ES Journal Archive (2011)
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"And right here let me say one thing: After spending many years in Wall Street and after making and losing millions of dollars, I want to tell you this: It never was my thinking that made the big money for me. It was always my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I've known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine-that is, they made no real money out of it. Men who can both be right and sit tight are uncommon. I found it one of the hardest things to learn. But it is only after a stock operator has firmly grasped this that he can make big money. It is literally true that millions come easier to a trader, after he knows how to trade than hundreds did in the days of his ignorance."
Jesse Livermore
Jesse Livermore
Very well said.
What is your average holding time and what time frame are you typically looking at?
In this journal, there seem to be everything from scalpers to long-term traders, so our entries and exits may differ greatly.
I would personally like to start expanding my horizon and trade on higher time frames, but I currently only understand intraday movements (to some extent). Higher time frames seems much harder to predict. I guess I have to dig out my books on Livermore tonight. Have not read those in a few years...
It appears to me that success in day trading is just as much about executing as it is about not executing.
Not every part of the day provides a good opportunity to make money. Every part of the day provides good opportunities to part you with your money if you don`t know what you`re doing though.
The key seems to stay out when one remains clueless and only execute when one knows beyond a doubt that one will get paid. Then one can increase frequency as one`s trading experience increases.
Are any of you guys guilty of executing when you`re not really sure the trade will pay off? Why? If so, could those trades at least be done on minimum size?
Am I right here?
Just thinking out loud here while waiting for the market to reveal it`s hand to me.
Not every part of the day provides a good opportunity to make money. Every part of the day provides good opportunities to part you with your money if you don`t know what you`re doing though.
The key seems to stay out when one remains clueless and only execute when one knows beyond a doubt that one will get paid. Then one can increase frequency as one`s trading experience increases.
Are any of you guys guilty of executing when you`re not really sure the trade will pay off? Why? If so, could those trades at least be done on minimum size?
Am I right here?
Just thinking out loud here while waiting for the market to reveal it`s hand to me.
Quote from Laissez Faire:
It appears to me that success in day trading is just as much about executing as it is about not executing.
Not every part of the day provides a good opportunity to make money. Every part of the day provides good opportunities to part you with your money if you don`t know what you`re doing though.
The key seems to stay out when one remains clueless and only execute when one knows beyond a doubt that one will get paid. Then one can increase frequency as one`s trading experience increases.
Are any of you guys guilty of executing when you`re not really sure the trade will pay off? Why? If so, could those trades at least be done on minimum size?
Am I right here?
Just thinking out loud here while waiting for the market to reveal it`s hand to me.
Anybody who's ever "SURE" is a fool. Highly confident, that's another story.
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