The Evolution of an E-mini Trader
- Thread starter Huios
- Start date
As for indicators, I really don't use any, because I basically found the same thing. The few i watch are just for confirmation. I basically just trade from price action, and the basic chart formations. Nothing really complicated.
As for stops, I just like tight ones. The plan is to get right back in if the reason to trade is still valid, ie rising market retraces 50% instead of 38%, and starts to rise again. I've found that is not as easy as it reads in the plan.
The hardest thing I've found is to reverse my position, when it is warranted. So I took that out of the plan for now, and am concentrating on only a few setups, instead of many.
I think 9 trades is overtrading for me at this time. If I limit myself to around 5 per day, it will force me to stay on top of my game, and not take the marginal trades (providing I can tell the difference
)Hey Traders...
I did not trade today as I was out of town. However, I want to discuss something I look at every night. Intraday travel range.
Note: this concept was initially posted by Armaniman. I adopted it for my trading and use it as one of my main goals in trading. In fact, while I'm on the subject, nothing I use is original material, although I may use it within a different concept or context than the originator.
A market not only travels from the high to the low, there are intraday significant swings that are very tradable. For example, todays range from high to low was approx. 14 pts. But the intraday travel range was 53 pts (see chart). I generally classify swings of 5 pts or more as significant. A-man stated that...
"An excellent trader should be able to capture an average approaching 50% of the travel range on a given day. A truly superior trader ---- functioning at an optimal human level with a superlative methodology---- can garner up to 60-65% of the day's travel range. (Beyond that point, we are talking superhuman trading with either foresight or hindsight!)."
That quote rocked me.
That is my goal.
To be an excellent trader.
For the glory of God.
I did not trade today as I was out of town. However, I want to discuss something I look at every night. Intraday travel range.
Note: this concept was initially posted by Armaniman. I adopted it for my trading and use it as one of my main goals in trading. In fact, while I'm on the subject, nothing I use is original material, although I may use it within a different concept or context than the originator.
A market not only travels from the high to the low, there are intraday significant swings that are very tradable. For example, todays range from high to low was approx. 14 pts. But the intraday travel range was 53 pts (see chart). I generally classify swings of 5 pts or more as significant. A-man stated that...
"An excellent trader should be able to capture an average approaching 50% of the travel range on a given day. A truly superior trader ---- functioning at an optimal human level with a superlative methodology---- can garner up to 60-65% of the day's travel range. (Beyond that point, we are talking superhuman trading with either foresight or hindsight!)."
That quote rocked me.
That is my goal.
To be an excellent trader.
For the glory of God.
Figured out my expectancy (ala Tharp) of the old system for the month of May. It is -.77, which means for every dollar I risked, I lost 77 cents.
I don't use it anymore, but it is for sale!!! Only $2,999, and you get a set of Jinsu Knives, good for slicing and dicing. PM if you are interested.
Going to bed.
I don't use it anymore, but it is for sale!!! Only $2,999, and you get a set of Jinsu Knives, good for slicing and dicing. PM if you are interested.
Going to bed.
Well, my concept was good, but my timing stunk.
7 trades - 7 losses and 0 wins, and all of the trades were shorts. Net losses were -358.60
Morning Trades
Trade 1 - Broke out of the morning range. Waited for a correction, shorted, but the market kept going up. Out for a .5 loss.
Trade 2 - range bound with a slight downtrend, or triangle, shorted on the other side of a correction, but market shot up again. Held on a little long, "It'll come back down" for a 1 pt loss.
Trade 3 - Short the downtrend, stopped out on the high tick of the correction. Loss of .75 pts.
Total losses so far was over 2 points. I think (know) I lost my concentration. And got to bed way too late.
Watched the market drop the rest of the am. I was surprised that the lunch dead zone never found a range, but kept dropping. As nitro say, trade what you see, not what you think.
7 trades - 7 losses and 0 wins, and all of the trades were shorts. Net losses were -358.60
Morning Trades
Trade 1 - Broke out of the morning range. Waited for a correction, shorted, but the market kept going up. Out for a .5 loss.
Trade 2 - range bound with a slight downtrend, or triangle, shorted on the other side of a correction, but market shot up again. Held on a little long, "It'll come back down" for a 1 pt loss.
Trade 3 - Short the downtrend, stopped out on the high tick of the correction. Loss of .75 pts.
Total losses so far was over 2 points. I think (know) I lost my concentration. And got to bed way too late.
Watched the market drop the rest of the am. I was surprised that the lunch dead zone never found a range, but kept dropping. As nitro say, trade what you see, not what you think.