ES Journal Archive (2009 - 2010)

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Finally turned positive for the day since last night. My main mistake was trading last night. The problem was that in NT 7, you can specify on your charts a session manager for example that will display certain charts only during RTH, so even though contracts trade in the night session, my charts were frozen. So it was like playing with 1 hand tied behind your back.

Today was also hard, since I actually picked one of the lows to the exact tick, the market traded there, and I did not get filled. I guess the only people who got filled either had orders there a long time before me or traded with fill on touch.

I say the good news is that I did not chase it, instead I placed an order to get filled .50 above this low, and the market filled me and only gave me .25 heat. The thought on this trade was that I feel for today that my risk vs reward has been pretty shity, so I decided to make it just equal, and had the balls to hold till my target got hit. I hope you all did ok today, I think it was hard to trade today.

I already have over traded, so since I am positive for the day, I am switching to sim now.
 
Quote from Arthur Deco:

Petty, great stuff, thanks, but why aren't you concerned that revealing how you trade will let more hogs slop at your trough and shoulder you out?
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Thanks Arthur. I agree with you and it is a fine line to walk.

I am here to help share some of my fundamentals to trading the ES (and gain some insights of my own) for those that want to listen. I will never divulge actual trading models I use day to day. I can't. But I will share trading models that I know are successful and that are not main stream.

But that being said, an astute trader can take what I slowly trickle out here on these boards and probably come up with some new techniques and signals of their own and gain valuable insight.

Side Note:

I guess I don't like that the pundits in this industry charge for "valuable" information. If it is so valuable why do they need to charge for it? Isn't it making them money? And a lot? So why sell it? Trading is unique in that ingenuity doesn't have to be for sale...it can be plugged into an exchange and make the inventor money right away, no mass consumption needed...

So If in a casual format I divulge some information that isn't lining every book and someone starts to use it and make a living then I have added a very free service to a very expensive Industry. Its the guy that is starting out that usually cant afford to spend money on "good" information...I believe it should be free.
 
Petty, thanks for explaining. Let me try on your shoes. Let us postulate that you have a futures system which makes 50% per contract per month in small size, a fairly typical system. Of course you will not give it away. Where is the crossover of your threshold of pain and your impulse to generosity? A system that makes only 5% per month? I ask because I have a basement full of really shitty systems like that, but still I would never give one away, just because I am petty.
 
Unless I feel for example I am in a trade, and I think it will reverse on me so I might flatten at market, I usually like to use a limit order to get me in and to get me out. The main reason is with a market order, you are losing .25 most of time which can add up. Also, you can have a very violent reaction, for example, the market bounces 1 point in less than 2 secs, and then I end up chasing, trying to place an order on the DOM right above the current market price, but then it keeps not getting filled until I finally get in right when the market decides to reverse on me.

Quote from Arthur Deco:

Wiz, curious why if you have such success identifying turning points you don't use market orders to get in the game.
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Quote from petty1978:

Thanks Arthur. I agree with you and it is a fine line to walk.

I will never divulge actual trading models I use day to day. I can't. But I will share trading models that I know are successful and that are not main stream.

I guess I don't like that the pundits in this industry charge for "valuable" information. If it is so valuable why do they need to charge for it? Isn't it making them money? And a lot? So why sell it? Trading is unique in that ingenuity doesn't have to be for sale...it can be plugged into an exchange and make the inventor money right away, no mass consumption needed...
More...

maybe I need to read thru that one more time... but it looks like you're talking out of all three sides of your mouth there.

you are willing to divulge valued info, but you can't.

ingenuity can be simply plugged into the market and make the operator (inventor or free recipients) money right away. really now? no learning curves involved? no nuances to navigate? no weeks or months of practice and study to get it all right?

fascinating stuff. look forward to full disclosure of that
 
Quote from Arthur Deco:

Petty, thanks for explaining. Let me try on your shoes. Let us postulate that you have a futures system which makes 50% per contract per month in small size, a fairly typical system. Of course you will not give it away. Where is the crossover of your threshold of pain and your impulse to generosity? A system that makes only 5% per month? I ask because I have a basement full of really shitty systems like that, but still I would never give one away, just because I am petty.
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I would never share a trading model that doesn't produce and keep a trader frustrated. If I share something it will have a great ROI.

My threshold is not "return" based. It is 'do I use it' based. I don't trade more than 1 trading model per account. This is part of my money scheme, it keeps automation simple, I never have signals crossing over each other and conflicting with direction. It allows the money scheme to be utilized to a full and grow the account. Now that being said I don't have a need to trade more than 6 signals for the ES at any given time...I am always refining and simplifying my trading models [mostly for platform and code development reasons] and returns are almost never why I would remove a signal and replace it in the hierarchy.

So, at this time in my trading career, I have many models just sitting around not being utilized and never will and I am at the stage where I can share them and understand what they actually are: Guides or Signals.
 
Thanks for explaining, Wiz. I asked because I only use market orders, but I am a strict system trader. Are you implying that the cumulative lost profit from paying the spread is worse than the lost profit from missing trades you wanted to be in but couldn't because you didn't get filled?
 
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