ES Journal Archive (2006 - 2008)

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Mo-ron award...

As I said I was short ES at an average of 1461. Well this morning I saw a scalp opprtunity on ES and went in and got stopped out for 1 point profit. Then realized that I did it in same accoutn I was short the swing trade.

So going short this morning and covering was like doubling down and taking half off again lol. So now my be is 1469 and I stupidly took a loss of 3 points or so.

ANy way long story short, I am short now at 1469 and have to factor in the additional loss I took in scalping this morning so will update if we fall off here as market is dropping.
 
Quote from smilingsynic:

Are you still short from around 71 (as per your other journal)? Geesh, I hope not.

I trust $80 oil is good for at least MY economy, as I sold short USO when the October contract hit 79.99. A swing trade, I intend to cover within a week. As for the ES, I don't see a correlation between crude and stocks as much as I used to. If oil keeps going up, I'd expect that to change.
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position sizing keeps risk down. This system uses a custom method that tracks, different markets.
 
Quote from optioncoach:

Mo-ron award...

As I said I was short ES at an average of 1461. Well this morning I saw a scalp opprtunity on ES and went in and got stopped out for 1 point profit. Then realized that I did it in same accoutn I was short the swing trade.

So going short this morning and covering was like doubling down and taking half off again lol. So now my be is 1469 and I stupidly took a loss of 3 points or so.

ANy way long story short, I am short now at 1469 and have to factor in the additional loss I took in scalping this morning so will update if we fall off here as market is dropping.
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Premium Moron Award...

Well, if that weren't bad enough I almost got in at the very top and the very bottom of the day but missed both opportunities by just 2 ticks. To aggravate the matter further I chased the market on the way down and got stopped out; chased yet again on the way up but instead of pressing the "buy" button I accidently pressed the "sell" button.
 
Quote from Spectre2007:

position sizing keeps risk down. This system uses a custom method that tracks, different markets.
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So you ARE short, just not short enough in size to hurt that much, right?

Good luck to you. :-)
 
Quote from saliva:

Premium Moron Award...

Well, if that weren't bad enough I almost got in at the very top and the very bottom of the day but missed both opportunities by just 2 ticks. To aggravate the matter further I chased the market on the way down and got stopped out; chased yet again on the way up but instead of pressing the "buy" button I accidently pressed the "sell" button.
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As one who has struggled for most of his life against perfectionistic tendencies, I hear you. Being penny wise and pound foolish is a bad habit: you end up getting filled on all of the losing trades and miss getting filled on too many of the winners. It is wiser to focus more on the exit than on the entry.

What I do to avoid my inclination to perfectionism is to have "buying zones" and "selling zones." If my target sell price is, say, limit 1480, then I will place an alert to start looking for a place to sell if the price comes within 1-2 points of that price. If the alarm goes off because the price comes into the zone, I will watch the screen like a hawk and have a market order ready for the moment.

I rarely get my perfect price that way (sometimes I get a better price). And it is better that way. This afternoon, for instance, I was looking to sell around 1480-2. My alert went off at 1478. I watched the price spike on high volume, watched it go to over 81, and then I sold at 80, when it looked like the buying frenzy had ended.

Did I get my perfect entry? No. But so what? I was in, and now I could focus on the more important aspect--the exit. Once in, my thinking goes like this: If I am wrong because the buying has come back, I am out with a loss; if the buying has dried up, I'll cover for a profit on high negative TICK and high volume.

In the end, the exit was not perfect either (it rarely is). But it was a profitable day. Could have been better, but could have been worse. Unfortunately, the could of's and the should of's cannot be taken to the bank!
 
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