ES Journal Archive (2009 - 2010)

smilingsynic · Aug 14, 2009

Quote from jason586:

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 2 with 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 very much 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?

No.

jason586 · Aug 14, 2009

Quote from smilingsynic:

No.

Thanks.

BoyBrutus · Aug 15, 2009

Quote from romik:

This week we go down 99% certain (substantially)

Wow this week ended it the 1% of special weeks, it's dem PPT trannies.

kinggyppo · Aug 15, 2009

Quote from jason586:

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?

None of my business but this sounds like someone who doesn't take trading too seriously " Then went and played 18 holes which takes about 4 hours (back at 12:00-1:00), then reevaluated again in a similar way" Your saying that you expect the market to be your atm, many of us have gone thru that phase. We would all like to be trading from the yacht but unless you have made it, meaning you can live off your tbill income, you need to get more serious. Hard stops or hard mental stops, have you ever seen the market gap down 50 points, it happens.

http://books.google.com/books?id=09...esult&ct=result&resnum=1#v=onepage&q=&f=false

wmb · Aug 15, 2009

Quote from kinggyppo:

None of my business but this sounds like someone who doesn't take trading too seriously " Then went and played 18 holes which takes about 4 hours (back at 12:00-1:00), then reevaluated again in a similar way" Your saying that you expect the market to be your atm, many of us have gone thru that phase. We would all like to be trading from the yacht but unless you have made it, meaning you can live off your tbill income, you need to get more serious. Hard stops or hard mental stops, have you ever seen the market gap down 50 points, it happens.

http://books.google.com/books?id=09...esult&ct=result&resnum=1#v=onepage&q=&f=false

Yes, I have.... seen it gap down. I'm trying to work this stop problem out ! Will someone answer this question...how or why do you place the stop? I know what "stop" order means, would you literally place the stop at the same time as a limit order?sorry for the new trader question but i struggled finding the answer or i leaped on the thread that had the statement of stops. any info would help.

Ramp · Aug 15, 2009

Quote from wmb:

Yes, I have.... seen it gap down. I'm trying to work this stop problem out ! Will someone answer this question...how or why do you place the stop? I know what "stop" order means, would you literally place the stop at the same time as a limit order?sorry for the new trader question but i struggled finding the answer or i leaped on the thread that had the statement of stops. any info would help.

You really need to find what works for you - placing the stop at the same time as the limit is certainly an option. If you are going to be away from the screen while in a position, having open stop and target orders can be a disaster unless one cancels the other when executed. If you are new, always use hard stops and only move them in your direction and don't forget to cancel them if you exit the trade on a limit.

smilingsynic · Aug 16, 2009

Quote from Ramp:

You really need to find what works for you - placing the stop at the same time as the limit is certainly an option. If you are going to be away from the screen while in a position, having open stop and target orders can be a disaster unless one cancels the other when executed. If you are new, always use hard stops and only move them in your direction and don't forget to cancel them if you exit the trade on a limit.

OCO orders (one stop, one limit) can be placed right at the time. One doe not need to be at the screen to cancel the other order.

jason586 · Aug 16, 2009

Quote from kinggyppo:

None of my business but this sounds like someone who doesn't take trading too seriously " Then went and played 18 holes which takes about 4 hours (back at 12:00-1:00), then reevaluated again in a similar way" Your saying that you expect the market to be your atm, many of us have gone thru that phase. We would all like to be trading from the yacht but unless you have made it, meaning you can live off your tbill income, you need to get more serious. Hard stops or hard mental stops, have you ever seen the market gap down 50 points, it happens.

http://books.google.com/books?id=09...esult&ct=result&resnum=1#v=onepage&q=&f=false

No offense taken.

Yes, I do not need this for income to live. I am not wealthy by any means but I am 34 (married & 3 great kids) and do not have to work due to paying off all my debts (no mortagage, credit cards, car payments, etc) and just move and build a new house every 2-3 years with zero taxes due to the IRS (24 out of 60 month primary residence advantage) - thus $100K in the pocket (35-50K/year - plenty for us to live on in Arkansas with no debt). So, I can't complain about my life - golf, swimming, sex, kids, etc everyday.

As far as trading, I leave because I am serious; but I still act too much on emotions as I am a natural risk taker. For the time being, I have found setting limits and stops - then walking away to something that takes my mind off the markets short term - has made me a bit more logical in my trading especially at the open and worked better over the past 2 weeks. I then can not tweak or meddle into my original thoughts.
I am DEFINITELY a work in progress as trading is a great challenge, and I have not failed at many things in my life. I certainly did not expect this run from 865 to 1015 to not have any decent pullbacks and did not execute proper stops or money management, so I am not in the postive anymore - but I am climbing back to breakeven after a decent week with a very disappointing finish on Friday afternoon by going back to a bad habit.

ASusilovic · Aug 16, 2009

Quote from saliva:

Cheer up!

Whatever your comment, saliva - to be honest I did not read it....I am convinced !

kinggyppo · Aug 16, 2009

Quote from jason586:

No offense taken.

Yes, I do not need this for income to live. I am not wealthy by any means but I am 34 (married & 3 great kids) and do not have to work due to paying off all my debts (no mortagage, credit cards, car payments, etc) and just move and build a new house every 2-3 years with zero taxes due to the IRS (24 out of 60 month primary residence advantage) - thus $100K in the pocket (35-50K/year - plenty for us to live on in Arkansas with no debt). So, I can't complain about my life - golf, swimming, sex, kids, etc everyday.

As far as trading, I leave because I am serious; but I still act too much on emotions as I am a natural risk taker. For the time being, I have found setting limits and stops - then walking away to something that takes my mind off the markets short term - has made me a bit more logical in my trading especially at the open and worked better over the past 2 weeks. I then can not tweak or meddle into my original thoughts.
I am DEFINITELY a work in progress as trading is a great challenge, and I have not failed at many things in my life. I certainly did not expect this run from 865 to 1015 to not have any decent pullbacks and did not execute proper stops or money management, so I am not in the postive anymore - but I am climbing back to breakeven after a decent week with a very disappointing finish on Friday afternoon by going back to a bad habit.

ok I was not trying to bust on you but futures are a different animal, your margin is just a downpayment. Personally, I would never leave the screen with even one futures contract active. Also, people need to have a power backup and your brokers number taped to your monitor just in case. Very good traders have been blown out due to execution risk, talk to some floor traders from 87' and you will see what I mean. Good trading.