Up 2 ES pts today, which is fine I guess… but… I really think the main thing holding me back right now in ES is my lack of appetite for risk. I have been trying to stick to a 2pt stop loss or better. But, many good trades simply require a larger stop than that. So, I spend a lot of time on the sidelines watching other people make money. It may be that I need to just accept 3pt stops so that I’ll be eligible for more moves. If I do that, though, I really need to make sure that I’m making more profit per trade to match the increased risk. I’ll have to think that over.
Even though there wasn’t much volume today, I thought it was a pretty fun day, with plenty of opportunity. Hope you had a good day, and a good week.
Hopefully next week I will get back into stocks a little more. I’ve been staying away from them while things are so volatile (I’ve noticed some other blogging daytraders having trouble this week, which confirms my thinking, as far as I’m concerned!). I’ll feel better about my 2 ES pts if I also have mad stock money flowing in!
October 27th, 2007 at 12:42 am
Hey richard,
I am wondering if you have access to eotpro room? why don’t you try taking the same trades as bill does.. he seemed to be on an ultra-roll today scalpin over 1.7k.. following all the same indicators and your box play? I watched him trade today in the guest room and isn’t scared of the losses and believes in his positions… and mostly they work out in his favor.
I will soon be leasing his indicators as soon as I get my hands on multicharts..(tradestation requires an account with them).. and will be testing them out. I plan to day trade futures on full-time basis and I am willing to try every trick of the trade.
Anything-Goes
The Art of Day Trading
October 27th, 2007 at 2:28 pm
Yeah, I’m in the room most days, and see similar trades on my screen (I use different settings). Like I said in the video, the issue is usually the wide stops required. I may decide to just accept the risk, as the reward is obviously there. I am trying to make sure any losses I take while I am learning don’t eat into my stock trading income too much (since I have become accustomed to food and electricity and stuff). I am mostly winning now, though…. maybe I can declare the learning period over, now. Or at least, soon.
November 1st, 2007 at 11:51 pm
Hello Richard,
I’m in the EOT room also (same username). What is the Trend Mode indicator you use on your charts? Where is it available. Do you find it to be predictive?
Thanks, Rich
November 2nd, 2007 at 8:22 am
too early to tell if it works… it’s meant to tell which times the Stochastics will me most effective. I haven’t made it available to anyone.
November 2nd, 2007 at 7:18 pm
Gotcha, Congratulations on your winning streak, hope things keep rolling for you.
I may have found an edge by scalping moves in Shelly’s Volume. It was working pretty well over the last two hours of trading. Shelly’s Volume is much more responsive if you lower the min and max times.
I’ve got a bunch of backtesting to do and will be trying in live again (papertrading) on Monday. I’ll let you know how it goes.
Rich