Well spoke NoDoji. We are not here to gamble. Trading is a business, and it must be treated as such. Smiles
Ghost of Cutten, Many new/inexperienced traders come into trading and a forum like this expecting to make enormous returns. They see all sorts of potential in the futures market. As anyone who has been trading for long knows, most new traders do not succeed in their trading endeavors. I am not a newbie or a gambler. I am an experienced trader with a trading plan. The purpose of this journal is to illustrate that it is possible to achieve the goal of trading successfully, even starting with a small account. Thanks for your post, Smiles
Cheese, Not sure what you mean by "As you have outlined what you are doing, from that you will not make your fortune" The average daily range ("daily gyrations, open to close") are not the limits of points available. Take today as an example. Today the ES open @ 1026.25 and close @ 1022.00, but there was certainly more than 4.25 points of profit potential. Smiles
LEAPup, 99.99% of the indicators are lagging, they each have a different function, and they typically do well to serve that purpose. however they are grossly misunderstood, and people start using them as trigger points. There is no magic wand that will tell you to "buy or sell", IF you choose to use indicators then you would also need to uderstand the components that make up that indicator. Thanks for your question, Smiles
Daily Summary for Friday 07/02/2010 Just 1 trade today: L 1017.50 s/o @ 1014 -3.5/contract total -7 points trading 2 contracts This trade went against me and nearly stopped out, then moved back up. The stop was moved and it just barely got the stop. It then moved up considerably.
Daily Summary for Friday 07/02/2010 Just 1 trade today: L 1017.50 s/o @ 1014 -3.5/contract total -7 points trading 2 contracts This trade just barely hit the moved stop and then moved up considerably.
Weekly Summary for 06/25/2010 to 07/02/2010 For the week there was a gain of 26.5 points trading 2 contracts, which is 13.25 points/contract. The account saw a major jump on wednesday 06/30/2010, and came really close to moving to the next contract level. The account was stuck in a rut for a bit, and some adjustments were made per the previous notes. Once the account reaches 9k, it will allow trading 3 contracts at a time, which should greatly increase the flexibility in managing the trades.
the force is with you ,paraphrasing obiwon,this will become stronger, the longer you're at it,the stats you use just confirm what you already know, sometimes the setups will be there and not be taken and you will later be glad you didnt take them,....when what you know doesnt agree with a setup ...,you either cut a loss,...ride a winner or dont make a trade....words are an attempt to share thoughts,put another way, words are the bastardization of thought...point being made is at times you know and when you do ,you trade it,when you don't,you don't.... i think thats why cheese said this trading method wont succeed, cheese started here too,you have to pass thru here to get there ... after reading this before posting, i am tempted to delete it,..but i will post it as an example of words not being able to convey thoughts in there entirety
Yes, I understand what you're saying here, especially "when what you know doesn't agree with a setup". My trading roomies sometimes say, "Donna, that looked like one of your setups, but you didn't trade it, and sure enough it didn't work." And it was because I had these other reasons, these conflicting signals. Like maybe a lower high was left behind but price was so close to testing a major resistance level that I believed the pullback that left the LH will become a with-trend entry point for a retest of that R. So these are setups that appear at first glance to be something I'd trade, but I've seen enough of it before that the probability is reduced. On the other hand, I often overthink a setup and then fail to trade the signal or try to enter and price moves quickly without filling my order. Then I regret missing a great move. So that's why I think it's important to take all setups immediately as long as the R:R between survivable stop and expected profit target is solid.
smiles, May i ask what crossover indicator are used and the parameter numbers are you working with. Enjoying your work!