[thalestrader]

Originally Posted by thalestrader »

Hi Folks,

Here are this morning's trades results with charts.

Two trades, total profit $2.44/share

Best Wishes,

Thales

Revised morning stats - I thought I was finished for the morning but I liked what I saw on the NDAQ and took it. First chart was a pic taken soon after I took a long position filled at 18.31, and the second shot is where I limited out at 18.58.

Total profit for the morning $2.71/share

Best to your trading,

Thales

[DaKine]

Tough goings today. Took a trade in anticipation of the market getting back into value at DVAL instead new lows -3.5 on the full lot. Took some counter trend longs at the EOD both would have worked but moving stop to b/e +1 did me in again. I was expecting a short rally into the cash close when market got back into value but I took the order to the market when i should have been offering a point below. If I had offered instead of taking it to the market b/e would not have been hit and target of plus 8 would have got me back to b/e plus some change . Oh well back at it tomorrow but probly only trade the morn session since monday is a holiday...

[brownsfan019]

5-21-09




Not in tune w/ the 6E today apparently.

[thalestrader]

Hi Folks,

Two more trades this afternoon.

Final tally for the day: +$2.52/share

Best Wishes,

Thales

[Robert Joyce]

Ok, so no trades today. I took in a live trading webinar by John Carter and Herb Senters from Trade the Markets. It was worth the time spent to watch John trade a 24 lot on the ES. Two trades both hit the first 2 limits and he eventually sold the remainder with a market order when the move petered out. I like the way they trade for just small points, he took off 12 at 1/2 pt, 6 more at 1 point and then just waited for the last 6 to see if they would run. 2 trades he got $1200. So I'm on the right track learning to make consistent small point wins and then up the number of contracts. I did through on a sim trade when I had to go out, 2 contracts on the YM @ 8224 and it hit my 50 pt limit while I was out. The question is would I have put on that trade for real and hung in there until my limit was hit...... lol lol not likely... lol lol. Anyways I know what I need to do, I know how to do it, now all I need to do now is 'just do it'.

[Robert Joyce]

Actually I do have a muse for today.... 'lost opportunity'. I feel that with the indexes there is no lost opportunity, it will be there again tomorrow just like today, with just as many opportunities as today. Unlike stocks where you might watch a stock for days waiting for your 'opportunity' and if you miss it you have to go and look for another. Unless of course you are as good as Thalestrader. lol

[brownsfan019]

Originally Posted by Robert Joyce »

Ok, so no trades today. I took in a live trading webinar by John Carter and Herb Senters from Trade the Markets. It was worth the time spent to watch John trade a 24 lot on the ES. Two trades both hit the first 2 limits and he eventually sold the remainder with a market order when the move petered out.

I caught the tail end of that Robert. Did you happen to see where the initial stop order was?



If you didn't, it was a good 4+ pts away. Any idea what that trade looks like if price retraces immediately?

Obviously John has no interest in considering risk/reward b/c that trade was horrendous if you looked at what he was willing to risk to make 2 ticks and then 4 ticks, which averages out to 3 ticks. Yes, there was a 'runner' that was subsequently taken out for a small move.

While risk/reward is not everything, it can break systems rather quickly if not considered. I'm sure John's account could absorb a few losses in a row and slowly rebuild the account back up, but not sure how many could stomach that type of loss that purchase their courses.

The $1200 profit on 24 cts = $50/ct before commissions. All-in-all, that's 1 whole ES point. One point. My question to you would be - how impressive would that have been if he showed you how to make fifty bucks? B/c that's exactly what he did. He showed how to make 1 ES pt by risking 4+.

And that very well may work in the long run, I don't know. You just have to be aware of what the losses will look like (and feel like).

[brownsfan019]

Originally Posted by Robert Joyce »

Actually I do have a muse for today.... 'lost opportunity'. I feel that with the indexes there is no lost opportunity, it will be there again tomorrow just like today, with just as many opportunities as today. Unlike stocks where you might watch a stock for days waiting for your 'opportunity' and if you miss it you have to go and look for another. Unless of course you are as good as Thalestrader. lol

That's part of what I really like about Thales' trading style - he's searching for the most active issues of the current day and then does it again tomorrow. Doesn't matter what is moving that day or the next b/c it will at least be on his radar.

But I agree - if you are staring at GE and it's doing nothing, that can be boring. I would say that the indexes can feel like that at times as well - watching the ES can feel like watching paint dry when nothing is going on.