You are still thinking backwards ammo. If the market had opened -30 (AAPL news, whatever?) I would have had my full position and you wouldn't, you would have a peanut size position, if it had gone to 83, 85, 88, 97, 299, I would have gotten out somewhere, with my risk profile intact, you would have added, added, and added till your account dissappeared. You aren't ignorant either, just STUBBORN!. Let's leave it at that. I'm done discussing basic math. Volente would make N times more % on his money if he didn't average in. Do what you wish.
ES Journal Archive (2011)
- Thread starter Buy1Sell2
- Start date
- Status
Stop moved to 59.75
Limit 71.75
Gotta run. Hope this one works out.
Quote from SrRuthenate:
You seem to be doing better than me. My position trading timing is a POS. I got in yesterday and suffered 1188.50 against. At least I didn't average in.
I prefer to be shot in the head than to average in. Good luck in what looks like another great trade for you.
Mine is breakeven or better now, but it was painful for a little while. I'm also done for today.
My sweet spot was 80 to 90
Had I set my hard entry at 90 I would have missed this entire move.
I like to think that I have decent top and bottom picking skills but i've had far to many entries just miss getting filled trying to be a perfectionist. To me a missed trade is worse than a losing trade.
Regardless of my entry my stop is not dictated on my fill price on a trade like this.
I don't always average in. If I am very confident on a level I go all in. On the majority of day trades they are all in. On r10 signals I don't average in. If that level is a 10 point window then I choose to average versus entering at the low end and taking extra heat or miss the trade entirely. If it is a swing I will often average.
I always went all in til about a year ago and Ammo gave me the idea of toying with scaling. I like using it to scale in with brackets especially during ah trades where I may be sleeping and am not there to physically adjust my order based on price action and my profitability and win rate have actually increased since adding this tool. My other option is to take the earlier entry which forces one to use a bigger stop to adjust for if they are early.
To me averaging to losers is going short at 1120 with a stop at 1140, then adding at 1140 and moving stop to 60, then adding at 1160 and moving stop to 1180, then adding at 1180 and moving stop to 1200. That is far different from me averaging in at 1184 to 1192 with a stop at 1210
I'd rather scale in with a smaller stop then go all in with a wider stop to compensate for poor entry.
here is picking tops or bottoms,you can pick a point on a partial if it doesn't hold ,add at next point,and again,if wrong at that point,you take your loss,,adding,taking losses or profits,it's more technical than you let on,agree that when i was 1st trying it i would just keep adding and reducing,but that was against the backdrop that the market would never open 20 pits against me,it is much more volatile at present...this has been illustrated on here many times in the last 2 years ,chart after chart explaining entry and exit,yesterday's exit at 54 had a chart showing a ride to 67-68 which i did not want to take,,there a a lot of ways to trade,this style evolved from buying lows and selling highs back to the nip on dailys,and transformed into the same but on a larger chart,for your own sake,take a look at many styles and reshape your own,take off the blinders
I went to dance salsa last night. My friends and I dance mostly Cuban style. Some guys were dancing in-line and at least some other guy too sexy for his shirt was dancing "on-2". Two hot girls who'd never danced salsa showed up at the disco. Since the guys were dancing differently with them and they were a bit confused they asked about it... big argument ensued... macho posturing... name calling... you couldn't dance if your life depended on it... blah, blah, blah... I stayed outside the fray and kept dancing with the girls - I'm more comfortable with the style I use but have no opinion on everybody else's, plus I just wanna have fun, not prove anything... the girls left with me and a friend of mine who's "danced" salsa twice in his life... moral of the story... arguing with other dancers/traders will not get you laid/make you money...
(And no, I'm not posting pictures, so feel free to call me paper-fucker, one-tit piker or whatever
)PS: Ammo is right, you're wrong... j/k peace
looking for a move to 57 cash from 66-67 cash
Wish you the best ammo / Volente. I'm going to stay in the uncomfortable minority. Call me stubborn. Try to watch LF for a while, he's got the REW/risk the right way. Volente's analysis is great, maybe that makes up for the -EV % of averaging in, but I doubt it...Bye guys, I'm going to leave before you convince me the earth is flat. Should've left before, but I have addictive traits. Sorry for stepping in your bunions.
Quote from aquarian1:
philip - I have the low est at 1150.25 at 11:12
I'm not sure if "gotta run" means you put on the trade and are leaving it unattended.
Came back to a stop out. Need to not make trades when I am busy with work. I still think it will go to 71 before lower. I may wait until the high to short the next one.
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