Journey of the ES - Wannalearn12

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Leoheart
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Re: Journey of the ES - Wannalearn12

Postby Leoheart » Tue Jul 24, 2018 11:29 am

I would word this in another way from my good buddy's response,

"Then last year sometime, my friend Billy over in The Other Place, made a comment that brought all the abstract into solid form...he announced that he goes into every trade expecting to lose. Expecting...to...lose. Roll that around in your mind for a minute or two. It sounds idiotic and so counter-intuitive but honestly, he nailed it dead centre.

Try it. Write off the trade as you go in. Once you verbalise that, put it out into the universe, it is incredibly freeing. A great weight is lifted off your shoulders. I am sure there is a psychological paper somewhere that covers it all very well! I just know it works."


The more pessimistic you are about your trade, before entering - the better off you are. This will cause you to run what if scenarios in your mind, and will led you see things that will not be apparent if you feel like overly optimistic about the trade. Now this takes time to master, I am not condoning analysis paralysis attitude but a path to a purely objective outlook in your mind (maybe that makes no sense, no way other way to express this).

Most of my best trades are taking after I have driven myself mad , and pulled the trigger anyway. The worst ones are when I feel like I control the market :roll:.

Now a caveat: Certain setups are mechanical you pull the trigger and move on. But the real treasure troves lye under the sea as it moves through & through waves upon waves. Would you just surf every single wave to get your trove on your map. Or do you first observe and ask questions? Who is getting eaten alive by sharks? That dude just wiped out, think that wave is well underway & and its better to wait. Oh man I see another feeding frenzy, I think this is it, no no false alarm just a group of young kids acting foolish and playing in the water. Hmm, now what? Wait Wait I see a Fin, heading to a group of unware surfers let see what happens. Oh man told wipeout clean across the board.

Is this it, seems that way. Looks ok in terms of direction. Hmm not sure, too scary. What if the shark is not finish feasting? What then. How do I escape? You have to do it , no its doesn't look right? Go over the map and direction again. Does it match? Yes. Then just do it...Ahh (day later) ok.

I told you, can drive you mad :lol:

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Re: Journey of the ES - Wannalearn12

Postby LeMercenaire » Tue Jul 24, 2018 3:45 pm

There is also a difference between ''What if that happens? What would I do?' and ''If that happens, this is what I will do''.

One will drive you nuts, is open-ended and will form a death-loop and lead to the dreaded paralysis-through-analysis and the other will form a rock-solid plan of action.

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Re: Journey of the ES - Wannalearn12

Postby ia1979 » Tue Jul 24, 2018 11:48 pm

Great responses from both of you. Thanks. Trying to soak in as much information as possible. US500 looked good for surfing the 1pm break today. Did you guys bank some good gains?
How far would you normally let the original trade go in the wrong direction before putting on a counter or hedge trade? 2-3 points or does it just depend? Thanks.
Last edited by ia1979 on Wed Jul 25, 2018 12:01 am, edited 3 times in total.

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Re: Journey of the ES - Wannalearn12

Postby ia1979 » Tue Jul 24, 2018 11:53 pm

Trying to post a longish response but keep getting the following error message:

Forbidden. Private list deny. E-mail seems to be spammer

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Re: Journey of the ES - Wannalearn12

Postby LeMercenaire » Wed Jul 25, 2018 6:35 am

[quote="ia1979"]Trying to post a longish response but keep getting the following error message:

Forbidden. Private list deny. E-mail seems to be spammer
[/quote]

This happened to me a while ago. Let Michal know and he will sort it.

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Re: Journey of the ES - Wannalearn12

Postby LeMercenaire » Wed Jul 25, 2018 6:49 am

ia1979 wrote:Great responses from both of you. Thanks. Trying to soak in as much information as possible. US500 looked good for surfing the 1pm break today. Did you guys bank some good gains?
How far would you normally let the original trade go in the wrong direction before putting on a counter or hedge trade? 2-3 points or does it just depend? Thanks.


I was on The DAX at that time, so didn't see the 500 but for obvious reasons there will usually be movement at that time (break of Noon - 13:00 candle UK time - I call it my Dead Zone for clarity and brevity).

The distance you set your counter will depend on a few factors. Your ultimate max risk (Dead Man's Stop), how pa looks on your working (trade management) chart (m5 is a good one to use but it can be m1, m15, m10, whatever).

Always bear in mind the location of any Z-Lines and the mid-line of the range as well.

At the most basic, the counter will be set at the place you would normally place your stop.

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Re: Journey of the ES - Wannalearn12

Postby Mr. Hyde » Wed Jul 25, 2018 8:02 am

LeMercenaire wrote:
Leoheart wrote:
Mr. Hyde wrote:

First and most important question. Are you already profitable with a proven track record. If no then you need to worry about that first. If yes then I would only put in a fraction of your money, lets say $5,000. After a month match what you have earned and just build your account up like that.

And as far as concerning the amount of possible daily gained 1-2% is a good goal to start with and having 5% as a target to reach is also good.

I break down my ES MM like this. I figure a trader will risk 2-5% on a given trade lets say. And on average my stop in the ES is usually 2-3 points but no larger then 5. So I for simplicity sakes say the every point is worth 1%. So making 1-2 points a day (you first goal) is almost no problem. Once you get that I'm sure you will be able to get it up to 5 points a day. I like to aim for a weekly gain of about 30 points a week or 6 a day (I made about 30 points just on Friday and over double that for the week). That gives you a 30% weekly gain and compounded over 2 months adds almost a zero to your account.

Lem changed my trading path by introducing me to the ES and trading shorter term. I wish you the best of luck in your trading endevour.

I personally love the ES


Mr. Hyde,

Based on what TF? Do you guys think max 5 points is a typical stop loss on ES for a day trader? How much does it cost to get into a trade? I am curious about ES. Thanks in advance.


I am going to leave specifics of trading the ES in the US to the US traders here, as the conditions are different - significantly different - when it comes to opening an account. Here in the UK, using a spread-betting account, we can trade it just like any FX pair.


Anything above 5 pts and trying to get a 3 to 1 RR and your looking at almost the whole daily ATR. Not something I want to aim for trading a 5 min chart. I guess the simple and easy answer is size your stops to the chart your trading, but im sure you already know that. And no I don't always aim or get a 3 to 1 on my trades but overall its what I like my average to be.

I trade the ES on an offshore account and its CFD, so I would be no help either.

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Re: Journey of the ES - Wannalearn12

Postby Leoheart » Wed Jul 25, 2018 10:07 am

Mr. Hyde wrote:
LeMercenaire wrote:
Leoheart wrote:
Mr. Hyde,

Based on what TF? Do you guys think max 5 points is a typical stop loss on ES for a day trader? How much does it cost to get into a trade? I am curious about ES. Thanks in advance.


I am going to leave specifics of trading the ES in the US to the US traders here, as the conditions are different - significantly different - when it comes to opening an account. Here in the UK, using a spread-betting account, we can trade it just like any FX pair.


Anything above 5 pts and trying to get a 3 to 1 RR and your looking at almost the whole daily ATR. Not something I want to aim for trading a 5 min chart. I guess the simple and easy answer is size your stops to the chart your trading, but im sure you already know that. And no I don't always aim or get a 3 to 1 on my trades but overall its what I like my average to be.

I trade the ES on an offshore account and its CFD, so I would be no help either.



Sweet, good deal.

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Re: Journey of the ES - Wannalearn12

Postby LeMercenaire » Wed Jul 25, 2018 12:15 pm

I won't double post but managed to nab a quick-hitter HOLO on the 500 just before the US Open. I thought I'd leave it over on the HOLO thread so it wouldn't feel neglected. :P

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Re: Journey of the ES - Wannalearn12

Postby LeMercenaire » Thu Jul 26, 2018 6:04 pm

Just missed this one while scanning the charts after a day of sunshine in the great out-of-the-doors.

Thought I'd stick the chart up anyway as inspiration. A simple dip into and drop out of the Supply Zone. This triggered at 17:00 uk time. Big bucks.

S&P500H1aperfectDipAndDropFromSupplyZone26thJuly18.png
S&P500H1aperfectDipAndDropFromSupplyZone26thJuly18.png (34.41 KiB) Viewed 2304 times

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