S/R Emini Journal

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4re,

my system is showing me things that my mind can't accept.....
even at 11:23 pm sunday night........but the "things" are nothing new........go with the flow.......llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
 
Quote from 4re:

I hope that it is interesting this week. I am tired of the boring range thing from last week.
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So boring I've been passing out on my keyboard. Good god have they killed the range in the last few weeks. I've just been sitting on the sidelines collecting dust. Lots of numbers this week, so I think we may see some reactions. Also that Iran deadline is Aug 31, we'll see how the market reacts if it does at all.
 
Quote from 4re:

I do pay attention to the time things but I do take my trade as soon as it comes wihtout regard to time of day. 10:30 reversal does not keep me out of a trade and neither will lunchtime. Because what if my numbers come up at 10:32 market moves 3 points and then reverses. This has happened several times in fact. Luchtime I pay attention only if I am going to need to leave and market starts getting slow. But if the market is breaking through a true S/R level time of day won't matter and you will know it.

Remmember, we want to trade very methodical just like a casino. A casino has a very small % edge over the gambler in blackjack. But a casino has very rigid rules that every dealer has to maintain. By using that small edge and consistancy a casino can weather the storm of several lucky gamblers and make big profits. They are open 24 hrs a day and take on all betors. So trade methodical like a casino for profits. I believe we have a better % edge than a casino does therefore you should be showing good profits.
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Greetings Gary,

That is a fantastic post,and I agree,if run like a casino it should be more lucrative.My one nagging thought is the zero sum argument.For every winner is a loser.If someone is consistently profitting,who is consistently losing?Is it possible to have more winners with futures since its not traded by the majority of the population?

cordially Tom
 
Quote from Thom64:

Greetings Gary,

That is a fantastic post,and I agree,if run like a casino it should be more lucrative.My one nagging thought is the zero sum argument.For every winner is a loser.If someone is consistently profitting,who is consistently losing?Is it possible to have more winners with futures since its not traded by the majority of the population?

cordially Tom
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Hi Tom. I used to work on the order desk of a futures brokerage and trust me, most retail traders trade without a clue. Just by reading this thread you are really far ahead of most retail traders.

The volume on the ES is nearly 1m contracts a day, that is a lot of traders and a lot of money. If you are good enough you will make money.

On a lighter note, nice to give my opinions on a positive thread without any ad hominem personal attacks...:)
 
Quote from LondonUSTrader:

Hi Tom. I used to work on the order desk of a futures brokerage and trust me, most retail traders trade without a clue. Just by reading this thread you are really far ahead of most retail traders.

The volume on the ES is nearly 1m contracts a day, that is a lot of traders and a lot of money. If you are good enough you will make money.

On a lighter note, nice to give my opinions on a positive thread without any ad hominem personal attacks...:)
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Greetings,

This is a top shelf thread,and I post with reservation to keep from polluting.

I saw a PBS show today by Dr. Wayne Dwyer,on inspiration.I thought of this thread as being one of the key steps to breaking the bondage of living an unfullfilled life.

It is rare to find a thread this detailed and large,without bashers and haters,a good testament to all members.

Good trading to all,
cordially Tom
 
Hello 4RE and all,

Spent some time Sunday going through this thread (only got to about page 20 however!)

One thing I am not completely clear on is how you are dealing with subsequent trades after the initial break out. For example after a breakdown will you take a breakout back above the original line on the basis of broken support becoming resistance? (I'm guessing not as you are likely moving back to an area with no 'clear space')

My hunch is what you are doing is trading a second breakdown of the line. If this is the case do you have rules for how far/ how long price must trade back above support before you take another BO? I guess you ideally want things to get 'wound up' again so there is a good chance of momentum on the second break out? Conversely if that line is tested again it may be rejected pretty quickly. I guess that is really a reversal trade so my hunch is you don't go there!

Hope I have been clear perhaps a picture would have been a better bet.

Cheers (and thanks)
Nick.
 
Here is another thought on the zero sum topic. Lets say I buy 1 contract. Market goes 2 points in my favor and I, being the trader I am have made my money and sell that contract. I sold a contract and didn't lose money. Who is to say that I didn't buy that contract from the same type of trader as I am and they made their money as well. Maybe I even sold that contract to another 2 point trader. Now that contract could have been sold by 3 winners to 3 winners. Something to think about?

I do believe that most traders especially futures traders lose their money. And seeing how some people trade here in ET and the schemes they come out with I don't doubt that most are losing their money. But I also think that it isn't too difficult to make money in this market if you just open your eyes and watch and become more like a robot about your trading.
 
Quote from 4re:

Here is another thought on the zero sum topic. Lets say I buy 1 contract. Market goes 2 points in my favor and I, being the trader I am have made my money and sell that contract. I sold a contract and didn't lose money. Who is to say that I didn't buy that contract from the same type of trader as I am and they made their money as well. Maybe I even sold that contract to another 2 point trader. Now that contract could have been sold by 3 winners to 3 winners. Something to think about?

I do believe that most traders especially futures traders lose their money. And seeing how some people trade here in ET and the schemes they come out with I don't doubt that most are losing their money. But I also think that it isn't too difficult to make money in this market if you just open your eyes and watch and become more like a robot about your trading.
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Yea but odds are the contract you bought was shorted by a noob who covers 6 points later even if the other 3 buyers made $.
 
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