tag:blogger.com,1999:blog-6579146808262144709.post6871024147936370814..comments2023-09-09T08:10:21.317-04:00Comments on Grove Trades: New Beginning - New AdjustmentsGrove Underhttp://www.blogger.com/profile/11996363914551744557noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-6579146808262144709.post-22642396382494446122011-10-15T23:57:45.378-04:002011-10-15T23:57:45.378-04:00Tom:
You're so right about the scaling out par...<b>Tom:</b><br />You're so right about the scaling out part, which I believe is a huge part in giving you an edge to be consistently profitable -- at least based on some systems.<br /><br />And I don't have the specific numbers, but my gut tells me that assuming you have a little edge with your system, trading <i>more</i> contracts as part of your initial trade entry and scaling out properly at the appropriate times will <i>reduce</i> your overall risk. It's one of those counterintuitive things.<br /><br />Haven't looked closely at scaling in, but that might also be a big factor in reducing your risk. <br /><br />And yes, the system works on any actively traded security. And since the SPY tracks very closely to the ES, I can see how it should work very well. But I haven't looked into the details from the execution perspective. Might take a closer look, or ask around to find out.<br /><br />I have found that the ES seems to move "smoother" than the SPY (and especially the insane TNA/TZA). I imagine the ES moves as if the minimum tick on the SPY was 1/16, so the ES is not quite as "hyperactive" or noisy. That seems to keep me from getting as frazzled.<br /><br />Appreciate your great feedback!<br /><br /><b>Attitude Trader:</b><br />Thanks very much for the compliment. I've heard of The Elements of Style, but have yet to read it. Now I'm really curious and will have to check it out -- I know I will probably learn a lot!<br /><br />Totally with you on buying systems and not being happy with them and now being skeptical. Back in the 90's, I'm sure I spent well over $10k (likely much more) on systems, software, books, etc. <br /><br />But maybe it's because of all those duds that I can better appreciate what I'm experiencing now. I'm pretty sure now that the Diamond Setups system works, but time will tell whether it's the right system for <i>me</i> to be able to trade consistently over the long haul.<br /><br />But I hope that in the future, I can say that this is the time in my development as a trader when I stopped chasing success. <br /><br />Will keep everyone updated...Grove Underhttps://www.blogger.com/profile/11996363914551744557noreply@blogger.comtag:blogger.com,1999:blog-6579146808262144709.post-80836973051240232572011-10-15T12:49:47.977-04:002011-10-15T12:49:47.977-04:00First I have to comment on your writing. Although ...First I have to comment on your writing. Although I still find many mistakes in mine, I take a certain level of pride in the grammar, punctuation, and flow of my writing, and I notice that in yours - nearly impeccable and easily read. It wouldn't surprise me to find a copy of Strunk and White's <i>The Elements of Style</i> in your office. ;)<br /><br />Second, as you know, my current method is based heavily on Trader-X's Fib levels, and I only trade futures, so your review here is extremely interesting to me. I'm very wary of systems for sale (having bought plenty myself), so if not for your review here I wouldn't even give it a second look. I'll be looking forward to seeing how it's working out for you over the next few weeks.<br /><br />Good luck and thanks for sharing.Attitude Traderhttps://www.blogger.com/profile/12630122906244609774noreply@blogger.comtag:blogger.com,1999:blog-6579146808262144709.post-4129894206714660682011-10-15T12:09:02.836-04:002011-10-15T12:09:02.836-04:00Hey Grove,
Great detailed report and many thanks...Hey Grove,<br /><br /> Great detailed report and many thanks. The title on this post really says alot here. I have found in my journey that I have had a couple new beginnings but each time carries new lessons learned into the new beginning. Sounds like you had a good week to build upon and you discovered a couple new things which you may have already known but when explained in a detailed manner really has to be exciting. For instance the scaling in he does,,I was most interested with that part as I have racked my brain on what to do and only recently went back on my sim account and added share size and am trying to scale out. What a wonderful feeling to book some profits along the way ,,,,now I have to learn to not do them so early,,,lol,,,,I did have a mentor that never went into that and how the heck did I know?,,,<br /> I also was an avid Traderx reader and learned alot there and came to really like the Fib lines so its cool that you are using something you are familiar with and like. <br /> It sounds like if you can master just a couple of his strategies you can have an edge. I have moved to mainly trading the SPY and I believe its the E-MINI brother and was wondering if his system would work with the SPY's ?,,,Keep up the good work and I look forward to your next weeks postings.<br /><br />TomTomross58noreply@blogger.com