JT's ES Trades

He posts his times in his trading log, all you have to do is just look at your own chart and you can see were he traded. Do you need him to do everything for you? I thought this journal was for his benefit. He knows what the chart looked like when he made the trade. If you have questions for him, just look at YOUR chart and then ask him why he took that trade. And as far as the $100 daily stop loss rule, how many times can you look back and wish you had stopped at just a $100 loss, but went on to lose more!. It sounds like a descent strategy for a newbie for capital preservation. (Which is what its all about, right?)
JT, did I miss something, or did you not trade a couple of days this week? You seem to be have better luck with the ES than you did with options. I hope I can do the same. I'm looking to start with the NQ in a couple of week once I get my trading plan and strategy finished and tested for a little bit on paper.
Keep it up!!
Kyle
 
hey JT,

just great. seems, you are a true scalper with that average holding period of 2-3 min...great results. if you can keep up that level day by day, youve already made it...tell me a bit more regarding your entry and how you generate your signals...

:) trading
 
Your trading just rocks !
I trade ESTX50 future at the opening and have a similar strategy than yours.

To adjust my daily stop loss, I looked at my numbers (>300 trades). I found that it was better (for me) to take every trade (with a maximum of 5) than to have an arbitrary stop loss.
My track record proved me that it is worth to take this 5 trades (even if I loose the 3 first) because I’ve got some good chances to make it back (even a little).

That way, my daily stop loss is defined by my max number of trades and my stop per trade (5x40 € = 200 €).

When analysing my trades, I found this too :
- 4 days out 5, I was > 30 € at some point within my 5 first trades. (hopefully I’m often well over 30 €).
- The max loss within this 5 trades never reached 200 € (wich is the max value with a 4 pts (40€) stop loss per trade.)

Then I decided to take my 5 trades or quit as soon as my PL > 30 €. (the “quit” value and method are in constant evolution).

Sunnyskied and KB96 are both right.
May be 100 $ daily stop loss is a bit tight. But anyway you need a daily stop.

It seems that you never begun the day with 2 or 3 losses. Who knows how would you behave then ? May you’d lose more (emotions -> frustration -> overtrading -> big losses) or may be you’d make it all back ?
Only your numbers will tell you that. Just think to adjust your plan when you have a good track record.

In the past I used to take about 10 trades like you. I had some greater daily profit but also greater daily loss resulting in greater swings in my equity. Again, I didn’t use a max daily loss because my numbers showed me that even if was down 200 € at some point I had some good chance to come back. But it was harder (for psychological reasons) to make it back when I was down 200 than down 50. And I didn’t like it.

That’s one of the reasons I came back to 5 trades. The other are the following :
- I found that later after the opening, conditions were not always there for my setups (I need momentum)
- I was less succesfull after 7 or 8 trades due to loss of focus and attention.

5 trades is good enough as I increased the quality of my shots. I just need to increase my # of contracts to get the profit I had with 10 trades. I’m still waiting a few months before doing this.

Actually, I’m always done at 10:00 (market opens at 9:00). My average holding time is between 2 and 3 min. I trade 1 contract. I have been net positive for 8 weeks now.

Good luck.
 
A lot of bright minds chasing this mini rainbow. Really interesting to see it evolve. I have seen a lot of changes in the last year. Wish I was a young man. Nothing like this when I was young. Still got time to hit a lick or two, tho.:D
 
Great trading torntech!...I noticed you told an earlier poster
that you would attach some charts when you get a chance.

I can hardly wait...:D
 
Lobster, Dizzyspell, KB96 & Breakout:

I think a chart could be beneficial both for me and the community. Please apologize the lack of comments in this one, since it's been 2 days now since I actually executed the trades.

/JT
 

Attachments

Originally posted by easyrider
I suggest you stop and regroup. It sounds like you have no plan whatsoever.
More...

I agree, it's not a whole lot:

US ES futures
Trade entry: Intuitive / BB
Trade exit: Intuitive / BB

Chart: SPX, 1 minute

Indicator: BB 20,2

Number of contracts: As allowed by broker/exchange or 1 for every 2000 $ in account

Max loss: 2.0 pts

Max daily drawdown: 100$ per contract (i.e. 200$ for 2 contracts)

Account sweeping: 50% of month's profits last day of month to account II

/JT
 
Originally posted by x-or
...It seems that you never begun the day with 2 or 3 losses. Who knows how would you behave then ? May you’d lose more (emotions -> frustration -> overtrading -> big losses) or may be you’d make it all back ?
Only your numbers will tell you that. Just think to adjust your plan when you have a good track record...

...That’s one of the reasons I came back to 5 trades. The other are the following :
- I found that later after the opening, conditions were not always there for my setups (I need momentum)
- I was less successful after 7 or 8 trades due to loss of focus and attention...

...I have been net positive for 8 weeks now...

Good luck.
More...

Hi x-or

Thanks for your quality content post and ideas!

The one thing you mentioned about emotions (negative) creating frustration and overtrading is exactly what I'm trying to avoid. I really can't tell you if I would end up in that situation, but I'm trying to avoid it the best I can.

I do now allow myself to make more than 10 RTs, but I will watch my performance closely.

I'm glad top hear that your doing well trading the ESTX50. It might be a suitable instrument for me if I finally reach my goal of becoming a full time trader. Do you use IB to trade the estx50?

/JT
 
Great Chart!...thanks torntech.


There's no way I could do that!...lol. I'd have a major
headache about half way through that chart. I might do 30
trades in a week, But not half a day!

Thanks again for the chart. :D
 
You must log in or register to reply here.
Back
Top