ES Journal Archive (2009 - 2010)

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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.
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One thing that helped me transition from a scalping to being able to catch larger moves intraday was walking away like you. Once in the trade, it is either going to lose or win and sitting there watching every tick is not beneficial to you. I don't know about leaving for 4 hours during rth but going to another room or just watching tv etc will give your mind a break and let the trade work. Once in the trade I have my exit and stop set and will only adjust to trail for more profit. What is relevant is how much you can afford to risk if the $hit hits the fan. I will often walk away in ah to either mow, go out to eat, take a nap, etc and feel fine doing so because I usually trade smaller size then. I will not walk away for long if I am trading size. In the end you goal is to spend the least amount of time in front of the screens that will generate the most profit so that you may enjoy the true reason for trading. Freedom.
 
Quote from volente_00:

One thing that helped me transition from a scalping to being able to catch larger moves intraday was walking away like you. Once in the trade, it is either going to lose or win and sitting there watching every tick is not beneficial to you. I don't know about leaving for 4 hours during rth but going to another room or just watching tv etc will give your mind a break and let the trade work. Once in the trade I have my exit and stop set and will only adjust to trail for more profit. What is relevant is how much you can afford to risk if the $hit hits the fan. I will often walk away in ah to either mow, go out to eat, take a nap, etc and feel fine doing so because I usually trade smaller size then. I will not walk away for long if I am trading size. In the end you goal is to spend the least amount of time in front of the screens that will generate the most profit so that you may enjoy the true reason for trading. Freedom.
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Good advice.

I was just wondering, let's say you are holding a position, some time later on you see that market is reversing, do you reverse or stick to your guns with letting initial trade get stopped out? I know it's a rather complex question as sometimes markets do reverse, other times they don't. Personally, I struggle with reversing a position that I am trying to ride after scale out has taken place. Do you have a protocol in place?
 
Quote from Pekelo on 8/3:

I don't think we will go much over the upper BB here, on this weekly chart:

124y1c1.png
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Let's see 2 weeks later:

fbhpae.png


Judging by this morning's huge downgap, it is very probable the upper BB caught the rally...The 1018 cash high was predicted by the dragon pattern, posted in its thread...
 
Quote from Pekelo:

Let's see 2 weeks later:

fbhpae.png


Judging by this morning's huge downgap, it is very probable the upper BB caught the rally...The 1018 cash high was predicted by the dragon pattern, posted in its thread...
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Was actually just about to praise you regarding the 1018 call by the dragon pattern.

1000 ways to skin a cat. I use guppy MAs, momo counts and a proprietary Macd-BB. My custom FX pivots are unreal.
 
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