ES Journal Archive (2006 - 2008)

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Quote from mbusch:

Different trading style. No way I'm going to trade with a 5-point stop. The purpose of a close stop is precisely to be picked off if you misjudged the turn, so you can regroup and re-enter at a better price.

It all depends on whether you consider being stopped out as a bad thing or a good thing, and that depends on what trading style you adopt.
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I second that!

I would be short here, but I am off to the pub
 
Quote from mbusch:

Different trading style. No way I'm going to trade with a 5-point stop. The purpose of a close stop is precisely to be picked off if you misjudged the turn, so you can regroup and re-enter at a better price.

It all depends on whether you consider being stopped out as a bad thing or a good thing, and that depends on what trading style you adopt.
More...

I have to agree. If you cant accept being wrong(stopped out) and not let it affect your rules and trading plan then you have a much higher chance of success. A larger stop allows for you to be right more often but also reduces your R/R. Its a give and take.. trade what suits you the best.

I have a big issue with always having to be right so I adopted the much tigher stops so I wouldnt get married to a position. It allows for me to trade in the zone. Everyone is different.

However... You are about to get steamrolled mbusch :)

This is my highest probability setup... documented thousands of these exact trades.
 
Quote from wave:

Any short stops below 1565 likely to get picked off.
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If you're correct about this (and you may well be), then the appropriate entry point for the short was 1564.50. And if I'm stopped out here (which I may well be, for the huge loss of 3 ticks), I'll look to re-enter in that vicinity.
 
Quote from apex82:

However... You are about to get steamrolled mbusch :)
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Won't be the first time, or the last. Like most people, I learn more from my mistakes than from my successes. So to increase the slope of my learning curve, I try to make as many mistakes as possible. :D

Steamrolled, just as Apex predicted. :eek:
 
Yes, now learn how to stay out of the noise and you will rarely get stopped out and when you do double up and reverse because it's likely a change in trend.
 
Quote from Jander:

well damned if apex aint spot on again :D
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Why am I not surprised?

It was a dumb trade. It violated my trading plan. I deserved to get steamrolled. The good part is that because of the close stop, it damged only my pride, not my account balance.

Which, I believe, is the whole point...

One more thing:

Posting your winning trades in real-time is just showing off, but posting your losers in real-time is a character-building experience. That's why I do it. :)
 
Quote from mbusch:

What do you think I was trying to accomplish with that last dumb-assed trade? :D
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Maybe your setup wasn't in keeping with your methodology, but a three tick stop is going to get hit 4 out of 5 entries. Three ticks is two as the market trades at the offer. Not to discount your methodology... as risking 3 to make 25 in in-line with that hit-ratio.
 
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