I am, mostly, being in Europe... in any case I was just basing my trades on the chart with no particular regard to trading hours. Think is, there are so many ways to skin a cat that you just need to choose the one that suits you and you will make money. I do, not too much yet but consistently enough. The CONTROL process from OP helped a lot in figuring some things out, other I had to figure out by myself, others more i am still working on them...
I went to 2.30 and got filled, slightly over my target average of 2.50, but will not worry about that. It all depends now on what the ES does, but I know my max risk, so I am not really bothered, but will close it for a profit if ES gaps down on Sunday? J_S
I agree VO, as the only way to find out is by doing, no matter what anyone else says. If anyone is smart enough to keep the risk small, and not overtrade, then as the markets move up and down some money can be extracted. One should not get carried away though, and dream about millions, for if the average person can make $500 to $1,000 a week, trading a few hours each day, I would be sure most would be happy with that. Daytrading of course can make some nice money worth talking about, but it is a different ballgame, and requires a different mindset, plus adequate capital. However, the same approach to risk is required, even more so if trading large size for large profits. J_S
HAHAHA Alright let's tally the score shall we? We've got JS with a GUARANTEED way to make $$$, and he tries to sell us the idea as though he actually explained how in detail. "There you go," he says, "a way to make money that you can not lose, GUARANTEED". I'm just dying to know how JS!.... Oh.. What's that? You won't share it with the likes of someone like me. Well forget about me JS, why don't share it with everyone else out of the kindness of your own heart! That is what you and Red are doing here after all isn't it? Sharing your hard earn knowledge and wisdom.. And Red, "Everyone uses stops - period." Have the market all figured out do we? That's a mighty bold statement Red my man! Is that what this post is about? Stop losses and doing what you're told? Seems to me OP discussed throwing away all that rubbish textbook information, "THINK about what you're actually doing" he said!!!!! You said it yourself Red! Think 180 degrees different! I'm starting to wonder if you're really just some asshole with nothing better to do than con people into believing you know something about trading! And you do it because you literally have nothing better to do! Because you feel important on this website. You're a somebody here. How much money do you think real people have lost based on your advice?? That's pretty sick to think about! Let's wait and see how many liars come pouring in to tell me how you've helped turn them into money making machines. STOP LISTENING TO THESE PEOPLE DON'T TRADE YOUR MONEY AWAY
What I have found, is that, you can pay too much attention to the smaller timeframes, while not paying enough attention to the bigger picture. This can have a devastating affect on your profits, as you can end up getting caught in the crossfire of the auto traders (ES trading obviously), taking too many small losses, and not enough larger profits. Of course, the drawback is that you have to watch the market longer, meaning more time required, but as always, Time = Money. There is definitely a big advantage trading this way, providing you do what you need to do, and don't think too much about things that do not really matter. J_S