I made 7 trades in the ES today. 5 winners. 2 losers. Net before comm $250.00 per contract. I could not trade all day today. Yesterday was my rough day. Trying to do too many things and trade at the same time yesterday. PA trading, at least for me, requires intense focus as I am getting quite fossilized. I should have left yesterday alone since i could not devote the time to it.
Rough day
- Thread starter Jdesey
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You're welcome.
Mark another one for the good guys.
I set my stop at 70 ticks on CL. Remember 80% of movements in the short term is simply noise. The goal is to find the 20% that is not noise. In my opinion there are only about 3 clean entries in crude per month.
So you say then, there are only 3 trades a month...well in Crude...but there are many other instruments to trade.
I still don't understand people who just trade one contract, like all of these "ES Only Traders." Makes no sense when 80% of the movements are largely noise. Sorry to be so opinionated but it just makes zero sense to me.
I could never trade 5 ES trades in 1 day, I would feel like I'm in a casino.
So you say then, there are only 3 trades a month...well in Crude...but there are many other instruments to trade.
I still don't understand people who just trade one contract, like all of these "ES Only Traders." Makes no sense when 80% of the movements are largely noise. Sorry to be so opinionated but it just makes zero sense to me.
I could never trade 5 ES trades in 1 day, I would feel like I'm in a casino.
3 trades a month? How would you differentiate a quality setup from the noise?
Some of that probally has to do with your philosophy of the markets. I don't believe in noise. I personally think noise is a myth. All movements happen for a reason. Even 1 tick movements. You have to judge the context. I see no problem taking 20 even 30 ES TRADES in a day. Where there is movement money can be made. Of course, it has to be at least 2 ticks in the ES. I usually go for at least 1 to 4 point move. There are usually lots of 1 point moves everyday in the ES.
Each has there own way of trading. You for sure have to do it in a way you are comfortable doing it. Check out Paul Rotter or read:
http://www.futuresmag.com/2014/08/23/price-action-trading-basics?page=1
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It's interesting how these post going all kinds of different directions. I will read that article it sounds interesting.
I don't think there's any one answer to what we're talking about. I agree with the previous poster and then we each have to find our own method and style that Is profitable and works for our personality
I don't think there's any one answer to what we're talking about. I agree with the previous poster and then we each have to find our own method and style that Is profitable and works for our personality
