ES Journal Archive (2011)

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Quote from Laissez Faire:

I think I will go either short or long at the open :)

Short if it seems like we can get a continuation from the trend from yesterday`s close. Targeting somewhere around 1180.

Long if yesterday`s low acts as support.
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I have to confess that I overtraded today and lost money. I wish that I also had taken only one trade today and not 30 :D

When we opened without a gap, I was thinking continuation of the trend that started yesterday. I took two small losses, before I managed to catch a small piece of the action on the short side.

Excluding the FOMC spike, we pretty much walked down the EMA all day. The twin reversal bar that kissed the EMA from beneath @ 10:05 was a great short signal. Maybe next time :)
 
it's almost comical, how easy afternoons have become. one direction, set it and forget it. Never any reversals anymore.

next up ... end-of-quarter window dressing?
 
Quote from tortoise:

it's almost comical, how easy afternoons have become. one direction, set it and forget it. Never any reversals anymore.

next up ... end-of-quarter window dressing?
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Man, today was relatively easy to see, but historically I am net negative for the afternoons, so I leave them alone more often than not.

LF, that sucks that you lost money today, especially after being up 6 points or more at one point! Usually if I catch a great trade like that in the morning, I switch to SIM and trade for SIM Ferraris. :)
 
Quote from bigsnack:

Man, today was relatively easy to see, but historically I am net negative for the afternoons, so I leave them alone more often than not.

LF, that sucks that you lost money today, especially after being up 6 points or more at one point! Usually if I catch a great trade like that in the morning, I switch to SIM and trade for SIM Ferraris. :)
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Yeah, why did I not do that? :) With my best days in the past, I was often finished after two hours and had fun for the rest of the day doing other stuff.

Some of my demons re-appeared today and I simply lost control, believing that the next trade would be a winner. I still keep going in circles because of this issue.

My biggest challenge is to stay the hell out when I don`t read the market correctly, being willing to admit that and just take quality setups. Maybe my method is too discretionary. Maybe all my good trades are simply luck.

I need to consider a few things to get my discipline in check as I clearly need to do something. Two things on top of my mind. I welcome other suggestions.

1) Start a journal or start posting my daily P&L for a while in the P&L thread. Maybe that could impose some discipline since I`m more accountable that way.

2) Keep a stack of real bills at my desk. Everytime I lose a trade or exceed my daily maximum drawdown, I have to light it on fire. May be a good reminder that it is after all real money and not just a video game. I remember some guy on this forum who wrote about how a guy at his firm had forced him to do this to learn discipline, but I don`t remember who it was.

Tonight I will simply have to ask Volente and EMG kindly if I can put some mojitos on a tab :p
 
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