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New ES (hopefully) Trader
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New ES (hopefully) Trader

  #1 (permalink)
Trading Apprentice
Milton, FL
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: ES
 
Posts: 4 since Jul 2015
Thanks: 0 given, 0 received

New ES (hopefully) Trader

Hi! I am new to trading and the forum, but think I have found a goldmine of information here. Kinda hard to even know where to start.
I bought David Marsh's eminitradingstrategies (ES) several years ago but never got beyond some sim trading. Have just recently came back to it and have been watching all his videos again. I like the simplicity of his system, and he seems to be a pretty honest guy. I am going to sim trade his normal entry system and try to master it. I will trade one contract on the ES at the open with an 4/8 profit/stop. I use NinjaTrader, trading on the 578 tick chart with and 2584 tick as confirmation, using his rules. My target is 4 ticks a day. In fact, 4 ticks will probably always be my goal and, if successfully, I can see myself trading 3-4 contracts. If I can "master" one strategy THEN I would like to expand to other markets or systems just to have an alternative. I would also like to eventually learn options but I don't feel I'm ready for that right now.

Any advice? Are there are recent David Marsh users here? Is this a viable plan to get to say $100 profit/day?
I am going to go back and begin reading the forum starting with the psychology forum. Just want to introduce myself and hopefully get some feedback.

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  #2 (permalink)
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  #3 (permalink)
Elite Member
SF Bay Area + CA/US
 
Futures Experience: None
Platform: Tradestation, Ninja
Favorite Futures: NQ ES & Equities
 
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Posts: 1,512 since Oct 2011
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i like the comments @DbPhoenix gave in https://futures.io/index-futures-trading/36102-new-futures-can-someone-offer-some-guidance-please.html#post501407

cheers n goodluck

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  #4 (permalink)
Elite Member
Sydney, Australia
 
Futures Experience: Intermediate
Platform: Sierra Chart, IRESS
Broker/Data: IB, IQFeed
Favorite Futures: ES, SPI, ASX stocks, options
 
Posts: 399 since Jun 2015
Thanks: 169 given, 446 received

Far be it for me to trounce somebody else's system but if you do a precursory search of "David Marsh's eminitradingstrategies" on Google, you might find some curious results.

I found these webinars the most useful to start:
https://www.youtube.com/watch?v=Y6Wykz1ySqA
https://futures.io/webinars/mar7_2013/futurestrader71_trade_management_techniques/
Free Tape Reading and Order Flow Training Materials

The order flow stuff looks intimidating but if you want the "holy grail" of market entries, I believe this is it.

Hope that helps.

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  #5 (permalink)
Trading Apprentice
Milton, FL
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: ES
 
Posts: 4 since Jul 2015
Thanks: 0 given, 0 received

Thanks for the feedback

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  #6 (permalink)
Elite Member
Texas, USA
 
Futures Experience: Intermediate
Platform: X_TRADER Pro, Custom
Broker/Data: NxCore
Favorite Futures: Futures, Spreads
 
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Posts: 215 since May 2014
Thanks: 509 given, 474 received


Fellure5 View Post
Any advice?

Give yourself lots of time. Quadruple whatever time you anticipated you would need to succeed at this. Do not quit your main job before you consistently make money trading live markets. No one can teach you how to trade, this is one of the things you learn on your own. No system/trading method/software available commercially will make you any money out of the box, including this one you talk about. The business of trading is a marathon and not a sprint. Whatever you do to make money during a day, imagine doing that same thing every single day of every year and think for yourself if that is something you can do consistently without getting stressed out. Point being that trading is the hardest business to succeed at for retail folks and day-trading is 1000 times harder. Lastly, you asked for advice and this advice to you is based upon all that I have personally gone through. Here's the kicker, I got lots of the same advice some 6 years ago and guess what - I ignored it and there is a 99% probability that you will too.


Fellure5 View Post
Are there are recent David Marsh users here?

ETS was one of the many, many systems I threw my money away at in the beginning. The whole "let me see if I can just buy something that will make me money" approach is flawed. Most such systems/methods are junk. There are some that have credibility but what works for someone else, very likely will not work for you the same way. This is a highly personalized business. You will have to carve out your own niche.


Fellure5 View Post
Is this a viable plan to get to say $100 profit/day?

Define viable. In the meantime, lets say you did go ahead with this. Lets say, 3 out of 5 days you made $100 each day and the rest of the 2 days you lost $100 total. So you make $200 per week. How long do you do this before you know for sure this is something you can consistently do? What then? add more size or add another method or both? How much stress does that add? I hope you get the picture. Thing is, no one can answer this question for you. Its just too early.


Fellure5 View Post
I am going to go back and begin reading the forum starting with the psychology forum. Just want to introduce myself and hopefully get some feedback.

Great idea. to futures.io (formerly BMT)!

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  #7 (permalink)
Live Your Bliss
Canary Islands, Spain
 
Futures Experience: Advanced
Platform: OA
Favorite Futures: What Moves
 
Anagami's Avatar
 
Posts: 701 since Dec 2010
Thanks: 474 given, 1,398 received


Fellure5 View Post
Hi! I am new to trading and the forum, but think I have found a goldmine of information here. Kinda hard to even know where to start.
I bought David Marsh's eminitradingstrategies (ES) several years ago but never got beyond some sim trading. Have just recently came back to it and have been watching all his videos again. I like the simplicity of his system, and he seems to be a pretty honest guy. I am going to sim trade his normal entry system and try to master it. I will trade one contract on the ES at the open with an 4/8 profit/stop. I use NinjaTrader, trading on the 578 tick chart with and 2584 tick as confirmation, using his rules. My target is 4 ticks a day. In fact, 4 ticks will probably always be my goal and, if successfully, I can see myself trading 3-4 contracts. If I can "master" one strategy THEN I would like to expand to other markets or systems just to have an alternative. I would also like to eventually learn options but I don't feel I'm ready for that right now.

Any advice? Are there are recent David Marsh users here? Is this a viable plan to get to say $100 profit/day?
I am going to go back and begin reading the forum starting with the psychology forum. Just want to introduce myself and hopefully get some feedback.

If you feel you have an edge, prove it on SIM first.
Then prove it on something like TST Combine, which is half way between SIM and cash.
And if you pass, trade your own money.

"...the degree to which you think you know, assume you know, or in any way need to know what is going to happen next, is equal to the degree to which you will fail as a trader." - Mark Douglas
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  #8 (permalink)
Trading Apprentice
Chattanooga
 
Futures Experience: Advanced
Platform: Thinkorswim
Favorite Futures: ES
 
Posts: 5 since Aug 2015
Thanks: 0 given, 3 received

Welcome to the forum! I definitely think day trading is the hardest job in the world. I agree with all of the above statements! Take your time. Track your emotions. Always try to keep them level. Too elated = Greed and opposite for when you are losing. Make rules for everything you do and why. I personally think risking 1 to make 2 is not a good strategy in the long run. I prefer at least risking to make 3 on my scalps.
I also think scalping the open is an amateur game. Too many fake outs. It's a gamble if you ask me but I wish you the best of luck!

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