ES Journal Archive (2006 - 2008)

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Quote from Mins:

Im out here at 1500.50, just a scalp trade, still decent R:R on a small trade.
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Did you forget the neverending chastisement that others indulge themselves in? RIDE YOUR WINNERS! :D
 
Quote from saliva:

Did you forget the neverending chastisement that others indulge themselves in? RIDE YOUR WINNERS! :D
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Lol I have real problem riding winners, my percentage winners is very good but like a typical newbie i have found questioning myself all the time when things don't look perfect.

I have to work on my psychology a lot.
 
Quote from Mins:

Lol I have real problem riding winners, my percentage winners is very good but like a typical newbie i have found questioning myself all the time when things don't look perfect.

I have to work on my psychology a lot.
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The principle that one must let winners ride is often underemphasized in favor of the principle that one must cut losers short. Imo, it is HARDER for most to let winners ride and EASIER to cut losers. No wonder: all of the research on trading suggests that most traders end up losers anyway, so it is easy to think that all one must do is cut losers to get into the winner's circle.

It is not enough to cut losers. There have to be winners, big winners, to make it above breakeven. This is true at all levels--intraday included.

I bet many traders who bought Enron DID sell when the trend kept going down. Of course, some who bought high held the stock all the way to the end, but most traders don't fall into into that rookie trap more than once or twice. But how many went short and held all the way, enjoying windfall profits? I bet few. Very, very few.

The propensity to cut winners short is my Achilles heel, and I work on it every day. Trailing stops moved as the position goes in my favor has worked well for me.
 
Quote from smilingsynic:

The principle that one must let winners ride is often underemphasized in favor of the principle that one must cut losers short. Imo, it is HARDER for most to let winners ride and EASIER to cut losers. No wonder: all of the research on trading suggests that most traders end up losers anyway, so it is easy to think that all one must do is cut losers to get into the winner's circle.

It is not enough to cut losers. There have to be winners, big winners, to make it above breakeven. This is true at all levels--intraday included.

I bet many traders who bought Enron DID sell when the trend kept going down. Of course, some who bought high held the stock all the way to the end, but most traders don't fall into into that rookie trap more than once or twice. But how many went short and held all the way, enjoying windfall profits? I bet few. Very, very few.

The propensity to cut winners short is my Achilles heel, and I work on it every day. Trailing stops moved as the position goes in my favor has worked well for me.
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by the sheer scale of price movement in markets and leverage, blatant disregard for grid or support and resistance breaks for a extended period of time, can lead to sizeable losses.

thus those who survive the markets, let price take them whereever it wants to, and shift accordingly, human ego is the impediment to success.
 
Quote from HolyGrail:

Stopped out. Trendline broken. Flat and re-evaluating.
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Yeah, me too, that's why I have time to post!

I may have to sit the rest of this one out. Just because it is called DAY trading doesn't mean that one has to trade EVERY day, or even ALL day. :-)

Good trading, btw (at least from what I could tell from your posts)
 
Quote from Spectre2007:

ya... sell sell sell sell sell...and sell.
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Good call. I was willing to stick with the MA's, but now they've obviously been breached.

Rule of 10 prevails once again.
 
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