Emini S&P 500 Day Trading Journal

[emg 12]

Plan on going short at 1164.50. Looking for 1 point profiit target.

[emg 12]

order canceled. might go back in

[emg 12]

if the market breaks below 1154.00, i plan on going long

[Tams 20]

do you know what you are doing ???

[emg 12]

as of now, there is no trend. dont know whether to go long/short. still waiting for the market to make higher high or lower low

[Tams 20]

you were only looking to make 1 pt scalp,

you don't need a trend.

[emg 12]

1-3 ticks are scalping. 1pt profit target is not scalping

[emg 12]

market too choppy. no trade today. failed to break 1166.00 and 1155.00

[brownsfan019 17]

  emg said:

1-3 ticks are scalping. 1pt profit target is not scalping

 

 

1-3 ticks = scalping

1 pt = not scalping

 

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

 

Just made the cutoff.

[emg 12]

I am currently long 1163.50. looking to take profit at 1165.00

[emg 12]

currently long 1164.00. looking to profit 1 pt

[emg 12]

took profit 1165.00.

[emg 12]

  brownsfan019 said:

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.

[brownsfan019 17]

  emg said:

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.

[brownsfan019 17]

Also - do you trade w/ stops? If so, better list those as well. If not, why not?

[emg 12]

My stop is based on 10% of my risk capital.

[emg 12]

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.

[emg 12]

feel free to post trades in this thread. this is what the thread is all about. posting trades

[emg 12]

plan on going long 1160.50

[emg 12]

filled at 1160.50. looking for 1pt profit target

[brownsfan019 17]

  emg said:

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.

 

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

[emg 12]

1 point profit. i was barely filled

[emg 12]

  brownsfan019 said:

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 March 26, 2010 by emg

[sevensa 10]

  emg said:

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.

[MightyMouse 12]

  emg said:

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."