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ES Journal Archive (2009 - 2010)
- Thread starter Jahajee
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Dollar index back to November 20 "fat finger" event trigger. Fat finger my ass! Not literally!
Quote from tstones:
that's not the point. A day like this offers opportunities for both bull and bear, one can make money from either side.
A day that just grinds up with no pullback? no thanks.
I'm not a bull or a bear. I am a daytrader. I trade 90% mechanical system based on my thousands of hours in screen time and years of trading. That is all. Just making an Friday observation!!
I wasn't even directing this statement at any one trader as I rarely read these posts. Although ammo took it personally. I just know there are many traders looking for that elusive out of the blue reversal day.
Trust me I was stuck short more times then I care to remember in my day hoping for something like this to bail me out. I never got lucky though.
And yes, now that I am strictly a trend trader I LOVE days that grind UP OR DOWN with no pullbacks all day!!!!
Quote from ammo:
Quote from flipflopper:
The first problem is that you are calling this a bs rally. Who gives a fuck if it is bs or real. P/L statements really can't tell the difference.
I was once like you. I had logic and fundamentals on my side. I was screaming bloody murder when the dow was at 13,500. Then on my birthday July 12th 2007 I learned the market really didn't give a fuck. I had averaged into 20 YM contracts short. Lost 65% of my account in one day. Was I right? Yes, I knew the fundamentals were fraudulent. I knew the market was in a bubble and that real estate was set to crash. The financials were bk.... everyone knew that. What did my "brilliant foresight" get me? A massacre.
I had to learn to ignore fundamentals and listen to price. Fundamentals are for fund managers who get leaked info and have a staff of highly paid highly intelligent researchers with unlimited resources.
Don't fuck with it. Like I said they will wipe you out. One day the market will break so hard against you it won't even be your choice. Your broker will do the buying for you.
We all go through different journeys in this game. Every one who makes it deserves every penny they earn. [/QUOTE had 1 of those days in '89,short a boatload of oex puts,dow dipped 50 points, clearing firm made me cover, down 190 k in one day, 2 weeks later all those puts went out worthless,lessen learned , dont oversize your position and constantly adjust,i constantly reduce and adjust my avg price, and have a max $ position loss limit
That's a terrific story I'm sure that the majority of us can relate to, and try to learn from. Thanks for sharing ammo.
Dollar is tearing up the shorts! So this is what a crowded trade looks like.
Quote from flipflopper:
No offense ammo but your risk of ruin is virtually 100%.
You average down, no?
Trust me, I am happy it worked out for you today. I can't control the markets but I do know that this plan will end badly.
I rarely agree with the stuff posted on this journal, lot of nonsense, conspiracy theories, bullcrap predictions, far from transparent trading but what flipflopper just said is as on the money as 700 ES LEAPS.
Ammo is trading like a complete lunatic, not only is it irresponsible, but you doing this amateurish adding to losers "technique" on a public forum, it's like a disease. If you are sick and sneeze, cover your mouth man, newbies are reading this journal. Rookies be forewarned, this is a quick path to destruction.
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