adding short @ 1202.75
ES Journal Archive (2011)
- Thread starter Buy1Sell2
- Start date
- Status
Higher lows.
Betting on lower myself, but anything can happen.
Betting on lower myself, but anything can happen.
My stop is dynamic after experiencing significant favorable excursion, but my initial stop is very rarely more than 2 points.
If you are a novice trading the ES, I sure hope you trade in the simulator.
I got flat at 1200,50. Still believe at least 1199 will print, but I can`t risk that we don`t. Depending on how one looks at it, the gap may actually already be filled.
Archive this one for future reference.
Quote from Laissez Faire:
My stop is dynamic after experiencing significant favorable excursion, but my initial stop is very rarely more than 2 points.
If you are a novice trading the ES, I sure hope you trade in the simulator.
I got flat at 1200,50. Still believe at least 1199 will print, but I can`t risk that we don`t. Depending on how one looks at it, the gap may actually already be filled.
Archive this one for future reference.
Where did you get short, on the board?
GordonTheGekko
Guest
I had almost no sleep last night and feel like bone death but it does feel better to make money.
Some HF managers were short the entire week last week... you'd think they know better!
Some HF managers were short the entire week last week... you'd think they know better!
Quote from Laissez Faire:
My stop is dynamic after experiencing significant favorable excursion, but my initial stop is very rarely more than 2 points.
If you are a novice trading the ES, I sure hope you trade in the simulator.
I got flat at 1200,50. Still believe at least 1199 will print, but I can`t risk that we don`t. Depending on how one looks at it, the gap may actually already be filled.
Archive this one for future reference.
I am trading real money. Following is my plan - will appreciate comments from successful ES traders here. Will appreciate more if someone throws in successful hints to trade ES successfully. Please don't comment if you are yourself not successful - otherwise, it will be a case of a stupid teaching another stupid - said in good humor
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I don't have any edge to trade ES, and trading something without edge and with a 'small' account, leads to such losses.
I made 600$ trading ES this week. I am modifying the rule to trade ES per 5k account equity.
What I need to realize and understand is that successfully trading forex is a different skill from successfully trading ES. In some aspects, trading ES might be easier as there are many more tools that can be used to analyse ES. Cash equivalent of ES is composed of 500 names - so tracking things like advance-decline, tick, trin (possibly), different sectors (how they lead), looking at Nasdaq and Dow in addition to ES, volatility - might give useful clues to trade ES. Most such clues are not available while analyzing and trading Forex.
As of today, I do not track any of above possible things, and I am a complete newbie as far as trading ES is concerned. My skills as applicable to ES are 1. basic price action reading (acquired from trading forex for 3 yrs) and 2. basic feel for riskon-riskoff days.
So, net net till the time I can develop some specific skills and edges for trading ES, I am setting following rules that should help me not lose a lot of money (and hopefully make some money) while trading ES:
1. Max Stop Loss: 4 points per trade, Most often I will set the stop between 2 and 3 points. So, with 5k in equity and losing 4 points (200$) means losing a max of 4% per trade. My targets will typically be between 0.5 to 20 points (a very wide range indeed)!
2. Max Daily Loss trading ES: 300$; if I hit this number, I will stop trading ES for the day.
3. Max Daily Drawdown allowed trading ES: 500$. So, if I go up to 400$ trading ES and then come back to -100$, I will stop trading ES for the day.
4. Max Weekly Stop Loss: 600$
5. Max Weekly Drawdown allowed: $800
6. Sometimes in the beginning, I will move stop to b/e, even though over the long term - I am sure it will lead to lower profitability. I am going to do this probably for next month or 2 or 3, till the time I can develop some edge. This will allow me to bleed less slowly, and gain more experience with ES.
7. I am going to trade overnight if the opportunity is there same stop rules will apply overnight also.
8. As a start, I will be trading following patterns:
a. Momentum continuation
b. Trying to pick intraday reversal points
c. Trying to fade with 1 point stop at previous support resistances.
d. Possibly fading over-reaction after 10am economic reports
9. I will try to be very choosy in my trades. Because I know very well that if I am not choosy enough, I will lose money.
Criticisms to my approach are most welcome indeed !
Quote from gmst:
I am trading real money. Following is my plan - will appreciate comments from successful ES traders here. Will appreciate more if someone throws in successful hints to trade ES successfully. Please don't comment if you are yourself not successful - otherwise, it will be a case of a stupid teaching another stupid - said in good humor
...
...
...
...
...
...
...
I don't have any edge to trade ES, and trading something without edge and with a 'small' account, leads to such losses.
I made 600$ trading ES this week. I am modifying the rule to trade ES per 5k account equity.
What I need to realize and understand is that successfully trading forex is a different skill from successfully trading ES. In some aspects, trading ES might be easier as there are many more tools that can be used to analyse ES. Cash equivalent of ES is composed of 500 names - so tracking things like advance-decline, tick, trin (possibly), different sectors (how they lead), looking at Nasdaq and Dow in addition to ES, volatility - might give useful clues to trade ES. Most such clues are not available while analyzing and trading Forex.
As of today, I do not track any of above possible things, and I am a complete newbie as far as trading ES is concerned. My skills as applicable to ES are 1. basic price action reading (acquired from trading forex for 3 yrs) and 2. basic feel for riskon-riskoff days.
So, net net till the time I can develop some specific skills and edges for trading ES, I am setting following rules that should help me not lose a lot of money (and hopefully make some money) while trading ES:
1. Max Stop Loss: 4 points per trade, Most often I will set the stop between 2 and 3 points. So, with 5k in equity and losing 4 points (200$) means losing a max of 4% per trade. My targets will typically be between 0.5 to 20 points (a very wide range indeed)!
2. Max Daily Loss trading ES: 300$; if I hit this number, I will stop trading ES for the day.
3. Max Daily Drawdown allowed trading ES: 500$. So, if I go up to 400$ trading ES and then come back to -100$, I will stop trading ES for the day.
4. Max Weekly Stop Loss: 600$
5. Max Weekly Drawdown allowed: $800
6. Sometimes in the beginning, I will move stop to b/e, even though over the long term - I am sure it will lead to lower profitability. I am going to do this probably for next month or 2 or 3, till the time I can develop some edge. This will allow me to bleed less slowly, and gain more experience with ES.
7. I am going to trade overnight if the opportunity is there same stop rules will apply overnight also.
8. As a start, I will be trading following patterns:
a. Momentum continuation
b. Trying to pick intraday reversal points
c. Trying to fade with 1 point stop at previous support resistances.
d. Possibly fading over-reaction after 10am economic reports
9. I will try to be very choosy in my trades. Because I know very well that if I am not choosy enough, I will lose money.
Criticisms to my approach are most welcome indeed !
You yourself admits that you do not have an edge and a small account....yet you still want to trade with real cash?!?!?.....are you on crack?
I don't understand your logic.
cover all short@ 1201.50
long @1201.75
long @1201.75
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