MightyMouse

Hard stop at 1307.25. If conditions continue as they are, I will exit early at 1299.5.

At 1287.25, my stop goes to BE and the trade can only be a winner or a breakeven trade at that point. Right or wrong, that is how manage risk. Hard Stop is at 1309.25. Hopefully, a move will occur here. If conditions remain the same, i will exit at 1301.5

this too fast to record. hard stop is at 1311.5 now, possibly exit at 1303.75 if we do not go lower than 95.5

Current conditions are such that if we do not go lower than 98.75, i will exit at 1307 ditto with 1305.75

I will get chopped up if we don't break from this friggin range. If we do break down, I plan to add at 1279

reversed at 1303.25. computer is slow. Stop is 1314.75

From the looks of your picture, I would run and hide if I were you. In a few days your friend is going to betray you to the authorities and you will be put to death by Friday. In a couple of thousand years people will doubt you ever existed. It's not worth it. RUN!

If you can turn 10k into 20k in 2 years by scalping ES, you can trade my money for me.

The direction within the time and space I am trading is still up so I only want to take longs until the direction turns down. When I detect a great deal of risk to my direction, I exit and get back in at a higher or lower price. If I don't detect added risk, I stay until there is a directional change. At this point my stop is at that point which is 1303.25. That is the basic strategy until I get to add to the position. I am hoping that we have enough current and future demand to slingshot out of the top of this range. Above this range I will begin adding contracts to the position, provided the direction remains up. Es looks weak on the weekly and daily timeframes. Arguably, it always looks weak when it is trying to break out of a range and then either strengthens or fades as it surpasses the boundaries of the range. It does look strong in the timeframe I trade and a positive Sunday open would be a welcome reinforcement.

Jay, Once you learn how to deal with the issues you have convinced yourself you have, you will certainly be better prepared to deal with the market, but you then have the "market" to contend with which are the multitude of traders who want to pull money from you on a daily basis. They care less about you and would like to have you relapse into feeling controlled and making bad trading decisions. MM

It is a lot easier to trade, engaging in moral hazard, when you are certain you will be bailed out by tax payers. Your statement " don't trust any scam artists around - go for investment banking studies," is irony at its best. The bulk of the traders who work for the firms you speak of can't trade worth a shit and get paid for reasons that they will not be able to explain, but certainly feel entitled to it.

" I had a good profit on a trade, and let it all slip away. I've decided on some exit rules, that are straight forward and simple. Hopefully it will help in the future." Tradewinds, A lot of times when the above happens, you took a trade is in the wrong direction. If you create a rule to capture the profit of a trade that is in the wrong direction, and use it universally, then that rule might take you out of a trade, that is in the right direction, too early. To get a 10 times winner, you have to leave the trade on and not create rules to take yourself out too early. Instead, create rules to keep yourself in. You are simming right? Use the opportunity, now that you have time, to develop solid, profitable trading habits. Habits grounded in patience and discipline. Rules for getting out of trades are important but so are rules for staying in a trade. MM

[ame=http://www.youtube.com/watch?v=IQRWeZy-S8Q]YouTube - Oh, the Places You'll Go! by Dr. Seuss[/ame]

Nothing to do but wait. A positive close on this trade will make me feel better for tonight and tomorrow, but it doesn't really say much for Sunday's open. A pop through the high right now would really pep me up a bit A lot of volume came in as expected and it looks like a strong move is developing. Ultimately, I know nothing but will ride it until it makes no more sense for me to ride it.

Looks like a nice amount of volume is coming in on the upside. Not a great amount, but a nice amount. May not be enough to push through all the overhead activity from a few days ago. Very good chance of a Friday afternoon mean regression type move. I certainly do not know and will give it all the room it needs for the time being. Stop is currrently 1303.25.

Stop is inched up to 1303.25

In the name of humility and all things virtuous, we must thank the shorts, who feel the need to provide liquidity. My stop is moved to 1302.75 and may be moved higher as the day develops.

ES appears to be very oversold and working its way back to the highs. Probably the hope bias at work again.

I smell something? Anyone smell shorts being burned? My stop is moved to 1300 .25

So, filled. Stop is as low as 1298, but not lower. As things change, on the way up or down, I may move the stop up. My long run average is about 30-35%. So, I enter every trade understanding that there is a good chance that I am going to lose. I am trading 2 contracts and will be trading 2 contracts to open from here on in unless I get a large winner in which case, depending on how big the win is, I will start the next trade with more than 2 contracts. As I indicated earlier in the post, my first trade was larger than normal because it made after a good day of trading oil. That trade I started with 3. I am not going to post a "score". I am not trying to prove how good I am; instead, I do want to show newer traders that you can make good decisions and lame brain decisions and still pull money from the market. MM

Buying 1314 with a buy stop

A lot of times back testing a strategy is very similar to looking at the pattern of rain drops and figuring out a path that you could have taken to get from your font door to the road without getting wet. You will find the pattern and be excited when you do. But, what are the chances that the exact wind, cloud, and obstacles (a bird or plane flying by) occur at the same time next time? On the other hand, you can look at the sky and quickly detect if it is a lot of rain or a light drizzle and get to the road when you will only get minimally wet.

Every so often you will get a rush of adrenaline when you call the market to the tick. It tends to happen most when you are not in the market which makes you wish you were in the market and makes you wish that you could do that all the time. Its sort of like when people hear the Lottery Daily number result and wished they played because they were thinking of that number. What you are not realizing is how many times you do not call the market to the tick.Your mind does applaud those bad calls, in fact, it ignores them. That is your ego at work. Thinking you can call the turn in a market consistently is a true sign of an amateur or a charlatan. If you try to put the effort into practice, your mind will not be able to ignore the poor call, because your account will reflect it. If you make it a practice to buy the low in an attempt to buy low and sell high, other traders are also seeing that it is a low and it is not too hard to get you to buy low and make you sell back lower. If you try to sell the high in an attempt to sell high and buy back lower, other traders are also seeing that it is a high and will attempt to make you sell high and buy back higher.

Ha ha! Have you ever ever gone over your friends house to eat and the food just ain't no good? the macaroni's soggy, the peas all mushed and the chicken taste like wood. Sugar Hill Gang - "Rappers Delight" Old School. Very Old School

Have you ever heard of OPP?