Hello all, im looking for advice to take my trading to the next level. I made a previous post but got banned for yelling obscenities. so this post im not going to do that instead iill try to give some details and thats it.
so this past month i traded the ES about 184 times and ended the month down 411.20....i traded stocks(hence the 20 cents) a tiny amount but it was mostly the es.
[strategy]:
i look for very short term
momentum swings and watch the tick by tick closely....i use RSI to get a feel for the overall trend.....and notice things like
doji and inverse hammer, hammer ....along with trendlines to determine entries. i have the 200 and the 50 simpe
moving average on my chart....and sometimes use the 50
sma as a .....the es will come back to this spot indication.
sometimes i trade based on
support/resistance the way daytradingaddict does on youtube.
[some things i notice while trading]: a lot of times the tick by tick will tell me that the es is in a state of indicision and ill sit there and wait till theres momentum on one side or the other to place an entry....usually this works in my favor for a small 100-200 gain....with 1
contract but sometimes it ends up with a big loss as either the market is trading as a doji on the 3y weekly chart or there just isn't enough volume being traded/other things.
[another thing i notice]: usually i start the day positive but within a fraction of a second im placing another trade that's a loser. as i thought i saw something in the market....an opportunity. but it turns into a loser and then i have to fight to get back to 0.
[another thing i notice]: on some days i can make 1000 dollars with just 3 -5 trades but other days i struggle to make 50 dollars with 12 trades.
[the underlying problem]: I either don't stop trading when i should or ill have 1 bad losing trade the kind that i enter and it moves really fast and i become stubborn because a lot of trades that start out losing become profitable but these are the trades that don't go profitable and end in a huge loss. i only trade with 1 contract and i dont add on.
[advice to myself]:don't trade when it's a doji on a higher timeframe as it's wild and unpredictable at the
tick chart level.
I use a 7800 tick chart....i find that this is the best. i like being
flat at the end of the trading session.
[questions]: Is there anything in my strategy that doesn't make sense to you?
is there something that im doing wrong?
should i quit as a trader?(down 27k) been at it about a year.
is there something more i could do to better my trading?
should i only go for the 1k in 3 or 4 trades? or is the frequent 1-200 gain a good thing too?
should i wait till i can trade with more
contracts to trade again...like 5 contracts for example?
should i wait till i can employ a strategy where you add on sucessful trades?
thanks for reading and i hope you got something out of reading my post and i hope you can help me as well...thanks for your time.
-Thomas
