has it ever occur to you that maybe you are the one who has some issues? I am not accusing you of anything, it is just an open question. And I am not defending T28 either, the Chocoman touched his nerve and he jumped quite high.
Saxon22. Tet was a bad time. And there were many steps from the radio room to the heli pad at HQ. Bad lighting too. As I read the thread, it is clear that you are only getting some warmed over advice. The regular stuff. Try not to get caught in the conventional orthodoxy. See the picture of you being caught? Your mental efforts have given you a bad start. It is good to see that you are posting to engage with people in ET. What you have on your hands is a dilemma. You have to discontinue your present efforts to bring the dilemma to a close.
Warmed over advice from me is tantamount to "Power Boil" . --Bottom line is that you will fail at this. Reconsider and begin to position/swing trade. Thank you for listening and you will now be returned to regular programming.
I definitely agree with your comment on "slowing down" the trading. I also thought of mentioning it as an exception, but I took the easy lazy way out.
May I ask what kind of strategy do you use. Or are you just picking random entries, until you hit the target. What are your exit points? 1/4 points?
I believe however that the lazy way of your recent post actually keeps more people interested in reading in it's entirety. I am glad to hear that we are on the same page roughly
To all who provided a constructive criticism, I thank you. I read and re read this thread several times and as always have learned from it. However, I still have not gotten rid of the 1/4 point scheme out of my mind completely. Here is why: Many of you argue that because of my position in the q, many if not most of the time, I will not get filled on both sides quick enough for my system to work. This seems to be the biggest obstacle. However, the q seems to be crowded 5 positions up and 5 positions down from the bid/ask level. So, if I were to set up a trap away from the q. 6 positions away from the current line of fire sort of speak, would I get filled on both ends as the first one in the q? Anotherwords, let say the market is at 1400 (ES) and is trending up on both 30 and 60 min. charts. I set up my trap at 1401.50 (6 ticks away where it is not crowded) and put 1401.50 100 contracts buy and 1001.75 100 contracts sell. Now, I presume that I am in number 1 position on both sides of the q and will get filled once the market goes through 1401.50 and then 1401.75. Am i looking at it correctly, or is there something else that I am missing???
I GUARANTEE you that more often than not, ES will drift higher and hit your purchase at 1401.50 and then drop from there. Before you know it you are down 1.50 points and have to bail. 100 contracts that is a loss of $7,500 assuming you actually have the discipline to get out. Why will this happen? Because it is just the way the market is, it will not always hit your purchase and jump higher. The losing scenario above will happen a few times and next thing you know you are down $25,000 and you will be trying to dig out of 4 point hole, .25 points at a time and you will get eaten alive. Assuming $5 roundtrips you will lose $500 each trade no matter what at 100 contracts. ES trades close to 1,000,000 cotracts a day so it is foolish to think that 6 ticks away you are the only one with orders. Also limit orders do not guarantee a buy at thie bid and sale at the ask. Finally sims tend to fill you automatically at the limit price you pick so you can bu at the bid and sell at the ask all day long in sim world. The reason you have not gotten the 1/4 point out of your head is that all newbies think they are smarter than the thousands of traders who have come before them and came up with something no one else has though of. You are essenatially claiming to trade like a market maker but you will get eaten alive. If ES is trending higher and you expect it to move higher then buy 5 contracts and go long.... Learn a way to make money on real moves, not try and scalp $7.50 a contract after commisions and fees. When you lose you will lose $50 to $100 a contract no doubt and then try and make it back $7.50 at a time? I am certain that after a few losses you will increase that 100 lot to 200 and wipe out fast. Let this be a rude wake-up call and have respect for those who came before you. Trading ES is difficult and you are not going to jump in as a newbie and market make with large players swinging the market and ignoring what the ES is actually doing. If you insist then do it with 1 contract at time for 6 weeks. I bet you will feel the big hole you dig cave in but at least at 1 contract, you will lose a very small amount. Best of luck to you...