ES Journal Archive (2009 - 2010)
- Thread starter Jahajee
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My friend Robert Weinstein recently cornered me on my trading. He always suspected all that higher low/lower high, 20-bar EMA, double top/double bottom, overbought/oversold, support/resistance stuff I talked about was a bunch of crap and somehow he knew what I was really doing: I use a lucky coin. Heads=long; tails=short.
He was my first mentor on ET. http://www.elitetrader.com/vb/showthread.php?s=&threadid=126492&perpage=10&pagenumber=1
Hehe. What I use HH. HL., LL, LH for is to help determine the current trend. I normally do not make trades based on this but, then use an indicator once I determine the trend, to help me either get in on a good trend trade or counter trend trade.
However, what I believe I did today, is that I was watching the market and saw that I thought getting long around 1125 would be a good idea, however, the market then started moving fast up from where I wanted to get long without me. So, instead of getting in at the price I wanted, I chased the market and threw 2 contracts in at market price which was 1127. Of course, as soon as I went long, the market went down, and also my auto-strategy was wrong since it had a 1 point stop and I wanted a 2 point or greater with this trade.
Then I thought I would take 1 contract off at BE and also add 1 contract at a lower price if it kept falling. But then I thought, this is not how the trade is supposed to be designed, I am suppose to get a profit with the 1st contract, and let the 2nd run awhile. So instead I took the 1st contract off at .75 profit instead of 1 point which I could have gotten, and then the 2nd off at around 1.50 profit while I should be trying for 2 points or greater. My strategy is supposed to help me manage these trades, but I had to do it manually since I killed the strategy. and market closes can cause you to lose .25 of profit sometimes.
However, what I believe I did today, is that I was watching the market and saw that I thought getting long around 1125 would be a good idea, however, the market then started moving fast up from where I wanted to get long without me. So, instead of getting in at the price I wanted, I chased the market and threw 2 contracts in at market price which was 1127. Of course, as soon as I went long, the market went down, and also my auto-strategy was wrong since it had a 1 point stop and I wanted a 2 point or greater with this trade.
Then I thought I would take 1 contract off at BE and also add 1 contract at a lower price if it kept falling. But then I thought, this is not how the trade is supposed to be designed, I am suppose to get a profit with the 1st contract, and let the 2nd run awhile. So instead I took the 1st contract off at .75 profit instead of 1 point which I could have gotten, and then the 2nd off at around 1.50 profit while I should be trying for 2 points or greater. My strategy is supposed to help me manage these trades, but I had to do it manually since I killed the strategy. and market closes can cause you to lose .25 of profit sometimes.
Enough no doji. The dudes hardly made a dime in 2 years of trading and even he'll tell you that. His fatal mistake is his addiction to shorting skying stocks for 90% of his trades which is insane. What kind of mentor is a guy who shorts breakout stks the last year in the face of the greatest rally in history? Robert seems like a nice guy but the way he trades is flawed.
He is a counter-trend RTM trader who fades the move rather than waiting for confirmation. He was caught in the HAR scam last year and lost $118K after more than doubling his trading account in a few months. This style of trading has a very high win rate and every now and then large losers. Many highly successful traders trade this way, Lescor being one of them. Despite the HAR hit, Robert was still profitable last year. It's very sad that legitimate trades in a fast market get busted, but trades based on a false press release by a consortium looking to make millions on a carefully planned scam are left to stand.
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