Emini S&P 500 Short Term Trading

[MightyMouse 12]

Push please just one more time

[MightyMouse 12]

bailing at 41.50 when hit

 

Or a market order seconds before the close.

[MightyMouse 12]

Out done and finished with this trade.

 

It's probably going to drift to the 30's overnight. If not I am still happy I took money.

It ended up being 13.75 points on 5 contracts and I started by risking a max of 16 on 2 contracts. It never really went more than like 6 or 8 ticks against me.

 

Truth;

 

Inspite of losses I made 1 trade mistake since I started this. I didn't indicate that it was a mistake, but I did lose 8 pts more than I should have lost on a trade. I woke up and saw that I should have gotten out of a previous long at 1311 and I let it go all the way to the stop at 1303 i think it was. One of the perils of discretionary overnight trading. I don't consider all losses mistakes. I only consider something a mistake when I do not follow what I was supposed to follow and i either stay in longer than I am supoosed to or get out earlier than I am supposed to. In this case, I stayed in longer than I was supposed to and lost more than I should have, but it was still within the parameters of my risk.

 

I always like looking back at the things I thought and seeing how many times I was wrong about what it was doing and what I thought it was going to do and in spite of what I thought and the number of times I was wrong, I made decent money. It shows me that you do not need to know what the hell the market is going to do; instead, you just have to be riding it when it goes where it goes.

 

Getting out of these trades is tough because the longer you hang on, the more chance you have of giving it all back, so picking a decent spot to get out requires some skill but not a whole lot.

 

MM

[joshdance 10]

Nice job again MM, congrats on a good trade and showing how you managed it.

 

Now can you get the heck off of ES and start a CL thread?!? j/k ;-)