ES Journal Archive (2011)

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Quote from gmst:

very important, someday my account size was > 80k. today i am < 10k.....don't worry that thing happened some time back when i was extremely new.

I have noted that taking out some money every month is pretty useful to protect your increasing wealth from both some blackswan event as well as system failures and your own idiocy!
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What I do is I take out a percentage of my winnings (even if it is just $50) [Edit: and compound the rest to grow size] and never add money while on a losing streak. At some point I had to trade the British Pound because I had no more (trading - don't worry I was eating 3 meals a day) capital in my account. This forces you to earn your right to trade bigger and to better adhere to your trading plan when things get nasty.
 
Bounced off the 50% level now short of 2 ticks. Not sure if I want to enter a long from here, so the next trade would probably be a break of 43 if that happens.

Why not long now? Because I`m very uncertain about the current price action, but a confirmed break of 43 should be tradeable.

I generally try to stay out when I`m clueless. Not always easy. :p
 
Quote from Picaso:

What I do is I take out a percentage of my winnings (even if it is just $50) and never add money while on a losing streak. At some point I had to trade the British Pound because I had no more (trading - don't worry I was eating 3 meals a day) capital in my account. This forces you to earn your right to trade bigger and to better adhere to your trading plan when things get nasty.
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you know what mate - i am exactly at the same point in my trading career. trying to grow a small account into a larger one, while not adding a cent to it. Rather I have decided that I will be withdrawing every 1-3 months or so a bit of it, so that i don't blow up what i make. Remaining at a small size for few months will help me get my psychological makeup in shape to slowly increase size and trader bigger.
 
I've mostly been going for scalp trades while using ES to hedge my other positions, so that I don't really care too much one way or the other when a scalp fails and I can just hold it. But I feel like I trade too much. I've paid almost 1k in the past seven days alone. I doubt even if I have an edge at all, let alone one big enough to overcome that commission. I pay $4.02 round trip per contract through IB, is that too much for scalping to be profitable?
 
Quote from Laissez Faire:

Bounced off the 50% level now short of 2 ticks. Not sure if I want to enter a long from here, so the next trade would probably be a break of 43 if that happens.

Why not long now? Because I`m very uncertain about the current price action, but a confirmed break of 43 should be tradeable.

I generally try to stay out when I`m clueless. Not always easy. :p
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Looking at the time and price action of last 1 hour, it seems HOD is set. we either wobble around or selloff into the close. I am keeping a short position on with stop at 46.75
 
Quote from gmst:

Looking at the time and price action of last 1 hour, it seems HOD is set. we either wobble around or selloff into the close. I am keeping a short position on with stop at 46.75
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Yeah, I would be surprised if we take out the HOD from here. Turns out it was a double top after all. :eek:

Not so sure about a sell-off either.

I can easily see us chop around here between 42 and 50.
 
Quote from tomahawk:

Stranger things have happened. :)
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I would not want to argue with the statistician and you are absolutely right. :)

A gap fill certainly does not seem like a stretch, I just thought it was odd we did not do it earlier and formed a double top.

Recent average range is a little over 20 and this one is currently 17 and a inside day.

Would be very cool with a gap fill above or a slide below to 30.

Unfortunately, I fear that we may be stuck here.
 
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