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emg

Emini S&P 500 Day Trading Journal

By emg, in Futures

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MadMarketScientist    11

MadMarketScientist
Posted

I have a question for the ES traders out there. Years ago, many years ago I traded the ES - back in the day when the order would get routed to some dude on the floor who would sometimes accidentally (to his advantage) forget to execute the order or stuff it in his pocket until a very untimely fill. Flash forward many years and with the ES it's always bugged me the 0.25 ticks -- to me it leaves it wide open with the huge volumes on the bid/ask to have the market hit your limit on a target - and never fill.

 

I had that problem a lot and gave up on the ES and switched to the TF/NQ/YM since that problem went away. Of course the huge volumes on the ES is appealing but this lack of execution unless it goes THROUGH your limit causes a lot of doubt and frustration when you are trading and on paper the market hits your target but you never get the execution.

 

Wondering how people handle that and if it still is very regular that it occurs?

 

MMS

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MightyMouse    12

MightyMouse
Posted
I have a question for the ES traders out there. Years ago, many years ago I traded the ES - back in the day when the order would get routed to some dude on the floor who would sometimes accidentally (to his advantage) forget to execute the order or stuff it in his pocket until a very untimely fill. Flash forward many years and with the ES it's always bugged me the 0.25 ticks -- to me it leaves it wide open with the huge volumes on the bid/ask to have the market hit your limit on a target - and never fill.

 

I had that problem a lot and gave up on the ES and switched to the TF/NQ/YM since that problem went away. Of course the huge volumes on the ES is appealing but this lack of execution unless it goes THROUGH your limit causes a lot of doubt and frustration when you are trading and on paper the market hits your target but you never get the execution.

 

Wondering how people handle that and if it still is very regular that it occurs?

 

MMS

 

Yes it does and for that reason I only trade ES longer term and I enter with stops.

 

In fact, I am short as we speak at 1322.5 and I am underwater a little. I am hoping we work our way below 1300. I'll start adding to it at 1301 and will add further below and I'll accelerate the adds if the 1300 area acts as resistance. At the moment, my planned stop is currently 3475 and I might reverse there too but that depends on what it looks like then. It developed that nice range in the 20's and 30's that looks to me like we are either going to push through the bottom or blow through the top of it. The direction looks like it is currently down in spite of the late day pullback so I am playing it short and will continue to play it short until it looks like the direction turns from down to up. I will get slapped twice if we get stuck in this range.

 

This is not a set it and forget it trade so whether any of the above pans out depends on what develops next and has less to do with past action. So, I might have to get out with a small profit without adding or, obviously, I might get stopped out. these trades work maybe 3-4 out of 10 times. So, it's more likely to fail than succeed but that's life.

 

I am not going to be able to give a real time blow by blow but I will say when I get out or if I am able to add. I do not make decisions based on fear and greed is sort of built into it if supply keeps coming in.

 

Anyhow in the meantime I need it to get green and since it is underwater it is a good trade for newer traders to watch unfold as a win or a loss without it being an after the fact already in the money trade. I wasn't going to post it since it quickly went profitable when I entered and do not like to post that I am in a winning trade when it is already in the money. Traders with ego issues always seem to be able to take a short a few ticks from the high and also seem to tell you they are short when the trade is 5-6 points in the money. Funny how that happens and funny how they never take losses. Personally, I do not care if I take a loss or if anyone knows I took a loss. I think its important to learn how to lose since trading involves lots and lots of losses. I certainly do not want to lose and will be pissed off if I do lose.

 

The amount of risk I took on this trade is more than I would normally take on an ES trade, but I killed it in oil today and when I do have a good day, I am allowed to take a trade with added dollar risk. Since I am in this trade, I won't trade anything else until I am out of this and it will suck for me if oil moves 3 dollars on Monday. Possibly TMI

 

Regards,

 

MM

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daVinciLite    10

daVinciLite
Posted
I have a question for the ES traders out there. Years ago, many years ago I traded the ES - back in the day when the order would get routed to some dude on the floor who would sometimes accidentally (to his advantage) forget to execute the order or stuff it in his pocket until a very untimely fill. Flash forward many years and with the ES it's always bugged me the 0.25 ticks -- to me it leaves it wide open with the huge volumes on the bid/ask to have the market hit your limit on a target - and never fill.

 

I had that problem a lot and gave up on the ES and switched to the TF/NQ/YM since that problem went away. Of course the huge volumes on the ES is appealing but this lack of execution unless it goes THROUGH your limit causes a lot of doubt and frustration when you are trading and on paper the market hits your target but you never get the execution.

 

Wondering how people handle that and if it still is very regular that it occurs?

 

MMS

 

Placing a limit order at the current bid or ask will usually get you filled. That saves you from large spikes. If the order flow is strong, you just have to get in at what ever price you can or wait for a pullback. The problem with limit orders is that I will get filled on 100% of my bad trades and miss some of my winners. It is a catch 22 situation, as you know. No easy solution.

 

If the market is at a level where I would expect a good return for my risk, I have the habit of just moving my limit up or down to get a fill.

 

dVL

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