ES Journal Archive (2006 - 2008)

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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.
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The market usually gives you plenty of opportunities to get your position...

Patience pays off as my first contract was hit right at the high of the day. I'm currently sitting at +287.5 on this 1 contract. Too bad the market couldn't grab the rest of them. I am moving my stop on this 1 contract to 1539.75 (oncle globex reopens) but still waiting for 1534 exit to hit in afterhours.

Edit: I stepped away for lunch (west coast) and was surprised that the market rallied into the close and hit 1 of my orders. Got filled at 3:30EST.
 
Quote from satchel:

The 1518, 1520 on ES was still a key buy a couple days ago. Each day is unfolding per the schema. (ahh, Higher!), with enough volatility to keep everyone (retail) sufficiently guessing.

The quarter is ending this week.

The managers will be buying or the appearance thereof.

A ride back to last weeks highs on ES.

So a continued swing play up.

Have a great night!
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Agree here a slow grind up so far with enough countrend to drive you mad.
 

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When you have that kind of day, may I suggest taking a break. Then come back and paper trade your system to regain confidence, or decide on a new system, one way or another.
 
Quote from Chuck Krug:

i dropped $1k today, worst loss in months
need to re evaluate
i think i traded live too soon without knowing my new method by heart
+greed
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Chuck,

You should set a daily loss limit and exit all positions if you hit that number. Perhaps you should have a target of 300 max drawdown?

Saxon's case is 15k max drawdown (or at least was before he changed his system)

In my particular case, 1k is my max cutoff for each day. If I hit that, I stop trading for the day and then trade the next day. So far I haven't had two days in a row like that but I think it is defintely possible. If and when it happens, I will be prepared and will stop trading for the week and see where I made mistakes.
 
Quote from saxon22:

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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you're ok, dude, just stick with it. i think you have what it takes and no, it won't take 12-14 years. remember that futures trading es successfully and consistently is one of the hardest ways to make money in these equity markets. trading stocks is WAY easier, even options, though the cards are stacked against you, are easier than futures. futures are tough, but you're on the right track. just stick with it. if you're profitable, you're already ahead of the game....
 
Quote from jagmot:

Chuck,

You should set a daily loss limit and exit all positions if you hit that number. Perhaps you should have a target of 300 max drawdown?

Saxon's case is 15k max drawdown (or at least was before he changed his system)

In my particular case, 1k is my max cutoff for each day. If I hit that, I stop trading for the day and then trade the next day. So far I haven't had two days in a row like that but I think it is defintely possible. If and when it happens, I will be prepared and will stop trading for the week and see where I made mistakes.
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It is ancient history.
I no longer follow that particular insane money management.
 
Quote from princessa:

you're ok, dude, just stick with it. i think you have what it takes and no, it won't take 12-14 years. remember that futures trading es successfully and consistently is one of the hardest ways to make money in these equity markets. trading stocks is WAY easier, even options, though the cards are stacked against you, are easier than futures. futures are tough, but you're on the right track. just stick with it. if you're profitable, you're already ahead of the game....
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I still have discipline issues and my system is not rock solid. However, I feel like I am gambling and not trading. I still do not see a lot of signs that most of ES posters are so well versed in and acquainted with.

I just added Bollinger Bands (AGH thread made me do it), and want to see if they can be helpful. I was told that price action is the king but it is all greek to me. Ok I get it a little bit, bur not nearly enough to be able to trade using just price action.
 
Quote from princessa:

you're ok, dude, just stick with it. i think you have what it takes and no, it won't take 12-14 years. remember that futures trading es successfully and consistently is one of the hardest ways to make money in these equity markets. trading stocks is WAY easier, even options, though the cards are stacked against you, are easier than futures. futures are tough, but you're on the right track. just stick with it. if you're profitable, you're already ahead of the game....
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Not only is futures trading harder than stocks, ES might well be the hardest future to trade period. The last week has been like pulling teeth, with all the chop, chop, chop. I miss those nice late summer moves.

If only the ES were like the Hang Seng.
 
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