Micro-Update: ("mini" would be too confusing, yes?)
Nice 10/cntrct short on this last one at the + marks the spot. Had a small loss on the previous two (see marks), first a short, then a long attempt. This is nice as well as it shows that with a 33% win rate I'm still up handily for the day... If only there was a way to hang on to these runners for much more when they happen. I did try once to quantify this with some trailing stop scenarios and it always ended up good with the runner but ended up losing a little more on the ones I would have taken a profit target on earlier, and overall made less profit. The runners, percentage wise, just weren't enough to make up for taking less profit on the non-runners. Dang math, always in the way... I'll keep trying but don't see a simple answer. If someone else finds the trick let me know.
Rainbows and Unicorns Traders!
Quick video talking about the longer term picture and some of the possibilities I see down the road and this week’s day trades on Friday. This extra volatility is great for stretching the profit targets, especially shorts lately. Had a few traders insinuate that I was a Buy The Dip trader, that’s funny shit! I like shorts a LOT more that longs, they seem to move faster and farther. My profits with my strategy favor the short side almost 2:1 per trade, so no BTD here, unless it happens to be calling for it… BTD isn’t a strategy, it’s a slogan so be careful what you try to project to someone else!
Anyway, had a couple of winners in the morning and called it a day. As always, note that when I talk points I always mean per contract for consistency so these would be scaled up when I trade, FYI. Sometimes I don’t make that clear so just wanted to clarify. I have evolved my strategy to the point to where I no longer scale in or out but am all in or all out, so scaling up contracts based on my risk profile is simple…
Hope you enjoy the video, and if so I always appreciate a share somewhere and a +1 where relevant. Takes a lot of time to put these together so I hope they’re useful to you...
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"Trader Joe" trades the Emini S&P exclusively and is the main influence behind EminEdge.com.
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