizing. Most traders get frustrated trying to call bottoms and tops and will end up increasing size, take a few losers, then decrease size on the winner or miss the trade all together.

Thanks.

I read the question originating post wrong.

 

[JimmyJam]

For the record, locking in my 2pts+ for breakeven and taking care of some errands.

All jesting (and jousting) aside peoples, I mean't what I said about the longer time-frame trading, I'm starting with the 10 yr notes and like what I see, overnight margin on the YM is 2800 or so, and it's even cheaper for Corn - but it has the same corresponding tick size as the ES.

Note that the the contract rollovers for Corn are funny, so make sure you're up to speed on'em or else you're going to have a nasty surprise.

Good trading,

Jimmy Jam