ES Journal Archive (2006 - 2008)

[MandelbrotSet]

Quote from fearless9:

For what it is worth, I was a position trader for several years before I was drawn away from it in the never ending quest for greater efficiency.

regards
f9

When the reader is able to figure-out why this is true, they will have a better understanding of how to trade leveraged products.

This is a business, the key to running it is the same as every single other business in the world (and one of the reasons why we are seeing these massive lay-offs on Wall Street, btw).

It's all about maximizing efficiency.

 

[OldTrader]

Quote from smilingsynic:

I did not specifically call anyone's strategy "dumb".

My point was that all else being equal, daytrading entails less risk than position trading. Most daytraders would consider hanging it up if they lost 30 points a contract over 3 days (at least I would!). As for position trading, that is not that large of a loss, actually.

B1S2's strategy seems taylor-made for longer-term position trading, and I would bet that his greatest successes have been in this area. Nevertheless, I don't think he should be daytrading, as what works in longer-term trading does not work well intraday.

Here's what you said:

How many daytraders out there in ET land have suffered 30 points loss a contract over three days?

Anyone?

I've done my share of dumb things in this business, but not that (knock on wood).

OldTrader

 

[tommymoose]

Short 1983.25... stop 1985.00... target 1978

:edit: moving stop to BE

:edit: target moved up to MIT 1978.50

out at BE

 

[ammo]

oct ,nov dec highs on daily es bring tl in at todays low

 

[wave]

Short setting up 86-89 area.

 

[fearless9]

Quote from MandelbrotSet:

When the reader is able to figure-out why this is true, they will have a better understanding of how to trade leveraged products.
It's all about maximizing efficiency.

You are exactly inside my head jj.

Just to ramble on for a bit, I could if I so decided, trade the waves in the direction of the dominant waves and keep adding to my position.
This would mean unwinding the longs every Friday and carrying the shorts forward.

In theory this would increase the total tic take but it grossly increases the unidentified risk and also builds a very large ongoing account balance.
Neither of these two changes are at all attractive to me on the ES.

However position accumulation is well suited to more long term trendy instruments.

ES to me is all about efficiency.

regards
f9

 

[smilingsynic]

Quote from OldTrader:

Here's what you said:



OldTrader

Yes, I know what I said. I did not call anyone's specific strategy "dumb".

I do think it is dumb to stay a daytrader if one does not know what he/she is doing.

 

[OldTrader]

Quote from smilingsynic:

Yes, I know what I said. I did not call anyone's specific strategy "dumb".

I do think it is dumb to stay a daytrader if one does not know what he/she is doing.

Just so that you know, I read your remarks differently based on their context, and some of your other remarks in the post just prior to it.

Spin it however you would like. I'm not a Philadelphia lawyer.

OldTrader

 

[Lawrence Chan]

If NQ fails to rally above 2000, we will have a perfectly formed HS on NQ daily.

Coincidence?

 

[tommymoose]

Quote from Lawrence Chan:

If NQ fails to rally above 2000, we will have a perfectly formed HS on NQ daily.

Coincidence?

2000-2006 has heavy resistance on my chart. Definitely a good place to take a low risk/ very high reward short IMO.