ES Journal Archive (2006 - 2008)

saxon22 · Jul 20, 2007

Quote from osorico:

IDK if saxon added to his account or not, but he has a very unique (aka strange and unconventional) scale in technique. Fortunately (and unfortunately) for saxon, the recent action has not challenged the technique.

Osorico

My way has not failed me for past year and a half. The key to my way is taking small profits and going counter trend. Very unnatural way but it makes me $$$$.

Spectre2007 · Jul 20, 2007

tic action is indicating short covering. 1558.

Spooz Top · Jul 20, 2007

looking for a reaction off 46.50/47.50 zone...

osorico · Jul 20, 2007

Quote from saxon22:

My way has not failed me for past year and a half. The key to my way is taking small profits and going counter trend. Very unnatural way but it makes me $$$$.

No. The "key" to your way is taking small profits based on large risks. If it works for you then it works for you. Milk it while you can.

Osorico

smilingsynic · Jul 20, 2007

TICK hit a new afternoon high and ES hit a new price high. Looking to buy pullbacks here, with a reasonable stop.

saxon22 · Jul 20, 2007

Quote from smilingsynic:

I am not going to sneeze at 1K, but with 20 contracts you were controlling over 1. 5 MILLION. Not for me, but if it works for you, then that is all that counts.

Good luck.

That kind of thinking is precisely what I am trying to avoid. If I have in the back of my mind that 20 contracts is 1.5 Million then I would trade 1 lot for the rest of my life.
Can you imagine an Indy 500 driver going through scenarios in his head of what could happen if he were to hit another car or worse spin in the air and land in the middle of a stand full of spectators?
This guy would not drive faster than 50 mph and at the end of the day would go crazy.

Now, please explain why would I want to keep in my head that 20 lots control 1.5 million? What would be the purpose of this?

wareco · Jul 20, 2007

Quote from apex82:

order to short 1546.50 1.5 pt stop

target retest of lows

Piggybacked that trade. Out at 44.75. Looking to re-load.

Edit. short at 47.25

Spectre2007 · Jul 20, 2007

1550 stops eyed.

saxon22 · Jul 20, 2007

Quote from osorico:

No. The "key" to your way is taking small profits based on large risks. If it works for you then it works for you. Milk it while you can.

Osorico

I am milking it as much as I can. The system worked when I was putting 1 to 6 contracts on the line. No reason why it should not work with 10 to 60 lots. (Please do not tell me how much 60 lot is).

smilingsynic · Jul 20, 2007

Quote from saxon22:

That kind of thinking is precisely what I am trying to avoid. If I have in the back of my mind that 20 contracts is 1.5 Million then I would trade 1 lot for the rest of my life.
Can you imagine an Indy 500 driver going through scenarios in his head of what could happen if he were to hit another car or worse spin in the air and land in the middle of a stand full of spectators?
This guy would not drive faster than 50 mph and at the end of the day would go crazy.

Now, please explain why would I want to keep in my head that 20 lots control 1.5 million? What would be the purpose of this?

Why? Because if you don't, you're deluding yourself. That is what it is. Sobering, but true.

E-minis might be a fraction of the full-sized S&P, but this is a highly leveraged instrument. No question about it. There are many more fatalities in this business than successes. Sad, but true, and I would bet that most of them lost because of excessive leverage.

I don't want to be a loser. I want to win, and if it takes more time, so bet it. Good things in life sometimes take time.

That's just me--and I have to go now.

Smilingsynic (or is it the tortoise?)