ES 12-15-09

Originally posted by rburns

I also keep my stops too tight. I would love to be able to use a 3 point stop as you do, but I tend to use 1.75 - 2.25 and am stopped out too much

IF YOUR STOPPED OUT TOO MUCH ,THAT SHOULD BE TELLING YOU SOMETHING! btw, on this trade my stop is at 1102.75 to start (2.5)

im going to exit here at 1105.50 since it appears to want lower!...remember yesterday was a cycle peak!

R burns: back to your stops for a moment.. its my belief that you have to give the market a chance to work in your favor.. after all 3 handles is only 150 bucks! and if your pulling in a few hundred a day its of little consequence. Also after years of doing this ive found that it seems to be a good number for me since many times the next lower proj seems to be 2.5 points lower or so. cant tell you how many losers have turned into winners using it.. but i suppose you have to go with what you are most comfortable with. I believe as time passes and your skill level increases (which i believe will happen) and you begin to consistantly win more and more you can begin with 3 like i do ,then adjust to the condidtions( averages, swing high and lows , next projection ,etc)

Thanks for the response

I just want u to know, i have confidence in you friend. Fotr a couple reasons! .You have a genuine desire to learn, and you ask VERY GOOD questions .. just dont give up! Back in the day i blew my account at least twice that i remember!

Well time for me to get some sleep ... it was a fun day .. but tomorrow afternoon is likely where the action will be! c ya tomorrow!