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Asking Suggestions On Next Step After Profit With One Lot Trading-Micros


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Asking Suggestions On Next Step After Profit With One Lot Trading-Micros

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  #1 (permalink)
Wilmington, NC
 
Experience: Beginner
Platform: Infinity Futures, TOS
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Posts: 75 since Apr 2019
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Not quite ready for this next step but I'm getting closer and wondered what is the best next step in my live trading plan:

A) begin trading 2 lots
B) keep with the one lot but start full ES

Please feel free to add other suggestions if you have them as well as a recommendation of how soon to segue into phase two.

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  #3 (permalink)
Legendary Market Wizard
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techa View Post
Not quite ready for this next step but I'm getting closer and wondered what is the best next step in my live trading plan:

A) begin trading 2 lots
B) keep with the one lot but start full ES

Please feel free to add other suggestions if you have them as well as a recommendation of how soon to segue into phase two.

It is extremely difficult trading with a single contract, so if this is working out for you then great. Trading 2 lots gives you additional flexibility. I would consider begin trading with 2 lots on the E-micro and then transition to E-mini when you have met your goals.

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  #4 (permalink)
Legendary Market Wizard
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techa View Post
Not quite ready for this next step but I'm getting closer and wondered what is the best next step in my live trading plan:

A) begin trading 2 lots
B) keep with the one lot but start full ES

Please feel free to add other suggestions if you have them as well as a recommendation of how soon to segue into phase two.

Hey @techa, I recently went through a similar experience and though everybody's journey is different, the advice I was given by the futures.io community was overwhelmingly in favor of trading multiple contracts in the MES, and its been a very valuable learning experience. I discovered a lot of things I could improve once I started trading just 2 contracts instead of one and it really opens up a lot of possibilies once you get to 3+ where you can get your 1R+ profit and still have runners going, its a whole other skill-set that I find easier to learn on a smaller instrument than stressing out over multiple contracts in the ES for now at least. I usually trade just 2 contracts but I am trying to start bumping up to 3 or 4 on my more confident entries.

Hope that helps, cheers!

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  #5 (permalink)
Wilmington, NC
 
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snax View Post
Hey @techa, I recently went through a similar experience and though everybody's journey is different, the advice I was given by the futures.io community was overwhelmingly in favor of trading multiple contracts in the MES, and its been a very valuable learning experience. I discovered a lot of things I could improve once I started trading just 2 contracts instead of one and it really opens up a lot of possibilies once you get to 3+ where you can get your 1R+ profit and still have runners going, its a whole other skill-set that I find easier to learn on a smaller instrument than stressing out over multiple contracts in the ES for now at least. I usually trade just 2 contracts but I am trying to start bumping up to 3 or 4 on my more confident entries.

Hope that helps, cheers!

Not to sound like an idiot but what does 1R+profit mean?
I can only really manage my trades on Wed-Fri so I think I'll set up on my sim 2 or 3 lots on Mon and Tues and track that for a bit to see how that works. When I first started earlier this year on my sim account I was doing 3 lots and did well, but when I went to real money on the micros I discovered that live trading is MUCH more stressful and I had to limit myself to the one trade a day because I had zero self control. Using the one lot has helped me to wait for the better opportunities. Thanks for the advice!

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  #6 (permalink)
Wilmington, NC
 
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JonnyBoy View Post
It is extremely difficult trading with a single contract, so if this is working out for you then great. Trading 2 lots gives you additional flexibility. I would consider begin trading with 2 lots on the E-micro and then transition to E-mini when you have met your goals.

Thanks for the suggestion. I think you are right that it does make more sense to start practicing with 2 lots on micros first. But when I feel I have that down and then go to full ES should I go back down to 1 lot to start or stick with 2 lots?

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  #7 (permalink)
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techa View Post
Thanks for the suggestion. I think you are right that it does make more sense to start practicing with 2 lots on micros first. But when I feel I have that down and then go to full ES should I go back down to 1 lot to start or stick with 2 lots?

To jump in here, my sense is that you should be careful about wanting to go to "full ES" very soon. The point value in dollar terms is 10 times the size of MES, and that huge additional load on a person's perception of risk (and their actual risk, too) is not something to jump into too quickly.

Maybe after 2 lots of MES, try 3, etc. There's no hurry to go back to full ES values until you really are ready. For example, 5 lots of MES equals half a lot of ES in dollar value. (There will be higher overall comm/fees of course with more contracts.) You can ease into the higher-stakes game, which may be wiser.

Slow steps, taking on additional risk in small increments, will probably work better for many people.

Don't be in a hurry to hit the big time and get rich. It usually doesn't end well.

Bob.

When one door closes, another opens.
-- Cervantes, Don Quixote
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  #8 (permalink)
Wilmington, NC
 
Experience: Beginner
Platform: Infinity Futures, TOS
Trading: ES, MES
 
Posts: 75 since Apr 2019
Thanks: 75 given, 90 received


bobwest View Post
To jump in here, my sense is that you should be careful about wanting to go to "full ES" very soon. The point value in dollar terms is 10 times the size of MES, and that huge additional load on a person's perception of risk (and their actual risk, too) is not something to jump into too quickly.

Maybe after 2 lots of MES, try 3, etc. There's no hurry to go back to full ES values until you really are ready. For example, 5 lots of MES equals half a lot of ES in dollar value. (There will be higher overall comm/fees of course with more contracts.) You can ease into the higher-stakes game, which may be wiser.

Slow steps, taking on additional risk in small increments, will probably work better for many people.

Don't be in a hurry to hit the big time and get rich. It usually doesn't end well.

Bob.

I don't imagine going to full es for quite some time because I am just now seeing some consistency in my trading. I just know at some point the goal is to trade the full es instead of the micro and not sure what goals to surpass before I do that. I know I will need to fund my account much more than I currently have. I began my account with 3k and lost almost 1k before I really stuck to my trading plan and am starting to see profit with one lot per day. ($30-$50 per week after freakishly high fees).

The funny thing about trading is that each stage in the process brings new risks and mental challenges to overcome. To truly be successful at this though, I imagine it is necessary to at some point move to multiple lots of full contracts but the risks are monstrously higher.

I am SUPER grateful for some of the seasoned traders on this website that highly encouraged me to start with micros because I foolishly thought I could start scalping full es when I began this journey. Had I done that I would definitely have thrown in the towel by now! Thanks for the advice!

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  #9 (permalink)
Market Wizard
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techa View Post
Not quite ready for this next step but I'm getting closer and wondered what is the best next step in my live trading plan:

A) begin trading 2 lots
B) keep with the one lot but start full ES

Please feel free to add other suggestions if you have them as well as a recommendation of how soon to segue into phase two.

why go full ES?

If the MES is your cup of tea then trade that and just add size. Yes it follows the ES but it is not the same animal. If you are having success with the MES then stick with it, you don't need to change things.

if you want to trade Full ES then add a few more contracts.

my 0.02 is you stay with the MES for ever or until the point you are trading such a large lot size that you cant get a fill and need to bump up to the ES.

-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
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  #10 (permalink)
Wilmington, NC
 
Experience: Beginner
Platform: Infinity Futures, TOS
Trading: ES, MES
 
Posts: 75 since Apr 2019
Thanks: 75 given, 90 received



MiniP View Post
why go full ES?

If the MES is your cup of tea then trade that and just add size. Yes it follows the ES but it is not the same animal. If you are having success with the MES then stick with it, you don't need to change things.

if you want to trade Full ES then add a few more contracts.

my 0.02 is you stay with the MES for ever or until the point you are trading such a large lot size that you can get a fill and need to bump up to the ES.

-P

Mostly due to fees. I am with Infinity Futures which I really like a lot due to their excellent customer service. But micro fees for me are $2.04 R/T. On single lots that really takes a bite out of profit. Down the road I could switch to another brokerage firm for much cheaper fees and just sick with multiple contracts of micros so I guess that could be option 3. I do really like the fact that the micros are much smaller as far as comfort/risk level.

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