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Asking Suggestions On Next Step After Profit With One Lot Trading-Micros
the best thing about them is there customer service, the platform it self id give it a 7/10 its good but could be much better. I only use it for futures, and have a very very basic way of trading so if your into coding and all that jazz might want to get another opinion.
-P
"Truth is not what you want it to be; it is what it is, and you must bend to its power or live a lie"-Miyamoto Musashi
Customer service is what has kept me at IF despite the fees. It is beyond excellent IMHO. But NT came in second on my list when I was in my research phase because they were very responsive. Not into coding or anything crazy like that but I do like that you can trade stocks and options on NT as well, so down the road it might be a better fit.
Move to two lots on the MES.
Keep journal
keep accurate track of P&L, if successful I would then move to four lots on the micros and do the same for a few weeks before considering the ES depending on your risk capital etc.
PM with any questions about Cannon Trading (800) 454-9572 (310) 859-9572. Trading commodity futures, forex and options involves substantial risk of loss. The recommendations contained in this post are of opinion only and do not guarantee any profits. These are risky markets and only risk capital should be used. Past performance is not necessarily indicative of future results.
Moving to the ES might be difficult and potentially demoralising as you can get whipsawed to death...
I suggest you keep building skills and confidence in trading larger lot sizes; and the best way to do that is set some parameters for increasing and decreasing size.. e.g. increase the number of lots you trade (1,2,3,5,7,10,etc..) once you are up say net 15 ticks. if you are down a net 15 ticks then halve your trading size and evaluate why. As a small retail trader on the E-Minis or treasuries (which I prefer) you can make a very comfortable living trading anything above 12-15 lots and scalping a few ticks each trade if you keep your losses very small. and you can generally, in these products, trade a larger number of lots exactly the same way you trade a 1 lot. Keeping the losses small on the ES is not always that easy...
..Good luck..
The only effective way to learn trading of futures is to be able to trade a lot size that you can split to 3. Hence, before you even consider moving to full ES contract you will need to master that skill. Your goal should be to learn how to:
1. Identify the entry.
2. Define risk.
3. Take profit on the 1/3 of the position and move the stop to breakeven.
4. Let the trade mature to your 2nd target (take 2/3 off at that point) or let the trade take you out at b/e if market goes against you.
5. Once the 2/3 is taken off at your 2nd target allow your last remaining 1/3 run to the best possible profit.
Learning this skill is essential because it allows you to pay for the trade (remove the 1/3 and get a risk-free trade) and practice the execution of your skill by managing the remaining targets.
I would go here https://www.vantharp.com/
Thoroughly familiarise yourself with all of the info under FREE RESOURCES.
Then ask yourself the same 2 questions.....
You will be surprised at your answer
To me the most important thing is to record all your trades, and also what happens after you exit them. This way, you can track
a) your success and expectancy on 1 lot (Expectancy = %wins x Avg win size - %losses x Avg Loss size)
b) what would have happened if you had traded 2 lots with 2 targets
c) what would have happened if you had traded 3 lots with 3 targets
This way you can use real trades (on the 1 lot) but also record what would have happened, without any financial risk.
btw - reason for 3 lots (units) is that so many people including Mark Douglas, FT71, PAX, Brett Steenberger etc., while all with different styles, say it is psychologically easier to keep a trade on, once you have taken some small profit and moved the stop on remaining 2 units to BE, or Scratch (=entry)
I hope that helps - bottom line, you learn by doing and making it your own system
