YM journal

Wretched .gifs!

Happier p&l...

I'll try and sort these gifs out so u can see the trade times. Meanwhile if anyone mentions my $400 daily limit I'll...I'll.....be grateful for the reminder

Frugi

Do you believe you can make a living at this or is it just a hobby?

It seems to me thus far your system is liable to lose you more than you gain, and wonder whether you have fully thought out a plan to go along with your system.

Good fortune for the future

Roger

Roger,

Indeed you are right to question my trading. Monday and Tuesday were a mite more than mildly off mark, and now the dust and adrenaline have settled, my bank account and I have resolved to step out of the intraday arena, at least for a while, so I can concentrate on absorbing more knowledge and subduing my treacherous emotions, which appear to be laying many banana skins in the way of what I believe to be an otherwise reasonable discretionary system. Could I make that sentence any longer?

I'll continue to swing trade (ES, perhaps NQ) with one or two much more mechanical systems (rigid enough to check even my vigorous emotions) which have served me quite well (though I might post P&L for these trades as well if nobody objects - I know that may appear slightly weird but it helps!). This slowing of pace will give me time to study the intraday dynamics from a much-needed disinterested perspective, and of course study myself, that little bit harder.

The crude attempts at ES analysis that form my homework will appear here sporadically as before. The last few weeks have taught me a lot, but there's work to be done yet.

To answer your first question, I am unsure whether I can make a living from daytrading ES. If I'm not cut out for it, fair enough - swing trading for a few years has squeezed out a modest existence and I'm happy to revert to it. I certainly find it more relaxing! I was keen to move to intraday ES to make a better return on my capital and have the satisfaction of a 'daily wage' and no overnight risk, but I don't think I'm ready for the leap just yet. Quite a relief in some ways, actually...

hey man - it seems to me that you are OVERTRADING - chill out a bit - step back from your screen for sec - pick a just few spots a day instead where you think you have an edge - otherwise, reading your trade log is like watching an old woman at a slot machine in Las Vegas - sorry i don't mean to be rude at all - just a suggestion for you - good luck

Eureka is coming from the right place. I still think tour costs of business (commissions) are too high given your returns.

Dont bother with the mechanical systems. Discretionary traders always make more if they have discipline. Learn about price and how it behaves and why. This will take longer than you would like but you will be more profitable in 2 years time.

Look at RossRed recent post for an example of this.

Hi Frugi,

I’m truly impressed by the effort you are putting into this, and wish you well, but as Eureka says your trades are beginning to resemble that of a roulette player. Remember the winning roulette system Larry came up with, you could make more by using that I bet. I’m being serious there!

You are right to pause and ask whether all the effort and time you are putting into this is a very efficient way to make a living. Just wishing it will come right is not sufficient. I recently came across another of your posts on a T2W board where you said you were seeking a re-mortgage to raise £20K cash, was that to cover “losses”?

I don’t know whether you went ahead with it but if it was a matter of borrowing to play the market then that doesn’t sound like a smart move to me matey. In the past you may not have thought a lot of the system I adopt but at least I have never had to borrow any money to pursue it.

Perhaps you should consider revising the end quotation on your posts to read:-

“Wishing does not make a poor man rich.”

Chris

Frugi

What Charting Programme and feed set-up are you using?