Oh No, NOT Another S&P EMini journal...

[JimmyJam]

Quote from goodday:

Thanks, chrisofj, for your observations.

I have two comments to make.

1. As an ex-college professor, I have learned one thing in life. Spoon-feeding does not really help anyone. And, the one who is really interested will search and find the answers. Learning in this format is the BEST way to learn.

2. I have not started this thread to "teach" anyone anything, leave alone how to trade. I only wanted to LEARN from my mistakes. Surprising as that may be to others, the journal is accomplishing that goal quite well. If others benefit from it, it is wonderful. For those who "seek", there are a lot of nuggets to benefit from this journal. What you get out of this post is upto you.

Thanks for the post G-Day.

That pretty much sums up my experience as well.

You're right, there are many nuggets here.

But you might have to hunt and search and interpret and backtest and apply and re-apply and then work at it some more to get to them.

Best,

Jimmy

P.S. I think you're also learning that less is more when it comes to trading.

 

[romik]

Can I just ask 1 thing here, what is your trading capital?

 

[JimmyJam]

Quote from goodday:

1. As an ex-college professor, I have learned one thing in life. Spoon-feeding does not really help anyone. And, the one who is really interested will search and find the answers. Learning in this format is the BEST way to learn.

Not to mention that it is very uh, naive for people to think you are actually going to share your hard won knowledge ... in a public forum.

But I see it all the time.

General concepts, public knowledge, kicking around ideas, generic examples, etc.

Yeah, sure, it's all good.

Explicit details of the reasons why you do what you do, when you do it.

Heck know.

Later,

Jimmy

P.S. As I've mentioned before, this is a LAB, it's a good place to come to work out the kinks, and maybe meet a new friend, who knows.

But that's about it.

 

[goodday]

I went long before the LEI news to come at 10 AM, (scaling in) for a total of 41 contracts, in positive anticipation. I knew the market would reverse after the news (clue - opening gap up), but got my butt kicked when the market reversed before the news (i.e. sooner than I expected). I lost all my earlier profit and more. But I quickly reversed and made up the loss. Results are posted below:

Long 41 contracts
(then reversed to)
Short 30 contracts

Total contracts traded for the day = 103
Closed for net profit = $739.50

DONE FOR THE DAY.

 

[KRSNA]

About 10 years ago I did a trading workshop for 10 traders and one strategy I taught was the gap trade.

I gave the rules, the money management and the stop. Everyone saw examples of it and liked it.

That morning one of the markets actually triggered the gap trade.

All 10 traders had their accounts ready. Now, how many took the trade?

Answer: 2

At lunchtime those 2 traders went off to a restaurant, ordered a nice red wine and never came back till the workshop was nearly over. Their stop was in place.

They each made $4,000 for the day.

The others studied all day and were excellent students, but they made no trades.

However the other 2 made the strategy their own and just accepted the probable outcome, loss or gain.

For them that one strategy was value enough.

If you watch the psychology and the way Goodday goes about this campaign, you will learn what this game is all about.

You need a strategy, but that is not enough.

Observing your emotions is one key.

Associating with good traders is another.

Goodday is a good trader. Just follow his thread and you will learn.

 

[JimmyJam]

A few of those aforementioned nuggets.

Quote from KRSNA:

... made the strategy their own and just accepted the probable outcome, loss or gain.

... one strategy was value enough.

If you watch the psychology ...

... need a strategy, but that is not enough.

Observing your emotions is one key.

Associating with good traders is another.

 

[goodday]

Went short last evening when the Globex session opened at 6 PM. The market went against me all night long, and, at the worst I had $4000 paper loss. But eventually ES went my way when I was just about ready to throw the towel in along with my conviction. By 7.30 AM I was completely out of the trade. The results are as follows:

Short 120 contracts
Closed for net profit = $3117.50

DONE FOR THE DAY.

 

[volente_00]

Quote from goodday:

Went short last evening when the Globex session opened at 6 PM. The market went against me all night long, and, at the worst I had $4000 paper loss. But eventually ES went my way when I was just about ready to throw the towel in along with my conviction. By 7.30 AM I was completely out of the trade. The results are as follows:

Short 120 contracts
Closed for net profit = $3117.50

DONE FOR THE DAY.

I have been trading ES at night, Ihave found it is best to wait til 3 a.m. to put a trade on so asian does not run it.

 

[goodday]

Quote from volente_00:

I have been trading ES at night, Ihave found it is best to wait til 3 a.m. to put a trade on so asian does not run it.

Great insight. I have noticed that toooooo, just did not have the trading discipline to wait.... YOU LIVE AND LEARN...
Thanks again for reinforcement of what I know but did not practice.

 

[mishwar]

Quote from goodday:

Went short last evening when the Globex session opened at 6 PM. The market went against me all night long, and, at the worst I had $4000 paper loss. But eventually ES went my way when I was just about ready to throw the towel in along with my conviction. By 7.30 AM I was completely out of the trade. The results are as follows:

Short 120 contracts
Closed for net profit = $3117.50

DONE FOR THE DAY.

Your results are v good these days. Congrats. Yes, I too am keen to know what is you trading capital. Romik too asks cause the net profits seem like a lot of money for many on this forum i guess.

What is your gross profit/Turnover. Is one tick enough to make the net profits, if you consider overall performance ?
Thats $12.5 for every 124000 (current ES RT value) traded, Gross without commish and taxes ? What is your average gain per RT, if you dont mind revealing ?

Thanks
mishwar