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ES indicators, set ups exits
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Created: by kctpac Attachments:1

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ES indicators, set ups exits

  #11 (permalink)
Trading Apprentice
Auburn ma
 
Futures Experience: Intermediate
Platform: Td Ameritrade
Favorite Futures: es
 
Posts: 13 since Jan 2011
Thanks: 21 given, 5 received


Private Banker View Post
Kctpac,

What attracted you to trading the ES contract just out of curiosity? Do you have experience in trading futures? How did you lose a decade of retirement?

Sorry for all the questions. I just want to help steer you in the right direction.

Cheers,
PB


If you look at mutual funds from 401k's or 403b's after the financial meltdown showing a 45% loss and then look at how long it will take to catch up there is your lost decade or more.

I read somewhere the Emini had the best leverage and I wanted to learn a skill I could use to a few hundred $ or more to fund a semi retirement . My goal is to get and organized algorthym to identify the best set ups and maybe automate it.

I did get an option trading service in 07 and did fairly well and was ablbe to pay for a wedding but it cost 5Gs but the market scared me off and had a divorce to contend with over the last couple of years.

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  #12 (permalink)
Trading Apprentice
Auburn ma
 
Futures Experience: Intermediate
Platform: Td Ameritrade
Favorite Futures: es
 
Posts: 13 since Jan 2011
Thanks: 21 given, 5 received


sharmas View Post
in line with above post

My Zone

1. Anything can happen.

2. I donít need to know what is going to happen next in order to make money.

3. There is a random distribution between wins and losses for any given set of variables that define an edge.

4. An edge is nothing more than an indication of a higher probability of one thing happening over another.

5. Every moment in the market is unique.

Keep in mind that my potential to experience emotionalpain comes from the way I define and interpret the information I am exposed to. When I adopt these five truths, my expectations will always be in line with the psychological realities of the market environment.


and the point i am making is

my potential to experience emotional pain comes from the way I define and interpret the information I am exposed to

sharmas

Excellent mindset takes the emotion away ! Thanks

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  #13 (permalink)
Just starting out...
Ill.
 
Futures Experience: Intermediate
Platform: Ninja
Favorite Futures: 6e
 
Posts: 11 since Nov 2010
Thanks: 1 given, 3 received


Patience and discipline.

And having the will-power to avoid trying to get revenge on the market.

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  #14 (permalink)
Elite Member
Milan (I)
 
Futures Experience: Advanced
Platform: Ninjatrader
Broker/Data: Kinetick
Favorite Futures: FDAX,6E,CL,YM,NQ,ES
 
redratsal's Avatar
 
Posts: 1,653 since Oct 2010
Thanks: 1,217 given, 2,068 received

An interesting survey was recently made over 700 traders (pros, semis, and newbies). Interesting to notice that many theories, like 10'000 hours, fear, psychology are not the driver but part of a more complex cause/effect system on beeing successful. As many factors are subjective, for instance the time you spend on your charts is more related to the learning curve rather than time itself, don't take the survey as gold but at least you have a truly benchmark of a traders' statistical population.

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ES indicators, set ups  exits-tradersurveyresults.pdf  
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  #15 (permalink)
Mike The Greek
Gilroy california USA
 
Futures Experience: Intermediate
Platform: NinjaTrader,MT,TOS
Broker/Data: MBT / TDAmeritrade
Favorite Futures: NQ,ES,YM,ZN
 
samiotis's Avatar
 
Posts: 53 since Jan 2011
Thanks: 22 given, 7 received


itrade2win View Post
Listen, the best advice I can give you is to study and learn the market dynamic's. This will take a lot of screen time, that will depend on you how long that will take. IMO, indicators are useless simply because they are lagging and they don't help you learn and understand price action. Secondly, 95% of trading is emotional control ie; Psychologically!!! You can understand the market dynamics very well and if you can't control your emotions you will never ever succeed. This can be accomplished by starting a trade journal that includes your reason for entering and exiting a trade and your thoughts and feelings. Then often go back and read your journal. This process will help you understand your strengths and weaknesses. All this will not happen overnight, it will take some work, dedication, patience and sacrifice.

Good luck!

Dido itrade2win advice and I will add, take a picture of the screen when you make trade this way you will have a visual es to what you did and for what.

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  #16 (permalink)
Elite Member
La Jolla, CA
 
Futures Experience: Master
Platform: Sierra Chart, X_Trader Pro, OptionsCity
Broker/Data: Advantage, Trading Technologies, OptionsCity, IQ Feed
Favorite Futures: CL, NG
 
Private Banker's Avatar
 
Posts: 1,040 since Jul 2010
Thanks: 1,713 given, 3,759 received


kctpac View Post
If you look at mutual funds from 401k's or 403b's after the financial meltdown showing a 45% loss and then look at how long it will take to catch up there is your lost decade or more.

I read somewhere the Emini had the best leverage and I wanted to learn a skill I could use to a few hundred $ or more to fund a semi retirement . My goal is to get and organized algorthym to identify the best set ups and maybe automate it.

I did get an option trading service in 07 and did fairly well and was ablbe to pay for a wedding but it cost 5Gs but the market scared me off and had a divorce to contend with over the last couple of years.

Yes, the buy and hold strategy is really become a joke for the last decade. I think it's great that you are taking this into your own hands. To successfully accomplish your goal of making a few hundred dollars a week you will need to educate yourself on how the markets work, learn about trading systems, proper money management (risk/reward, etc.) creating a trading plan, and as others mentioned, develop a high level of confidence and mental strength in knowing what you are doing just to name a few things.

As for good indicators and set ups for trading the ES, it all depends on your trading style preference. There are so many indicators and trading methods out there, you will need to find one that you are comfortable with that fits your monetary goal and risk tolerance. I think a good first step is to get a simulated account and start watching the market. Learn and decide on which chart intervals that will work best for you and your system. Educate yourself on how and why certain indicators work and begin plotting them on your charts to get a real-time feel for how they work. Read lots of books. There's a ton of them available. Become an elite member by donating to this site and read through all the trading journals to get a grasp of what other traders are doing with set ups and indicators.

Take all that you've learned and begin to create a trading strategy that you are comfortable with using the indicators you like the best. Make it your own. Many people buy and subscribe to educators and trading systems which can be very helpful when first starting out. But be very careful, there are some real snake oil salesmen as well trying to sell the "holy grail". Just do your due diligence if you go down that route. But again, take what you learn from them, move on and develop your own system which can be based off of what you learned. I can't say this enough, what may work for one person may not work for you. Always remember that.

The one thing you don't want to do is rush into trading live. You will most likely get hammered in short order. Continue to SIM trade until you are completely confident in knowing what is going on in the market you are trading and are consistently profitable. Once you do begin to trade live, hopefully you will have an adequately funded account.

Also, the ES can be a meat grinder for newer traders as it is a favorite for the world's best traders and heavily traded by Black Box algo's that look to take advantage of the inexperienced traders and eat their lunches for them. I don't want to steer you away from a market but definitely look around at the other markets as well. If you want to trade equities, look at either the Dow (YM) or the Nasdaq 100 (NQ). The tick size is smaller and provides a little more wiggle room for setting stops, etc.

Also, don't be afraid to ask questions along the way. It will only make you better.

Best of luck,
PB


Last edited by Private Banker; February 17th, 2011 at 07:33 PM. Reason: Typo
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  #17 (permalink)
Trading Apprentice
Los Angeles, CA
 
Futures Experience: Beginner
Platform: TradeStation
Favorite Futures: Futures
 
Posts: 18 since Mar 2011
Thanks: 3 given, 6 received

With time you'll find the indicators that work for you.

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  #18 (permalink)
Elite Member
Greensboro NC
 
Futures Experience: None
Platform: TOS/ NT Dorman
Favorite Futures: ES TF CL
 
Rad4633's Avatar
 
Posts: 1,352 since Sep 2011
Thanks: 2,651 given, 886 received

ES and trading them


Private Banker View Post
Yes, the buy and hold strategy is really become a joke for the last decade. I think it's great that you are taking this into your own hands. To successfully accomplish your goal of making a few hundred dollars a week you will need to educate yourself on how the markets work, learn about trading systems, proper money management (risk/reward, etc.) creating a trading plan, and as others mentioned, develop a high level of confidence and mental strength in knowing what you are doing just to name a few things.

As for good indicators and set ups for trading the ES, it all depends on your trading style preference. There are so many indicators and trading methods out there, you will need to find one that you are comfortable with that fits your monetary goal and risk tolerance. I think a good first step is to get a simulated account and start watching the market. Learn and decide on which chart intervals that will work best for you and your system. Educate yourself on how and why certain indicators work and begin plotting them on your charts to get a real-time feel for how they work. Read lots of books. There's a ton of them available. Become an elite member by donating to this site and read through all the trading journals to get a grasp of what other traders are doing with set ups and indicators.

Take all that you've learned and begin to create a trading strategy that you are comfortable with using the indicators you like the best. Make it your own. Many people buy and subscribe to educators and trading systems which can be very helpful when first starting out. But be very careful, there are some real snake oil salesmen as well trying to sell the "holy grail". Just do your due diligence if you go down that route. But again, take what you learn from them, move on and develop your own system which can be based off of what you learned. I can't say this enough, what may work for one person may not work for you. Always remember that.

The one thing you don't want to do is rush into trading live. You will most likely get hammered in short order. Continue to SIM trade until you are completely confident in knowing what is going on in the market you are trading and are consistently profitable. Once you do begin to trade live, hopefully you will have an adequately funded account.

Also, the ES can be a meat grinder for newer traders as it is a favorite for the world's best traders and heavily traded by Black Box algo's that look to take advantage of the inexperienced traders and eat their lunches for them. I don't want to steer you away from a market but definitely look around at the other markets as well. If you want to trade equities, look at either the Dow (YM) or the Nasdaq 100 (NQ). The tick size is smaller and provides a little more wiggle room for setting stops, etc.

Also, don't be afraid to ask questions along the way. It will only make you better.

Best of luck,
PB

A week ago PerryG told me the ES can be difficult , I started trading stocks 2 yrs ago moved to futures (ES) 4 months ago. So if Im getting what everyone is saying. I'm playing in the toughest Instrument out there,right? If this is correct and I'm still up on a average, then if I switch Instruments my days would be alot easier huh? Because its tough on certain days with the ES roller coaster ride from negative to positive. I see alot of traders in 6E and others. When I switched to a future broker from my stock broker I assumed they had all the futures.mine only have 6 different Instruments. At the time I switched I was only looking for the ES.

New to futures.io (formerly BMT)... 4 months ago when I switched to Ninja found you guys, and many thx for all you guys helping everyone out.

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  #19 (permalink)
Elite Member
La Jolla, CA
 
Futures Experience: Master
Platform: Sierra Chart, X_Trader Pro, OptionsCity
Broker/Data: Advantage, Trading Technologies, OptionsCity, IQ Feed
Favorite Futures: CL, NG
 
Private Banker's Avatar
 
Posts: 1,040 since Jul 2010
Thanks: 1,713 given, 3,759 received


Rad4633 View Post
A week ago PerryG told me the ES can be difficult , I started trading stocks 2 yrs ago moved to futures (ES) 4 months ago. So if Im getting what everyone is saying. I'm playing in the toughest Instrument out there,right? If this is correct and I'm still up on a average, then if I switch Instruments my days would be alot easier huh? Because its tough on certain days with the ES roller coaster ride from negative to positive. I see alot of traders in 6E and others. When I switched to a future broker from my stock broker I assumed they had all the futures.mine only have 6 different Instruments. At the time I switched I was only looking for the ES.

New to futures.io (formerly BMT)... 4 months ago when I switched to Ninja found you guys, and many thx for all you guys helping everyone out.

Whoa! Old post there you quoted. Lol! Your broker only offers 6 markets? Who is that? It doesn't sound like they specialize in futures if that is correct. You really need to work with a broker that specializes in futures trading only.

Yes, ES can be difficult in the way it moves throughout the day. But if it's working for you, why change? There is no such thing as an easy market to trade with regards to easy profitability. The market you're trading should depend on first and foremost the amount of risk you can take on each trade vs what makes sense to place a stop on a trade that truly invalidates your entry. What I mean by this is if you can only risk $50 per trade, the ES will eat you alive and you'd better look into a smaller market. I started my trading career with the ES and still trade it from time to time but typically rotate between different markets based on the attention that market is getting. But I prefer to stick with the ES, 6E and CL. I also believe your trading method should work in all markets to a degree if that's any help when looking at other markets.

You've definitely come to the right place here on futures.io (formerly BMT) to continue to learn and perfect what it is you're doing. But one thing I would caution is to not get into the search for the trading holy grail. It's good learn other methods but make sure to take the value from them and enhance your own method while keeping it simple.

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