Looks like you have "ARRIVED" Be careful, you might be tempted to go out to Steak House and order a juicy NY strip rare, baked potato with sour cream and chives, waldorf salad, some wine and slice of Key Lime pie for dessert. Keep up the good work. But a word of caution.............watch out for adding on, adding on, adding on , adding on to a loser like those other guys..............thats playing with fire for sure. You will find your comfy level with STOPS is individual and how you follow price action. Using wider STOPS depends on your reading price action...............work on developing that skillset by using closer STOPS. Wider STOPS work until you get spanked a few in a row. Tiger Woods just got clubbed for playing to loose. Continue to progress, do some more 2 car trades............. 4 cars and 3 handles a day is close, very close for you...........thats $600 a day and 3K a week. Piece of cake young lady. PS: It will do your reading price action better to stick to just a single time frame chart............ using a 3 anda 5 minute combined just seems to complicate the process...............the profit objectives are naturally going to be different. It is a myth to think a faster time frame signal will get you into a winning trade sooner. Taking a 3 minute chart entry signal and then looking to the 5minute chart for profit objective will mean you miss the exit signal based on the 3 minute entry. Entry and exit should be based on the same time frame. Enough nit picking..........keep on rocking.........
nothing wrong with almost 10 pts profit on this trade. you caught the only 2 meaty moves today with 2 trades, that's amazing score. Ｉ think you beat most ES traders today in terms of $ per contract. It's a nice day to go live. Ｉ wish we have days like this everyday.
I've convinced myself that this still qualifies as a "swing trade" because I held the position for an entire 3 1/2 hours, which (and I'm sure Robert Weinstein will support me on this) is like an eternity to us ADD traders!
Ha! I knew it.. Nice trade.. Futures take back profits often so best to learn to live without whatever you don't get.
Thanks! Those were some great moves today! I got up early this morning and went to the gym (haven't been in a while due to a sprained ankle). The whole time there I was talking to myself: "You are a winner. You have good strategies that work. Now trade live and see that big green P/L you see in sim every day in the real account!" A few people told me sim trading was a waste of time, no use, you need real money on the line. But it was only after quite a few months of sim trading that I started to really feel confident. The carefree attitude I had in the sim account gradually started to transfer to my live trading. In sim I traded so many strategies. I would even practice "worst-case scenarios", putting on trades from mediocre setups just to see how much I would churn my account if I failed to exercise patience. No matter what I did, I was net profitable, and that really started to sink in recently.
First of all I want to congratulate on an excellent journal and on recent success. I could not help noticing your comments on Ammo and Flatron. As an avid reader of the ES Journal I have noticed their flamboyant methods of adding to losers. With the utmost respect I strongly urge never to consider this route, assuming they are not paper trading, and that's a big assumption, this is a recipe for complete disaster. Best of trading to you, you got an honest soul. No Heat
Yes, it's tricky to trade that way and Ammo basically warned me "Don't try this at home." I think if I were better capitalized, I would give it a go near exhaustion points when price overshoots channel lines on the daily chart. In fact that is why I placed the wide stop on the first trade; because price overshot the upper Keltner on the daily chart, making it the highest probability setup I use. I changed my chart to 3-min in pre-market just to study it, then I forgot to change it back to the 5-min time frame. So the slight pullback on the intraday overshoot sucked me right in, whereas on the 5-min I would've waited a bit longer before entering. It was amazing how that small change made such a big difference. So if I had a larger account I could've shorted 1113.50, 1115.00, 1116.50, maybe on up to 5 cars, knowing that I had full confirmation of a decent pullback - daily chart, hourly chart, 5-min chart, plus SPY hugely overbought, and weak Nov retailer reports coming in. The only other time I placed a 5 pt stop in ES it was hit! I was so pissed that day, because I clawed my way back to a tiny profit from a $250 loss.