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After reading some of the things Big Mike and others have wrote about on this forum, I decided to do away with most of the indicators on my charts. Also, not to make any changes to my charts for two week periods. (Both of this ideas have really helped)
I have had volume on some of my previous charts, but it was hard for me to make any correlation between volume and price action (Most of the time it seemed random to me)… I do have one other chart that I look at for consolidation, a Renko Chart… I have also found that the ES can move quickly and it can be confusing for me to look at multiple signals (Indicators) I tend to get conflicting signals… I do thank you for reading and taking the time to comment. Please, let me know how you are doing in your trading…
Hi Matthew, actually No, I’m not a woman… Smartblonde is my wife, whom I love dearly… She has become quite sick as of late and may soon be unable to work and even function normally… That is why I’ve returned to trading to help offset some of the costs… It has been sometime since I traded and conditions have changed dramatically ( The speed, the volume, the sideways churning…its crazy)
Cheers, from across the pond.
Consider this. Others will disagree with me and you should consider thier opinions also. My thoughts on multiple contracts and scaling out are mathmatical.
Lets say you go in with two contracts and get stopped out. You took a full two contract loss. Lets then say that you entered with two contracts and the trade went well. Because you scaled out one for a profit you only have one to carry you through the move. Ultimately producing a little more than half the gains that you would if you did not scale out.
Or to put it another way, you taking full losses and only partial gains. Mathmatically over time the odds are against you.
With regard to an exit strategy. Be as detailed as you can in your journal about why you exit and I will take a look and see if I can be of any help.
It's a shame the way the medical costs are so outrageous in the USA.
(In Canada and some other countries you would be covered.)
(I'm big on herbal healing so PM me if you like.)
I wish you all the best of success.
It is very hard to trade with money pressures and ES trading is very tough these days and most days are chop-slop.
Hello,
I knew there had to be a smart woman involved somewhere.
Seriously though, I am very sorry to hear that your wife is so unwell and apologise that my post has returned your thoughts to what must be a worrying subject for you.
Please accept my sincerest best wishes for the future health of your wife, and for the strength and happiness of your family.
Matthew
You do not win as a trader, you just get to play again the next day. If that game doesn’t appeal to you then you should not trade. Gary Norden
Day 14, 08-24-17
Long 1 ES @ 2447.25 @ 08:25 Stop 2445.25…
Why: Small pull-back, then continued trend up (with trend)… Same as yesterday, I don’t normally trade premarket, but it looked like a good opportunity…
Results: Trade was late in the move, ( Had a much better signal @7:13) but went up to 2448.50 (+$62.50)… Then Trade Station platform stopped functioning… AGAIN! … So, I closed out trade… @ 2447.75…+$22.60 Felt fortunate as it could’ve been worse…
Aftermath: Market broke down, would’ve been stopped out… Decided to be done for the day…
