S/R Emini Journal
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The worst (choppiest) periods for daytraders are Monday mornings & Friday afternoons. When I used to daytrade I found that a bulk of the losses occurred in these 2 periods & once applying no trades in these periods profitability improved from 45% to 67%. I'd suggest for anyone daytrading to examine their journals and see what sessions/days are most profitable: you'd be surprised.
Cariocas
Cariocas
For the most part I do agree however instead of just ignoring these 2 times what I do is sit back and observe the market and if we have decent volume and MOVEMENT in the market and my numbers hit. Then and only then will I trade it. I do treat every friday afternoon and monday morning as its own little animal though. Thanks for this post, Cariocas...
You know, I have a real head scratcher here. I responded to a thread early this morning http://www.elitetrader.com/vb/showthread.php?threadid=74752
about your/my edge in trading. Ever since I responded I sat back and thought about it. My response had more to do with my method and not my edge. I can't think of one thing that would be considered an edge for me. Holy crap!!! I don't have edge, maybe I don't deserve to be trading at all. Maybe I shouldn't be allowed to even trade baseball cards with the neighborhood kids.
What do you guys think and believe about this almighty mysterious "edge" we all keep hearing about?
Maybe it could be that I know my system backwards and forwards. Or that I trust my system so much that I trade it just like clockwork. Maybe it is that I know my system very well and have observed how it works in different trading environments. Maybe it is that I rarely modify my method and never just because of a losing day.
Or maybe I don't have one and should quit fooling myself and go get a job at WallMart.
Any responses???
Gary
about your/my edge in trading. Ever since I responded I sat back and thought about it. My response had more to do with my method and not my edge. I can't think of one thing that would be considered an edge for me. Holy crap!!! I don't have edge, maybe I don't deserve to be trading at all. Maybe I shouldn't be allowed to even trade baseball cards with the neighborhood kids.
What do you guys think and believe about this almighty mysterious "edge" we all keep hearing about?
Maybe it could be that I know my system backwards and forwards. Or that I trust my system so much that I trade it just like clockwork. Maybe it is that I know my system very well and have observed how it works in different trading environments. Maybe it is that I rarely modify my method and never just because of a losing day.
Or maybe I don't have one and should quit fooling myself and go get a job at WallMart.
Any responses???
Gary
4re,
Lurker, first time poster on this thread. You have an "edge" that you dont even realize that I can see from your trading. The ablility and mental power to stay flat and out of the market until your conditions are met. This very powerful in my opinion. Especially for intraday trading, timing is vey critical. It can mean the difference between getting squeezed or catching the ride. Most people fail because they feel they are missing a run only to see it reverse on them. Later they blame the "stupid" market. Stick to your plan and in the long run you will come out on top. Good trading to you.
Lurker, first time poster on this thread. You have an "edge" that you dont even realize that I can see from your trading. The ablility and mental power to stay flat and out of the market until your conditions are met. This very powerful in my opinion. Especially for intraday trading, timing is vey critical. It can mean the difference between getting squeezed or catching the ride. Most people fail because they feel they are missing a run only to see it reverse on them. Later they blame the "stupid" market. Stick to your plan and in the long run you will come out on top. Good trading to you.
I hear Walmart on Cheeksparger is looking for a manager.
Your edge is your strategy.
Hey Sosa,
You don't have to lurk here feel free to post anytime. Although I tend to lurk in the ES journal where you frequent.
Thank you for your response, that is part of the answer I was looking for. It is very easy to blame/credit our strategy or methodology for our success or failure. It is easier to tweak our system than it is to tweak ourself. I think the only difference between success or failure is in the way we think. Once we figure out why price is moving we figure out how to profit from that move.
Thanks,
Gary
A perfect example of what I am talking about was Friday when you entered @ 1268.75. At the time I could see that trade wasn't going to work, apparently you did too. However, the second time it came down to that number you hit it, and you got your target gain. And that what its all about. No hesitation just following your plan. A lot of people can not do that and therefore never make it trading. It shows there are edges but you have to be willing to hit it or quit it.
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