[thalestrader]

Originally Posted by thalestrader »

Current look at the ES.

Best Wishes,

Thales

ES making a little move ...

[forrestang]

Originally Posted by thalestrader »

Current look at the ES.

Best Wishes,

Thales

-----------------
Hey, i traded that!

[Cory2679]

Today's Results:

2 Trades, Both Breakeven (both on a demo account).

Originally Posted by Cory2679 »

I got stopped @ breakeven.........

Originally Posted by Cory2679 »

Possible short on the EJ, which I didn't take but offers a chance for reentry...

The first trade went ahead down to profit target 1 (without me ).
- a trailing stop of the natural stops would have allowed me to hold for PT1...but I guess better safe than sorry...?

Any feedback on my day from anyone is welcome!! I'm watching the EJ, EU, GU, & UJ...trading 8am-2pm EST (will hold to 4pm if in a trade).

-Cory

[thalestrader]

Originally Posted by thalestrader »

ES making a little move ...

I was out after my last post, but I think that this stop and reverse to long should have been pretty easy to pick up on.

Best Wishes,

Thales

[Cory2679]

Originally Posted by Cory2679 »

Any feedback on my day from anyone is welcome!!

After being away from the screen for a few hours, one thing I see now is that maybe I could have gotten in earlier on trade #2. Plus, overall, I don't think it was as ideal a setup as trade #1 (EU).

I just took a look at the EU...it's still steadily trending downward...it's really ashame to have gotten BE on that trade...

I keep replaying today in my head, a little discouraged by having a break-even day, but I've come to the conclusion that overall, I just don't think that during the time I was at the screen, there was a lot of opportunity for me (except if I had held on to that EU trade).

[thalestrader]

Originally Posted by Cory2679 »

The first trade went ahead down to profit target 1 (without me).
- a trailing stop of the natural stops would have allowed me to hold for PT1...but I guess better safe than sorry...?

Only you can answer that question. Some wold not be at all happy with many break even stops on trades that ultimately went to target. Others are happy to be stopped at break even often, for the chance to partici[ate in those opportunities that reward large and reward quickly. You have to find what fits your desires. You might want to re-read the Rod Roth essays from one of the weekend reading installments from a month or so ago. He expains what I am trying to say far better than I.

Originally Posted by Cory2679 »

Any feedback on my day from anyone is welcome!! I'm watching the EJ, EU, GU, & UJ...trading 8am-2pm EST (will hold to 4pm if in a trade).

I thought the EU short was a reasonable trade, and my own result had I traded it would have been the same as yours - breakeven, though the market ultimately did move to PT1.

The EJ trade would not have been for me. I still see price as consolidating at the highs, and I would not be looking for a short until either price made a decisive new impulse high ("thrust" in the terminology of John Hill) with a clear 123 reversal, or price breaking down through the most recent base and into the territory of the penultimate base folr a "1" low, followed by a rally into a "2" lower high, with a break of the "1". I might, under normal market conditions, be tempted to short a break of the NY session's low, but these are not normal liquidity conditions, so I am more than happy to just watch.

Best Wishes,

Thales

[Cory2679]

Originally Posted by thalestrader »

You might want to re-read the Rod Roth essays from one of the weekend reading installments from a month or so ago. He expains what I am trying to say far better than I.

I will, thanks.

Originally Posted by thalestrader »

The EJ trade would not have been for me. I still see price as consolidating at the highs, and I would not be looking for a short until either price made a decisive new impulse high ("thrust" in the terminology of John Hill) with a clear 123 reversal, or price breaking down through the most recent base and into the territory of the penultimate base folr a "1" low, followed by a rally into a "2" lower high, with a break of the "1". I might, under normal market conditions, be tempted to short a break of the NY session's low, but these are not normal liquidity conditions, so I am more than happy to just watch.

I agree with you...I believe I forced this trade. After having only the break-even EU trade, and the fact that it was getting "late" in the trading day, I think I was desperate to make some money so that I wouldn't have a BE first day of "serious" demo trading.

You'll notice that I initially didn't even take the trade in real-time, but decided to jump in when the market offered a "second chance" to enter.

When I first saw it, I knew it wasn't ideal, but after my state of mind had been altered by the 1 breakeven trade, I took the trade.

Also, just looking back at the analysis I posted, my analysis for the EU was "better" and more thorough (coupled with you and ziebarf...I can't take 100% credit for the analysis ). My analysis for the EJ honestly basically consisted of throwing up a 4 hour chart and looking for an excuse to get in.

I'm honestly a little ashamed/embarrased.

I'm glad to have experienced this today and hopefully learn from it, while not risking any real money (although, it would have been BE anyway).

[thalestrader]

Originally Posted by Cory2679 »

I agree with you...I believe I forced this trade. After having only the break-even EU trade, and the fact that it was getting "late" in the trading day, I think I was desperate to make some money so that I wouldn't have a BE first day of "serious" demo trading.

1) You do not need to make money everyday

2) You do not need to trade everyday

3) a. if you are serious, your goal is to make trades in accordance with your defined entry and trade management guidelines, not to make trades for the sake of making trades.

b. if you are serious, then your goal is also to avoid trades that do not fit your defined entry guidelines.

c. if your are serious, and you seek to trade only when your defined opportunities present themselves, then the profits will take care of themselves.

4) If you have a specific $$/day goal, you are not ready for this. Your goal is to trade well and protect you capital. Not to make $500/day. Trade with discipline, and the profits will take care of themselves. I have a friend who starts every month with just 8K in his trading account. Most months, he will finish with about 24K +/- in his account. He does not make $800/day. He makes $50 one day, loses $600 the next day, and makes $2300 the third day. Over the course of a month, he does average $800/day. But he does not have that as a goal. His only goal is to trade the TF according to his defined plan. So long as he does that, he has no need to worry about how much he made or lost on any particular day or even any week.

5) If you are getting outside pressure (e.g. family, girl friend, wife, in-laws, etc.) who are dubious of your chosen vocation and demand constantly to know "how you are doing," stop them right now. If you feel, for some reason, you owe them progress reports, then it should be no more frequent than monthly, and quarterly would be better. There is enough pressure without having to recount the blow by blow every day to anyone other than yourself.

6) You should be ruthless with yourself as far as doing your own daily assessment of how you did. Do not beat yourself up for not making a specific $$ profit. But do beat yourself up for forcing trades because you felt you need to make a specific $$ profit for the day.

Best Wishes,

Thales