Hey, thx for the video. Might i suggest you draw trendlines inside the range. I think that would have saved you from a lot of those needless whipsaws. Otherwise, fine trading, sir. Also loved the sound of that Southern twang lol.
Well, how much did you make today? Uh-huh, yeah right. Obviously, you know nothing about PA. Dude, just go away.
OK analyzing these trades. From a 1 contract basis this was scalping MES only 1 contract in a tight TR. The points gained were 21.75 points in what many traders would consider "noise." Those trades (all 7) took aproximately1 hour and 15 minutes of my time trading them. That is $108.75 in total profit trading 1 contract of little ole MES. The same thing can just as easily be done with ES. That would translate to over 1000 dollars profit in the ES trading 1 contract on most of the trades. Depending on one's account size 5 contracts of MES could be traded in each instance. Generally it is better to go to ES when trading much bigger than 5 contracts in MES. Because of commission costs. If one's account is big enough to trade 3 or 5 ES ...well you figure the potential profit there. All this trading took place in a narrow trading range that many, if not most traders, would not trade as they would consider it noise. In such an environment I am scalping locking in profits..so getting a slice of the pie. In broader TR's I will go for bigger profits (point wise) and those TR's can have several swing trades in them. By swing trades I mean 2 legged moves. Mostly I am scalping 1 to 8 points but on some swing trades I may grab 10 or 20 points depending on when I get in it. High win rate is good in terms of psychology. High win rate of 1 to 8 points is good in terms of the pocket book. In terms of the time spent trading MES $108.75 for 75 minutes is not too bad in terms of hourly pay. I use to make the mistake of trying to capture big moves in tight trading ranges. The end result is overall losing and big drawdowns. Two things that don't suit my personality, palate for risk, nor my pocketbook. I am happy grabbing what the market gives me without much work or risk. I like extracting winners out of the market. I like the challenge of it. I would be miserable losing 7 of 10 trades and making money on 3 trades even if I made a goodly amount on those 3 trades. For me such a style of trading takes too long..can have big draw downs..is boring..etc. I understand some traders don't mind big drawdowns or waiting and boring is not a problem for them. We all have to find a style that fits our personality. Trading has to be fun, not miserable. And profitable, not losing. It has to be something that we can be passionate about it and awake each morning "ready to go" with enthusiasm. My style I often refer to as "manual" HFT. LOL. I cannot compete with institutional HFT trading for obvious reasons. However, two important points for being profitable in scalping are "high win rate" and "FOT" (frequency of trades). There are 81 bars on a 5 minute chart. Money can be extract on almost all of them. You may not like my style but this is my journal and my goal is to show how I trade. Techniques that I use. How I view the markets. I see the market as a challenge. I see no noise, but only movement. I see FOT as fun not work. I dispensed with manipulation of the market a long time ago. I don't view the market as "out to get me ..the retail trader." A lot of arrogant bastards are killing it in the markets. A lot of humble souls are humble to be sure and have been so for many losing years. The market doesn't know if I am humble as pie or an arrogant bastard. I see it as institutions, that for any myriads of reasons (that cannot all be known as to why), are taking positions and taking money from each other. The big boys lose too..LOL. The market cannot move even one tick unless an institution moves it there. And most trading is done by computers. I like beating the computers. I don't like it when they beat me. And they do sometimes. There are days my trading is a mess. I can't think clearly, and I get on the wrong side of the market. I cannot read the probing correctly. On days like that best to quit and go fishing or do something else. I don't like golfing, mini or otherwise, and see it as a waste of time? It certainly isn't relaxing trying to get that little ball in that little hole. For my personality it is nerve racking and frustrating. Fishing suits me better. Or riding a motorcycle. Or going camping in the motorhome. Not much on tent camping and sleeping on the ground. I do like grilling picanha in a campground. If you don't know what that Brazilian cut of beef is or have never eaten it, try it sometime. Google how to cook it. It is better than ribeye which I am quite fond of. Well it is Saturday and I got carried away typing. Rambling again. Remember, what works on MES works on ES. As a trader you are only limited by your account size and taste for risk, if you have good techniques and strategies. You certainly don't have to trade 100 contracts a lick. That said, I am not advising anyone to trade the way I do. I am only showing how I trade. And in these trades doing so ole little ole MES with the smallest contract size. I am highlighting the techniques, tactics, and strategies I use. This journal is "my story." My way of seeing and interacting with the markets. It is just a story. I have no strategy or technique to hide. I have no secret sauce. I have nothing to sell. I enjoy telling and showing how I trade. I have no fear someone will steal my techniques and do away with my edge. I would welcome them to try do so. It just reading price action and interacting with it. Beside most traders are never going to learn, i.e. put in the time, to learn what I discuss in "my story." Have a good weekend. WE EACH CREATE OUR OWN WORLD AND IN PARTICULAR OUR OWN REALITY IN THE MARKETS. AS CONCERNS THE MARKETS IF YOU ARE NOT HAPPY WITH WHAT YOU CREATED YOU MAY WANT TO LOOK AT CHANGING YOUR WORLD AND YOUR REALITY.
I do often draw trendlines in broader TR's or broader channels as they can have multi-leg moves. However, in tight TR's such as in my videos I really don't need to draw them as I am trading little probes of the market back and forth and usually resistance and support of previous bars is all I need to identify as logical magnets. That said there is nothing wrong with drawing them in. It is just that I don't seem to need to do that in narrow ranges to scalp 1 to 3 points. At least for me. My southern twang is part of my story. I can't seem to get rid of it! I am glad you like the sound of it. I have lived for years in Latin America and speak spanish but that "twang" persists even though the Latinos think I speak good Spanish with a good accent. For some unknown reason that twang doesn't carry over into my Spanish. LOL
Remember strategies and techniques that work with 1 contract will work with 10 contracts. In the MES or the ES. Or even more contracts. It is a matter of one's risk tolerance in terms of dollars and one's account size. I often trade large size but no need to show that as it would be a psychological block or fence to jump over and very unrealistic for most traders on ET to see me trading size. I am telling my story and doing so with small size. That said, I may throw in, once in a while, a trade that shows trading large size. Just to brag a little bit LOL. The market doesn't know or even care about my bragging. LOL Or maybe I shouldn't, I might get humbled. LOL
Good Morning Overnight, You better get rich from trading sir and stop all this playing ass around you been doing around here. Be a slave to Price and get it over with, it's easy when you don't fight back. So let's get going @Overnight before you be poor and not have no money to eat. Be a slave to Price or be poor.
Only you could get away with having two accounts here lol. And yeah I know... the inner lawyer in you pressed the matter and won. ---"Hey it's Desty Jr, not me."
OK if you say so...but.... in this case it was worth over 21 points. 21.75 POINTS. How much would 21.75 points be worth in ES. Let's see 21.75X50= 1,078.50. For a little over ONE hour OF work. That OUGHTA be enough to buy you an ice cream cone ...double cone! LOL.
Aloha volpri, Thank you for sharing! I enjoyed listening to your thoughts as the chart unfolded. @Overnight, maybe I've missed you posting live video and you can direct me to it? I know most all of ET would love a demonstration of your success.. or sophistry.