Something I am confused about... Pekelo, you mentioned that he is 150 points down on that entry. I have not been following this journal that closely and went back few pages to try to find it, but gave up. So his original entry is long around 2817? And I agree with this sentiment from Pekelo…" If you can't trade with a 150 stop loss, you just can't trade..." Indeed. 150 points on the ES is $7,500, plus Overnight margin req. Swing trading sux at times, during these correctional machinations. Hell, maybe I should switch to ES. 150 point drop in ES is peanuts compared to the absolute nightmare the NQ has been. I'm down about 550 points, and can't seem to find my way back in yet. I missed Tuesday for that delicious bump, because I am back to February mode, just stunned and indecisive.
I think he is insinuating that because b1s1 did not get out when the market topped, that he is now 'down' 150pts. That's my read anyway.
There is one thing I saw in my backtracking that was nice... https://www.elitetrader.com/et/threads/es-journal-2017-2018.305406/page-690#post-4742867 That was from Oct 11th, and so far so good. I hope he is right, because his ES pulls my NQ around like a chew toy. Bloody ES! Hate it! lol!
I am not insinuating anything, I am STATING THE FACTS. He is long from 2909: "Rolled out of September long @2904.00 for a gain of 115.75 pts and rolled into December long @ 2909.00 with initial stop of 2762.00" Now he was actually up 30+ points, then he let the position go against that by 220 points!!! So far he overrode the stop loss TWICE, but he proudly proclaims he doesn't double down. What is the difference? Doubling down at his stop loss would have helped him because the ES bounced up to 2825, so most of the loss could have been made back, but that is hindsight. Although he keeps posting just how strong the market is and that it is a buying opportunity. I say double down then. Another funny thing is when he declares that the "correct" stop is at 2761. Well: 1. There is no such a thing as an objectively correct stop. 2. Only time and price action tells us what a correct stop could have been and that was actually 2755, because the ES bounced just above that. On Friday his stop was actually correct, but is there any point having such a stop when it has more flexibility than Elastigirl?
Thanks @Pekelo for dredging up the facts. I had forgotten about roll. It is clear B1S2's bias, ego, and self-righteousness is in control of his trade. It just makes me appreciate intraday trading all the more... His time-in-trade and overall opportunity cost is ridiculous to me. Even the pre-roll profit of 115 points, which he rode for the entire contract duration or very close to it, is not any whoopty-doo. With multiples of tens of points/handles being traveled in a single day, 115 points over months is pretty much meh, at least to me.
Generally speaking there is nothing wrong with his long term trading, for a long time his was the right strategy for the right time. But times are a changin', specially going into the historically bearish Sept-Oct time frame. Lots of traders don't realize that they just caught a nice wave (be it up or down) but tides eventually turn. He should have just used a decent 20-30 points stop loss, or once in good profit put the SL at break even. Or take occasional profits and wait for a pull back, get long again, rinse and repeat... This trade just shows that he doesn't have any kind of great insight, and when he says things like "great buying opportunity" you might as well flip a coin... Quoting from the Trader's Bible: Jessicus 3 : 24 "Thou shall not override hard stops."
Staying long here as it appears that a new floor is under construction at 2750. I never have a hard stop on position trades or any trade that goes overnight as the market gets thin and I have to enter a new stop each day etc. As a decades long position trader, I use my mental stops as reevaluation areas. I can do this because I am ony at 2 times leverage on position trades so it resembles buying SPX only twice as advantageous. Hard stops are always required on intraday day trades as I am at 10 times leverage on those. I haven't been posting those recently but there are somf nice extended winners in there and losses cut short quickly. Thanks for the questions etc. and now back to my recording of trade progressions through time.--Ishmael
Typical ET lies. Let's overlook the 220 point loss because I can BS my way out of it. The trades that I did not post? Oh yeah.... those trades I never mentioned? Those had long winners and losses cut short quickly. This site has become fasntasy land.
Make them all losers. That's fine. I was trying to make a different point though and that was that hard stops are for intraday trading and I will not trade intraday without hard stops. I've posted a lot of real time day trades over 12 yrs and my real time call record is excellent.