ES Journal Archive (2006 - 2008)

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Totally agree. Most people start out trying to hit homeruns every chance. It would be better to spend a couple of years just trying not to lose any money.

What was that quote in the Link book?

PPC - Preserve Precious Capital

Quote from smilingsynic:


Most futures traders fail. And by most I mean all but a few. They do so for many reasons, but often it is because of overtrading and overleveraging their accounts. My conservative use of margin has ensured my survival, and my trading career has been based on the principle that the longer you survive, the more you can take advantage of weaker, newer players, who have yet to make the same mistakes that I have made.


Good luck to you. :)
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Quote from smilingsynic:


Most futures traders fail. And by most I mean all but a few. They do so for many reasons, but often it is because of overtrading and overleveraging their accounts. My conservative use of margin has ensured my survival, and my trading career has been based on the principle that the longer you survive, the more you can take advantage of weaker, newer players, who have yet to make the same mistakes that I have made.


Good luck to you. :)
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This is a paragraph that should be required reading in my opinion. I too am very conservative when it comes to margining futures positions. There was a time when I had it all in there, back when I was considerably younger. And while I didn't lose it all, I took some very large hits at times, invariably having to close my position just at the time I should have been getting in.

A large account, conservatively margined, is an effective edge in my opinion.


OldTrader
 
Quote from OldTrader:

This is a paragraph that should be required reading in my opinion. I too am very conservative when it comes to margining futures positions. There was a time when I had it all in there, back when I was considerably younger. And while I didn't lose it all, I took some very large hits at times, invariably having to close my position just at the time I should have been getting in.

A large account, conservatively margined, is an effective edge in my opinion.


OldTrader
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:)

If one wants to become an old trader, and not a former trader, conservative use of capital is a must.
 
Quote from OldTrader:

This is a paragraph that should be required reading in my opinion. I too am very conservative when it comes to margining futures positions. There was a time when I had it all in there, back when I was considerably younger. And while I didn't lose it all, I took some very large hits at times, invariably having to close my position just at the time I should have been getting in.

A large account, conservatively margined, is an effective edge in my opinion.


OldTrader
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I totally agree - while my account is not large by any means I trade very small. Would rather be able to play the next day than try to get rich quick and blow up.

I thought the same after reading the original post that you quoted. Very well said.
 
that last one confirmed a classic p shape graph on mrkt profile,your crossover is bulish,the previous 2 charts indicate supp at 57
 
08-07-08 05:45 PM

08-07-08 10:53 AM

Long 10 contracts @ 1278.50


Initial stop 1266.50

I'll be away the rest of the day. Placing a limit order here @ 1290.50. Today's trade will be a 1:1 R/R
Not fantastic. It's ok though--by having a stop in place at a level where I didn't want to lose any further keeps me around for future trades. :)
 
I've hit a period of time when I am misreading trend a bit. I had a thought about downside yesterday, but did not act correctly. Today, I will short on a bounce if I make any trades. :)
 
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