wow! imagine if you had held onto that second trade like you're holding onto the current one!
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My emini daytrading journal
- Thread starter emini500
- Start date
wow! imagine if you had held onto that second trade like you're holding onto the current one!
Quote from optioncoach:
Let me ask you what makes you exclaim WOW what a trade.
Is it because your indicators allowed you to make this decision or that you kept shorting and got bailed out by a pullback. Your success is based on learning the difference.
best of luck..
This way of trading will lead to some small winners...and a few GIANT losers....he is basically taking small winners....and then letting his losses run and adding to em...recipe for a dish called "Account Goes Kaput"
I guess it could be worse...he could be trading bond futures which would totally take him out on a stretcher...
Quote from emini500:
I saw the post saying my commissions are high. When I called around looking for rates they were the best by far. The next best was in the high 4 area. If some of you want to PM your rate with margins and brokers name I would be more then happy to call them up. [/B]
For day trading you need as low as possible.. I think rates are much to high.. But there is not much you can do about it unless youâre a big time player.. It seems like you go to these sites and they want you to have 10,000 round turns a month just to give you a good rate.. Come on, the majority of traders donât make that many round turns.. So they are really wasting our time⦠GIVE ME A BREAK
Now I have found a site that offers low rates.. I tried doing research on them but cant find anything?
Maybe a member here can help us with that? They offer $1 commissionsâ¦.
Here is the link:
http://www.gofutures.com/
this looks real low... x-trader is $1500 a month though...
http://www.globalfutures.com/webforms/matrix.asp
http://www.globalfutures.com/webforms/matrix.asp
I am not going to comment on the merits of the startegy that OP is using as many other posters did. The OP clearly stated from the start that it is a very risky style of trading the ES and i am sure no one will disagree.
I will add however something that may help reduce the losses i.e. better trade management.
The startegy you are using can work very well during a day like today when the ES is just churning around with no direction. As someone already stated the small gains that you pull out on days like these will not cover the losses you get during strong trending days, nevermind a breakout/breakdown day when the ES easily clears 10-15 point moves.
On to my suggestion. It would really reduce your risk if instead of buying and selling the ES according to your signals you limit yourself to one side (according to the bigger ES trend, market sentiment, major resistance, support, etc.).
I followed your trades today and you went long when clearly there was a big chance of a breakdown. Then 2 points later you are now short when we could've easily bounced up to the 1318-1320 range. What i am trying to say is try to stay on one side(whatever that is according to things i mentioned already) which will reduce your exposure to big loses. Especially since adding to losers is a part of your strategy, it would behove you to not be on the wrong side of an ES breakout/breakdown.
Notice that i said "reduce". Your strategy is still very risky but if it works for you then good luck with it.
Just thought i'd add something constructive.
I will add however something that may help reduce the losses i.e. better trade management.
The startegy you are using can work very well during a day like today when the ES is just churning around with no direction. As someone already stated the small gains that you pull out on days like these will not cover the losses you get during strong trending days, nevermind a breakout/breakdown day when the ES easily clears 10-15 point moves.
On to my suggestion. It would really reduce your risk if instead of buying and selling the ES according to your signals you limit yourself to one side (according to the bigger ES trend, market sentiment, major resistance, support, etc.).
I followed your trades today and you went long when clearly there was a big chance of a breakdown. Then 2 points later you are now short when we could've easily bounced up to the 1318-1320 range. What i am trying to say is try to stay on one side(whatever that is according to things i mentioned already) which will reduce your exposure to big loses. Especially since adding to losers is a part of your strategy, it would behove you to not be on the wrong side of an ES breakout/breakdown.
Notice that i said "reduce". Your strategy is still very risky but if it works for you then good luck with it.
Just thought i'd add something constructive.
Quote from rallymode:
I am not going to comment on the merits of the strategy that OP is using as many other posters did. The OP clearly stated from the start that it is a very risky style of trading the ES and i am sure no one will disagree.
I will add however something that may help reduce the losses i.e. better trade management.
The strategy you are using can work very well during a day like today when the ES is just churning around with no direction. As someone already stated the small gains that you pull out on days like these will not cover the losses you get during strong trending days, nevermind a breakout/breakdown day when the ES easily clears 10-15 point moves.
On to my suggestion. It would really reduce your risk if instead of buying and selling the ES according to your signals you limit yourself to one side (according to the bigger ES trend, market sentiment, major resistance, support, etc.).
I followed your trades today and you went long when clearly there was a big chance of a breakdown. Then 2 points later you are now short when we could've easily bounced up to the 1318-1320 range. What i am trying to say is try to stay on one side(whatever that is according to things i mentioned already) which will reduce your exposure to big loses. Especially since adding to losers is a part of your strategy, it would behove you to not be on the wrong side of an ES breakout/breakdown.
Notice that i said "reduce". Your strategy is still very risky but if it works for you then good luck with it.
Just thought i'd add something constructive.
Thanks for the advise. The reason behind my long about mid day was the treasury market. The news hit about the homes and I felt that it wouldn't effect the market that much so I kept on my short. I was wrong and I had to battle it out. Market topped and came down to get me in profit but I felt that we could of easily moved back up cause the treasuries were still strong and felt that this would of been a very easy trade and it almost was as my first limit was almost hit. Market fell apart and the battle was on again. Remember that I am a trend fighter. I tried to trade the trend and I have failed. Doesn't mean that it can't be done but I was never successful at it. Plus fighting the trend goes along with my personality.
So my bias was to the upside but my thinking was wrong. The market for me was a little uneasy today for me and things usually go a little more smoothly but thats the market. Back at it on Monday.
Now the points I don't understand about your post is that I don't see what you mean when you say when I was long there was clearly a chance of a breakdown and when I went short we could of gone up to the 1318-20 area. I hear people say that a lot but I never know how they come up with there forecasts. If you can shed some light on me so I can understand a little more I would appreciate it.
Enjoy the weekend everyone
Quote from emini500:
Now the points I don't understand about your post is that I don't see what you mean when you say when I was long there was clearly a chance of a breakdown and when I went short we could of gone up to the 1318-20 area. I hear people say that a lot but I never know how they come up with there forecasts. If you can shed some light on me so I can understand a little more I would appreciate it.
Enjoy the weekend everyone
Its purely technical. 1307-1308 has proven to be support over the last few days for the ES. Every time we tested it, we have bounced back. But it could easily break it and expose you to unneeded risk as the ES could go in a freefall mode for 5+ points where it seems you will be adding contracts on every point or so. Again, its just a speculation on my part.
From what i've seen you do so far it seems you are entering trades at very short term resistance/support levels and hoping for a quick point or two. But what you must realize is that trading support/resistance with baically no stops is asking for trouble.
I think if you must stick to this style, you will be better off entering on breakouts or breakdowns. If you get caught on the wrong side of the failed support/resistance you may not see those same prices for a while, even worse you will be adding positions and probably increasing your losses. Whereas, when you trade breakouts/breakdowns you will know quickly if it failed thus a return to the channel i.e. you exit closer to your entry or in your case maybe add that second position closer to the upper band. Just my 2 cents.
Lets see how you do next week as i have a feeling that we might see a bigger move in the ES than what we saw this week.
PS I suggest you follow this thread. It has some good analysis and info on the current SPX moves. You might find it helpful in your trading.
http://elitetrader.com/vb/showthread.php?s=&threadid=49586&perpage=6&pagenumber=769