Only time will tell what will become of my quest to take money from the ES. All I know is that every day I am learning new stuff and this allows me to improve my system and my chances of becoming a long term participant. Will it happen? I do not know, but so far so good. My main problem is getting rid of a trade once it is no longer profitable, which has bitten me in the past. However, I ma working on it.
You Know my MAMA????? She is turning 60 soon, do not forget to bring flowers next time you guys meet!
It's quite laughable to see some of you lamenting about other's ego, as if the very act of chronically pointing out other's weakness somehow diminishes your own. That's the first impression I got as an outsider looking in. Go figure. BTW, if you're so much better, post the actual trade log for us to chew on. Who knows, you might be elevated into guruhood.
I don't know what is so hard to get it here? The reason why we criticize his strategy is not because we hate him, but because we don't want him to blow up. Saxon's strategy is inherently inferior in the long run. Just ask him how he felt after being down -10K and having the nicotine crave, that's why he actually CHANGED his strategy. Oh yes, today I called the LOD in 5 mins after it happened, can I get the guruhood? P.S.: By the way Saxon is one of my favorite bands, sing Biff, sing! So I couldn't hate anybody called Saxon...
I remember Saxon. I saw them in the early 80's with Fastway and Iron Maiden. Cool band with a CD named Power and the Glory. Paul Quinn on guitar Rock On, Gary
Here is a psychological remedy that works ImE, by setting a hard stop and perhaps deviate only a fraction from it (like 0.5) makes it a sensible risk management, as indeed none of us know WHAT EXACTLY future holds, we expect it to go in our favour based on our experiences. So by honouring a stop we do our bit to preserve capital, which is one of the major issues in investment world. Now if I was to be right, price will no doubt RETURN and continue on its way, so I look at it and assume stops been run and stronger ones accumulated and now my set-up will work in my favour and I RE-ENTER same level or thereabouts. Obviously for this to work consistently we need to estimate correct risk to reward. That is where hard labour comes in, backtest and livetest and actually trade. When we adjust stops, we are gambling with the unknown factor, as nobody knows what the future holds and of course retail access to information is indeed a limited one, so we can't frontrun anybody above our level. The lions will always eat first, we can only join in. Retail trader in most cases means 5-6 digit capital and we have to look after it when using high leverage. Above is ImO strictly, but I hope at least some would see common sense in it.
TrendPro, one of the ways to continuously benefit from countertrend trading is to see at what point price has a higher chance of retracing (profit taking/squeezing shorts/shaking out longs/etc.), some times that also happens to be the end of an intraday trend, sometimes it goes so many points in your favour and returns viciously back to your entry so scaling out is THE way to go about it ImO/ImE. The beauty about it is that your stops are very near potential lod/hod, so they are pretty small (not that they can't be when trend following) and the most important part is that you get in before majority does and position yourself for a bounce/reversal with stronger momentum, so you start offloading into late accumulation. ImO.