Matcha's Dow E-mini Journal
- Thread starter Matcha
- Start date
i went to a paradise island for holidays
saw a gal and a guy running...
in slow motion along the beach
i think of you and PO
i went to eat seafood
saw <*)))><
i think of WentFishing
i love to drink coconut juice
by the ocean ....
i think of your sifu ~Boli
oh sweetie.. i missed all of you too!
Quote from Bolimomo:
PO: Trading the opening can be highly profitable but it takes experience and quick reactions to deal with it. I used to trade the opening with an Internet browser and an Ameritrade account. You know... you need to click through 3 pages to place an order (#1 - get to the order page, #2 - fill in the number of shares, stock symbol, order types, etc.. #3 - another page for the read back confirmation. SUBMIT. The keep clicking the refresh, refresh, refresh.... was it filled? Was it filled? Was it filled??? If not... go through the same 3-step pages to change the price (or cancel)...
Laughing out loud... looking back... No wonder I lost my shirt trading the opening!
The nice real move usually starts to emerge after 15 minutes (9:45 am EST) to 45 minutes (10:15 am EST). If you don't start trading, it may be late.
Anyway... your skill will come. You will be successful at it! Meanwhile, train hard!
Hi Boli,
Thank you very much for sharing your experience on trading the opening market. I will keep a close tab at the most important timeframe between 0945 to 1015 ET.
And thanks for the encouragement. I will train hard!
--po
Quote from ~~~:
i went to a paradise island for holidays
saw a gal and a guy running...
in slow motion along the beach
i think of you and PO
i went to eat seafood
saw <*)))><
i think of WentFishing
i love to drink coconut juice
by the ocean ....
i think of your sifu ~Boli
oh sweetie.. i missed all of you too!
It's such a beautiful picture. I think of you in that pic dressing in a channel bathing suits, Fendi sunglasses and LV towel.. And you are very tan! hehe
Quote from Bolimomo:
You set up the safety net first before you pick up the quarters.
....
Again, the priorities should be:
#1) Follow the trend - try to get in early.
#2) Fade the trend - try NOT to get in too early.
#3) Trade range bound, tight market, or chaotic markets (e.g. Diamond but not a triangle), or the sudden spikes (e.g. May 6, 2010 - flash crash)... those don't come often enough.
I will keep my priorities straight. Especially #1 and 2.
Excellent guiding light:
FOLLOW the trend - try to get in EARLY
FADE the trend - try NOT to get in too early.
I will set my trading rules accordingly and to remember these. There were many many mistakes I repeat again and again by not following the above!!!
--po
Quote from ~~~:
Hi PO.
Yeah...the mind set in "LIVE" and "SIM" is quite different.
like being a driver(LIVE) or a passenger sitting beside a driver learning how to drive(SIM)... the different is BIG!
the driver has to control his speed, turning left/right, side parking, reverse parking, driving in a freeway or big city...etc, etc.
you can read all the books in the world but...
a passenger will NEVER learn to drive if he's Not put into the driver's seat.
same principles in trading ... all you learn from the books are only theory and techical ... but you need practical actions in trading.
Before you go "Live" first you have to be mentally prepared to have
"Strong Discipline".. like a soldier fighting in the war ... you want to win and take only "Calculated Risks".. like how many bullets you have and don't simply shoot your bullets into the air (what a waste!) and must retrace if the opponent is too strong or be "Flexible" join/follow the opponent to get to your "TARGET".
now come to the more difficult part, how to control your emotions ...
PO...i am not going to teach/ask you to be a Robot coz you're a human.
Yes ... we're all humans and we have plenty of emotions...
PO... use all your emotions on people or dogs/cats or arts or poems but never, never be emotional when trading in the "Market". You must treat the "Market" as a "Money Making Machine" only and you are the Engineer trying to understand "the Machine" ..how the "Machine" works & benefits you.
~Remember PO: You're not the Robot but the Engineer who fixes/gets the "Machine" to make $$$ for you.
Hi Sis ~~~,
Thank you very much for the excellent advice. I shall train hard to enforce my discipline - my weakest link. And use my bullets wisely to take only the Calculated Risks. And must retrace if the opponent is too strong (cut losses short) or be "Flexible" join/follow the opponent to get to my "Target" (let PROFITS run).
I shall treat myself as an Engineer to command the Money Making Machine with no emotions, only disciplines and rules to follow.
You have given us the important elements to succeed.
--po
sweet naughty matcha ... i don't need a channel bathing suits coz with my body i look great & sexy with any brand of bathing suits (tips to you girl---work on your body and you will look great even you wear a no brand clothes!)
i am a fair lady, so nope, i don't looked tan but pinkish now PO..i know you'll succeed oneday..if you have to stay in SIM a bit longer, please don't rush yourself... until you're ready, then only go "LIVE" again
A Good Engineer has Good Analytical Skills...
Engineer must partakes in Thorough Analysis on a frequent basis...
Engineer also must possess a Wonderful Problem Solving Skills...
You're the Engineer who commands the Money Making Machine with no emotions, only disciplines and rules to follow.
I like your music. Thanks for sharing the youtube clips. Wow! Your trade A and B were both great catch of the day. You know what, I checked my charts and sadly I did the exact opposite at those 2 spots
I thought the market was going to reverse and went short. I need to pay more attention on the wave count and NOT to go too early when fading the trend (as Boli has advised).I think you played defense very well today and had a very decent PnL with 33% winrate. Your weekly PnL was equally well guarded consider there were a few tough days.
I, on the other hand, had the worst week in PnL since I started.
Totally unfocused, not disciplined, overtraded and make all the mistakes I shouldn't make. I'm going to go over my charts this weekend and re-write my rules and work on my weaknesses and be prepared for next week. I am really glad that, I have all you great people here to straighten me out and give me guiding light and the encouragement.
"We do need to "be confused" in order to "be clear" in the future".... - Very well said, Matcha. I think I know what you mean. You are correct that everyday, we build up more skills to "de-fog" the confusion and make them "clear".
I will take up on your advice, to take the time to stay in SIM longer to work out the confusion and address my weaknesses.
Thanks for sharing you daily draw down limit. I admire your very defensive play for the daily limit and stop loss for each trade. I think I do need to set and stick with a daily loss limit to prevent disaster days. Let's see, if I set $200 daily limit, it will be 4 points for ES for one contract. The way I set my initial stop loss of 2.5 points for each trade will make it very hard to stay within the daily limit if I lose a couple of trades in a row unless I played very strong defense and watch my stop loss and tighten my stops as the trade proceeds. For now, I am shooting for a 10 points weekly target for 1 ES contract.
Anyone has any suggestions as to what will be a good profit target and the stop loss per trade and the daily loss limit for trading one ES contract?? Thanks.
I wish everyone has an enjoyable weekend! And thanks again for all your help.
--po
Quote from ~~~:
i went to a paradise island for holidays
saw a gal and a guy running...
in slow motion along the beach
i think of you and PO
i went to eat seafood
saw <*)))><
i think of WentFishing
i love to drink coconut juice
by the ocean ....
i think of your sifu ~Boli
oh sweetie.. i missed all of you too!
Hi ~~~,
It must be a wonderful vacation!!!!!
He he! I can only dream about being in a paradise island in my dream tonight
--po.