S/R Emini Journal

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Quote from austinp:

tradequicker, porgie isn't nuts.... just uses.... lots of... periods... in his... writing... (laugh)

porgie is cool, always enjoy his input :>)

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As for stops? I'm a pure intraday trader at this time. Might decide to hold some ES trades for more than one day between now and next April as trend moves develop, we'll see.

Regardless, stop-loss orders in your software are a critical part of trading. Mental stops are worth the paper they aren't written on... big losses are inevitable for emini traders who eschew physical stops.

I use limit-order stops that become market orders when hit thru Ninja. That keeps stop-exit orders from being skipped over = missed in times of extreme volatility. The ER tends to slip a tick or three (depending on trade size) at the exit constantly, so pure limit order stops are a hindrance there.

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My objective in the ES is targeting +4pt to +8pt profit moves intraday. We can see where the ES makes intraday swings greater than these ranges often... several times per week. Using a -2pt initial stop while holding for +4pt to +8pt gains (along with conservative trailed stops to reduce risk) results in a very favorable profit/loss ratio.

IMO, too many emini traders knee-jerk their way out of solid-profit trades way too soon. They spend all kinds of time & effort picking entries, once in the trade seem obsessed with getting out at the slightest provocation when two dimes of unrealized profit appear.

We only need to catch a few +4pt and +8pt moves per week to have a solid performance. The players who ply the +2pt, -1pt, -1pt, +2pt, -1pt, -1pt, 1pt game too often wind up the week with fifty round turns and +2pts profit, if any.

Before any emini trader can become an accomplished scalper (toughest game of all by far) they must be a skilled, successful intraday swing trader first. Hunting bigger swings on fewer turns with patience to hold open trades comes first.

That's where my evolution has arrested itself... as an intraday swing trader. 5min trade charts are just fine, they give 4min30sec of free time to play with between trade decisions :cool:

Hope this helps
Austin
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Most of this I totally agree with except that I have built a very nice bankroll on 2 point trades. Most of the guys you are talking (I think anyway) are descretionary traders. Which I am not. But I do stick with my 2 point rule. Instead of making a bunch of 1 contract trades I use a larger position size go for 2 points on one trade a day. Could I get more on these trades? Most of the time I could but I don't look back I take my 2 and bank my money.

I use to use a 5 minute chart but now I use a 15 and refer back to the 5 at times. I think it whatever you get use to.

I... like... Porgie... to... I think his dot dot gets stuck but he is cool to me.

Tradequicker,
What type of strategy are you planning on using and is this your first crack at trading? Just curious.
 
This is a pure weekend post LOL. This is my screen set-up spread over 2 monitors, used to have a lot more TFs open, now mainly using 15 and also referencing 1 min and daily charts, do check hourly chart every hour. Pretty much everything I use (data wise) is visible on the attachment, no fancy proprietary indicators.

Austin, hello! :D

If you trail a stop, then wouldn't you miss a lot of large moves? Isn't it better to scale out of your position, rather than close it all together?
 

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Quote from romik:

This is a pure weekend post LOL. This is my screen set-up spread over 2 monitors, used to have a lot more TFs open, now mainly using 15 and also referencing 1 min and daily charts, do check hourly chart every hour. Pretty much everything I use (data wise) is visible on the attachment, no fancy proprietary indicators.

Austin, hello! :D

If you trail a stop, then wouldn't you miss a lot of large moves? Isn't it better to scale out of your position, rather than close it all together?
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Good thing you have 2 monitors. That is alot for 1 but it is interesting to see how others have it set up.
 
trailing the stop intraday is not necessary. i prefer scaling out but only if i can leave one riding the run.....at least one....and even scaling back in as run allows...this is hard to do with short charts.. ...trading one contract kills almost all options to capture most of run...almost....trailing stop is very difficult as the little retracement unexpected always seems to go against you just enough to take u out..then goes on it's merry way without you and you fret and decide to jump back in and it is bad entry as turn point is wrong direction for you and your revenge entry? ...so when breakeven is comfy, get there. scale out as u proved to be correct high probability, again leaving the at least 1 contract for capturing most all you are offered. if this sounds wrong to anyone, please advise.....thanks tq
 
Quote from tradequicker:

trailing the stop intraday is not necessary. i prefer scaling out but only if i can leave one riding the run.....at least one....and even scaling back in as run allows...this is hard to do with short charts.. ...trading one contract kills almost all options to capture most of run...almost....trailing stop is very difficult as the little retracement unexpected always seems to go against you just enough to take u out..then goes on it's merry way without you and you fret and decide to jump back in and it is bad entry as turn point is wrong direction for you and your revenge entry? ...so when breakeven is comfy, get there. scale out as u proved to be correct high probability, again leaving the at least 1 contract for capturing most all you are offered. if this sounds wrong to anyone, please advise.....thanks tq
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If I thought you were way off base I would let you know but I think each trader should manage his/her trade their own way so if this works for you and you make money it sounds logical to me.
 
4re,

there are so many systems and approaches to all facets of trading emini's.. that work very well. the point i was after was for those who wish to ride the run....trading for bigger pts. with 1 contract is not best. for shorter pts it is great. the 2 pt target u use is a unique approach that works well with one contract, or all u wish, as it allows pts seen relatively quickly...and then more contracts, same aproach...2 pts....all in all out....at 2 .....less time usually and less stress involved....as i know your stop loss is proven good.....no trailing stop here if wise....go to breakeven plus a hair for free trade until 2 pt target seen....take the gold....much less maalox expense....by the way, YM your style is equivalent at around 8 pt target....up the contracts....

for the trader who shoots for more points, he is in totally different box, except of course the entry can be same as yours, the stop the same as yours and all things look the same to begin with......except at 2 he should be thinking breakeven...with money in the bank on first 2 pts seen....150 in bank. wait for next entry signal.....or scale back in if run trend is strong and re enter if skills allow..

but, when he sees, let's say, 1 pt he exits, when he sees 2 he exits, then #3 cont rides until trader sees market is or most likely is going against his trade direction....or longer term intraday trend.

am not saying s/r is any different than other systems when strategies are mentioned...all are our system entries made with certain point expectations......end of that story for me....u enter, you should have a very high percentage chance of seeing your point targets, whether they be yours for 2 or others for theirs....if percentage accuracy is lower than most some folks can accept that and do well.. i am not in that group.............tc
 
4re

excuse the math on pm......it was 3 pts x 2 trades per day...that was also when runs were avg 2 to 3 per day and avg run was 20 pts range...good days...for es...nq runs were huge then....
 
Quote from tradequicker:

by the way guys, what about stop loss settings. are they important? my friend says they are critical. but if one loses a significant amt of money how can that happen? doesn't the stop loss prevent the big loss? i have read a lot of posts here. This wannabe trader guy named porgie is nuts, but occasionally gets something correct. he said over and over stop loss settings are important.
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TQ - if I may give you some advise, there are some very decent people on this forum that I would recommend you pay particular attention to if for no other reason because they show a lot of class in their post and I think know a great deal about their particular area of trading. Porgie, AustinP, and 4re quickly come to mind as excellent examples of that. BTW Porgie is not nuts....he is the real deal.

8t
 
88trader,

thanks for reining me in as needed. i will join the group here if allowed with all due respect to each and every one....learning as we go...have a spectacular day...tq
 
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