Q1-If you lose on your first ES daytrade...do you "keep trading" until you "win"...or...finish for the day? I have noticed that if my first trade is a loss, many times the day will turn out to be a losing $$$ day...thoughts? Q2-It seems as if a better "daytrade" strategy is to focus on only 1 ES highly profitable trade per day...only 1 trade...
If you don't have a profitable method it doesn't make a difference wether you spread your losing streaks out over multiple days or not. If you do have a profitable method the only sensible thing to do would be to keep on trading.
you got it all wrong dude you should be looking for specific setups which have been tested to show profitability in the long term. you trade that setup over and over and over until you get bored to death. some days it wont appear, some days you'll have 20 trades. just hammer away with no emotion as if you were a robot. that 1 trade a day or trade til positive idea is horrible. come on man....
Sounds like you are trying to make up for the first bad trade, doing things not in your plan (if you have one) that are causing the days to turn out poorly. If you have a positive expectancy on whatever method you are using then it wouldnt make sense to stop trading due to one random trade being a loser. I dont know what you mean by the 2nd question, unless you meant to put 'highly probable' in there. I dont know why you'd want to limit yourself to the number of 'highly profitable' trades you make
why knock the 1 trade per day..seriously?...throw 10-50 ES cars at the ES and 2-3 points...serious profit..whats your take?
Does a basketball player stop taking shots if he misses the first one? Does a golfer call it a day if she shanks it into the woods on the first tee?
okay...coming into a day afresh...you do not have the "hurt"of losing already...so, you perception is better...get your focus going and throw 10-50 cars at the ES and net 2-5 points...that is serious $$$...the issue is "crystal clear" focus on one trade rather then 'multible' trades after your first losing one...
you are bringing up some great points...I guess there are bigger issues of: 1-the largeness or smallness of the account you are trading 2-your ability to take a drawdown 3-the pyscholigical aspect of seeing (-) red negative in your account after a loss or during a drawdown... 4-not having a real strategy to trade with 5-if you do have a strategy...really BELIEVING in it EVEN after some losses or during a huge (-) drawdown... hmmm...
I agree! I also tend to make more mistakes throughout the day when my first trade was a loser. I've learned to get past it, but it's not easy.