ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
- Start date
- Status
May put a squeeze on now that cash is closed, see this around 666.
Yes, bring it to me, still want to short.
short one at 673, adding at 679 area
didnt think it would happen the following day... but ill take what they give.
2 official trades called in the room
long at 1520.50 stopped out for -1.25pts
rentry long at 1517.50
profit 1 +7.5pts
Profit 2 +10.5 pts
Profit 3 at breakeven stop for possible move to 1600( I doubt I can hold it that long)
added one at 679
I have made some observations and would like to disclose those here: There are quite a few areas where I think that improvement could be made. This is not to say that I don't need to improve, I do, but here are the mistakes as I see them.
1) Trend-- was clearly long all day based upon the 60 minute charts. Extended gains are what traders should be looking for and thus , shorts should not have been taken at all today.
2) Overtrading--a trader can actually trade with as little as one trade each day or of course no trades at all.
3)Stops are being placed well within the noise--- Most traders would be better off placing a stop outside of daily noise and just putting one large position on during the day. This would be better most of the time than the back and forth commission eating trading that is going on. Once the trend is defined then find good entries in that direction only. It is very difficult to lose LARGE sums of money when correctly identifying the trend. The identification of the trend is a personal endeavor and you must find your own way to do that.
4)Trading to not lose any money---- This is an incorrect way to trade. There will be losses-- Embrace them as a necessary evil, but don't let them mount up. My biggest concern here is taking one contract off at profit target , then moving stop to breakeven when breakeven is within the noise. That doesn't make any sense whatsoever. First of all, trades should not be scaled out. This provides a level of comfort, but will choke off winning trades.
Secondly, it is impossible to trade with no risk. Take the risk, that's what you are here for--
5) Scaling out-- No way does that help get you to your winning goal quickly. In fact, it slows you down. So what if you give back profits on this particular trade--you'll make it up and then some on the next one.
6)Trying to guess what is moving the markets-- It doesn't matter. If the trend is up, then look for longs, if the trend is down, look for shorts. Period. If big boys are moving it up, help em out. If they are moving it down , jump on!
I am hopeful that this will help some of you. You may trade in any manner that you wish to however--
1) Trend-- was clearly long all day based upon the 60 minute charts. Extended gains are what traders should be looking for and thus , shorts should not have been taken at all today.
2) Overtrading--a trader can actually trade with as little as one trade each day or of course no trades at all.
3)Stops are being placed well within the noise--- Most traders would be better off placing a stop outside of daily noise and just putting one large position on during the day. This would be better most of the time than the back and forth commission eating trading that is going on. Once the trend is defined then find good entries in that direction only. It is very difficult to lose LARGE sums of money when correctly identifying the trend. The identification of the trend is a personal endeavor and you must find your own way to do that.
4)Trading to not lose any money---- This is an incorrect way to trade. There will be losses-- Embrace them as a necessary evil, but don't let them mount up. My biggest concern here is taking one contract off at profit target , then moving stop to breakeven when breakeven is within the noise. That doesn't make any sense whatsoever. First of all, trades should not be scaled out. This provides a level of comfort, but will choke off winning trades.
Secondly, it is impossible to trade with no risk. Take the risk, that's what you are here for--
5) Scaling out-- No way does that help get you to your winning goal quickly. In fact, it slows you down. So what if you give back profits on this particular trade--you'll make it up and then some on the next one.
6)Trying to guess what is moving the markets-- It doesn't matter. If the trend is up, then look for longs, if the trend is down, look for shorts. Period. If big boys are moving it up, help em out. If they are moving it down , jump on!
I am hopeful that this will help some of you. You may trade in any manner that you wish to however--
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