This has got to be some of the Top 10 worst advice EVER posted on any thread. Small finite profits along with unlimited potential losses ... and then the recommendation that you walk-away from the computer to boot I don't know ... JJ
If I'm watching the market intra day, how am I going to have unlimited potential losses?.... Hmmm, I lost 1.15 a share, I think I'll just sit here and watch my position fall even further, ha. I thought it would have been a given that when I'm away, I put in some kind of temporary stop. No offense to Jasper, but at least I dont trade a market where i can lose everything I ONE trade, and you're going to get onto me for not placing a stop on a 100 share position?... come on now.
There is significant risk of loss when trading leveraged derivatives, especially the e-mini Russell, and my comment was aimed at anyone who might be trading them and reading this journal at the same time ... it wasn't in reference to your 10 share trades. JJ
Hi jasper6, You may want to be very careful with this line of thought. For examply, if your a trader that tends to be profitable in the first 2-3 hours of trading and then tend to get losses for the remainder of the trading day that results in wiping out most or all of your gains from earlier in the trading day... It's a psychological edge and smart trading to only trade the first 2-3 hours of the trading day. Therefore, your not suppose take on any more risk for the remainder of the trading day because your stats shows a negative expectancy if you do such. However, if you tend to be profitable trading in the latter part of the trading session... Yes, there is a problem when you don't continue trading via the fear of not wanting to take any more risks. Simply, don't develop a fear of trading for the wrong reasons especially if your just looking at your charts and saying to yourself... I missed this and I missed that concerning the price action in the latter part of the trading day. One of the problems with hindsight analysis is that it gives us the illusion we can be making more money while at the same time we have statistical facts that we tend to lose money due to trade problems had we traded that latter part of the trading day. Thus, the greed via hindsight analysis can manipulate us into trading when we shouldn't be trading...continuing that problematic trading cycle. Mark
Not liking this market much today, but took triggered long off R120 at 793.30. Long two contracts. Stop is at 788.60.
I hope it works out 'cause I'm right there with ya, entering at 793. Stop at 791.6 My target for 1 contract is 794.6 I was up $600 after buying 3 contracts at open but this whipsaw now has me up only $100 or so... Hang in there!
Took one off at +1.1 and moved stop to BE on 2nd contract. Just doesn't seem like a lot of juice in this market. Still having a problem adapting to the realities of trading on a longer time frame.