Daytrading the Emini S&P 500! - Emini Index Futures Trading | futures io social day trading
futures io futures trading


Daytrading the Emini S&P 500!
Updated: Views / Replies:16,811 / 51
Created: by cj060896 Attachments:1

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Closed Thread
 1  
 
Thread Tools Search this Thread
 

Daytrading the Emini S&P 500!

  #21 (permalink)
Elite Member
Austin, TX
 
Futures Experience: Intermediate
Platform: F-16CM-50
Favorite Futures: JDAM
 
tturner86's Avatar
 
Posts: 5,784 since Sep 2013
Thanks: 9,849 given, 11,160 received
Forum Reputation: Legendary


RichardHK View Post
>>... if there is a successful trader out there willing to work with me<<

Have you tried Al Brooks' Trading Webinar Room? For learning about market structure and price action, you cannot really go wrong. He is not a scammer and is devoted to help traders learn. Priceless.

Another invaluable price action resource is Mack's PATS YouTube site.

And you also have Adam Grimes free online trading course that is well worth your time. Unlike most other courses, Adam's has a strong emphasis on practical psychology. The Art & Science of Trading. As Adam stresses, drop what you already know and start learning afresh. Seems to well fit your stated needs, right?

Ref Better Indicators, I have had full set for more than a year and found the Better Momentum and Better Sinewave to be too distracting. Helps sometimes, but often confused my price action reading. But the Better ProAm is very useful, in particular with order flow analysis, to support price action setups. I use a 2000 tick bar chart.

Good luck.

I came to post this and you already had it. Look into price action, get away from indicators, rooms, and gurus.

You talk about wanting to make $50/day. What is your loss limit for each day? Your stop per trade will be dependant on market context and therefore flux. Your stop will need to fall within your daily loss limit, if it doesn't then you don't have valid risk to take the trade.

Look into trading pyschology, risk management, and price action. Trade as small as possible until you figure it out and then work to scale your position up.

The following user says Thank You to tturner86 for this post:
 
  #22 (permalink)
Trading Apprentice
Hartford/Connecticut
 
Futures Experience: Intermediate
Platform: TradeStation
Favorite Futures: ES
 
Posts: 16 since Feb 2014
Thanks: 8 given, 2 received


Fadi View Post
With time you will learn that you cannot put a fixed target per day for yourself; you have to trade what the market gives you. For many days you will be constraint to just watch the price action all day, and on some others you would make $2,000+ in just few minutes.
If you come with this spirit of having to gain something each day, you will fall in the trap of overtrading, and sooner or later you will run your account to zero and below.

Moreover, there will be a 99% chance that your psychology takes over whenever you are near those 4 ticks of profit you are talking about, you will have the dilemma of taking the gain or just be patient and wait for more... It will play bad tricks to you!
On the opposite side, when you will be 4 ticks down, what will you do? close the trade and lose the work/money you did the previous day? Or wait for the price to regain your level and pray for an additional 4 tick move in your favour to reach your daily target?

The best is to forget your daily target thing all together, and just learn proper technical analysis and learn to buy at support and sell at resistance as much as possible... over and over again... and no matter the distance between those support and resistance areas you identify.

They could be 4 ticks apart, and they could be 10 points apart, this will depend on your strategy and time frame you define for yourself of course, but it won't matter as long as you execute properly!

Your current capital and net worth is absolutely irrelevant too, you could have 1 million to spare, it won't change the approach.
You start with 1x contract ONLY, and set a cumulative target for yourself, let's say $5,000 to start.
Then you would only increase position size to 2x contracts if you achieve those +$5k of profit on top of your million or whatever capital you have; and when you reach $15k for example of total profit you increase to 3x contracts, and so on...

If you reward yourself with an extra contract to trade after securing a certain amount of profit, you will train your subconscious mind to preserve capital, and that's the most important part of being a trader in my opinion.

Remember, trading is about generating capital, preserving capital, and repeating.

Most traders fail at the second step! You will see as you progress and get some more experience in this field, that it is relatively easy to generate money, and sometimes you even cash in a lot on a "lucky" day - but more often than not, you will give it back all on the second day if not before.

My advise to you is to start with learning proper technical analysis, in order to understand the price action, be able to spot the S/R levels, and so on... and this is available in books, ebooks, forums, webinars, websites, paid or free.

I often advice new traders to start with the free school at babypips: School of Pipsology | Learn Forex Trading.
It is targeting FOREX traders, but it won't matter at this stage, the information they share and the teaching they do on virtually every aspect of the trading business for retailers is worth gold and more!

Take and learn whatever they have to say, in the end, chart reading will be the same whether you trade currencies, stocks, futures, commodities, bonds, options, you name it...

The important is you really understand all what technical analysis is about, money management, position sizing, manipulations in the markets, correlations, news, etc... and then you apply to your ES trading, or I would personally recommend the NQ instead.

I hope I was a little bit more useful now; don't hesitate to revert back.

Cheers
Fadi

Guess I should have posted that better. Not $50 PER day. It's more of a cumulative goal. As I said, if I can break even overall I will be thrilled. I did say I would not stop for the day even if I made $50. The most I like to lose in a day is $1,000. I want to trade for 4-6 hours a day as long as I am not losing money with an ultimate goal of someday making at least $50 a day average.

 
  #23 (permalink)
Elite Member
Austin, TX
 
Futures Experience: Intermediate
Platform: F-16CM-50
Favorite Futures: JDAM
 
tturner86's Avatar
 
Posts: 5,784 since Sep 2013
Thanks: 9,849 given, 11,160 received
Forum Reputation: Legendary



cj060896 View Post
Guess I should have posted that better. Not $50 PER day. It's more of a cumulative goal. As I said, if I can break even overall I will be thrilled. I did say I would not stop for the day even if I made $50. The most I like to lose in a day is $1,000. I want to trade for 4-6 hours a day as long as I am not losing money with an ultimate goal of someday making at least $50 a day average.

How long could you afford to lose $1000/day?

 
  #24 (permalink)
Trading Apprentice
Hartford/Connecticut
 
Futures Experience: Intermediate
Platform: TradeStation
Favorite Futures: ES
 
Posts: 16 since Feb 2014
Thanks: 8 given, 2 received


tturner86 View Post
How long could you afford to lose $1000/day?

30 times

 
  #25 (permalink)
Banned: Previous banned dupe
Pergatory
 
Futures Experience: Beginner
Platform: Smoke signals
Broker/Data: Two cans on a string
Favorite Futures: Drums
 
patidar's Avatar
 
Posts: 117 since Jan 2014
Thanks: 151 given, 99 received

My calculus is rusty,but the numbers are off somewhere or the drinks I had last night are still being processing and frontal cortex is not functioning well.

The following user says Thank You to patidar for this post:
 
  #26 (permalink)
Trading Apprentice
Aurora IL
 
Futures Experience: Intermediate
Platform: E-Signal
Favorite Futures: Futures
 
Posts: 5 since Oct 2011
Thanks: 1 given, 4 received

I disagree at getting rid of indicators. I think you just have to know how to use them.

Sure, they have a lag, but a lag at the beginning of a move is inconsequential. As an example, the break out of a bollinger band squeeze may not show till after the move has started, HOWEVER, it still shows so near the beginning, and so far before the end, that you can capture a big chunk of the move anyway.

If your goal is to get every little bit of the price move, of course it won't work. However, if your goal is to catch a good sized slice from the middle of the move, it's works just fine. You'll miss the start, and you will miss the end, but everything in the middle is yours. This makes the lag irrelevant.




DarkPoolTrading View Post
Big Mike was likely hinting at the fact that you're looking in all the wrong places to try and be profitable. Most notably that you're looking externally for indicators and chat rooms to make you profitable instead of looking at yourself and what really needs to be done to become a trader.

A few points to consider:
  • Most indicators are a derivative of 3 things: price, time, volume. Most indicators, arguably all, are lagging which means they tell you what has already happened. Who cares what already happened. A suggestion is to spend some time learning to interpret market structure and figure out what the market is trying to do instead of relying on indicators to do it for you. A good starting point would be to spend some time (weeks-months) using nothing but a naked price chart and volume
  • Stop size - You're asking people to recommend a specific stop size. Given the information you've provided there is absolutely no way anyone can advise on that and would be dangerous to do so. Your stop should be based on market structure. First, determine where your stop SHOULD be based on market structure when planning a trade,...if that stop location is too big given your risk parameters, you skip the trade. You dont take the trade anyway and just hope that your stop wont get hit even though its slap bang in the middle of the action
  • Profit size - You talk about reducing your profit targets. Have you heard of the saying 'Cut your losers short and let your winners run'? That's not just some folk tale. Maintaining a high win percentage is near impossible,....what makes the vast majority of traders profitable is going for larger profits than what they risk
  • Chat rooms - Again, you're looking for someone or something else to make you profitable. Firstly, most rooms are scams, secondly if you do find a good room they will likely not be calling trades but will instead be talking about structure, psychology, risk etc

So basically, you're looking in all the wrong places. Get rid of the indicators, get rid of the search for absolutes, start learning to interpret what the market is actually trying to do and trade accordingly while keeping risk:reward front and center.

You can either completely ignore this post and continue on your hunt for the holy grail, or you can give some thought to the fact that you've been doing this for several years without success and therefore something is missing, perhaps a different path is needed.


The following 3 users say Thank You to SpearPointTrader for this post:
 
  #27 (permalink)
Market Wizard
Columbus, OH
 
Futures Experience: None
Platform: NT 8, TOS
Favorite Futures: ES
 
Silvester17's Avatar
 
Posts: 3,332 since Aug 2009
Thanks: 4,579 given, 10,313 received


SpearPointTrader View Post
I disagree at getting rid of indicators. I think you just have to know how to use them.

Sure, they have a lag, but a lag at the beginning of a move is inconsequential. As an example, the break out of a bollinger band squeeze may not show till after the move has started, HOWEVER, it still shows so near the beginning, and so far before the end, that you can capture a big chunk of the move anyway.

If your goal is to get every little bit of the price move, of course it won't work. However, if your goal is to catch a good sized slice from the middle of the move, it's works just fine. You'll miss the start, and you will miss the end, but everything in the middle is yours. This makes the lag irrelevant.

exactly!! how to use them is essential.

in order to put the market in context, some indicators can be extremely helpful. I wouldn't use them for triggering a trade, but I get a lot of useful information

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).

The following 5 users say Thank You to Silvester17 for this post:
 
  #28 (permalink)
Elite Member
Quebec
 
Futures Experience: Intermediate
Platform: NinjaTrader wt Rancho Dinero's profiling tools
Broker/Data: Stage 5 trading/AMP/CQG
Favorite Futures: ES, NQ, YM
 
trendisyourfriend's Avatar
 
Posts: 3,698 since Oct 2009
Thanks: 3,041 given, 4,498 received


Silvester17 View Post
exactly!! how to use them is essential.

in order to put the market in context, some indicators can be extremely helpful. I wouldn't use them for triggering a trade, but I get a lot of useful information

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).

Cool your outer bands. What do they represent exactly?

The following user says Thank You to trendisyourfriend for this post:
 
  #29 (permalink)
Market Wizard
Columbus, OH
 
Futures Experience: None
Platform: NT 8, TOS
Favorite Futures: ES
 
Silvester17's Avatar
 
Posts: 3,332 since Aug 2009
Thanks: 4,579 given, 10,313 received


trendisyourfriend View Post
Cool your outer bands. What do they represent exactly?

inner bands = noise bands and outer bands = target bands

one of the many great indicators by @Fat Tails

The following 4 users say Thank You to Silvester17 for this post:
 
  #30 (permalink)
Trading Apprentice
Hartford/Connecticut
 
Futures Experience: Intermediate
Platform: TradeStation
Favorite Futures: ES
 
Posts: 16 since Feb 2014
Thanks: 8 given, 2 received

Updates


I am finally moving in the right direction. THANK YOU Everyone!

Still would like advice from the profitable traders out there.

I am trading 1 contract. I try basically to find where the reversals are using various signals and try to scalp a little or jump on the trend once I have some confirmations that the S&P is reversing. I move my hard stop up if the trade goes my way. I usually try to stay about 6-8 ticks behind to give it room to move. I also set my limit to the resistance line if it's a consolidation time or I give it more room if the stock is trending until I feel the stock is reversing again.

Do you guys think this could work it long run (it has in short term)? First system I've ever had actually working!

For any newcomers; here is what I found my biggest mistakes were. Trendlines are virtually useless (I am sure they have there time and place, but using them to day trade did not work out AT ALL. I would have 1 monster trade, but all to often I was wrong footed when entering trades. Switching from candlesticks (even though they are so much prettier) to tick charts has also made all the difference. To think of all the time I wasted reading books on how to read candlestick charts! Now I focus more on the volume and type of trading going on. I WAS SHOCKED to find that I could pick out the turning point several times on stocks that showed no sign of breaking the "trend line" on a normal price candlestick chart. (I realize I will be wrong several times, but I can wait til things move my way...) Not saying any of these things are better, but for my trading syle; apparantly they are.


Closed Thread



futures io > > > > Daytrading the Emini S&P 500!

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
MONEYMANAGEMENT AGGRESSIVELY DAYTRADING E-MINI 500 FUTURES STEVELIMA Psychology and Money Management 15 February 19th, 2014 03:25 PM
Microsoft Is About to Dethrone Apple as the S&P 500&#39;s Power Stock Quick Summary News and Current Events 2 November 25th, 2013 01:50 AM
Why are S&P and EMini S&P COT reports so different? josh Traders Hideout 8 November 28th, 2011 08:15 PM
Info on the Emini S&P one53brooklane Emini Index Futures Trading 7 May 20th, 2011 11:56 PM
Books on Emini S&P 500 one53brooklane Traders Hideout 2 March 1st, 2011 08:01 PM


All times are GMT -4. The time now is 03:11 PM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-16 in 0.17 seconds with 20 queries on phoenix via your IP 54.163.209.109