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Asking Suggestions On Next Step After Profit With One Lot Trading-Micros
I'd agree with Bob here. If you're successful trading 2 micro contracts, then move up to 3, then 4, then 5. Gradually build up towards 10 before thinking about going to full ES.
no one on here really know how good you trade . you could be doing well because of the current market conditions. then you blow up when the conditions change . or you could be a super star how would we know . i would not leverage up for 12 months of profitable trading.
I agree with what others have said in here:
Rather trade several contracts on the MES prior to moving to the ES.
While I don't know your style of trading, trading well with 1 contract is very difficult, because you have only one shot concerning both, entry and exit. That in turn means that you might be hesitant to pull the trigger for the entry (waiting for price to come down just a few ticks more for a long entry, e.g. fading a level...which might never happen and you would then end up missing the trade (unless you chase it); or you get in for the long too high (being a bit impatient) and you could have gotten a much better entry price. Scaling in allows you to partially enter at a higher price and potentially improving your average entry price, should price get lower. And if it doesn't, you are at least in with a partial position.
And scaling out allows you to take partial profits and leaving a runner for potential bigger moves.
With only one contract, where do you exit? If you get too greedy and wait for too high a price and it never gets reached, it might turn around and get back to your entry (or even your SL, if you haven't moved that to break even (BE) or BE+1), if you exit too early, you might leave plenty of money on the table.
I'm not saying that you should necessarily scale in on fade trades (it is certainly not for everyone to add to a position if price goes against you; I just wanted to emphasize that trading with several contracts gives you more flexibility for your entries, too, if you like that style of trading).
But at least scaling out IMHO is very important and I would highly recommend it.
However, as you rightly mentioned, the fees are quite high for MES. (Frankly, I think charging you USD 2.04 RT is outrageous!)
But even with brokers that charge less (and I'm sure most brokers are able to beat USD 2.04), considering that the MES tick value is only 1/10th of the tick value of the ES, it will always be relatively expensive to trade the MES.
So, once you'll have built up the number of contracts on MES and feel confident (and have a big enough account) that you will be able to trade 2 contracts in the ES, I personally would make the switch; simply because it's cheaper to trade it.
the most important thing that you have to understand and believe in trading in my opinion is The reward to risk ratio,
if you want to be a consisted profitable you really have to look at this, the minimum has to be 2 to 1 do some google search and learn it it will change your trading
Unless the commission is way high where you trade (seems it isn't "that much" out of whack relatively speaking) that should be the least of your concerns.
ES is one of the hardest symbols to trade for an inexperienced or fairly new futures trader period. That should be your top concern.
Don't rush things or you might just regret it. When the time is right .....
BTW have you checked if the micro gets a better rate with, potentially at some point, larger size lots?
If you decide to go with the free Ninjatrader account, you might want to be sure you understand what is missing in the "free" version. I recently opened a "free" Ninjatrader account. I've found it very difficult to place stop loss and take profit orders, since the free version only allows you to take a position first, and then add the stops after. Also, I have not found a way to adjust the stop orders on the chart after being in a trade (chart trader). Since I am usually in and out of the market very quickly, I've found it impossible to use for trading.
Take a look at their site on the page comparing the 3 licenses and you can see that the free version is missing "Trader +" features. The list includes placing automatic stop losses and take profits, one cancels the other and chart trader abilities. All of which I find essential for trading.
Just wouldn't want you to think you were getting something you could use and find it's useless after you open your account, if you opt for free.
Of course, as the comparison shows, the paid for versions come with "Trader +".
