ES Journal Archive (2006 - 2008)
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Quote from Jaxon:
saxon (no relation to jaxon) did post that he was long 16 @ 1517.
36 pts total would be 2.25 per contract if he dumped the position at 1519.25. just my guess.
(Somebody asked him to post his trades in real time..... and he did)
Oh, I saw the post but didn't understand what he was saying (was looking for the average total of all contracts).
Thanks,
***
This market looks like it wants to make one more drop before putting in a bottom.
Currently flat.
JJ
Quote from ForrestGump:
saxon22,
You have been getting some very good advice here on this thread. Even when you manage to get out with a profit, this is still a sub-optimal way to trade because you are taking a large undefined amount of risk for a very small return. This was pointed out to you several months ago on your other thread as well.
http://www.elitetrader.com/vb/showthread.php?s=&postid=1394688&highlight=mark#post1394688
An important quality for a trader to have is an open mind. If you have more than a passing interest in this game, you really should take a more rigorous look at this approach.
Happy Trading.
I am happy when people dispense advice, and I always listen. However, I also like to analyze things for myself.
I agree that my way is a lot riskier, but at the same time I manage to catch a lot more profits going after those 1 to 2 pt. movements that most traders ignore and they do add up.
As for my strategy being sub optimal. Perhaps, but so far I managed to bring my $500 account to .... a lot more than that sum. I have an open mind, and my system is not rigid. I constantly improve it and change components that do not work. Time will tell if it s going to pan out for me. So far today 48 pt. in the green. Monday 17 pts. Not bad imho.
Quote from saxon22:
I am happy when people dispense advice, and I always listen. However, I also like to analyze things for myself.
I agree that my way is a lot riskier, but at the same time I manage to catch a lot more profits going after those 1 to 2 pt. movements that most traders ignore and they do add up.
As for my strategy being sub optimal. Perhaps, but so far I managed to bring my $500 account to .... a lot more than that sum. I have an open mind, and my system is not rigid. I constantly improve it and change components that do not work. Time will tell if it s going to pan out for me. So far today 48 pt. in the green. Monday 17 pts. Not bad imho.
I had a colleague that traded the same way you do. He was stubborn, not afraid of risk, and stops were not necessary according to him. In 1994 he made more than 1 million $ net profit. All his bad trades reversed and finally ended with profit or small losses. But in 1995 he went short the S&P at 495 with a position of 210 contracts (of 500$ each at that time). Each point profit would make him 105,000$. Just watch the chart of the S&P from 1995 till now.
He collected constantly margin calls, but as he was sure the market would reverse, he added money each time to be able to hold his position. At a certain point his loss was so big that he couldnât take the decision to liquidate his position. At the end his position was closed by the bank with a loss exceeding 10 million dollars.
I only want to give you some personal advice, I donât want to interfere in your trading, talk to other professional traders and ask what they think. And if you are sure you can continue the way you trade, just print out this posting and archive it. I hope you will never have to reread this posting again due to certain circumstances.
I thought I was invincible too when I started trading. I learned my lesson, but it costed me 50,000$ within 24 hours of trading.
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