Trading around the time a report is released has its own risks, the market can spike extremely quickly, and you might not be able to exit at your stop price. I recently had a trade with a 2 point stop and my fill was -2.5
I told you already: two point stop. A rule which causes you to miss these trades shows a lack of understanding of the conditions which precede such price action and the implications for future price and liquidity. No, I never said to "chase price". "Excessive mean reversion". That is language from a trader who does not understand the intent of the market. Mean reversion...please. Some days the ES will trade in an 8 point range, and other days it will finish 20 points higher than the open. Don't tell me there isn't a difference, and the causes of these differences cannot be known in advance. Already done, and I can do it at will. The last time I was generous here and called one in advance was May 9. It continued to some rather predictable levels over the following two days. Further, it is not appropriate to ask me to provide live calls in advance of the event. I have nothing to prove here - I know what is what, and it is for the reader to chose who is worth listening to. http://www.elitetrader.com/vb/showthread.php?s=&postid=2833684&highlight=gap+up#post2833684 I did this on 1 September, Long 1062 at the open with a 2 point stop, closed 1082. How and why is not your business. Lets assume I'm talking BS. Does this mean it cannot be done? Or the alternative - I can do this, and you've just alienated a trader with the knowledge and skill to predict such outcomes in advance. Either way, you demonstrate by your conduct that you are unsuitable for further progression in this topic. Again, I stand by my initial assessment that you are well meaning. No disrespect intended, but there are various levels in trading. Do not dismiss others who have done the work required to reach a higher level of understanding. Forums are full of BS, and it is the mission of a trader to distinguish between value and nonsense. However, in this case you've immediately jumped to the conclusion that the level of knowledge I allude to is unobtainable, and therefore I must be full of it. You must be open to possiblities and acknowledge that there are those who know more than you. I am still learning and am always pleased to discover something new. I do not disparage those who have something different to offer - doing so is unwise and will affect your bottom line as you will impose limitations on your own thoughts and therefore your potential. There are some traders trained by firms who are consistently profitable in as little as one year, in their own niche. This does not mean that they have the ability to trade any instrument, in any timeframe, and when conditions permit in almost any size with an understanding of what has caused the current condition and therefore what is likely to happen next. My intent in posting here is interaction with others on a topic which interests me, and when I am able to progress others by sharing some insights. It is discouraging to be retorted to with rudeness and abuse when I am trying to share something of value to benefit others.
Blotto, Alright honestly, now this is getting a bit old...I've already stated numerous times, if you have something to offer in terms of insight/critiques/ideas/whatever, please feel free to do so. The fact that you gave a +1 to jinxu's quote tells me you don't want to share your insights and/or experience with us other than to say we are wrong. This is the 3rd time I've asked this of you. Either be more constructive or go away.
I have just seen this. Until now I erroneously presumed you were in good faith. "Ambiguous bullshit"? Nothing I post is nonsense, and this is immediately apparent to very successful traders. You are rude. "Without giving concrete guidelines" ... if you knew anything about this profession you would understand that proficiency is a result of experience in addition to the correct knowledge, and it is not prudent to reveal everything in public. At the very least my posts would stimulate the correct thought in correctly attuned aspirants. In contradistinction to those who have achieved the highest, you seek easy solutions in fixed rulesets...concrete guidelines. You are unable to apply correct thought to the abstract and as such you dismiss all that is beyond you as nonsense. Yes, but those who know are not willing to take you in hand and show you everything correctly, no matter how much you may wish it. You have marked yourself unsuitable by your conduct here. Instead, the really advanced knowledge is shared with those personally known to us, who have earned the right, within a framework of morality and reason. It is not given to anyone who may ask, and especially not to anonymous posters on a bulletin board who conduct themselves in a rude and churlish manner.
That is a good thing. Stop learning and looking for ways to improve...you'll start an expensive backslide.
You are forgiven in advance. As a newbie you cannot be expected to distinguish sense from nonsense. I did give some useful information on this thread...giving +1 to jinxu was in relation to his comment that trading knowledge is extremely difficult to transfer. Unfortunately this will sound no different from a parent frivolously remarking "you'll understand when you're older" - however perhaps later in your trading development you will realise the reasons for my posture here. Meanwhile, I will not persist in trying to make water run uphill. It is folly, no matter how well intentioned. I needed a reminder of this. I'll be taking your latter option, but not because I am naturally unhelpful or mean..you will understand in time if you become successful.
Ok now your really pissing me off...live by your own words. You have nothing to offer and you refuse to adhere to my gentle request of not getting in who's right/wrong arguments. You need to go back and read your own post about being "rude and churlish" This is exactly the reason people get so fed up with ET and some of the users. Your rather large ego and unwelcome comments are rather old and not welcome in this journal. So as the Limies say, "Piss Off!"
i think you both should post your week end trade blotter and see who stacks up -cut and paste -not altered and made up -and willing to back it with the freedom of information act-i will do it every week if you 2 do