S/R Emini Journal

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More mistakes than anything:

This early morning in the wee hours I closed out an overnight 6E short trade for +40pips, woke up at 4:00am est and couldn't go back to sleep so I fiddled with the trade and booked solid profits.

<b>Note to self:</b> stay in bed. You need more sleep. By 7:00am the same short 6E trade was up +100 pips from entry.

*

Shorted ER and ES off the bell, worked fine. Missed the entire move upward while my DSL was shut off by phone company.

<b>Note to self:</b> don't trust automated payment debits

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Shorted ES and ER into the afternoon drop. Trailed stop on ER 10-lot short 718 to 717 when it hit 715.80 and booked +1pt

ER turned from there and dropped below 712 afterwards.

<b>Note to self:</b> ER is spiky. You already know that. Give those stops room to breathe... missed another +$4k past the hasty exit.

**

ES short worked for +3pts, early morning short also worked for +3pts. ER was good for +5pts total. Should have made triple the money, but life happens.

Moral of the story? Minimize mistakes, maximize correct actions by letting profits run. I routinely make more "mistakes" than correct decisions. I'm also routinely profitable... should hit $20k+ for the abbreviated week if Friday session is halfway decent.

Never worry about being perfect, about making all the right decisions, about missing some trades, about being caught on the wrong side of a market... make peace with the fact that those things will always be part of your trading career.

Focus on cutting losses short, let the profits run to your predetermined profit-loss ratio and expect each trade to work out fine. Every single person in this thread has same potential as anyone else to succeed & thrive in this profession. You cannot convince me otherwise, so please don't even try!

Mistakes happen, and all veterans make mistakes. If you learn from today's (and this week's) price action, the next time it is faced you will perform admirably.

Best Trading Wishes
Austin
 
Part of a professional approach to trading futures is knowing anything that is important to the trading day for the particular contract you are trading.

You should know the following at least:

(1) When Rollover is and how that usually affects the market. If you were trading ESU6 at any stage after 9.30est you need to do more research on when to change your contracts over.

(2) Options Expiry

(3) Market moving economic reports and how they affect the market

Cheers.
 
Quote from 4re:

It isn't ONLY part of my method. If you go back through all these pages I would imagine that of all the trades I have taken probably 85% were the numbers I posted. I have won and lost by those numbers just as others have. So I would say this is my method.

Yes, others are seeing the same numbers I am but taking the opposite side. That is what makes a market. One of us will be in pain after the trade and one will eat steak. I try to make it where I will have momentum on my side but nothing is foolproof. If you read the document I posted last night it will explain it in a lot better detail.
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Gary,

I think you misunderstood me.

I was not talking about your method.

I was merely disagreeing with you about using pivot numbers for trading. Nothing wrong with them and many traders use them successfully.

I was merely stating that two people may take opposite positions off the same tools or numbers.

That is why the particular methods anyone uses really aren't that important.

Cheers.
 
Quote from LondonUSTrader:

Gary,

I think you misunderstood me.

I was not talking about your method.

I was merely disagreeing with you about using pivot numbers for trading. Nothing wrong with them and many traders use them successfully.

I was merely stating that two people may take opposite positions off the same tools or numbers.

That is why the particular methods anyone uses really aren't that important.

Cheers.
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Yes, there are quite a few different ways to come up with the same trades at the same times.

I have seen times where Romik was seeing a divergence and at the same time I was seeing a chartpattern and they both were confirming the same trade.

And yes two people often times do take the opposite positions off the same indicators or numbers. I guess that is what makes our markets fun and exciting.
 
Quote from austinp:

phone company.

<b>Note to self:</b> don't trust automated payment debits

*

S
Never worry about being perfect, about making all the right decisions, about missing some trades, about being caught on the wrong side of a market... make peace with the fact that those things will always be part of your trading career.

Focus on cutting losses short, let the profits run to your predetermined profit-loss ratio and expect each trade to work out fine. Every single person in this thread has same potential as anyone else to succeed & thrive in this profession. You cannot convince me otherwise, so please don't even try!

Mistakes happen, and all veterans make mistakes. If you learn from today's (and this week's) price action, the next time it is faced you will perform admirably.

Best Trading Wishes
Austin
More...

thanks, austin. i needed a pick me up.

on what should have been the best day ever, i made three shorts on stocks that went against me...argh:)

but like you say, tomorrow is another day....
 
Quote from LondonUSTrader:

Part of a professional approach to trading futures is knowing anything that is important to the trading day for the particular contract you are trading.

You should know the following at least:

(1) When Rollover is and how that usually affects the market. If you were trading ESU6 at any stage after 9.30est you need to do more research on when to change your contracts over.

(2) Options Expiry

(3) Market moving economic reports and how they affect the market

Cheers.
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Can you clarify something for me please re: 1)

I traded Sep06 all day today, with no problems, got one 1/4 point slippage on 1 trade, but that's nothing out of the ordinary anyway as it was close to the LOD. What was the downside of trading Sep after 9.30am?

thanks.
 
Quote from romik:

Can you clarify something for me please re: 1)

I traded Sep06 all day today, with no problems, got one 1/4 point slippage on 1 trade, but that's nothing out of the ordinary anyway as it was close to the LOD. What was the downside of trading Sep after 9.30am?

thanks.
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Maybe there wasn't too much downside. However, you should always be trading the front month contract.

The front month for the ES from 9.30est was ESZ not ESU.

If you are trading a fairly large size there may be issues in trading a contract which isn't the front month. Although similar sometimes the price movement isn't as reliable if you are trading another contract with less volume.

I personally want to always be trading the front month even though a 1 day delay in switching over may not make that much difference.
 
Quote from princessa:

sorta like "poor little rich girl", but in reverse? c'mon vo, that doesn't fly. people should be thankful for their blessings, instead of always focusing on the negatives.

there will always be problems, strife, and hardships in life, but if you chose to focus on them, it just makes you miserable.

i'm not unsympathetic, but i would say be thankful that you have such an abundance and choose wisely your mate. it's usually not that hard to tell when someone is playing you if you divorce yourself from emotion.

poor people - black, white, or whatever - always think money will solve their problems and nothing could be further from the truth. it's like biggie says, more money, more problems....
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I think you need to always be positive. Not with rose tinted glasses. You still want to see the reality of any situation, but don't dwell on the negatives and see the glass half full rather than half empty.

I do, however, believe you need to treat any woman as a lady. Even if she doesn't deserve it. I guess I am just a bit old fashioned in that respect.
 
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