(Big THANK YOU to all who have left a note. I will respond after I get some sleep...I've had only 2 hours in like 48 hours....so am really in a daze now...CORY: You're 48?! We have to talk! :-) )
Brain freeze day - Bought a PARTIAL RISE (!!!) and set my stop 7 points away (!!!)
I have to stop trading 1 contract. Given that all my blowups have been single contract trades, I thought I would have learned something. I haven't, apparently.
I'm tired. Am going to stick to trading very selective setups until I recover every single cent that I gave away this month.
Ok, that sounds really negative...
D just interrupted my train of thoughts.
He said he wanted to tell me something that would REALLY piss me off (yes, D's cute)...
"Uncle Ben just spoke..."
Totally cracked me up.
I've hit my daily loss limit, so am calling it a day.
I'm going to have to start putting up signs around the house to remind me that I'M A SCALPER.
5 comments:
Hi Jules,
thats bad, but You are good trader - You will recover all this loss! I planned to entry similar trade (on NQ), I'm happy I haven't done it.
Do You think it is better to be a scalper? I know You have your own style, but what do You think about commision compared to potential profit (loss)? But, its not so important to predict the market for scalper - higher volatility is sometimes enough ;-)
I am still not sure what style to choose, have to work on it.
I think I've been doing the same thing. I'll get on a roll then try and do something different. This post just reminded me I need to keep a better journal and track what I'm doing. yeah, crude would be bad all the time. there were some good set-ups past couple weeks or so in it. sometimes i just move to a different instrument when there are like one in a million or so to speak good setups in it. XLF was good during crisis. stuff like that. Since I learned TA I can kind of wait around in other markets for the better set-ups.
I feel like personally i get more of an edge and maybe it is just that I like stocks better. I'm scared to trade something like YM all the time bc i think i would force stuff. Maybe you like ES the most? Because you have done well in it. I don't know just trying to help.
Hi DF,
I don't think there's a style that's good for everyone. I'm better at scalping because I am not trusting enough to hold a trade during the active hours. I usually let profits run only during globex hours, and even then, I've hardly gone for anything more than 5 points (for ES), and 3 to 4 points for Euro futures.
Re commission: yes, absolute cost is inevitably higher, but as long as the majority of my trades end up as winning trades, I would rather pay my broker than to see profits turn to loss.
And yes, I don't do very long term analysis anymore, since I don't really need to know what's going to happen an hour from now :-)
I've been to your blog but don't quite remember what you trade - is it purely futures?
Hello Mark :-)
I've been thinking about your Net-Net stocks :-) and telling D about them. He is better at stocks trading too, and ES just freaks him out. I think it's a lot to do with charts. The eminis and possibly the other futures too - their charts are just not as straightforward as high-volume stocks. Candlestick patterns don't seem to work on futures too. Crude oil's chart is just baffling.
Yes, I'm looking at TA too and that's why I stick to trading setups. And because of that, I find it impractical to trade just the ES (which I love the least actually, coz of the way it moves - it's almost like waltz, or cha cha - I much prefer something that just go in one direction non-stop until it hit S/R :-)
Thanks for your note, and the previous one too.
I saw that comment that you mentioned. It wasn't nice - considering that you were sharing your info for free, it was ridiculous of the person to pass that kind of comment. And you were too nice! LOL!
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