Nice hit...
NiN
ES Journal Archive (2009 - 2010)
- Thread starter Jahajee
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Nice hit...
NiN
And your stop is....?
NiN
118 - 123
magnet 120
1000 ES
What with the natural upside bias of the ES I think I am certain to be able to work my way out of trouble if it goes down a little, adding long improving my average, and waiting for the inevitable big bounce.
avg is long 1217.25
Even if your account allows drawdown 100-200 ES points (what is real danger especially now when we rise so much, I do not speak about 600 points like it happened) per your position I personally do not see any sense hold it that way.
Do not forget that you can be underwater months, even years.
I am averaging down myself. However it is both art and science and it needs steel discipline and to be well thought in advance. Impulse averaging down is worst habit you can have.
For example- average down for less than 10 ES points if your position was over 20% than your account allows is plain stupidity - and sooner or later will wipe as minimum half of your account.
Analyse yourself what I wrote that with past data.
And one another thing - it is way more dangerous in long positions than short. Short positions is plenty time to exit before real damage happens, this luxus we do not have in long positions.
Disclaimer - I am trading both sides with slightly more long trades.
Do not forget that you can be underwater months, even years.
I am averaging down myself. However it is both art and science and it needs steel discipline and to be well thought in advance. Impulse averaging down is worst habit you can have.
For example- average down for less than 10 ES points if your position was over 20% than your account allows is plain stupidity - and sooner or later will wipe as minimum half of your account.
Analyse yourself what I wrote that with past data.
And one another thing - it is way more dangerous in long positions than short. Short positions is plenty time to exit before real damage happens, this luxus we do not have in long positions.
Disclaimer - I am trading both sides with slightly more long trades.
Ok...so this is a paper trade or sim...hope you learn something from it....maybe you could let us know your 'step downs' and profit targets....you may get some useful tips...
NiN
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