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firewalker

Live Indices Trades

By firewalker, in Traders Log

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Phil Mibbutz    10

Phil Mibbutz
Posted
  firewalker said:
better that than nothing :roll eyes:

 

These days my 'trading plan' works on that basis. A profit is a profit! Picking up a few points here and there is never a failure, even if you could have made far more, theoretically.

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brownsfan019    17

brownsfan019
Posted
  Phil Mibbutz said:
These days my 'trading plan' works on that basis. A profit is a profit! Picking up a few points here and there is never a failure, even if you could have made far more, theoretically.

 

That comment is VERY open to debate...

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brownsfan019    17

brownsfan019
Posted
  Phil Mibbutz said:
I'm all ears.

 

Phil - can't dive into a long thread right now, but the jist of it is simple - if you take 'a few points' in the YM here and there, and turn losses into much larger, you are playing a losing game.

 

There's a common quote out there that says you cannot go broke taking profits. I would suggest to you that you cannot get wealthy taking small profits as well.

 

Taking a few pts here and there in the YM is just not worth the time IMO unless that is your trading style. I get the feeling after reading some posts that you are not a pure scalper though.

 

If the goal is to survive, then taking profits (regardless of size) is a way to keep playing in the game. If the goal is become wealthy, you cannot do that. Either 1) you won't survive long enough or 2) you won't be able to trade any decent size on the YM to make it worth your while to trade for ticks.

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firewalker    10

firewalker
Posted
  brownsfan019 said:
Phil - can't dive into a long thread right now, but the jist of it is simple - if you take 'a few points' in the YM here and there, and turn losses into much larger, you are playing a losing game.

 

There's a common quote out there that says you cannot go broke taking profits. I would suggest to you that you cannot get wealthy taking small profits as well.

 

Taking a few pts here and there in the YM is just not worth the time IMO unless that is your trading style. I get the feeling after reading some posts that you are not a pure scalper though.

 

If the goal is to survive, then taking profits (regardless of size) is a way to keep playing in the game. If the goal is become wealthy, you cannot do that. Either 1) you won't survive long enough or 2) you won't be able to trade any decent size on the YM to make it worth your while to trade for ticks.

 

I agree with brownsfan, but at the same time I must say this isn't easy. And even on some days I wish I closed out my trade and took what was available instead of let price return to my entry point at breakeven.

 

But over the long run, it's those triple digit profits (well at least at the DOW) that make up for all those damn sorry trades...

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firewalker    10

firewalker
Posted
  Phil Mibbutz said:
These days my 'trading plan' works on that basis. A profit is a profit! Picking up a few points here and there is never a failure, even if you could have made far more, theoretically.

 

I think it's worth taking into account the market situation. Today is a balancing day, yesterday was quite a different ballgame...

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Phil Mibbutz    10

Phil Mibbutz
Posted

Comments noted. I don't think there's a 'right' or 'wrong' way to trade the Dow, or anything else, but from experimentation over quite a few years, I find that concentrating on minimising losses is the way forward. With practice, the pluses cancel out the minuses, and if you consistently make a profit you can scale up. Expecting to get wealthy is one of the biggest mistakes!

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Foale    10

Foale
Posted

Today seems oil driven to me..when it looks like.. sub $111 we rally

when it goes over $112 a looks like more upside dow falls..

 

it just jumped 50c and look we are down...

 

atm I am biased to the downside

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firewalker    10

firewalker
Posted
  smbtnt said:
well if 650 holds and we double bottom then 780 is on....

 

With just over an hour to go, I'd be surprised if we break out of this small range. Like I said this morning, an inside day was to be expected ;)

 

This also means that - from a value point of view - the price level where we open tomorrow (relative to todays 60 point range) will be important to determine the most likely direction of the next move...

 

As always, just my 2c.

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brownsfan019    17

brownsfan019
Posted
  Phil Mibbutz said:
Comments noted. I don't think there's a 'right' or 'wrong' way to trade the Dow, or anything else, but from experimentation over quite a few years, I find that concentrating on minimising losses is the way forward. With practice, the pluses cancel out the minuses, and if you consistently make a profit you can scale up. Expecting to get wealthy is one of the biggest mistakes!

 

:confused:

 

Ok, well I trade to make money and increase my wealth. I don't trade just as a hobby or something to kill time during the day. It's obvious by that comment that this is more of a hobby to you.

 

I've never heard anyone tell me that expecting to get wealthy from trading the market is 'one of the biggest mistakes'... That's just crazy IMO, but again, this is my job and how I create wealth for me and my family.

 

If this is just a hobby, then yes, just surviving is the ultimate goal.

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