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ES entries/targets & risk/rewards


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ES entries/targets & risk/rewards

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  #41 (permalink)
phl pa. usa
 
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the greatest risk each one of needs to control is fear -once you step past the fear ,all the rest is easy -let him test his plan - he may teach all of us something ,go for it Rad

:when you cheat -you only cheat yourself
refer to post # 470 & 527 & 930
option traders refer to post 996 thru 1005
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  #42 (permalink)
Greensboro NC
 
Experience: None
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josh View Post
It is not this simple. To think you can put on a 1 lot in week 1, and perform the same in week 9 trading a 20 lot is utterly ridiculous and what you showed no doubt came from some vendor site trying to sell you something and convince you of how easy it is. Mathematically it's that simple, but discretionary trading is not so much about mathematics as it is your own head. It's the dream we all have: turn $5K on Jan 1 into $42K by March 30. If you believe it is this easy, then you have very little understanding of proper risk control, and I encourage you to focus on how not to lose rather than how much you can make, at this point.

After reading this, I would like to rephrase the last sentence: with proper risk control, it is impossible to increase your account by 800% in 13 weeks. In other words, you will be risking way too much in order to shoot for that level of profit. You will blow up if you try, and it is not a question of if, but how soon. In week 9, trading a 20 lot with a 1 handle stop risks almost 5% of your account in one trade. You are betting 3-5% of your total account every time you trade that the market will go 8 ticks in your favor before it goes against you 3. What do you think the odds are there?

Thx Josh for your reply,

In your first paragraph, I agree but my point is you dont have to sit trade all day make 2 pts quit, Be done Im having lunch replying back to you now, loving the time I have. Up until recently, i traded like I was addict and alot of traders are this way I found balance , Im not greedy you know how you trade if you think that way. I do trade to trade well, manage my risk, i look for areas that the market might pullback,retrace analyze my risk if I do decide to trade to those areas but I just cover in a safe zone I call it now. Heck what is wrong with being safe than sorry. I love the Mark Fisher video about walking into a bar to pick up women you only have $30 in your pocket, dont blow it all on the first one, if she bites you got pd, if not cut it short, have $ to move on for the big score....... Well put IMO

I have only bought 2 indicators every,Harry bars and Rjays bars and I like Timetrade but he has disappeared and his has a glitch, I saw where @monpere and others are wrking on this. I dont know where I grabbed the 2 pts a day from, wasnt a vendor I never go to any of those sites. I have never paid to be in a chatroom, I have never been to trading conferences only every read one book on trading geez everyone already knows that stuff anyways

What i have come to realize with trading you have to develop a body English for it, with any psychical sport ones muscle memory takes over no thought involved, a person just reacts. Human emotion is what I paid the market to teach me many many times > I use this analogy anyone can go to a shooting range and hit a target 85% of the time but first time in a one on one with another gun in your face you better react correctly.

Help me out Josh, Ive read alot of your comments, yes i do say thanks but help me when i post something like the 2pts, I dont want to have to respond to most of futures.io (formerly BMT) on what I thought was a given among exp traders , we know this isnt possible. ie 2 pts a day making you rich drawdown not figured etc etc. A new trader might believe this, but I guess I look that way huh. Suggestions.................. My whole point with 2 pts a day, if you trade well life can be very very good. FYI I used to trade for more take more losses used bigger time frames etc etc but I found Balance... depending on the market when it catches some wind and we get some more volatility back I m ready to ride !!!! Remember Japan nuclear issue and others US downgraded this one hurt me badly... But traders have to learn move on evolve and honestly I dont know where its going. IMO only .5 or traders are doing it 1% do ok 3.5 make a living and 95% lose

ttys R

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  #43 (permalink)
Legendary Market Wizard
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Rad, didn't mean to imply you were buying a product, and I really did not intend to address you directly though I see I actually did write it that way. It's just that many people will see that chart and think that it's as easy as adding more contracts, and it's not. That chart only says how much you can make, not how much you can lose, which should be of far greater concern for traders. I would hate for a new trader to see that and think "oh boy, this should be easy, just add size!"

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  #44 (permalink)
Greensboro NC
 
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josh View Post
Rad, didn't mean to imply you were buying a product, and I really did not intend to address you directly though I see I actually did write it that way. It's just that many people will see that chart and think that it's as easy as adding more contracts, and it's not. That chart only says how much you can make, not how much you can lose, which should be of far greater concern for traders. I would hate for a new trader to see that and think "oh boy, this should be easy, just add size!"

Ok I see your point Ty I will revise that thread

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  #45 (permalink)
Greensboro NC
 
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recap on trades, I had just added in 12-12 rollover at 8:41est and saw buying program kick in from 8:40am to 8:41am but my vwap bands hadnt had time to form bc of recent rollover. but i knew with alot of news coming out one of two things, ES was going somewhere today and I wanted to be on the side of smart money, buying in at the top is very risky bc one has to be aware of retrace if smart money going long or if smart money covering then the short side. I knew from the feel ES was going to retrace I have 2 levels that retrace goes to and continues its move when we passed 1 level, one more and I was ready to ride down to a safe 40, below 40 was 30.50 range, even called this in chatbox but when we came to my next level i knew it was reversing going long, so i flipped and rode up but now the next area is one of those tricky 50-50.Then Es climbed where I knew res would be around 48 I was green for day, closed trade. My original top target was 52.50ish all these big targets I knew were good, but can be complicated till it defines itself, also small charts one has to read noise and filter, one has to read market sentiment and have a feel for it(some days we just dont, on days where Im sick Im no longer trading with a sinus infection etc because if you slip any and read wrong, u lose.

Traded from 8:40 to 10:17

Emotions-need assistance on how to convey so I dont sound lk a @ss, bc honestly I had none I trade what I see if it goes wrong have a stop and react accordingly to the market ps this is what my gf said to say bc she thought my original comment I was sounding lk a arrogant @ss she just read my journal for first time. But really Im past all the emotions....just do it like Nike Lost 10k recently in 1 day, didnt like it but really didnt get upset. I could tell a story of my worst trade every, that same night went out and partied like no tom, its going happen, that trade was a accidental weekend trade(this is one of my toe stumps I ll never forget) Hey Big Mike maybe this is why you told me to list emotions bc if one isnt trading live then they wouldnt remember bc it wasnt real money so they need to list to remember????am I correct?...Life moves either up or down and I want UP b happy enjoy life, learning to trade was like a bad marriage for me I couldnt wait for the sunny days

About smart money we all see it but knowing where its going to stop on initial thrust one has to learn the feel, then you have to trade accordingly, and IMO there are different size smart money buying programs meaning sometimes one kicks in to take the market one direction then u see the fight and whichever is strongest wins. And dont even get me started about PPT and my thoughts here

@Big Mike H-Bday this is for you

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  #46 (permalink)
Greensboro NC
 
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I also have another chart setup that goes along with the one Ive been posting, main chart has a 1r to 4r ATM 5pts stop 20pt target. This was my main setup until market slowed down few mths back so i switched to this one. I use volume or tick bars with it, along with my other charts that i kept to show bigger areas of confluences. Reason I m sharing this is bc I dont want someone to think I trade all the time for 2 ticks, 1 pt etc.

I have gave it some thought last night about this journal, what I wanted for this journal was a record keeper for me but others could see exact entries exits not arrows or someone saying I did this or that. You could see it no faking Ninja markers. But I was wrong I suppose, so what went from in my head as being a easy tracking journal for me, along with me interacting with others. To this, Im at a point where I m not changing my setups maybe tweak them, I m not wanting or needing to learn about different styles of trading. Ive got my knowledge but am open to new ideas and concepts but trading is easy.up/down/sideways

Manage these key things
Risk to Reward
size per capital
learn a way for you to see confluences and trade to them
cut losers short, letting winners run is very hard human emotion and the fear of not knowing makes one close early
Trade with no emotion,just react

Control these things and your road will become alot smoother

on Bmt alot is hush hush, size, who is really doing it etc etc...Well in closing my goal is to trade very heavy and its up to me,,,, NO ONE except you will every get you there.

Best Wishes to everyone moving forward
I am unsure if I will come back to this journal

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  #47 (permalink)
Greensboro NC
 
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1)trade today used big chart but should have stayed with little one and surfed

+2.5 pts reason for close leaving now, and no tellings what will happen at the end of today, on this day you never know really what to expect, best to only trade am

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  #48 (permalink)
Greensboro NC
 
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51.75 target from early am big chart, but today I wasnt going to leave live trade running without me here, too unpredictable

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  #49 (permalink)
Greensboro NC
 
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target hit 51.75 @ 4:06

Lod was at 50.50 @4:12

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  #50 (permalink)
Greensboro NC
 
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New traders- who are wanting to figure out their style of trading, you will be watching videos, youtube stuff, seminars on futures.io (formerly BMT) etc invest in apple tv. trust me best $99 you'll spend being able to kick back and watch on your big screen rather than your pc.

@Private Banker you mentioned this a while back I got one tied into my Crestron system, Life is Good thx PB

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