ES Journal Archive (2009 - 2010)

[bigb]

Quote from JSSPMK:

Frustration comes from people's inability to understand that targets are more important than entries. Take a short term ES trader that has 2 point stops & 2 point targets. No way can he survive with a 50/50 expectancy. Why look for an edge if:

a) an edge is so difficult to establish
b) proper money management can be a rewarding substitute to an edge

I've spent years trying to find an edge only to arrive at a conclusion that one does not need an edge & that I don't have enough brain cells.

If a throw of a coin ultimately ends up being a 50/50, then imagine if heads paid x 5 whatever is the loss on tails?

Edge is thrown around so much on this site..... Your edge can simply be your experience or as you said it, good money management skills

 

[flatron]

Quote from flatron:

1105.25 long.
will add if i need too.

out +2.
+5 on the day. Tday tomorrow for more of teh usual rallying?
later

 

[kinggyppo]

Quote from JSSPMK:

Frustration comes from people's inability to understand that targets are more important than entries. Take a short term ES trader that has 2 point stops & 2 point targets. No way can he survive with a 50/50 expectancy. Why look for an edge if:

a) an edge is so difficult to establish
b) proper money management can be a rewarding substitute to an edge

I've spent years trying to find an edge only to arrive at a conclusion that one does not need an edge & that I don't have enough brain cells.

If a throw of a coin ultimately ends up being a 50/50, then imagine if heads paid x 5 whatever is the loss on tails?

I haven't a clue what edge is, one poster said it had to do with execution vs some trading system, An example would be the high frequency trading who are colocated at the exchanges. I have to say as a scalper how much speed do you need? As a market maker wanting to take the retail trades vs the other mm's then you are gonna have to be faster or take more risk. Anyway, the discussion of edge is a beaten dead horse to me. Show someone your "edge" around here and they will laugh at you or tell you its photoshopped.

 

[Lawrence Chan]

Quote from kinggyppo:

I haven't a clue what edge is, one poster said it had to do with execution vs some trading system, An example would be the high frequency trading who are colocated at the exchanges. I have to say as a scalper how much speed do you need? As a market maker wanting to take the retail trades vs the other mm's then you are gonna have to be faster or take more risk. Anyway, the discussion of edge is a beaten dead horse to me. Show someone your "edge" around here and they will laugh at you or tell you its photoshopped.

King,

Reminded me of my friend who is very much convinced with conviction to go long on some financials today, on leverage ...

Edge, to some, who wanted no risk, get them in direction collision with the firms who dominated the area in terms of technology, brain power, and most important of all, pure capital. How fast you think a retail trader can get access to an exchange? Do they think that they can beat the firms who have their seats and board memeberships there, for nothing?!

That is sad because retail traders, who chase after these stuff, are bound to fail.

Keyword here is patience and control your risk.

To win as retail traders, you get your edge through proper position sizing (deleveraged in risk) with techniques to optimize return (good profit targeting). It takes good discipline to be a good retail trader.

Some, who is properly capitalized, with better knowledge, may rise to the next level where the big boys' game is played. And it is not a game for everyone. It takes huge capital to start with and misunderstanding your strength will shrink your capital to retail traders' level in no time.

 

[Pekelo]

Quote from pokito:

says market makes no sense to her..

Well, simple explanation: dollar

As long as the measuring instrument keep changing and a lot, everything else changes with it in the opposite direction.

Yes, technically the market doesn't make sense, but just wait for a day when the dollar actually gets a little strength and we will have a 30 pts drop...

 

[gkramer]

IMO we are at or within a few pts of the high of this extension beginning the first week of Nov. I believe we will consolidate between here and 1080 for the rest of this week as retail attempts to breakout. We will base at the 1045-1050 area the first week of Dec for another attempt to push higher. I will be looking to get short towards the end of the week, and scalping along the way.

 

[kinggyppo]

Quote from kinggyppo:

I have posted this before this is for newer traders who have never been on the floor. Explains the auction process rather well and how price can move up on lighter volume, watch the first 20-30 minutes. scroll to "jpj follow up discussion"

http://portal.knowledgebase.net/display/2n/articleDirect/index.asp?aid=305237&r=0.1057093

some people were having trouble accessing the link;if you type in market delta videos into google, then go to entire video index. The file you are looking for is "JPJ follow up discussion" see first 20-30 minutes. discussion of bid/offer starts around minute 15. Good trading.

 

[kinggyppo]

Quote from Lawrence Chan:

King,

Reminded me of my friend who is very much convinced with conviction to go long on some financials today, on leverage ...

Edge, to some, who wanted no risk, get them in direction collision with the firms who dominated the area in terms of technology, brain power, and most important of all, pure capital. How fast you think a retail trader can get access to an exchange? Do they think that they can beat the firms who have their seats and board memeberships there, for nothing?!

That is sad because retail traders, who chase after these stuff, are bound to fail.

Keyword here is patience and control your risk.

To win as retail traders, you get your edge through proper position sizing (deleveraged in risk) with techniques to optimize return (good profit targeting). It takes good discipline to be a good retail trader.

Some, who is properly capitalized, with better knowledge, may rise to the next level where the big boys' game is played. And it is not a game for everyone. It takes huge capital to start with and misunderstanding your strength will shrink your capital to retail traders' level in no time.

thanks LC I always enjoy your input. I guess an edge would be going all in and being right, helps if you have been dealt a royal flush, don't get that in trading, at least I don't. I have one account where I went months without a losing trade, then I literally could not buy a good entry. I chalk it up to randomness of short term entry, still it is aggravating as all hell.

 

[startraitor]

Staying short with same stops and profit target, breaking 1082 and will look to add.

Quote from startraitor:

Staying short here, same stops and targets.

edit: should be short and stop 1115

 

[Pholeuon]

Second half sold at target 1101, with this target I had really luck.

Quote from Pholeuon:

Short 1111.75 stop 1122, target 1100,
swing.

Half out at 1105, rest stop lovered to 1110.25, target 1101.