ES Journal Archive (2009 - 2010)
- Thread starter Jahajee
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Everyone assumes that the market will not selloff much, and will rally at the end of the day, and day after day everyone is right. So why bother selling at all when you know the market will come back?
Zero effort to mark it above 1000 once again. There continues to be no bears at all, just bulls taking some profits and waiting for the daytraders to go short so they can buy a little lower, then they know the daytraders will be forced to cover at the end of the day.
One day there will be actual selling, but it should be easy to recognize since the market will not follow the same exact script it has followed for 25 straight days now.
Zero effort to mark it above 1000 once again. There continues to be no bears at all, just bulls taking some profits and waiting for the daytraders to go short so they can buy a little lower, then they know the daytraders will be forced to cover at the end of the day.
One day there will be actual selling, but it should be easy to recognize since the market will not follow the same exact script it has followed for 25 straight days now.
GGGRRRR...That was great, Jason.
While in front of the screen I again got sucked in, didn't use/reenter stops, and now am holding over the weekend - after a great call, hold, and fill not in front of screen earlier today. Reguardless of what the market did, I lost focus of my money management!
Overall, some better trading this week not being in front of the screen using stop and limit orders, but it all feels "for not" ending on a bad note (possibly terrible depending on 5PM Sunday) before the weekend.
Some of your guys calls are great, gives us newbies an inkling of hope (and probably a bad Omen too).
I got stopped out (very short stops) right before two sizeable moves. Became gun-shy after that and watched it all unfold (move up from 995). I'm learning
Appreciate all the commentary though!!
I got stopped out (very short stops) right before two sizeable moves. Became gun-shy after that and watched it all unfold (move up from 995). I'm learning
Appreciate all the commentary though!!
This week I traded better:
when I went all in (4 contracts for me) from the beginning of my trade verus averaging in while in front of the screen. I was nervous/scared to hold too long at $200/point which kept me sharper and I didn't hang on to losers and used much harder stops due to some (I believe healthy) fear.
AND
when I put a sell limit orders at the open for 1 contract 8-11 points above current price and another contract 8-11 points above that. Same with 2 buy limit orders below. Then went and played 18 holes which takes about 4 hours (back at 12:00-1:00), then reevaluated again in a similar way.
BUT
when I was in front of the screen and went in "more carefully" with only 1 or 2 contracts, I felt more confident and relaxed in my positions because I had "more ammo left" giving me a feeling that I had more control due to the extra contracts to play with - which in the end was a false confidence that cost me the most money in the end.
This week I also noticed that I would continue to hold the positions longer at the end of averaging in the 4 contracts because I became used to the market moving the opposite way of my positions from the first contract to the 2nd, 3rd and 4th contracts. When the market moves against me with 4 on the line from the beginning, not only am I on full alert but there is a shock to my system versus being slowly sucked in while adding.
Is this similar for anyone else?
when I went all in (4 contracts for me) from the beginning of my trade verus averaging in while in front of the screen. I was nervous/scared to hold too long at $200/point which kept me sharper and I didn't hang on to losers and used much harder stops due to some (I believe healthy) fear.
AND
when I put a sell limit orders at the open for 1 contract 8-11 points above current price and another contract 8-11 points above that. Same with 2 buy limit orders below. Then went and played 18 holes which takes about 4 hours (back at 12:00-1:00), then reevaluated again in a similar way.
BUT
when I was in front of the screen and went in "more carefully" with only 1 or 2 contracts, I felt more confident and relaxed in my positions because I had "more ammo left" giving me a feeling that I had more control due to the extra contracts to play with - which in the end was a false confidence that cost me the most money in the end.
This week I also noticed that I would continue to hold the positions longer at the end of averaging in the 4 contracts because I became used to the market moving the opposite way of my positions from the first contract to the 2nd, 3rd and 4th contracts. When the market moves against me with 4 on the line from the beginning, not only am I on full alert but there is a shock to my system versus being slowly sucked in while adding.
Is this similar for anyone else?
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