HIGH DEF VIDEO – MAY TAKE 15 SECONDS TO LOAD
Emini Trading Update – Thursday 16 Jun 2011 (13:13)
Today: one trade I didn’t deserve (half asleep) and one trade I exited too early (typical). The market is still trying to find support – with another spike down, V-reversal day. Potentially tomorrow we’re setting up for a trending up day. We’ll see – depends if there’s any bad news out of Greece or Ireland overnight.
Question of the day …
From Eric F.
“Barry hi, First let me say thank for you excellent product and daily updates. I have been trading for 5 months starting from absolute zero. I have been devoted to Emini-Watch for the last 5 weeks and finally it has ‘clicked’ with the past 6 days being 4 up, one down and one flat.”
“Now the question. When to call it quits on a losing day … I am trading to make 4 points, but how many to lose before benching myself?”
As always, when it comes to money management – it’s a personal choice. How much pain you like to take, really. And how quickly you bounce back.
Some people can’t stand to lose a dime and they go into a tail spin when they lose any amount of money. Me, I’m more “easy come, easy go” – and I know there’s always another day, my trading methodology is robust and I’ll bounce back. There are just some days you’re off your game and some days are just not good trading days.
Specifically, I see 2 scenarios:
- The market is slow and choppy. I’m making 1-2 points and losing 2-3. In this case if I’ve taken about 4-5 trades and I’m down 2 points – then I’ll stop and call it a day. Down 2 points can easily turn into down 6 – and that’s what I’m trying to avoid. But the loss amount is not the trigger, for me, it’s the number of trades.
- The market is trending hard. I’m out of sync and trying to catch tops (or bottoms). I’m already down 2 points and my stop gets hit, so I’m now down 6 points – then I call it a day and go away and lick my wounds. Sometimes I stay too long and I get my stop hit twice – that’s what happened to me last Friday and I ended up down 9.25 points. Ouch (and then I retreated to my cave).
In summary – 2 trigger points for benching myself. Either down a couple of points after 4-5 trades on a choppy day. Or my stop gets hit once (or twice) on a trending day – the stop getting hit is the market telling me I’m out of sync.
Quotes of the day …
From Nah’l A.
“Thanx a bunch Barry, I booked my best day ever 10pts today utilizing your indies. You are GREAT for providing such powerful information to the average guys for crumbs!!”
From Steve C.
“Thanks for your vids and indicators … Doing the best ever with them!!!”
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