I know, I know ... some will tell me to stop trading Europe. I won't give it up ... yet ... and I don't like to lose.
Actually, I spent a lot of time -- and some tuition in the form of scratches and commissions -- today trading FESX fairly heavily to see if I could get a feel for that sucker. And based on today's results, it will definitely take some time. Yet today may not have been the greatest test as pace in the Europe session was horrendous. And as I've said before, pace is more important to me than any other market attribute. More than charts, setups, etc. One thing was certain ... I wasn't very patient with it today, and FESX definitely has its own unique rhythm unlike ES and DAX.I posted a chart showing one of the decent ES scalp setups early this afternoon to provide some insight into actual trades. 3LB was also short at the time, and I got a decent piece of the 4+ point ES drop from what I call a bear cup & handle. There was a later subsequent drop of even more a few minutes later, but I hate second setups.
Actually, I didn't find the ES pace to be much better today ... or maybe it was just me being out of rhythm in both markets. Nevertheless, the score will read a very modest +$7K chip gain on the day, and while that's mouse you-know-whats, I'm considering much of the day an investment in the future.
Please note tonight's PalTalk session has been rescheduled due to another commitment. Sorry to move it again, but priorities call.
And congrats to Peter Eastgate, the winner of this year's WSOP, and Dennis Phillips who came in 3rd and nicely represented us "elder statesmen".
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4 comments:
Hey Don,
non-trading question:
Did you happen to watch the WSOP final last night? The last three to lose all their chips seemed to have fallen to exhaustion and made desperate moves when the chips were down, so to speak.
Hi Jack.
Yes, I did watch it. A good lesson for trading, and probably another reason why cash game poker is more like trading vs. tournaments in terms of never needing to make desparate moves in a cash game ... although the energy factor is huge with poker all-nighters.
Don
Don,
You always say that you trade your best after a situation reflected in the chart on the left side of this page. I think your subconscious tries to physically place you in that very state of mind every morning, which is why you lose some. However harsh it may sound, but perhaps these morning drawdowns are required for you to finish the day in black?
A.
Hey A.
I've often thought the same thing, which is so true in sports where it often takes something to get the real juices flowing.
The fictitious draw is certainly intended to try to engage that state without actually feeling it, yet it may still often take that "real" feeling to engage the state of mind.
Don
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