out +1.25
wow what a squeeze
ES Journal Archive (2009 - 2010)
- Thread starter Jahajee
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out +1.25
wow what a squeeze
No offense Jason. But I've watching your risk/reward and it's pretty scary. I get the feeling you're playing the hope trade (Hope that it comes back to you), and the moment it does, you take the slightest possible profit...perhaps to cover commission. you let a trade run aainst you for > 2 points, then you take a half a point profit...that's not efficient trading.
Please be careful, and define your risk before trading. Goodluck, I wish you and everyone here success. I hope you see this as the friendly/"looking out " gesture that it is...
Not sure about "Jason," but I appreciate the "thought process" or "constructive analysis" of your own or other's trades.
Agreed... for example, I look at my lousy entry around 10AM at 74 during continued downward momentum and a stop right on 72 instead of getting a better entry near 873- (which was almost guaranteed) and setting stop 1+ point (better 1.5) below 72 to allow wiggle room for a major support area.
On second thought, it was a very lousy noob move needing no analysis.
No offense taken. I am a new trader to ES (only since 04/29) and have made close to 300 trades of which about 290 have been BE or positive and the other 7-8 trades HUGE losses. I have gone from $10K to $12.6K to $9K to $15.2K to $8K to now at 13,243 at this exact moment with no positions.
I am only trying to get a feel. Everytime I have taken a loss, the market has come back if I would have just waited and not added 2 or 3 extra contracts which didn't give me the ability to wait. I tried trading with a 2-3 point SL for a couple weeks and did not get any traction. I am back trading with no "hard" SL, but have added a catastrophic SL (10-12 points depending on trade) as to not allow a position move 25-30 points against me and am overly cautious not to add to positions too quickly.
As for the trade you quoted, I do try to pick mini tops and bottoms and missed that one, so I was happy to make $20 on a mistake and hold the second for a few more points for a better profit.
I know this is not how many trade, but it is somewhat working for me as I have to tweak and understand how I work/handle with real money on the line and what works for me on a day to day basis.
/sells ES 883.5 stop 884.75
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