Hello esnewbie, What you have just stated is very good. ie .... a high expectancy of being on the correct side of the push most of the time. and ... loss management as soon as it becomes apparent that you could be on the wrong side of the push. So why is it so difficult to make a commitment to yourself .. 'no losing days'
Yes Jimmy, apparently the fantasy that I need your help is very important to you.. So again you can't answer the simple question Again you fail to respond when someone asks you to make is clear what you are talking about Again you are talking shit that you know nothing about Just want to make it clear for those who are looking for help They aint gonna find it asking you for anything Cause you are making it up as you go A typical bullshit artist
Fearless, I am trying to find the right medium between high expectancy and reality. While most of the successful ES guys trade fulltime, I am at work during work hours. So I need to enter my bracket orders basically before market opens. I plan to enter a limit where I want to enter with 2 point exit and stoploss. I will enter a second order in opposite direction at the stoploss to recover some of the loss. So while I would like to have no losing days, since I am basically batting once a day, the odds are I will be wrong sometimes. I just want to minimize the damage on those days to live to fight another day.
Why do you think that your second trade, the one opened after the first lost 2 points, will be a winner? It just as likely will be a loser too. If not, you'd better switch you first and second trade. Ursa..
This is based on backtesting. Once it goes in 1 direction a certain number of ticks..the momo is likely to continue at least enough to allow you to reduce ur loss. The point then is not to make a profit but just reduce loss size.
Couple of personal tips to the original poster. - Learn about price action, a good solid understanding of candlestick patterns will assist you well. - Learn about volume and how to use it wisely. - Use support/resistance intelligently. They are called that for a reason, they are meant to hold or resist. - Don't be a hero and call tops and bottoms, no one can. - Learn how to calculate pivots, especially the daily one. It will give you a point of reference. - Pay attention to the last trading day's close, open, high and low. Mark them in your charts. - Money management (loaded topic) - Don't fall prey to indicators, if it lags, it will slow you down. Let the newbies use them. - Be extremely patient the best trading patterns are rare so watch over-trading. - Learn about market internals, advancers, decliners, Tick and other markets to use as guidance. - Trade with multiple time frames at all times. Sometimes one chart can show what the other does not, and vice versa. - As you gain experience, start your personal journal. Go back to it and review it regularly. - Write your set of rules and follow them at all times. - Start on paper until you feel adept at it. However, cash is a different monster. - There are only five possible outcomes in trading: Big losses Big wins Small losses Small wins Break even Stay away from the first one and the other four will embrace you. - Keep on learning so you can continue adding to this list, the journey never ends. Best of luck and hope it helps. Anekdoten
increasenow..i dont use any platform..just Xpresstrade as my broker. They allow me to enter bracket orders which is what I plan on using for my style of trading
I don't know how much paper trading you have done, but this approach does not sound promising to me, particularly since you are at work and can't watch the market. I would advise you to invest some money in backtesting tools and see how your methdology would have performed over long periods of different types of market action. A few weeks papertrading or eyeballing charts is worse than meaningless. Anyway, it's your money, so good luck.
Did you used to post here under a different name? Your writing style reminds me of a poster who traded ES full-time and contributed much wisdom to this forum. If not, well, glad you're here!