I am ready!

ES Shooter · Jun 25, 2014

JefeTrader said:
ES Shooter,

Thanks for opening this thread! Your impressive progress in ES/TF trading is giving me inspiration and hope. Please do not stop updating us with your daily progress.

I wish you continued success in trading.

JT

Thanks, best thing I can tell you is have a plan of what way you think the market is going to go that day. Honor that plan. Your plan must consist of knowing where you are going to stop out at!!!! Cant stress having a stop enough!! If you are going to countertrend trade, be patient and wait for the action to slow down. Also keep in mind where other peoples stops are at most likely.
Here is a example, Right now all the stops that would stop the negative bias for ES on the day are above 1950. 1950 is where the market broke down yesterday. Today the market should close below 1946.25. If it does close above it then there will be a test of 1950-1951 quite possibly overnight or at pit open tmorrow. I will SL at 1950.50
The above is my trading plan. Now I just have to stick with it.... Get the idea. Its calculated and low risk for me
Thanks for the positive feedback!!

CoolHandLuke · Jun 25, 2014

every trader here paid there dues; everyone

every trader should be respected, for they take risk for greater gain

ES Shooter · Jun 25, 2014

CoolHandLuke said:
every trader here paid there dues; everyone

Oh I know, fyi I was down 4k this morning. RIGHT now im -887.50
Its trading, taking it personally and forcing trades will destroy you!
I know you cant win everyday, maybe I will today maybe I wont.
BTW the -4k this morning I did not stop out on was part of incorrect trading plan. Plan has been ajusted, most of the money made back. Lowered risk. I will see where the market closes then base tommorows plan on it. The worst thing I could have done today is panic and reverse long at the top!

CoolHandLuke · Jun 25, 2014

You don't seem to be that worried about down 4K? it's not about the $ it's about being right!

ES Shooter · Jun 25, 2014

CoolHandLuke said:
You don't seem to be that worried about down 4K? it's not about the $ it's about being right!

Its about price points to me using a $ base as a stop would be a terrible idea. Doing that would screw you when volitilaty picks up!
If you think about it, how many times have you bought the top or shorted the bottom? Or been stopped out at the top or bottom? How about if you were long into the fed annoucement? I do use stops but during certain time frames in my strategy I dont. I was obviously wrong this morning but instead of panicking I waited for a pullback and went long. Good example I flipped long TF and cancelled my es short and might get long that too

tiddlywinks · Jun 25, 2014

To begin, let me say I am not sure this thread is is not just trolling.
For the moment I'll participate with a willing suspension of disbelief.

CoolHandLuke said:
You don't seem to be that worried about down 4K? it's not about the $ it's about being right!

OP is not down 4k. He recaptured about 75% of the morning losses. And you are correct, he is not "worried" about the nominal value, and he is correct NOT to be concerned about it.

What the OP should be concerned with is why he let a single trade or perhaps a small series of trades within a short period of time in a single trading day to generate a loss of near 80% of total account value. Something is wrong with his trading plan, his discipline, or both.

ES Shooter · Jun 25, 2014

tiddlywinks said:
To begin, let me say I am not sure this thread is is not just trolling.
For the moment I'll participate with a willing suspension of disbelief.

OP is not down 4k. He recaptured about 75% of the morning losses. And you are correct, he is not "worried" about the nominal value, and he is correct NOT to be concerned about it.

What the OP should be concerned with is why he let a single trade or perhaps a small series of trades within a short period of time in a single trading day to generate a loss of near 80% of total account value. Something is wrong with his trading plan, his discipline, or both.

Underfunding for the size I am trading is the issue, but I am HIGHLY leveraged and compounding my money is the goal. Keep in mind where I started!

Crispy · Jun 25, 2014

ES Shooter said:
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That has been working out for so many of you! About 99% of you to be exact! HA

Troll status confirmed. :-)

Good luck though....

tiddlywinks · Jun 25, 2014

ES Shooter said:
Underfunding for the size I am trading is the issue, but I am HIGHLY leveraged and compounding my money is the goal. Keep in mind where I started!

I understand your goal. No problem there.
But although YOU identified the issue (size being traded) you have forgotten the overriding goal of the profession... to stay in the game: able to trade tomorrow! Sorry to say it, but if you don't honor that, you, as a trader, are just a binary bet... account growth or all blowed up, whichever comes first. What you did yesterday or last week or last month doesn't matter.

ES Shooter · Jun 25, 2014

tiddlywinks said:
I understand your goal. No problem there.
But although YOU identified the issue (size being traded) you have forgotten the overriding goal of the profession... to stay in the game: able to trade tomorrow! Sorry to say it, but if you don't honor that, you, as a trader, are just a binary bet... account growth or all blowed up, whichever comes first. What you did yesterday or last week or last month doesn't matter.

Yes you are correct. I am going to put 300k in a account later this year or early next year. My max size will be 40. I am going to use overnight margin for determining size. Intraday drawdowns can be covered by day margins.