Quick update All the positions looking good Continue to hold ES still below my target. Still unable to integrate NT/IB, emailed them but they did not respond. Anyone that can offer help, I provided snapshots in the journal Thank you Joe
My 2 cents to guide you (pretty much echos everyone else): Method (0-10%) = Doesn't matter much. Every good trader finds their own method that suits his style. If you want to trade fundamentals or technicals thats fine. I have seen/read about people doing well with both. Risk managment (90-100%) = I regained interest in reading threads on this forum because I found a really good quote: "Trading is a losers game; the one one who loses best wins...." Nothing can be more true. Time and time again, good traders will say "It's what you don't lose" or "Cut losses short." Your goal as a trader is to have small R (risk) and make your winners as big a multiple of R as possible. How you determine this is up to you. Those that claim they have a special system or holy grail are deluding themselves. Take a look at my thread. I am entering the market randomly and I've made money consecutively for 5 days now. I'm 100% convinced this result is infinitely repeatable. You are the "holy grail." The only reason you don't make money in the market is your own trade managment techniques, not the market, not anyone but you. I've read trading book after trading book and most of them focus on entry. This is now what I see as the most trivial thing ever as the future is unknowable. What matters is what you do once you enter the market, and ultimately how you exit it.
Absolutely agree, cut losses short and let winners run. Thanks for stopping by will visit your journal. Joe
Well Joe if you can take your stops responsibly you will do well, you most certainly can let those winners run! Your ES position is now what, over 90 points in your favor? Im not capable of doing that lol FoN
Decided to exit the ES long swing position at 1192 and examine price action going forward. Quite the range for now, waiting for the market to show its true colors before committing. Joe
Had a feeling the consolidation was about to explode, just did not where to, which is why I exited the position on my earlier post. Looking to buy SPY around the 104 level as a long term position. Daytrading going well, still simulator as I get acquainted with all the tools. Doing much better now. Finally integrated NT with IB so great news there as soon as I do the cash thing, I will post the charts with the entries and exits. Joe
Quick updates. Family hit with a major stomach flu that has taken us out of our routines. Still looking to recuperate. In other news... This was sent to me via email by someone helping behind the scenes with no intentions but to help and guide. "Technical analysis is not used to predict it is used to react. By defining a trend via a well structured channel and aligning it's support and/or resistance with the support and/or resistance of other well structured channels you will obtain areas of high probability for reaction, from this you develop your trading plan. You might also use these areas as exits but your exit might or might not be reached as the secret here is high probability of reaction and not a full prediction. I suggest you use two exits, one your reaction entry, followed by a severed reduction of risk adjusted to price action, and then your final desired destination as it is imperative to let your winners run, contrary to what you should do to your losses, which is cut them as fast as possible." ....it hit me like lightning, hope it helps someone else out there as it has begun to help me. Powerful words no doubt. Joe
Shorted SPY today when I saw a rejection of the 20 day simple moving average. Saw no reason to close the trade considering the unrealized buffer I had by the close. Will try to land a good run out of this or take a small loss. Joe
Experimented a bit today with the IB and NT integration in cash. Seems to be working well. Nothing special just a few scalps as I tested the system. Soon I'll be ready, I think. Joe