Some tips in Trading the ES successfully

[Neenisti]

Quote from emg:

As for you, I am 99.9% sure you will lose and be part of the more thatn 90% of small traders lose. Mark my word. The process you are going thru to become a successful traders is the wrong way.

More than 90% of small traders lose. They just lose!!

Good luck

Seeing that Handle and I trade the same conceptually, except he is a scalper and I trade a bit longer time frame (just for day trading), your statement is amazingly off base. He has only traded, literally, a few years longer than I have. I have day traded over 100 different markets and swing trade many more than that. I purposely didn't explain the process I go through and never will but I will tell you that you couldn't figure it out even it I gave you a blueprint for it. I only trade what I can test for myself. If I can't touch it or feel it, I don't believe it. I've been consistently profitable for many years sticking to that philosophy and it hasn't ever let me down.

Handle has found something that works and I respect him for that. The key is that "he" found something through "his" own testing. He didn't blindly follow something without challenging it on his own. I've done the identical process. We've reached the same goal via a different route.

Many can they just don't know the potential is out there.

 

[sosueme]

Quote from emg:

As for you, I am 99.9% sure you will lose and be part of the more thatn 90% of small traders lose. Mark my word. The process you are going thru to become a successful traders is the wrong way.

More than 90% of small traders lose. They just lose!!

Good luck

Not that it is of particular importance emg, but what do you feel qualifies you to offer this comment to Neenisti.

 

[cashcarewins]

Quote from Handle123:

You will find that good day traders are consistent when they make steady smaller profits, I simply don't know of anyone is consistently makes homerun trades and trades for a living.

Like most generalizations about the market, you are just wrong about this. Everybody has their own style. My testing shows that going for the home run on every trade nets more long term than the quicker exit. I challenge any trader to look at their trades last month, when you want the profit, put in a break even stop. Hold it until the close or it hits a very aggressive target. You may not be temperamentally suited for that and thus you cannot do that, but don't generalize and say nobody can make money that way. What you are saying is that you can't or don't want to try making money that way.

 

[Handle123]

Quote from cashcarewins:

Like most generalizations about the market, you are just wrong about this. Everybody has their own style. My testing shows that going for the home run on every trade nets more long term than the quicker exit. I challenge any trader to look at their trades last month, when you want the profit, put in a break even stop. Hold it until the close or it hits a very aggressive target. You may not be temperamentally suited for that and thus you cannot do that, but don't generalize and say nobody can make money that way. What you are saying is that you can't or don't want to try making money that way.

If you REREAD what I wrote, I never said you can't make money like that, I said "You will find that good day traders are consistent when they make steady smaller profits, I simply don't know of anyone is consistently makes homerun trades and trades for a living."

Comes down to definition of CONSISTENT. And it also comes down to how far back have you tested?

When I started day trading the S&P back in the 80's, the daily ave range was 3-4 points a day and as history repeats itself, one day the ranges will again get tight, so on days NOW when it is 5-6 points, how well do you do?

I can't maintain 8% losing trades per week by going for huge profit trades while trading off smaller timeframe bars of three minutes or less. I trade off 60 minute bars targeting $1000 plus and still maintain high consistency, but then that is not day trading.

We all have different styles, you just have not walked in my shoes. It has nothing to do with temperament, much has to do with years of experience, my age, money in the bank, number of contracts traded, smoothness of equity curve, HEALTH, and how close you are to retirement and for me in day trading is end of this month, 25 years is enough for me. Not had a losing year day trading since 1991, I don't trade ones or twos but hundreds of contracts, I rent a seat. Last three years the concentration has not been about the money, it has been becoming as perfect as I can in losing %.

I just detest being misquoted.

 

[cashcarewins]

Quote from Handle123:



I just detest being misquoted.

I'm not sure how I misquoted you. My point was simply different strokes for different folks. You elaborated on why your style of trading suits you. That's fine. I too started trading in the 80's. Back then you may remember the 'conventional' wisdom was that unless you were in the pit, you could not make money day trading small swings. You had to go for the occasional home run and try to stay even in between. Now with electronic trading and the ease of getting in and out of trades, the 'conventional wisdom' seems to be shifting.

I see a lot of broad generalizations on this board since I started participating. E.g. 90% of the time the overnight market closes up. Ridiculous! I'd like to find any true ones, I would definitely take it into consideration in my own trading.

 

[rolando87]

ESkiller,

Don't you have any more tips and charts to post. I for one, liked the prior charts you posted and was looking forward to what was to come.

 

[FortuneTeller]

Quote from EsKiller:

Perhaps it'll die quickly

EsKiller = prophetic.

 

[Goalgetter]

Quote from Neenisti:

I understood your previous post.
All of my charts are profitable. Some are just more profitable than others. I trade a basket of the top 20 most profitable of the many hundred I monitor. All of my charts are "right". The 20 I trade are just "more right" than the other few hundred I monitor. The basket changes from month to month to month based on profitability not patterns.
I'm Hugh Hefner of the twenty charts I trade that is how married I am to them.
But I'll replace them on a dime as well.

I do wonder how you manage (technically) to monitor hundreds of items and how your choice is made for the top 20.

 

[Goalgetter]

Quote from EsKiller:


I'll add more tips later.... [/B]

What happened to your intention?
Somewhat disappointing imo.

 

[jo0477]

Quote from Goalgetter:

What happened to your intention?
Somewhat disappointing imo.

+1

I subscribed right off the hop and enjoyed the early postings. Too bad we have haven't seen much from ESK since...