Doesn't sound like you have any edge at all. That would be my first concern. Based on what you are saying, you have nothing to protect. Why not just tell us what your entry and exit rules are, and see if someone can help you out? No guarantees of course, but you may be so pathetically fucked up that one of us will feel sorry for you and help you out. Steve
Heh. After my emotional blow up friday, I suppose some flaming was in order. I need to get in the habit of keeping my blow ups private instead of venting online. My group is scalping the ES. I can hold up to 6 contracts at a time based on our risk control mandate. I'd post exit and entry signals, but I dont have a codified strategy yet. Thats what I'm trying to work out through simulated trading. However, all the tactics I'm trying are simply based off of price and volume of the ES. Basically, I'm taking short term intraday positions and using price and volume as my indicators. When a move has gone too far in one direction, I'm taking the opposite position. Usually, I'm trying to minimize losses to 2-3 ticks and make at least 3-4 ticks on the winners. In addition to price and volume, I mind heed of the overall trend of the day. If I'm going counter to the trend, I'm more likely to cash out winners. If I'm with the trend, I'll cash in a few for profits, and then hold on to a few to see if I can catch a big move. You are correct, I do not have an edge at the moment. In fact, I'm still losing. I seem to have gone from hemmoraging cash to bleeding. Hopefully thats the case. We use in house stat analysis software to go through our trading logs to look for edge. Hopefully as I go on, I get more in tune with the markets and my trading stats continue to improve. Right now, I'm just looking for a gradual increase in my statistics. I know this business takes time to learn. I've heard it can take 6-12 months just to get to the point where you stop losing money. If everyday my stats get a little closer to that goal, I'll be happy. -T
You consider THIS flaming? I think folks are being fairly circumspect with you. The first thing you have to do is stop the bleeding....If you don't have an edge, stop trading. That will do it right away. Then you need to search for your tradeable edge or at the very least an approach that offers the possibility of an edge down the road. Several folks here have published working systems that do have an edge. Or at least they did have an edge at the time they were published. Check out Threads by 1. Spydertrader 2. Nopmplease 3. Buy1Sell2
Obviously, I do care about being a successful trader or I wouldnt be here. As for the journal, well, I'll admit it sometimes takes me awhile to post on it. I use this area more as a "blog for someone trying to make it in the trading business" more than true trading journal where I post all my entries and exits, etc. I do tend to go for awhile without posting. However, if I'm getting constructive feedback or have something interesting to talk about I'll be here. -T
Eh. Just the "pathetically fucked up" quip, but only as a very mild flame. Like I said, I was being a whiny bitch on friday it was more a reality check to quit whining and start being rational. No offense taken. -T
In the interest of promoting trading knowledge & discussion, here is a copy of the lineout report for me, a newbie scalper. This is from my 9th full day of trading. Props go to FuturesTrader71 for posting a good template to follow for these kinds of reports. -T
You weren't being flamed TT. That was our version of helping you. I mean, if I'm reading your report right, you made 127 round turns of the e-mini ES and have a P&L of $0.00 ... all in one day, that action kinda speaks for itself, he said it kinda strong (even for me) but steve46 was pretty much on the mark when he said "doesn't sound like you have any edge at all ...". Let's review some of the more useful posts: 1. "Cut out the Prop Shop bullshit if you want to succeed as a trader." That one has to stand, I mean, looking at this trade log, you churn so much it makes my mouth water thinking of what I could do with all that butter on some hot biscuits with some syrup! ... if you really think all of that trading is going to lead to any type of profits, well ... your broker loves you 2. "Check out Threads by: Spydertrader, Nopmplease, Buy1Sell2", to that list I would add 4re, MarketSurfer and Electric Savant. 3. Here's a few more. a) STOP TRADING with REAL MONEY b) get out of the Prop Shop, (oh that's a repeat, it's OK, it bears repeating) c) get a night job (bartender, waiter, etc., whatever), d) apply yourself for the next six months paper trading, e) study threads here at ET, f) get a definable edge, g) and try to make some money. h) You shouldn't have a thread, you should be reading them. Best, Jimmy Jam P.S. Which do you think is harsher, my abrupt, to the point posts (I've made a few) ... or being down 5 or 6 G's with no definable edge nowhere to turn and feeling the burn of the losses? My vote is that the losses hurt a lot more.
Well, the last time I posted, it was mentioned that I should be reading journals instead of writing them. I agree that I have much to learn, and I do a lot of reading on ET. Despite that, I still am going to continue to post my results, even if they are dismal. First off, I'm trying to chronicle my progress, not lie to the world about how awesome I am at trading. Second, I bet that my losses are probably typical of a newbie trader. While there are lots of threads about how much money you can make, I think there is value of documenting what you can EXPECT your first month daytrading. If you think trading is an easy path to profits because you've just read Trading For a Living, here is a reality check for you. So what has my $6000 tuition for July taught me exactly ? Lots actually. Although I dont post everything I do in my journal, I do keep notes on all my trades and what works and what doesnt. Slowly, I'm discovering what earns money and what gets me killed. Every day I'm on the simulator and every day I learn just a little more. Here's looking forward to a better month in August ! -T