ES Journal Archive (2011)
- Thread starter Buy1Sell2
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No, I had $700 in open profits this week that I let run against (70% of my margin). I had one $270 winner turn into a $265 loss. I had a $330 winner turn into a $30 winner (closed out 1/2 at highs.. thought it was a small position). I've dumped another $100 today because I had contracts that expire at 11 AM. If we can close at 1318, I'll only have a half position on and so I'll make only about $60 for today.. just hoping it doesn't run against me and produce a huge loss. This has been a very rough week for me. What worries me today is that I wasn't able to get a good risk/reward. The premiums shot up really high. So, I've a fairly huge risk on today. I'm trading smaller size but already this week even with a small position on it produced a large loss. I'm definitively nervous but it would not be unusual to close today with a 10 point rally from the open. My market read says we go higher. I'd add but I can't take any more risk and the premiums on all the spreads are higher then usual.
Hold your trade with a sensible stop. Try and keep it open either until end of day, or until you see fast bars - a few points in under five minutes. Aim to take profit 5-10 minutes after it starts to spike. Then close down for the weekend. If you get stopped, call it a week. Go do something you enjoy.
If you finish positive today and this week, you are moving in the right direction and can focus on playing a better game next week. Have faith, it can be done. Just learn to manage your risk and put the odds in your favour. No sense in giving back a decent profit or letting it go into cost.
I doubled up at a bad price, so this is how this trade looks to me. Happy to leave it, and even if I take a hit I've finished up today and this week.
Endless possibilities. Market will still be there next week, next month, etc. If you're dreading Monday coming around again, nobody will kill you if you take some time off
Not worth stressing over, its only money.
I added a small OTM position based on my market read. All the trades this week were system signals. I only used my discretion to reduce/increase risk. I completely agree.. have to control risk in this market and take off some when we get big wins.
Yep, good luck.. nice trading!
Yep, good luck.. nice trading!
Quote from Blotto:
Hold your trade with a sensible stop. Try and keep it open either until end of day, or until you see fast bars - a few points in under five minutes. Aim to take profit 5-10 minutes after it starts to spike. Then close down for the weekend. If you get stopped, call it a week. Go do something you enjoy.
If you finish positive today and this week, you are moving in the right direction and can focus on playing a better game next week. Have faith, it can be done. Just learn to manage your risk and put the odds in your favour. No sense in giving back a decent profit or letting it go into cost.
I doubled up at a bad price, so this is how this trade looks to me. Happy to leave it, and even if I take a hit I've finished up today and this week.
Endless possibilities. Market will still be there next week, next month, etc. If you're dreading Monday coming around again, nobody will kill you if you take some time off
Not worth stressing over, its only money.
What is this using options instead of futures? Do you realise that this is adding a more difficult third dimension?
If you cannot consistently predict direction, you will have a time predicting direction and volatility together. Also, I don't like this using OTM etc - and the venue you are using. Have you worked out what vig you are paying? I bet it is horrendous. If you have time, throw some calculations up here - might prove interesting, and will help you sit with your long position.
Why not fund a futures account, and instead of ES trade NQ which has a smaller contract value? I know the scaling is a nice thing to have, but if it is costing you in vig / inconvenient and arbitrary expirations I would seriously consider trying "all in, all out" with 1 standard lot.
I've actually had quite a hard day - the upmove did not develop as I expected off the open, and when realising my error I simply closed instead of reversing short. I then took no more than a few ticks out of the 06 - 13 upswing, didn't short again till 09, and the reversal at 03 didn't give me my full position back the other way, although I was grateful for the fill. All in all, not one of my best days, but I'm pretty sure to sneak out with a profit.
@blotto Yes, I always execute outside best bid/best ask. The premium is a function of volatility and risk. If I take on more absolute risk then I don't pay as much in premium. I give up a lot and not just in executing outside bid/ask. But, also, the commission to tick size makes it harder to make money. However, I'm treating this as a learning experience and it has worked well for me. Also, I have ran tons of simulations on my system trades which shows my systems are still profitable even with the higher costs. Still, I can't complain too much because they give me the opportunity to trade when no one else (no one in right mind) would.
I honestly think this is a really good venue for the beginner and a much safer bet then futures. I'm fairly skilled in trading ES. But, I can also use it to learn instruments, i.e CL that I couldn't trade.
In next few weeks, I may be going back to simulation. I have found an investor interested in funding me and giving me a generous split. If I can demonstrate my abilities then hopefully I will meet the requirements and qualify for funding. I will be working to reduce my max risk and increase my returns as part of this project.
I honestly think this is a really good venue for the beginner and a much safer bet then futures. I'm fairly skilled in trading ES. But, I can also use it to learn instruments, i.e CL that I couldn't trade.
In next few weeks, I may be going back to simulation. I have found an investor interested in funding me and giving me a generous split. If I can demonstrate my abilities then hopefully I will meet the requirements and qualify for funding. I will be working to reduce my max risk and increase my returns as part of this project.
Tight range all week
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