S/R Emini Journal

[4re]

Quote from porgie:

if someone asked me to tell them what is the #1 thing i have learned about emini intraday trading in my 5 years.........stay off the short charts......... 5 and under......short charts

I do agree here. I personally like 5 up to 60 for analyzing my trade day however once I have my entry I use the 3 minute chart for the trade. It really has no bearing on my trade I just like the 3.
I could just as easily trade on a 5 or 10 but at that point I am going for 2 points anyway so the chart won't do anything good or bad for me.

 

[JimmyJam]

Quote from EPrado:

Whats your opinion on the new Nas increments? I thought they should have left them at .50 increments.....these new ones are way too thin with way too many book sweeps.

Here's the article that prompted me to investigate a scalping methodology this weekend, that and Sandy's comments ... as well as a certain consensus on this thread that 2pts ES represents a good take on any given day.

(Not my opinion, but I'm here to learn, and this is one of the great qualities about this thread, that we can come here and discuss different viewpoints openly).

Best,

Jimmy

 

[porgie]

weekend stuff only.......i won't post this stuff during your trading week sir, and i hope all trading weeks for all here are wonderful and profitablle.................i make comments most of which are taken as confrontational.......i am sorry if that is true.....i hope it is not.........the comment about "all contained within th edaily bar"......every day there is a daily bar........we never know the end of day picture until final bell rings......end of day picture is always 100% clarity/rearview/hindsight trading, etc.....just like any other bar from 1 minute up, the tick runs up, down, or both and even several times per bar..........there is no bar until time frame has expired........so, where the bar ends nobody knows........until it ends.......just a comment to keep in mind.....all we are capable of doing is employing a strategy with highest probability we can place our confidence in........these comments are made to warn against anticipating. mind bias..guessing...instead of high probability backtested strategy....


the next comment is "pennies from scalping".......scalping is not pennies if you learn to manage it properly..........i only trade YM now because it moves....the es is a dead duck compared to the first few years i focused on it for system development and trading and making and losing money......mostly losing...it used to run 15 to 20 pts apex to apex each run 2 to 3 times a day..it died and i moved to live market....the nq/ym are better than es by far............the pennies comment is correct if that is what we wish to capture......pennies....which is a nowhere trip for me....mind boggling to jump in and out every few minutes...........but, big dollars come from scalping and not by stacking up the pennies, but by trading more contracts.....points are not pennies..........think about 5 net YM points after commission...... 4 contracts ........once a day..then twice and u can beat working for a living.............that is not my goal/strategy......just an example of pennies becoming dollars..........still pennies for some........but do that a few times each day with a high percentage system, and trading life is fun again........the high percentage system is what makes most mad at me........mine is too high to discuss, so it is easy for me to talk stuff,......but most won't take the time and effort to create that, so they can't accept my comments as true....that is normal and fine...posts like this one say porgie is nuts to the readers, but most of us are...... .....i will say u need at least a 70% system to be real happy.......or be a great trade manager......most can't be the latter, including porgie........dedication and hard work or please don't start the journey.......it can be accomplished..just don't push it as far as i have........not necessary to be super high percentage to make money...........just for me it was necessary..........there are thousands of good systems possible.....

 

[JimmyJam]

Quote from porgie:

the next comment is "pennies from scalping".......scalping is not pennies if you learn to manage it properly..........i only trade YM now because it moves....the es is a dead duck compared to the first few years i focused on it for system development and trading and making and losing money......mostly losing...it used to run 15 to 20 pts apex to apex each run 2 to 3 times a day..it died and i moved to live market....the nq/ym are better than es by far............the pennies comment is correct if that is what we wish to capture......pennies....which is a nowhere trip for me....mind boggling to jump in and out every few minutes...........but, big dollars come from scalping and not by stacking up the pennies, but by trading more contracts.....points are not pennies..........think about 5 net YM points after commission...... 4 contracts ........once a day..then twice and u can beat working for a living.............that is not my goal/strategy......just an example of pennies becoming dollars..........still pennies for some........but do that a few times each day with a high percentage system, and trading life is fun again........the high percentage system is what makes most mad at me........mine is too high to discuss, so it is easy for me to talk stuff,......but most won't take the time and effort to create that, so they can't accept my comments as true....that is normal and fine...posts like this one say porgie is nuts to the readers, but most of us are...... .....i will say u need at least a 70% system to be real happy.......or be a great trade manager......most can't be the latter, including porgie........dedication and hard work or please don't start the journey.......it can be accomplished..just don't push it as far as i have........not necessary to be super high percentage to make money...........just for me it was necessary..........there are thousands of good systems possible.....

Hi Porgie,

Thanks for your post, and I agree with you 101%, which is why I posted the King Cambo Money Management Rules for traders who wish to employ a sclaping methodology to potentially maximize their Rate of Return.

I thought about it long and hard after I posted that comment and while I "like" to hit the triples and home runs, I can see how a bunting method can rack up a lot of won games over time.

... and one more thing. I do see that, while you may not give the "nuts and bolts" of your trading methodology, you are willing to give rules and guidelines which will assist a trader (who say, is willing to stay up all night over the weekends backtesting different methods) what they need to cobble together their own successful system.

Best Regards and Happy Holidays,

Jimmy

P.S.

5 pts YM @ $5 per point = $25.00
Multipled by 4 contracts = $100.00
2 or 3 trades a day = $200 to $300

 

[4re]

Quote from JimmyJam:

Hi Porgie,

Thanks for your post, and I agree with you 101%, which is why I posted the King Cambo Money Management Rules for traders who wish to employ a sclaping methodology to potentially maximize their Rate of Return.

I thought about it long and hard after I posted that comment and while I "like" to hit the triples and home runs, I can see how a bunting method can rack up a lot of won games over time.

... and one more thing. I do see that, while you may not give the "nuts and bolts" of your trading methodology, you are willing to give rules and guidelines which will assist a trader (who say, is willing to stay up all night over the weekends backtesting different methods) what they need to cobble together their own successful system.

Best Regards and Happy Holidays,

Jimmy

P.S.

5 pts YM @ $5 per point = $25.00
Multipled by 4 contracts = $100.00
2 or 3 trades a day = $200 to $300

Short yardage plays have led to a lot of touchdowns.

 

[4re]

Quote from JimmyJam:

Here's the article that prompted me to investigate a scalping methodology this weekend, that and Sandy's comments ... as well as a certain consensus on this thread that 2pts ES represents a good take on any given day.

(Not my opinion, but I'm here to learn, and this is one of the great qualities about this thread, that we can come here and discuss different viewpoints openly).

Best,

Jimmy

Your aricle and comments are very accurate the only problem I see here is this. If you get too hung up on the dollar figure it can cloud your judgement....Now I am not saying I do not think of dollars because I certainly do just not before or while I am trading... I do count dollars AFTER my 1-2 trades are done but not before or during. That is why I get a statement from GHCO everynight, let them count the money...It may come from my trading past when most trades lasted between 2 weeks and a month and during a trade all I watched was the chart. I never looked at my accounts positions P/L during a trade....This is why early on I saw that Franz' way of trading would do nothing for new students but kill their accounts and passion for trading.

I actually trade the same number of contracts for 1 month. When I get my monthly statement that is when I evaluate and increase the number of contracts I trade.

 

[porgie]

thinking or not about money is really not the issue...no offense intended.....it is the fragile mind we all have that is the issue.....once we get our minds out of the trade we can calm down and think about money or the lemon pie mama is cooking for me today or whatever...........in other words, we need to get out of the trades.........we are the problem........not the solution.......that is why my systems, and they are many, are all mechanical.....so i can't mess them up regardless of what i am thinking.....th inking is bad......the system should be based on enormous realtime backtesting...and enormous amount of thinking.....there is a time for thinking and it is not while i am trading..............but if you must trade discretionary, then yes, thinking about money or the lemon pie is bad for trading........i just like for the system to give the answer so i can take it without hesitation, based on the test results....notice i said enormous realtime backtesting..and thinking..not advising anyone to take my comments to heart, they are for me to make money or lose money...........

 

[sandygray66]

So Porgie, are your system(s) fully automated - taking you in and out of trades strictly by programmed rules without your involvement trade by trade? If so, do you monitor what the program is doing during the day?

Are you using TS for this or some other program?

Or are you manually executing the opening and closing of trades per your rules, executing the rules without judgement at the time of pulling the trigger to get in or out?

 

[JimmyJam]

Quote from sandygray66:

So Porgie, are your system(s) fully automated - taking you in and out of trades strictly by programmed rules without your involvement trade by trade? If so, do you monitor what the program is doing during the day?

Are you using TS for this or some other program?

Or are you manually executing the opening and closing of trades per your rules, executing the rules without judgement at the time of pulling the trigger to get in or out?

It's most likely:

1) a simple (discretionary) scalping system,
2) with 1 - 4 slightly customized indicators
3) on a basic timeframe
4) which probably delivers anywhere from 5 to 10 good trading opportunities per day
5) using the e-mini NASDAQ or Dow instrument
6) with trades ranked from;
i) high probability to,
ii) absolute certainty

Heck, he's even given us the MM rules.
***
He's already given us a lot of clues, just string them together. More to the point, once you see the picture he's painting, you don't need to know anything about his system, you can just create your own.

Best,

Jimmy

P.S. and it's gotta have a simple kill switch for determining when a trade is not going your way, so you just don't stick around too long and deal with it.

 

[4re]

Quote from porgie:

thinking or not about money is really not the issue...no offense intended.....it is the fragile mind we all have that is the issue.....once we get our minds out of the trade we can calm down and think about money or the lemon pie mama is cooking for me today or whatever...........in other words, we need to get out of the trades.........we are the problem........not the solution.......that is why my systems, and they are many, are all mechanical.....so i can't mess them up regardless of what i am thinking.....th inking is bad......the system should be based on enormous realtime backtesting...and enormous amount of thinking.....there is a time for thinking and it is not while i am trading..............but if you must trade discretionary, then yes, thinking about money or the lemon pie is bad for trading........i just like for the system to give the answer so i can take it without hesitation, based on the test results....notice i said enormous realtime backtesting..and thinking..not advising anyone to take my comments to heart, they are for me to make money or lose money...........

Same thing for the most part. Anything that clouds the mind during trading is bad for your account. But since most trades focus on points made and points made equals money. I just stressed the money part of it...And the reason that I focus on cherry picking the one trade that I believe stands the highest probability for sucess and no more is the simple fact that as a day goes by the mind is fatigued a little more (Whether we know it or not) and fatigue will cloud the mind and its judgement.