Discussion in 'Journals' started by moneymoneymoney, Nov 19, 2003.

  1. After reading about everyone raking in the $ yesterday, I thought I'd give trading the Emini ES a shot. I'm up for the year so if I lose it just means I don't have to pay as much in taxes. Not much preparation needed. I look at price and when I feel the market yelling buy I buy. For this experiment I've allocated 50k and I'm going to use this journal to record my thoughts and ideas as I go along. I'm going to start with 5 cars. If I blow the 50k I'm giving up this market (for now). My goal is to make maybe 1k per-day to make it worth my time. Lets see how it goes.
  2. fan27


    Why are you starting with trading 5 cars in a market you haven't traded before?

    Good Luck
  3. Intuition! :D
  4. I'm guessing the market has about 10 pt daily ranges and this is about one day's full range. I wanted to set risk to about 5% of capital so the math (.05*50k = 2,500) (2,500 / 500 = 5 cars)
  5. Thoughts:

    First hour action all inside yesterday's range. Bounced off yesterday's close. I started getting the little voice yelling buy when I saw the bounce. I was looking for a test of yesterday's low and missed what looks like a pretty good long. Looks pretty bullish so far. I usually avoid inside days due to poor opportunities. I think this is going to be a range bound day so if it comes down and doesn't take out the initial low maybe I can get a low risk long. If I see some topping action I'll be looking for a short.
  6. Short @ 1038.25
  7. Cover and reverse to long @ 1037.25
  8. Exit long @ 1039.00
  9. Thoughts:

    Exited long too early. Should've gotten 39.50. Thought I saw market weakening. Just a pause looking back. Definitely want to play the long side for today. I'll look for another buy on weakness or on any pullback.
  10. Long @ 38.25
    #10     Nov 19, 2003