The Evolution of an E-mini Trader

I did not take any trades today as my morning was full of interuptions, and I never got in the groove in the afternoon.

But, I did go over the 5 minute chart looking for my setups. Had 5 good opportunities. I posted them on the chart and my reasonings. I know, looking back is much different than when the setups are forming on the right edge.

Been thinking alot about the MAE results. Thanks again AAA for the suggestion.

The double bottom, #4, was confirmed by an oscillator divergence with price, but that did not make it on the chart.

Net for the day: 0

Net for the week: +235.60

Net for the month: +235.60
 

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Originally posted by gnome
What I think is important...
1. A smart man learns from his own mistakes. A wise man learns from the mistakes of others.
2. There are only 2 kinds of traders (investors)... those who don't know and those who don't know they don't know.
3. NOBODY KNOWS ANYTHING! Not me, not you. Not your guru.
(market plays, of course).
4. Always be alert and analytical. The market/environment IS GOING TO CHANGE. All you have to do to get knocked off is keep doing what you've been doing.
5. It's all probabilities and discipline, so be thoughtful with taking on risk. If you're correct, it SHOULD go your way almost immediately. If not, that's what stops are for.

You are fortunate to have rs7 on this board.

gnome... in folklore, the subterranean dwarf who guarded the treasure
More...

Sage advise.
 
hello huios,

as teresa lo once said, there are only 2 setups: retracements + tests, so you are on the right track with your entry. but as you can read everywhere, entries didnt decide the game anyway.

perhaps you have to see things together: a) timeframe b) risk c) target d) account size.

if you trade on 1min timeframe, your target could be something between 2 pts and 4 pts. risk then should be no more than 2 pts (risk reward 1:2).

i recommend, your account should therefore be up to $20.000 (!) for trading 1 contract (0,5% overall risk)...

happy trading

peter
 
hardcash
as teresa lo once said, there are only 2 setups: retracements + tests, so you are on the right track with your entry. but as you can read everywhere, entries didnt decide the game anyway.

perhaps you have to see things together: a) timeframe b) risk c) target d) account size.
More...

I agree about the entries. An old time trader once said, "Any fool can get into the markets, I prove that daily, it is getting out that makes the trader."

My exits need work, granted.

But as you said, I need to get everything together, and be looking at all of it at once. I get an insight over there, and am off chasing it, then one over on the other side, and I am off over there. I believe it will come together in due time.
 
Comments posted on the charts.

3 Trades, 1 winner, 1 loser, 1 scratch

Net for the day: -64.4

Net for the week: +171.20

Net for the month: +171.20
 

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Looking back today.

If I would have used bigger stops, all three trades would have been sizable winners. Trade 1 - about 5 pts. Trade 2 - about 3 pts. and Trade 3 - about 12 pts. Total - 20 pts.

These are the kinds of trades I really want, but my scalpers loss mentallity ain't allowing me to get there.

Got alot to think about in the next few days. I would rather be uncomfortable and make money, than be at ease and slowly piss it away.

Gonna re-write my business plan. Look at the eSignal charting package, and other things.

All, have a great Independence Day, and thanks for reading, and contributing to The Evolution.
 
hey i have a suggestion, i think it was mentioned here before i'll say it again because its is a valid point. The way that i like to get into some of my trades i first look at the 60 min, then 30 then 15 then 5 and then 1 in for entry. this way i have an idea of what to expect from each trade, for example if i see a nice set up on the 5 min chart i say ok this could run a bit, well ok i'll look at the 15 min and then 30 min to see if im running into any type of resistance and also if there might be a significant pattern forming like a triangle - this way i have an idea that ok this trade i can expect so much out of it and in a given time, so if its not doing much from the time i enter and it looks like its stallingout i'll think about getting out, if how ever its just a minor pullback i might let it wigle some more but within given risk parameters./ but i always get a bigger picture before getting in to make sure i have proper expectations. again if i look at 30 min chart and expect a 20 point gain on the nq well then i have to give it sufficient wigle room for the trade to work out, i would use the 5 minute and 1 minute to time my entry and possibly exit at my price target. look at teh 5 minute chart, there were several instances where you had a big candle down and then a complete candle reversal on the 5 min chart, well if i get a reversal like that i would think that that might not be such a good sign. So its just my take on it, but give it a shoot, before entering a trade take a look at the big picture and see if your expectations are reasonable and then fine tune the entry with 5 and 1 minute chart. Good luck and keep up the journal.
 
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