Feb 11, 2008

Not once, but twice

Stopped out of both of my trades today. Went long on the ES and was stopped out at what is now the low of the day. Incredible... then it pops up over 20 points. The one thing I find hard to do with futures is reduce risk (other than taking just 1 contract). I'm trading off the 5-min chart right now and when the trade goes against me it could be a wide stop. So far the winners vastly outweigh the losers but when the losses happen it could be a good size loss.

I also traded MPWR off the :30 (8th bar) and that just flat out sucked. I liked the inside, NR, strong bar entry but I was below the ORH and there were some upper tails before it. While it met my criteria for entry, I really should've waited for it to close above the ORH before initiating a position.


Anonymous said...

may i ask why you making your life complicated..
KISS method is the best..
i trade stocks and your methodolgy works so why not keep doing it. If you try too many stuff (now you many wanna do currency trading!), it is bound to fail

PRD trader said...

My point of view is ,If anyone understand the price & volume ,can trade any thing out there.

OONR7 said...

anon: I do keep it simple. I still trade stocks and trading futures allows me to diversify while only following two symbols. Doesn't get much simpler than that. So far futures has a lot to offer.