New Trader ES trades/"Live" calls

More courage and confidence needed.

I seem to be getting the direction right but I'm closing early. Well before any signal is given.

15:07 UK - Short @ 1509.25 (ESU7 price)
16:03 UK - [email protected]

At least it's a profit.

Spread bet prices were
Opened 1508.25 -£10/point
Closed 1507.75

£5 profit
 
Esu7 16:32uk

Still thinking it's a sell @1509 area, but not committing. It may move higher before retracing. I'm staying out for the rest of the session.
 
new_trader said:
Opening Size Closing P/L

1) 1528.60 +£10.00 1520.15 £-84.50
2) 1521.25 +£10.00 1517.75 £-35.00
3) 1519.25 +£10.00 1517.25 £-20.00
4) 1518.75 +£10.00 1516.50 £-22.50 (Stop moved up and was hit on retrace after being in profit)
5) 1517.85 +£10.00 1515.90 £-19.50 (Stop moved up and was hit on retrace after being in profit)
6) 1516.75 +£10.00 1515.25 £-15.00 (Stop moved up and was hit on retrace after being in profit)

7) 1517.75 +£10.00 1522.50 £47.50 (closed this morning)

The market likes retracing just enough to take out my stops and as a result I ran trade 7 overnight without a stop :eek: I would rather have woken up to my account being down £500 than to have another stop taken by stop hunters :mad: :mad:

I know, this is bad practice and bad trading. I am still practising and emotions, unfortunately, are still prevalent in my trading. I won’t be placing trades outside of cash market hours anymore either, something I said I would never do from the beginning :rolleyes:

NB: The above opening prices include the 1 point spread (trade 1 - 0.35) above the ESM 7 price. The reason the spread changed from 0.35 to 1 is because I planned to hold overnight and traded the June SPX500 Futures instead of the Daily June SPX500 futures. I was watching Price on the ESM 7 through my direct access broker which explains why some live calls are the ESM 7 price.
Click to expand...

I wonder if I have been too critical of myself. I was attracted by a banner ad at the top and decided to explore it. When I looked at their trading results and compared them to mine (as far as trade entries) I realised that I haven’t been doing too badly at all, especially comparing 6th June.

http://www.tradingzoo.com/performance.php?year=2007&month=Jun
 
Esu7

I'm back in the traders chair today. I've been out of the markets the last few days due to work and yesterday I was updating my trading application. I will be making my trade calls today where possible, but these will only be simulated as I am testing my application so I am logged into a simulated server which may not be 100% reliable.
 
Wednesday 13th June E.S.U 7

A quick update on my trading.

I am back at work so I won’t be trading. On Wednesday 13the June I had a slight mishap because I had accidentally left some development code in my live trading application. This resulted in a losing trade appearing as if it was still in profit and I closed it later than I should have. I had made some other errors (even though I had practised on the simulated server) which resulted in me closing trades that were in profit earlier than I should have. I am still extremely satisfied that I had the discipline to wait until my setups appeared. This came at around 19:00 in the evening when I decided to go long at around the 1522 price level. Unfortunately, I accidentally closed it early when instead I meant to trail my stop.
 
E.s.u 7

Side: Price @ Time

long: 1544.75 @ 15:49 Stop-1443.75
exit: 1545.50 @ 15:55

Profit 0.75 points

I'm happy. Though I could do better.
 
new_trader said:
ESU7

I think its a BUY @ 1544.75

See if I am right...

No trade is placed
Click to expand...


Depending on the size of your stops this looks like it is a very promising trade. I would hold and move stop to break even. Maybe take profit @1548.25
 
Not too good today

Market - Period - Opening - Size - Closing - P/L
US SPX500 Daily Future (Sep) 20-JUN-07 - 1544.15 -£10.00 1545.85 - £-17.00
US SPX500 Daily Future (Sep) 20-JUN-07 1542.65 -£10.00 1545.35 £-27.00
 
new_trader said:
Not too good today

Market - Period - Opening - Size - Closing - P/L
US SPX500 Daily Future (Sep) 20-JUN-07 - 1544.15 -£10.00 1545.85 - £-17.00
US SPX500 Daily Future (Sep) 20-JUN-07 1542.65 -£10.00 1545.35 £-27.00
Click to expand...


They WERE good trades...I seem to be judging 'intent' correctly but I am either entering my trades too early...or too late. Maybe my stops are too tight...I just can't seem to stop the twig bird from getting its worm! Last Tick 1540 I would have exited my 1st trade here for a 4 point profit.
 
Quit for the day

Anyway, that's me for the day. I'm tired after working a nightshift. If I had the courage I'd probably look to BUY @ 1540 level +/- twig bird safety margin..:mad:
 
Despite saying I would quit for the day I made a few more trades. I should learn to walk away when I am not in tune.

Market Period Opening Size Closing P/L
US SPX500 SEP-07 1527.25 +£10.00 1529.50 £22.50
US SPX500 SEP-07 1531.50 +£10.00 1528.50 £-30.00
US SPX500 SEP-07 1532.75 +£10.00 1528.50 £-42.50
US SPX500 Daily Future (Sep) 20-JUN-07 1544.15 -£10.00 1545.85 £-17.00
US SPX500 Daily Future (Sep) 20-JUN-07 1542.65 -£10.00 1545.35 £-27.00

At this rate I will be bankrupt in no time. If only I could stick with the winners longer and/or prevent my stops being hit so often when I have the general trend right.
 
Maybe I am still entering too early. I escaped with a 0.5 point profit. I am anticipating a big move near the 1531.25 level...IF I am reading the intent correctly.
 
Hi NT,

Are you able to reduce your stake per point and correspondingly increase your stop size? :idea:

This way you could minimise being attacked by the stop hunters in the market jungle!

Fibonelli
 
fibonelli said:
Hi NT,

Are you able to reduce your stake per point and correspondingly increase your stop size? :idea:

This way you could minimise being attacked by the stop hunters in the market jungle!

Fibonelli
Click to expand...


I understand what you are saying but I am trading the minimum in both accounts - SB and Direct access. I think it really is more a case of improving my entries and direction sensing. Stop placement is such a dilemma because there is a point where you have to accept you got it wrong, the direction that is.
 
new_trader said:
exit 1535.25


Wish I had the courage to hold on longer. Last tick was 1536.25
Click to expand...

I'm satisfied with 2 successful trades in a row, total of 1.25 points.

No more trades for this week. I am going to Lithuania tomorrow for the weekend. Back Monday, so I'd like to leave on a high note.

I would have considered another long entry @1535.50
 
Last edited:
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