Surf, you know I like putting you in your place when I think you're wrong. But I don't like to see you lose money if you are trading live. Not every trade -- not even every losing trade -- is necessarily a learning experience. But some trades are, and this may be one of them. Judging by your willingness to add to a losing position and your penchant for relatively large initial protective stops (when you actually have them!), I am inclined to conclude that you are generally either unwilling or afraid to take losses. Your reference to vigorish, while not irrelevant by any stretch when taken in proper context, seems to serve as your crutch and excuse to hang on. However, since we were recently discussing him in another thread, remember what guys like PTJ say about cutting losses short and longevity. They somehow manage to stay around, don't they? Here's a question for you: Have you ever added to a profitable position without incurring additional risk to your pre-entry capital (by virtue of predefined adverse exit criteria)? And if not, why not? Have a good weekend, surf.
Meditate on this one, Surf. Remember what I said, veteran traders are following you and no one wants to see a fellow trader blow up. That sucks.
I doubt anyone would suffer blowing up on 3 ES contracts and if they did they would have much bigger problems than trading. The meditation part is right on. Marketsurfer, maybe you need a Can Am vacation in South Florida with a t-back's legs wrapped around you as you hum down the road.
He is gonna get hurt if he keeps averaging down. 3 contracts is not that much, but averaging down will eventually crush you.
The problem with a guy like Surf is he is anti-trend trader. Loves to step in front of trains. Then he claims he is basing his calls on fundamentals and heresay from "insiders". This is a recipe for disaster. He will always take a ton of heat making his top and bottom calls. His strategy will eek out small wins (after tons of heat) and huge losers. Surf should stick to writing/blogging. He will get destroyed trading if he continues his ways.
The call wasn't that bad except he averaged down and picked the wrong entry..... 1330 was the correct entry and not adding to losers was the move... now the market dropped 10 points 2 ticks above his stop... To much size , wrong entry shook him out....
His main drive is to be ''right'' which is why he uses words like "certain drop'', "imminent" etc. And he's quick to say that others "still don't get it"..which is hilarious. It is sad that after all these years he still struggles. If he could get past trying to prove something to others he might be able to be a profitable trader.