Made three trades, 2 for losses and eventually the last one for over $455.00 profit.. that covered the previous losses.
If you guys are seeing a pattern in the way I am making mistake do shout out and let me know. I want to progress faster because eventually I am going to need this money like the rest of the people but I want to go through the this learning curve asap and with you help. Keeping journals have done me a lot of good too.
Wednesday, February 6, 2008
Last ditch effort paid off...
Posted by Anything-Goes at Wednesday, February 06, 2008
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2 comments:
I don't trade ES anymore, but here are my 2 cents. Your first trade at 1342 looks like you were trying to sell a breakdown when the market was trying to form an upwards trend. Where you sold there was a bull flag setting up and again at the 1346. Your second trade at 1337, you were trying to buy a breakout when the market was trending down. Your third trade was similar to the first two as it seems you are always trying to "jump in" when a move might happen. What you should be doing is waiting for the market to establish a trend. Look for small reversals to support/resistance levels, moving averages, or Bollinger Bands, and then take your entry.
Main lesson, don't fight the trend. Don't just "jump in" trying not to get left behind. Let price come to you and enter at a LREP(low risk entry point). This should really help your trading.
yeah I agree with you but I usualy tend to not enter once a direction has been established because I don't feel comfortable cuz it might turn around anytime. I like to be either at the breakout or bounce in the trend direction which is costing me a lot of money. Samthing happened today.
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