JT's ES Trades

Originally posted by easyrider
Its quite interesting how many new traders do well the first week or two. Happens way too often to be coincidence, imo. I think it has something to do with the fear factor. You dont have much fear in the beginning. After awhile the losing trades begin to affect your judgement.
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I have a suspicion it may actually be the opposite, although I agree with you on the fear factor.
The first week, discipline is at its best, and fear is at its highest level, so they wait for their setups (which they have tested and watched and papertraded for a long time) to set up and then act on them.
The second week, particularly after a winning first week, they start to think they know something, this is easy etc etc, so the discipline level retreats, the fear factor diminishes, and they start anticipating their setups ("Why wait for this to set up when I'm pretty sure its going to, and I can make an extra point/2 points/5 points by putting the position on now") rather than waiting for them to set up correctly. Alternatively they throw them out completely and start trading on gut feel (because now they know something! Just look at how well they did last week).

Been there, done that.
 
Code: 
Day	Trade #	Type	B/S	Time	Price	B/S	Time	Price	Quant.	Gross	Net	Time held
												
9-Sep	1	NQ	SLD	13:08	918.50	BOT	13:13	918.00	1	10.00	5.20	0:05:00
	2	NQ	SLD	13:29	925.00	BOT	13:35	924.00	1	20.00	15.20	0:05:32
	3	NQ	SLD	13:48	927.00	BOT	13:52	926.00	1	20.00	15.20	0:04:41
	4	ES	SLD	14:16	900.00	BOT	14:51	904.50	1	-225.00	-229.80	0:35:15
	5	NQ	SLD	14:56	938.50	BOT	14:59	937.50	1	20.00	15.20	0:03:02
	6	NQ	SLD	15:03	935.50	BOT	15:09	935.00	1	10.00	5.20	0:06:38
												
	Total								6	-145	-173.8	0:10:01

T1-3: NQ worked fine with RSI
T4: All of a sudden I had enough margin to trade the ES! Great, on with the BIG profit i thought. It's funny after trading the NQ for only one day, the ES seemed to be jumping around in supersonic speed! Hold on way to long to this one. Was convinced it would go down (it did, but only after I sold).
T5-6> NQ RSI trades, small but "solid" gain.

Back to the NQ tomorrow.
 

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Code: 
Day	Trade #	Type	B/S	Time	Price	B/S	Time	Price	Quant.	Gross	Net	Time held
												
10-Sep	1	NQ	SLD	13:37	937.50	BOT	13:37	935.50	1	40.00	35.20	0:00:38
	2	NQ	BOT	13:37	935.50	SLD	13:38	936.50	1	20.00	15.20	0:00:43
	3	NQ	SLD	13:45	936.50	BOT	13:50	935.50	1	20.00	15.20	0:04:50
	4	NQ	SLD	13:50	936.50	BOT	14:05	935.50	1	20.00	15.20	0:14:57
	5	NQ	BOT	14:13	934.50	SLD	14:15	935.50	1	20.00	15.20	0:01:47
	6	NQ	SLD	14:38	935.50	BOT	15:00	942.50	1	-140.00	-144.80	0:22:28
	7	NQ	SLD	15:02	944.00	BOT	15:03	943.50	1	10.00	5.20	0:01:07
	8	NQ	SLD	15:05	944.50	BOT	15:10	942.50	1	40.00	35.20	0:05:15
	9	NQ	SLD	15:12	942.00	BOT	15:15	941.50	1	10.00	5.20	0:02:16
	10	NQ	SLD	15:15	941.00	BOT	15:21	940.50	1	10.00	5.20	0:06:02
	11	NQ	SLD	15:24	941.00	BOT	15:26	939.50	1	30.00	25.20	0:02:33
	12	NQ	SLD	15:31	942.50	BOT	15:40	943.00	1	-10.00	-14.80	0:09:07
												
	Total								12	70	12.4	0:05:59
 

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Torn,

Hey, you ended the day positive. That's good! You traded for two hours for minimum wage, but at least you got paid to learn. You may already know my revelation -- RSI, etc (trash!)
 
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