ES Journal Archive (2009 - 2010)

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Quote from oraclewizard77:

Let's just say I had a plan. and it was not to keep scaling down by 2 points. I determined that ES had in fact made a bottom for the day, so I went long on a high probability trade going for 2 points target. Now since I felt I was trading with the market, I decided before hand that in case for some reason the market decided to f with me, I would go long one more time 2 points lower but above my stop instead of taking the standard 2 point stop on the 1st trade and then set my target to 1168, and the market actually did go higher than my target.

Now this is not good risk vs reward, and may not be the best way to trade, but I could have either practiced good risk vs reward, or made money. I chose to make money.
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In any case, I'm glad this one worked out for you. Can't argue with booking a profit.
 
Quote from emg:

averaging down 1-2pts are a big no no result to lopsided risk/reward. the point of averaging down is the chase the market because the new resistence/support formed. when averaging down must be far away from the average price because u want to lower your average price to 2-3pts instead 2 ticks. if u average price lower to 2 ticks, u just increase your risk by increasing your leverage and the odds are hitiing your profit target is slim.
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When I average down at extremes with ES in my sim account, I would always space the entries by either 3 or 5 points depending on the ATR's of the day.
 
Quote from oraclewizard77:

However, I do think that ES is somewhat like poker, I went long and felt I had a good hand. The other traders raised me on the turn and suggested that their cards were better, but they could be bluffing, so I decided to protect my bet, and called the raise. On the river we both checked, and I ended up having the best hand.
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lol, how would you compare a check raise on the river or a "three barrel"?

http://www.flopturnriver.com/poker-dictionary/triple-barrel.php
 
Quote from oraclewizard77:

It seems if I average down 3 times, usually I lose money so I don't like to do it so I would call it being on tilt or revenge trading.
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I have yet to average down in my live account. I just don't see any reason for it in day trading.

Now if I was building a swing position near an extreme, looking for RTM (like ammo and AMT do), that would be different, but for now I'm strictly day trading.
 
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