ES Journal Archive (2009 - 2010)

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Quote from emg:

to take the emotion off, people need $100K per contract. I mean, this is futures market.
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for average-down gamblers who don't have the first random clue about successful trading, $100k per contract ain't enough. It'll still turn to $0 eventually.

for skilled traders who know exactly what to do in all situations, $100k is enough for fifty contract positions.

for what it's worth, the first major step from veteran pikerville to long-term successful trading is stop fighting the market and harness its energy.

winners make the market their faithful servant. losers make the market their bitter adversary.
 
Quote from emg:

to take the emotion off, people need $100K per contract. I mean, this is futures market. if anybody tells me future market is not risky, they are dead wrong even if places stop loss. look at yesterday, 10pts leaped per 5 seconds. let me give u an example

in dec 2003, i almost got killed trading in the live cattles market when the media released mad cow dieases the day before xmas. after the news came out, cattles market went limit down 3pts 4days in a row. i was long and could not exit my positions. and i was down $67K on day 3. on the 4th day, the market retraced more than 5pts. also, my broker was presuring me to exit fast because i was on the delivery week

summer 2005, beans went limit up and down 50pts every week. In 2007, beans went limit up and down 90pts. i was trading in that markets

fall and winter 2008. stock market crashed.

the question is, would i trade with less than $100K in the futures market?

i mention before in this post, i think in march that futures market is the riskiest market. however, many critics disagreed with me.

I think that is why 90% of the people lose trading in the future market because they do not understand the risk involved and trading with little money in the account.

how i trade is, with substantial money in the account or $300K plus with few contracts to trade because i be adding. that is how i control my emotion and fear.

i dont over trade. never
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the disaster yesterday is nothing to me compare to 2003 mad cow disease when the cattle market went limit down and i was facing delivery notice

that was my worst fear and experience ever as of YET
 
Quote from bighog:

Everyone was "GREEN" yesterday. I did not participate yesterday after trading earlier to the downside and was flat at the time of the 'off the reservation" happenings. You might ask... WHY NOT?

Because when the computers go apeshit there is a chance your order will get a HORROR fill because during FAST MARKETS trades can be busted. I can make money during NORMAL mkts, why would i want to play in a situation like what i saw yesterday? Like i said, the RISK to REWARD was not wise.

If you were around when a pit was deemed to be "FAST" by the exchange, that meant all orders were "NOT HELD", that simply means the exchange, the broker who fills orders was NOT responsible WHERE or WHEN your order was filled. It was and still is a license to steal.

In other words............. "TOUGH SHIT"

Gee, i am a DUDE, i am impressed. :eek: :D

PS: you claim everyone is experienced and conditioned these days? Really? Are you sure? You fail to understand that as humans we are all flawed in certain situations. :D HOG OUT!!!
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I talked about these orders not held situations here, long time ago (like several years ago?) just to remind the newcomers at the time you can get limit down, there may be no bids at all. Thus proper money management is more important than anything else in trading.

And obviously computers and networks will be (and it was yesterday) all messed up. Hands off is a great idea unless you have a profitable position to manage.

Of course not everyone is experienced and ready to handle this kind of situations. Some people never learn their lessons. =)
 
Quote from emg:

the disaster yesterday is nothing to me compare to 2003 mad cow disease when the cattle market went limit down and i was facing delivery notice

that was my worst fear and experience ever as of YET
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Thanks for mentioning the bean limit up (and down) days.

Was trading that at the time too. It was bad.
 
LC,

My position on the market has not changed. This drop from 1208 down to around 1020 is the next big buy to propel us to 1475. When we poke 1475, the markets will collapse and trade down to 265.

Best,
wave
 
Quote from wave:

LC,

My position on the market has not changed. This drop from 1208 down to around 1020 is the next big buy to propel us to 1475. When we poke 1475, the markets will collapse and trade down to 265.

Best,
wave
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you're joking, of course.
 
Quote from wave:

LC,

My position on the market has not changed. This drop from 1208 down to around 1020 is the next big buy to propel us to 1475. When we poke 1475, the markets will collapse and trade down to 265.

Best,
wave
More...

Thanks for the update.

I am looking for a few days of going nowhere, and then, a retest of this "spike" low sometime within this summer.

If and should 1000 failed to hold the mkt up, I guess we have to see 900 first by October. =)
 
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