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ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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Quote from saxon22:
See, this is one of my problems though I am placed to short it at 42 I cannot resist this temporary short and would have to cut my fingers off not to jump.So here it goes: in at 1538.75
Try to avoid these temptations at all costs! Now by moving up your sell point to 1538.75, you now have moved your risk to 2:1 or perhaps even 1:1. I was tempted to move my short to 1539.75 but I didn't.
Here is my setup for that trade (which I placed last night)
1542.25 Short (avg entry, I have my first short on at 1541.75)
1545.50 Stop (for all)
1533.50 Target (avg exit, I have my first exit at 1534)
If I get to that target, I scale out and leave one contract to run with a trailer (although this trailer is tight) or I get an indicator change.
If the market dumps right here and I don't get my initial entry in I am ok with that (although a little bit annoyed but there is always tomorrow). The market usually gives you plenty of times to get in and out of a trade. I have successfully shorted in the range now 3 out of 4 times.
Quote from dmartin:
If you can't manage yourself while trading you should probably find another career.
DMartin
Please.
Give the guy a break. He's new. He's learning. He's made good strides in a matter of weeks.
Yes, you are right, he HAS to manage his emotions, like we all must; but if he has ambition, and is willing to work tirelessly on improving his discipline and clear thinking, he and anyone else can succeed.
Most are not willing to seriously-and I mean SERIOUSLY--work on those, and that is why most traders fail. On the surface, trading is rather easy. After all, we're betting on numbers here; this isn't brain surgery or differential calculus. It is ourselves that stand in the wayof our success.
Quote from jagmot:
Try to avoid these temptations at all costs! Now by moving up your sell point to 1538.75, you now have moved your risk to 2:1 or perhaps even 1:1. I was tempted to move my short to 1539.75 but I didn't.
Here is my setup for that trade (which I placed last night)
1542.25 Short (avg entry, I have my first short on at 1541.75)
1545.50 Stop (for all)
1533.50 Target (avg exit, I have my first exit at 1534)
If I get to that target, I scale out and leave one contract to run with a trailer (although this trailer is tight) or I get an indicator change.
If the market dumps right here and I don't get my initial entry in I am ok with that (although a little bit annoyed but there is always tomorrow). The market usually gives you plenty of times to get in and out of a trade. I have successfully shorted in the range now 3 out of 4 times.
Thanks for a clear explanation. I needed that.
Quote from smilingsynic:
Please.
Give the guy a break. He's new. He's learning. He's made good strides in a matter of weeks.
Yes, you are right, he HAS to manage his emotions, like we all must; but if he has ambition, and is willing to work tirelessly on improving his discipline and clear thinking, he and anyone else can succeed.
Most are not willing to seriously-and I mean SERIOUSLY--work on those, and that is why most traders fail. On the surface, trading is rather easy. After all, we're betting on numbers here; this isn't brain surgery or differential calculus. It is ourselves that stand in the wayof our success.
I have noticed that I am my biggest enemy in this craft.
Quote from smilingsynic:
Please.
Give the guy a break. He's new. He's learning. He's made good strides in a matter of weeks.
Yes, you are right, he HAS to manage his emotions, like we all must; but if he has ambition, and is willing to work tirelessly on improving his discipline and clear thinking, he and anyone else can succeed.
Most are not willing to seriously-and I mean SERIOUSLY--work on those, and that is why most traders fail. On the surface, trading is rather easy. After all, we're betting on numbers here; this isn't brain surgery or differential calculus. It is ourselves that stand in the wayof our success.
No, in a very real way it is brain surgery and that's why it's so difficult to succeed. To become a surgeon requires 4 years undergraduate work, 4 years med school and another 4-6 of additional training. Why would anyone expect to go into the world of trading where we have some of the best minds in the world and think we can achieve prosperity in one, two years or more? Successful traders and physicians alike bring with them mental maps of familiar patterns based upon didactic learning, research, personal experience and theyâre not that far apart in terms of intellectual abilities.
DMartin
Quote from dmartin:
No, in a very real way it is brain surgery and that's why it's so difficult to succeed. To become a surgeon requires 4 years undergraduate work, 4 years med school and another 4-6 of additional training. Why would anyone expect to go into the world of trading where we have some of the best minds in the world and think we can achieve prosperity in one, two years or more? Successful traders and physicians alike bring with them mental maps of familiar patterns based upon didactic learning, research, personal experience and theyâre not that far apart in terms of intellectual abilities.
DMartin
Please do not tell me I need another 12 to 16 years to master this? No wonder some traders go nuts.
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