7 Postions Taken 3 Sucessful 4 Failed 42% Successful Daily P/L = +4.75 Points 1 contract = $237.50 Not a great day. Poor trade management. Still managed a gain.
Yes....to much info is just confusing....I could not possibly process all the informatiion that my charting program gives me.. I have found out that certain days the ES has a wavelength that certain indicators work with on one day, and the other day...they don't. I have tried to pair them to identify if we are in a trend day verses a chop day.... As you know some days are neither trend or chop.....just confusing....but I can alway find the indicators that are working....as I have a great charting program... I am not trying to brag...I am agreeing with you that too much is not a good thing. Years ago I stopped FNN and CNBC when daytrading stocks....those anal....lysts did not have a clue...and by the time the public gets involved it's too late many times. It is important to find a comfortable style for YOU. Even if I find the indicators that work today and I do not understand the price action...I do not try to trade....I have lost a lot of money that way. I try to take the higher probability set up and trade more volume.....but this is not for the faint hearted. Overall, My comfort Zone is to trade with the STRONG trend using just price action ad S/R ....well yes a few indicators help me decide where the stops and targets might be if support and resistance are way far away.... If the price gives me a huge green/red bar I always reserve the right just to take the profit early.....if your lucky enough to get 1 point in 20 or 30 seconds...take it! what are you waiting for....the longer the wait the more tolerant I am of moves to the positive or negative. But if the wait becomes too long...and I just don't like the trade then just get out. This trading off of price action is hard to explain, but that is what trading off of price action means to me. after watching these candlsticks pumping up and down and where they stick at...... together with the DOM is a work in process for me. Do not discount MAE and MFE......keep a trading log and spreadsheet your excursions......very important. Michael B.
I wanted to take a minute and layout the thoughts for this journal so there is time for anyone interested to comment. I plan on continuing posting my real time paper trades here on days that I trade unitl my account reaches $5000 trading a single contract. I am currently at $2,413. I will continue to be a babbling idiot on the trades as necessary. Once I reach $5000, I plan to return to tradng in a real account. I have opened a separte account up with $5000 initial capital. Once I begin real trading, I will no longer be posting my trades in real time here in the chronicles. I do plan to log on in the morning and be generally available during the day. My trades will come first however. At a minimum, I will recap my "real day" and if I can post a chart or two to explain my decisions. I will also be glad to answer any questions, etc. I will also continue to post my progress financially and mentally using my daily summaries. I may consider posting my brokerage statement. Jury is out on this for now. I have been working on an MSN Group. Initially the idea was to have a place to meet and discuss things and also post documents a little easier. To be honest, I thought by now I would get a lot of "noise" from the hecklers. It has really been a pleasant surprise and I think everyone who visits here gets that feeling. Even old Faster has let me be. Thanks Faster. I wanted the MSN Group as a safe haven. I will take some comments on this and whatever I do, I will continue to post my journal here at ET. I could go ahead and open the MSN Group now, the content is lacking as I have not had a lot of time to work on it. I would moderate the stuff though. Not a bid deal, just a thought.
I'm still here...hehe Keeping an eye on you. You looked pretty good up to about trades 6 and 7. Your initial risk was a little to much IMHO. Trade 1 Trade 2 Trade 3 Trade 4 Trade 5-6 Trade 7
Unbelievable. You have raised my opinon of you to a new level. Much integrity abounds. To think, you would go thru all that trouble just for moi. It would take me a week to figure out how to do the posting, let alone set the risk correctly. Class Act. Much obliged, Sheriff Dillion.
Today is my 43rd Birthday. I am taking the day off to be with my family. Michael and others- Why don't you have at a few trades while I am gone. I will check in later tonight and try to post anything of significance. Take care.
This is not official but there was a really nice buy signal at the open. Dang. Doesn't pay to get old. Good luck