Pabst With multiple entries at various price points, do you still keep track of each and every execution? Do you just place full trust in the broker's report? As I work my way up, I find that "bookkeeping" is becoming a headache (My bookkeeping habit is from stocks and options trading where I always reconcile brokers' reports with my own records). I just wonder how you handle this mundane aspect of trading. Thanks in advance. I read many of your posts here and appreciate your contribution. Opra
I do something similar to this when I have market delta signals that align with other factors I look at to enter a trade.....but my entries are continuous and "mechanical" in a predetermined zone until price finally moves one way or the other. I am in and out constantly at two tick profits with about 1/2 of my accumulated positions until I hit my first set profit target, or until I have achieved the profit objective of my first set profit target. If the market trades sideways in a zone for 10 minutes then I have normally accumulated enough two tick profits that I am well above my profit objective, and I now have the option to conclude the trade prior to ever hitting my original set targets. You can make a lot of profits in a 2 point zone in ten minutes when the market can't make up its mind where it wants to go. Here was a trade Friday where I had numerous two tick hits after my first profit target was filled, but prior to my second target objective being filled...... http://www.charthub.com/images/2006/08/26/ESDeltaTrend345_2.png The market traded sideways after the first target was filled, so I stayed in my "mechanical" scale-in/scale-out method the entire period as I saw no evidence that the zone I was trading in would break. Eventually the second target was filled and that was the conclusion of the primary positions of the trade. I saw just enough in the flat "delta" to stay in this trade and wait to see if that second target could be achieved. I had left a few runners on for this trade but they did not really get any follow through right after the second target was hit, so I just flattened the remaining positions about two ticks lower than my second target price level.....trade now flat and completed.
I am curious, are you a prop trader trading these products? I am interested in pursing trading the Eurex interes rate products as you suggest. nitro
In the pit I used to "cannonball" i.e. add to losers until I either recouped my loss or went broke. My swings were ridiculous. I now have much more confidence in my "levels" and I don't take it personally if a series of trades produce losses. Shit happens. I realize I have a positive expectancy so I just keep rolling the dice regardless.
Thank's for the kind words. Do you trade electronically or over the phone? I've never yet had a discrepancy on a Globex execution. But yes, no matter how depressing, I read my statement each morning.