five years later (the previous 5), still struggling!

[jjf]

Quote from momoNY:

Today:

Finally I respected my setups, still my exits were poor. Traded one contract, It would have been different with two contracts.

Took two trades:
1) Long 1307.5 stop 1306 out at 1310.5, should have let it more but my exit strategy would have stopped me at 1310.75, not big difference.
2) Short 1308 stop 1309.75 out at 1304, same thing would have been stopped by my exit strategy at 1303.25.

I'll post a chart and a blotter at the end of the trading day. Will stop trading until 2:15pm (beige book), unless there is a good setup, then it will be for 3 points target.

Up $342 for the day.

The key is to stabilize yourself first and then you can stabilize your system.
If all elements are stable, then only price is moving and that is what we trade.

I didn't understand your entries in 1) and 2), but I would add a comment that when price is retracing as in trade 2), it will try to run back to RTH open.
As far as entries go, the stop is more important than the entry IMO ... locate your stop first and then decide where to place your entry ... your stop risk is one of the few things that you actually have control over and if you get the stop positioned correctly you are a "shoe in" with only a small measured risk.

You are probably closer to consistently winning than you realise.

 

[momoNY]

Quote from momoNY:

Two more trades, one of them gift to the bots:
1) Long 1309.25 stop 1307.75 stopped at 1308! I though it is s sign of strength (may be it is my connection that is slow)
2) Went back 1309.25 after 1309.75 was broken, stopped at 137.75.

It seems like the shop starts before the beige book. Stop trading until 2:15pm.

Here we go again, missed too many trades and wasn't patient enough.

1)Short 1305 stopped 1307
2) tick shit***ted and got out Long 1306.75 out 1307
3) Long 1308.5 stopped at 1306.5 then went offfff Forgot that we are in a weak market only pivots should be considered for longs.

Missed a short at 13:50 that would have been a scratch, then missed a short at 1308.5 at 13:25. I should may be set a profit target for the day, if I reach it a I quit. Down to -3 for the day, after being up $342.

 

[momoNY]

Quote from jjf:


As far as entries go, the stop is more important than the entry IMO ... locate your stop first and then decide where to place your entry ... your stop risk is one of the few things that you actually have control over and if you get the stop positioned correctly you are a "shoe in" with only a small measured risk.

You are probably closer to consistently winning than you realise.

My whole strategy is based just on that. I determine where price shouldn't (high probability won't) come back, then I put an order based on my risk tolerance that was 1.5; Apparently the ranges are expanding I need to change it to two points minimum. If price comes back I'm filled otherwise I'll look for another setup. Yesterday I did not get a fill on many wonderful trades, I would have ended green. Today I was chopped a little. As long as it is not me it is fine.
Thank you for your kind words.

 

[emg]

Quote from momoNY:

This is going to be my last attempt at this madness! I started a journal in 2006 without success (http://www.elitetrader.com/vb/showthread.php?s=&threadid=62958&perpage=6&pagenumber=1), I took a break of more than three years before coming back to the markets, but still not profitable. I lack discipline, and I don't seem to find a cure for that. At least this time I know I can read the markets very well, and I know the weaknesses I have to solve:
So help me god!

u have not answer the question.

Are you a gambler (gambling day trading in the es) or a trader?

http://www.elitetrader.com/vb/showthread.php?s=&threadid=215740&highlight=gambler+vs+trader

If you can find out what who your are, that will surely help.

If you are gambling (it looks obvious the way you trade in this thread), you need to fix that in order to become a successful trader.

 

[luckylucy]

you are absolutely a quick hand.I think you might be a consistent winner sooner than you think. You have a solid system that you have no hesitation when you need to make orders, and you are okay with the loss. However, i really think you are way overtrading. You said your loss are main due to the commission. Why not filter your trades? I believe you have different strategy when market changes. Which kind of strategy you win more? I am lousy trader who is suffering from loss too, ignore my advice if you think it is useless

 

[trader198]

comfort/dsicipline is not the issue.

most people take the market for granted: either up or down. actually it is not. it is very complicated. just like the computer software, in reality it is the "yes/no" status of those little electrons.

or put it into layman way, a woman and a man, but you see how complicated the mankind world is!

often I am right fundamentally, but I am wrong technically (unlimited chart types)

Quote from momoNY:

Do you suggest wider stops?
Or do you suggest longer term? In this case the debate won't be sorted by this thread. If you look at the 5 minutes you see that if you get half the possibilities a trend following method gives you, you'll do more than fine. I don't think long or short term is really an issue, it is rather a matter of comfort, discipline is an issue.

 

[schizo]

Quote from momoNY:

Today:

Finally I respected my setups, still my exits were poor. Traded one contract, It would have been different with two contracts.

Took two trades:
1) Long 1307.5 stop 1306 out at 1310.5, should have let it more but my exit strategy would have stopped me at 1310.75, not big difference.
2) Short 1308 stop 1309.75 out at 1304, same thing would have been stopped by my exit strategy at 1303.25.

I'll post a chart and a blotter at the end of the trading day. Will stop trading until 2:15pm (beige book), unless there is a good setup, then it will be for 3 points target.

Up $342 for the day.

Since I don't know the TIME when these trades are made, I'll just throw in a chart with a few annotations for you to nibble on. Some questions to ponder over:

1) Support & resistance: Is it any wonder support (1, 2 and 3) and resistance (4 and 5) line up quite neatly?

2) Hemorrhaging: So what about those areas or zones where both support and resistance fail to hold (A, B, C and D)? More importantly, note that prices reverse and fall right back.

3) Higher lows and lower highs: See the direction of the arrows.

 

[momoNY]

Quote from emg:

u have not answer the question.

Are you a gambler (gambling day trading in the es) or a trader?

http://www.elitetrader.com/vb/showthread.php?s=&threadid=215740&highlight=gambler+vs+trader

If you can find out what who your are, that will surely help.

If you are gambling (it looks obvious the way you trade in this thread), you need to fix that in order to become a successful trader.

emg,

I hope I used to be a gambler, right now I'm an undisciplined trader.

 

[momoNY]

Quote from schizo:

Since I don't know the TIME when these trades are made, I'll just throw in a chart with a few annotations for you to nibble on. Some questions to ponder over:

1) Support & resistance: Is it any wonder support (1, 2 and 3) and resistance (4 and 5) line up quite neatly?

2) Hemorrhaging: So what about those areas or zones where both support and resistance fail to hold (A, B, C and D)? More importantly, note that prices reverse and fall right back.

3) Higher lows and lower highs: See the direction of the arrows.

There are many ways to find support and resistance, you could use fibs, pivots etc.. and combine all of them. From all the burnings I went through, if I keep looking at previous resistances, I tend to justify my emotions. I found it more controlling and rewarding if I look no farther than the last pivot, for every charts I look into obviously. I'm attaching a chart later with annotations, you will understand what I'm doing. I really appreciate your input, thank you.

 

[momoNY]

Quote from luckylucy:

you are absolutely a quick hand.I think you might be a consistent winner sooner than you think. You have a solid system that you have no hesitation when you need to make orders, and you are okay with the loss. However, i really think you are way overtrading. You said your loss are main due to the commission. Why not filter your trades? I believe you have different strategy when market changes. Which kind of strategy you win more? I am lousy trader who is suffering from loss too, ignore my advice if you think it is useless

There is no useless advice coming from anyone, as long it comes from someone honest. You re right, there are few trades I shouldn't take, also in a chop, I'm confused. Sometimes the plan says short and long at the same time !! I need to fix that. But again overtrading is my biggest problem.
Thank you for your kind words.