Dow 2007

Hook Shot said:
it would be great to get a sell-off .... but hard not to see a test of 13300 in the last 4hrs
so I'm looking to get long...on intraday pbk
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HS
the move down looks corrective
can waterfall but it will be a painfull short
but currently double inside on the 60 for futures 8 out of 10 times is a buy
but its friday and can p1ss around
 
Just come back to the quote screen after going flat. I don't believe it! Real case of traders remorse here!
 
This is just painful. I sat through a move 20 points against my entry, and remained bearish. Then I cover before a 20 point drop!Silly silly silly. Aren't I annoyed with myself.

OK, who held their short?
 
lurkerlurker said:
Good call. Oversold now, and I think this is definately a session low. Good time to cover?
Click to expand...

Not oversold yet - maybe on 5 min charts - but hourlies MACD has only just done a -ve cross (from nicely high levels too).

I'll hold on a little longer
 
out at 13240. +20. slow and boring just the way it should be. prob out early but have to go to play football now. can see this moving lower later.if this hour bar closes around this level or lower the perfect set up for a short with my system and would look for test of 13150. imho

good trading for the rest of the day and have a great bank holiday all.
 
I shorted at 17.09 13263 cash at a massive £1/pt, using Dino's chart settings on 1 and 5 mins. Exited just now at 13241, didn't wait for the ema to cross back as it looked like it had stalled. Grand total of £22 profit, before the spread.
 
This is certainly whinging, but I'm really quite sore about that premature cover. I was glad to get out when I did, I was becoming uncertain.

I don't think I've ever become this emotional over a trade before. My discipline is frayed - a large part of me is glad it's the weekend soon.
 
Hmmm battle line at the 618 ... first one held.
 

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Cover @ 13249 - 4 tics profit.

Maybe a little premature, but I am looking to limit my risk so close to EOD/EOW

Up £23 today - feeling a little better about my trading now.
 
Ok, what happened there? For the record, I did not intend that the board be spammed 5 times! Can a mod please delete the duplicates? I note there is an edit function, but I don't seem to be able to delete stuff.

Sorry!
 
Long @ 13239
Cover @ 13244
5 points bagged

(btw - is the purpose of this thread a kind of trading journal / chat, or formal perspectives on the INDU?)

Trying to catch the small swings is quite difficult with a 5 point spread!
 
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Right now I get the feeling they are desperately trying to ensure another record-breaking close, so trying to keep it up above 40, off which it has bounced in painful slow motion a few times starting at 17.30pm. I wonder if there will be a sudden move soon, or if it will just bounce along like this to 21.00?
 
Not sure myself. Tempted to stay the hell out myself. A quick move so near to the close on a daily cash contract would finish me off. Had a huge losing day the other day which was way above my acceptable limits. A position was opened accidentally (limit order wasn't cancelled properly - maybe half my fault, half the fault of TradIndex's web platform) - and because it wasn't my call, I sat with the loser refusing to define a loss, refusing to lose money for a trade I hadn't intended to enter.

Closed 01/05/2007 21:07 Buy £6 1 13136 £-261.94

Painful!

So I want to end the week with a £132 loss and no more (which is what I am at currently - the Dow will trade just fine without me)

I am trying to make a good trading record which may be some assistence in my quest to manage other people's money some day. This has blown a hole right through it. I am forced to have a 3 figure loss on my book for this week. Own mistake, but I'm not prepared to risk more. Quite pleased that I was able to "scalp" (if you will) a few small swings today, but this new Dow rally has my head in a twist. Weekend is for relaxation and a dose of Douglas ("The Disciplined Trader") and Brett Steenbarger's articles and blog.

Best of luck to all those who are still holding positions.

PS - the TradIndex limit order thing happened again today - any TI clients see a message on their web platform with an "!" sign and something along the lines of "This order could not be processed. Please contact TradIndex" or something similar?
 
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I'm having nightmares about the DOW and the SPX guys and I thought I share my fears with you all.

In the book Crime and Punishment by Fyodor Dostoyevsky there is a scene where the main character Raskolnikov dreams of a horse being brutally murdered by a bunch of drunks & jeered at the town square. The horse struggles for life step by step, inching for dear life oblivious to every blow battering his tormented spirit. This horse is not a fat lazy horse but a skinny, under fed and overwroked animal. It basically can't pull the kart no matter what the alchololics subject upon it.

Raskonikov goes on to commit a similar crime hacking to death some rich old lady - wheel chair bound. Basically, he does this in a charitable act to get rich quickly to help his family. Quick scheme to kill the old miser, take the money and run. Unfortunately in the process her sister who looks after her, a sweet liddle old caring lady also gets a bit of the axe.

Very good book in a horrible way. Makes Thomas Hardy look like a pretty jolly old man.

Anyhow, to me the two old ladies the good and the bad are the SPX and the DOW and I'm thinking I'm going to knock these two indeces off and get rich pretty quickly. Take the money and run. My nightmare is the horse. I think I may well be the horse being hacked to death by the incessant rise of the SPX & DOW the two filthy rich miserable cash cows battering my spirit, hacking my pension. :devilish:

True to my nature drawn to my destiny like moth to the flame - I thought I'd give it one last tug - shorting the DOW in the hope I'll be able to hack a few pips off them both.

It's a most uncomfortable feeling but one I risked and so have given up the miserable pips I earnt earlier on in the morning by going long on the DOW.

In fact I'm now -7 pips down.

Life is a horse and then you get whipped to death. :devilish:

Otherwise a very nice productive day.

Have a nice weekend everyone...:)
 
Atilla said:
I'm having nightmares about the DOW and the SPX guys and I thought I share my fears with you all.

In the book Crime and Punishment by Fyodor Dostoyevsky there is a scene where the main character Raskolnikov dreams of a horse being brutally murdered by a bunch of drunks & jeered at the town square. The horse struggles for life step by step, inching for dear life oblivious to every blow battering his tormented spirit. This horse is not a fat lazy horse but a skinny, under fed and overwroked animal. It basically can't pull the kart no matter what the alchololics subject upon it.

Raskonikov goes on to commit a similar crime hacking to death some rich old lady - wheel chair bound. Basically, he does this in a charitable act to get rich quickly to help his family. Quick scheme to kill the old miser, take the money and run. Unfortunately in the process her sister who looks after her, a sweet liddle old caring lady also gets a bit of the axe.

Very good book in a horrible way. Makes Thomas Hardy look like a pretty jolly old man.

Anyhow, to me the two old ladies the good and the bad are the SPX and the DOW and I'm thinking I'm going to knock these two indeces off and get rich pretty quickly. Take the money and run. My nightmare is the horse. I think I may well be the horse being hacked to death by the incessant rise of the SPX & DOW the two filthy rich miserable cash cows battering my spirit, hacking my pension. :devilish:

True to my nature drawn to my destiny like moth to the flame - I thought I'd give it one last tug - shorting the DOW in the hope I'll be able to hack a few pips off them both.

It's a most uncomfortable feeling but one I risked and so have given up the miserable pips I earnt earlier on in the morning by going long on the DOW.

In fact I'm now -7 pips down.

Life is a horse and then you get whipped to death. :devilish:

Otherwise a very nice productive day.

Have a nice weekend everyone...:)
Click to expand...
Insightful post, but I think it betrays some weakness in your trading psychology. Please don't take this the wrong way, but all traders go through patches like this. As I am new I don't have all the answers, but I can relate to your feelings.

I am not risking pension funds, so perhaps I have less pressure. However, I have set myself the challenge of making a living income from my SB gambling. I was up £488 last week, £12 off my target, when I took a stupid £6pp position on the Dow in the hope of having a 7 tic move in my favour (the two I needed plus the spread). That ate up a lot of my profits and I ended the week up somewhere around £340-350.

Annoyed at missing my target, I came back at the beginning of this week, and managed to screw everything up royally when a "cancelled" limit was executed. My own emotional issues stopped me closing the trade at the £60 open loss it was at, including the spread, when I realised what had happened. This was a buy limit, and I had just covered a short - but I did not intend to stop and reverse as I expected the market to drop further, but was happy with my profits and didn't wish to assume more risk. I held this position until the close, for a £261 loss. Probably not much of a loss for someone like you, but that was a third of my account at the time, and half my weekly profit target.

IMHO, those two examples are a good way of illustrating how emotions get in the way of good trading. I don't hold overnights, so my sleep is disrupted by regrets about my performance, not worries about open positions. I have come back from that loss after taking mostly a day off - I end the week down £120 - more than covered by last week's profit (so I have lost some of the house money, not my own equity).

Not had a crack at Crime and Punishment since my schooldays, but it was an interesting read then (although I never got through more than a few chapters due to distractions). Might take a look at it over the weekend.

I'm as tempted as everyone else to stick on a heavy short in the false expectation of an effort free 300 or so tics on the way down. Try not to think like that. Consider risk:reward as always, but until there are some clear signs, it is probably not appropriate to short. If you entered the trade on sound analysis, you wouldn't be worrying about 7 tics because you would have done your homework and would have been as confident as possible about the impending drop.

Perhaps it is time for you to review your thoughts and feelings as you have recorded them in your trading journal. If you are uncomfortable with the risk of your open positions, close some of them out, even if it is at a loss. You cannot think rationally when you are risking too much at a given time. I am going to seriously review my trading psychology on account of being down a measly (to most of you here) £120 this week. I need to recognise my mistakes, and move forward to become a better trader.

Perhaps you should ask yourself why you entered that position. What entry signals did you use? Are those usual signals that you have backtested, or a new hunch you are trying out? Did you set at stop, and if so what level did you set it at? Why this level? Is that the amount you are willing to lose, or the point at which you know the trade was "wrong"? Do you have a pattern of earning profits slowly and then giving them all back to the market in a few errant trades?

As I've said, I don't have all the answers, but I hope the above helps you with your problems. You may also want to consider if there is anything in your personal life affecting your trading performace? If you know what is wrong, the weekend should be sufficient rest. However, if you don't feel you have addresed these problems and fully understood your situation before the open next week, consider taking a few days off.

Have a nice weekend - try to relax - don't spend all of your days off in review.
 
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