ES Journal Archive (2011)

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ok, Apparently Airwaves DOES use stops...just very very very big ones.
Maybe i'll look into that.
200 ES points stop maybe? I could afford a few of them getting hit (which just aint gonna happen) before my profits made thus far are in danger?
Dont know. I'll have to do some maths.
Getting late here.
Good luck for tomorrow.
 
Quote from Rickshaw Man:

Look for bullish patterns in an up-trending market, thats how you make money.
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both those patterns are still intact, hns patterns are distribution which is bearish,even though the right shoulder seems bullish,posted last nite on the mp chart,if it's going up ,or down,to where? ...nice to have an idea of ..where...is
 
If you can double your account again after and get it up to 40k, then it will literally be impossible for you to be wiped out.
The drop would need to be gargantuan. Like, a new 911 terror attack everyday for a fortnight! :D
But that would never happen. We've already seen about the worst of it with the banks/credit crunch situation a while ago now. That was very nasty but even that drop wasn't ever so deep, not to mention that fact that it's since been recovered despite an absence of positive news! I think you'll be laughing.
Only issue is that you'll need to be content with just making a few hundred pounds (say $350) per week and have possible spells of making nothing while you wait for your next average price and the enevitable bounce
 
i c Fed, the only thing I think you need to do that you're not doing now is get it in your head that you will have to take losses every now and then, and now is the time to figure out EXACTLY how/when you will take them. You simply can not win on every trade, because some time, some day, rest assured the market will NOT come back to your entry (for days, weeks, months .... ). This scenario WILL HAPPEN.

So you need to decide ahead of time how to handle that - even if you only use the most extreme 3-4 crashes from market history to design your worst case exit plan. But remember in the meantime you want to actually make some money, so you need to design the exit plan around the idea of having some real skin in the game.

Wish you the best.
 
fed and candles.

I'm not even sure what level of experience you guys have here but some of these things you guys are saying are ludicrous.

Have you ever considered a position that never returns to your entry ?

If so...

--- What do you do in the meantime ?

Increase risk by taking once again another trade without stop or with another 200 stop ? What about a third one ? A fourth one ?

or

Not taking anything else and you risk not making anything for weeks, months even decades (Nasdaq comes to mind). How do you eat ? How do you pay your bills ?

Lot of inexperience witnessed in these comments I'm afraid.

I'm no guru far from one, I fight like an animal to make the little that I do, but this my friends, it's not intelligent trading.

Sorry just voicing my honest opinion.
 
Quote from candles:

I think iseeFed is a relatively new trader(assuming he's telling the truth). However, im pretty sure that he must now hold the record for number of points gained in realtime posts! lol.
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He may do for what has been posted...goes both ways.

As for being a relatively new trader....NO

He was fortunate to have a string of profitable trades from a very low equity level using spreads trading through a bookie...not available in the US...and an almighty difference.

Now he is in a position to take major drops and still be around break even before affecting his initial working capital.

That ,too, can be minimized for lower trade entries and the reader would not be any the wiser..

Bottom line, IC has been very fortunate to have had a good run and probably running on 'free money'...and good luck to him. When it gets to the minimum trade and he lets it run to ZERO ,it will be in effect the point where he has lost his capital for whatever that may represent..:eek:

He ain't going broke....period

Let him enjoy his day in the sunshine,whenever that is in the UK...

:D


NiN
 
Quote from i_c_fed_people:

Airwaves DOES use stops...
200 ES points stop maybe?
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Look at it this way: You go long at 1331 with a 10 pts stop loss. So it got hit, when we were falling. Still if you got back long at 1301, you would have made 20+ points and even subtracting the 10 pts loss you would be up 10 pts, instead of the usual 2-3 pts....
 
Those Who Forget History Are Doomed to Repeat It....

Quote from candles:

then it will literally be impossible for you to be wiped out.
The drop would need to be gargantuan. Like, a new 911 terror attack everyday for a fortnight!
More...

May 6th beg to differ..... Specially that Anonymus is now after the NYSE....and Nasdaq was hacked last year, although no damage done...
 
Quote from Pekelo:

Look at it this way: You go long at 1331 with a 10 pts stop loss. So it got hit, when we were falling. Still if you got back long at 1301, you would have made 20+ points and even subtracting the 10 pts loss you would be up 10 pts, instead of the usual 2-3 pts....
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Absolutely, taking small realized losses is far better than letting an unrealized loss get out of hand because the risk just begins to get out of control.

Re-entries are a powerful tool.

Consider:

Long 30 no stop, exit at 34, +4

vs

Long 30 stopped -5
Long 20 stopped -5
Long 10 stopped -5
Long 00 exit 34, + 34

34 - 15 > +4

Basic common sense, but accepting temporary defeat is one of those rookie hurdles that take a long time to overcome.

Protecting capital at all times, taking small precalculated losses and letting winners run is the first step to profitability.
 
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