Noticing the action on the Emini today.. not many good trades.. This consolidation period hasn't been offering much.. at least not to my liking anyway.. Hope it breaks out soon...
Market hasn't been bad for me because I have made no trades today. Unlike Monday when I was thoroughly Spanked.
Today was pretty f*cked up overall. I lost small cash today, but $hit happens. I actually put on a pretty good trade on the YM this morning on the short-side, but got stopped out and then it dropped 45 points. Need to work on a good stop-loss which will keep in the good trades, and get me out of the bad ones without too much damage. -FastTrader
It was a market like this 6 mos ago that convinced me to stay away from futures and stick to equities. Always something moving in stock land.
Today was an amazingly mad day on the ES. First, in the morning I was up ~4.25 pts happily scalping amateur hour swings, then gave back 3pts after 10:06. Looking at a wasted day I kept trading through lunchtime to do some nice CCI trades, slingshots, etc. It was good, there were some great opps. Then I was up to almost 4 pts again. Eventually, I gave back 2.75 again and ended up with a 1.25pt net for a whole day. *Bitchslapping myself* I have a rule that says once I've exceeded 2pts profit for once, I won't risk a below breakeven for the day anymore. If thereafter, I lose enough to be just over breakeven again, I just say "stop". This isn't the day. Come back tomorrow. Don't let too many profits go once you have some. Tomorrow will always be a very different trading environment. On the other hand, you can just choose not to follow such a rule, or to make lots of points, then lose them all again and tell everybody on ET how great you were in the morning and what a lamer you are at the end of the day. I hope you people all did better than me. I heard people trading stocks did very well today. Nasty, those futures lately. All the best brothers, ~The Scientist
It's all about having as close as possible a stop while avoiding volatility ranges. The problem is that the pro's know all this, too, so you can still fall for it. It's a cross we all have to carry. Backtest. Experiment with ATR (average true range)! All the Best, ~Scientist
Have a look at this, folks! This is FTDTD II. In fond memories of all those who dared the beast. ~Scientist
This was a pretty freaky day. Been up nicely at the AM, and should have known to really cherry-pick trades thereafter, but I didn't and got screwed. Eventually, I ended up positive only to give most of the profits back as commisions. Oh well, there is always tomorrow. TM Trader