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emg

Emini S&P 500 Day Trading Journal

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1-3 ticks = scalping

1 pt = not scalping

 

but you do realize that 1 pt = 4 ticks, right?

 

Just made the cutoff.

 

due to low volatility which began 2nd half of 2009, 1 pt profit (4 ticks) profit target takes a while to achieve vs 2 ticks profit target. If today is sept 2008 when the es was trading an average 40 pts daily, I would call 1pt profit target as scalping.

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due to low volatility which began 2nd half of 2009, 1 pt profit (4 ticks) profit target takes a while to achieve vs 2 ticks profit target. If today is sept 2008 when the es was trading an average 40 pts daily, I would call 1pt profit target as scalping.

 

I see what you are saying, it was just kinda funny that up to 3 ticks is scalping but 4 ticks is not... Is there really much of a difference over 1 tick? Going for 4 ticks = $50 which is not much at all some would say (myself included) and I would say that's the very definition of scalping.

 

Too each his own, good luck w/ your journal.

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My stop is based on 10% of my risk capital. For example, let say i have $40K in my risk capital account, my risk management will be $4000.

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So... On your example, you are risking $4000 to make $50?

 

Because I be adding contracts if the market goes against me to average my price. let me give u an example on today trade. i went long 1160.50. if the market contiues to fall, i plan on adding at 1155.50. that will drop my average price to 1157.50 and move my 1 point profit target to 1158.50. The odds of hitting my profit target at 1158.50 vs 1161.50 is higher.

 

This approach may seems risky but i always believe the market must correct before continuing the trend. In order to lower this risky approach, i do not enter at any price. I could have enter at long 1164.00 instead of waiting 1160.50. At that time, i believe that the bear market is still strong and decide to enter at 1160.50. Its all Math.

 

There will be time that i be adding 3-4 contracts. I do not believe placing stop because big fund managers can enter a trade 5000 contracts and wipeout many small account traders. By the time big fund managers wiped out many small account traders, they take profit or the market is correcting. Therefore, I need room for the market to correct and may need to average my entry price if needed to which is why my risk management is based on percentage and not stop order

Edited by emg

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Because I be adding contracts if the market goes against me to average my price. let me give u an example on today trade. i went long 1160.50. if the market contiues to fall, i plan on adding at 1155.50. that will drop my average price to 1157.50 and move my 1 point profit target to 1158.50. The odds of hitting my profit target at 1158.50 vs 1161.50 is higher.

 

This approach may seems risky but i always believe the market must correct before continuing the trend. In order to lower this risky approach, i do not enter at any price. I could have enter at long 1164.00 instead of waiting 1160.50. At that time, i believe that the bear market is still strong and decide to enter at 1160.50. Its all Math.

 

There will be time that i be adding 3-4 contracts. I do not believe placing stop because big fund managers can enter a trade 5000 contracts and wipeout many small account traders. By the time big fund managers wiped out many small account traders, they take profit or the market is correcting. Therefore, I need room for the market to correct and may need to average my entry price if needed to which is why my risk management is based on percentage and not stop order

 

You don't need to worry about a big fund manager wiping out your account. By following your approach, you will do it yourself.

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Because I be adding contracts if the market goes against me to average my price. let me give u an example on today trade. i went long 1160.50. if the market contiues to fall, i plan on adding at 1155.50. that will drop my average price to 1157.50 and move my 1 point profit target to 1158.50. The odds of hitting my profit target at 1158.50 vs 1161.50 is higher.

 

This approach may seems risky but i always believe the market must correct before continuing the trend. In order to lower this risky approach, i do not enter at any price. I could have enter at long 1164.00 instead of waiting 1160.50. At that time, i believe that the bear market is still strong and decide to enter at 1160.50. Its all Math.

 

There will be time that i be adding 3-4 contracts. I do not believe placing stop because big fund managers can enter a trade 5000 contracts and wipeout many small account traders. By the time big fund managers wiped out many small account traders, they take profit or the market is correcting. Therefore, I need room for the market to correct and may need to average my entry price if needed to which is why my risk management is based on percentage and not stop order

 

Borrowing a Mike Tyson saying: "Everyone has a plan until they get punched in the face."

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