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8 points a week on the ES is all I need
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8 points a week on the ES is all I need

  #1 (permalink)
Just starting out...
Monterrey, NL, Mexico
 
Futures Experience: Intermediate
Platform: Think or Swim
Broker/Data: Think or Swim
Favorite Futures: ES
 
Posts: 8 since Nov 2009
Thanks: 11 given, 4 received

8 points a week on the ES is all I need

Hello Traders,
I’m developing my day trading strategy for the ES and it is based on very solid money management and a conservative weekly target of 8 points.
I’ve been doing sim trading for several weeks and outrunning my targets. Basically I’ve been very patient and selective on my trades, using different time frame graphs to get the feeling of the big picture of the market structure.
I’m very excited on my results, although I know is a lot different when you put real money on the line. Mi plan is to keep trading on demo for a few more months and then start trading with 2 contracts (to allow a second level target and always using tight stops ) and if everything comes out right, start increasing my position ones a reach specific levels on my account value.
I have run my numbers following my plan and 8 points a week is all I need to start a successful trading business, off course I need to take special care on the drawdown and be very discipline on my rules.

I’ll appreciate if you could share any personal experience you may have had, because I don’t want to be trapped on my excitement. Always the paper trading and the spread sheet projections works like a charm, but then really hits you right on the nose…

Also if you could share any simple and reliable strategies to follow I’ll be grateful…

Happy Trading
JL

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  #2 (permalink)
Just starting out...
Prague
 
Futures Experience: Intermediate
Platform: NinjaTrader
 
Posts: 23 since Aug 2009
Thanks: 0 given, 3 received

You must not get excited, or upset, it is just what it is.

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  #3 (permalink)
 Vendor: www.tradersforce.com 
Dallas,tx
 
Futures Experience: Advanced
Platform: Market Delta
Broker/Data: Velocity /TT
Favorite Futures: ES
 
benbrooke's Avatar
 
Posts: 430 since Aug 2009
Thanks: 216 given, 484 received


Take a look at scalping the Dow discussion

https://futures.io/general-discussion/1147-scalping-dow.html

this is a system for ES and can be used also for the DOW

BTW to get the indicator you need to donate to this site


if this is not working for you , maybe you can think about joining a trading room

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  #4 (permalink)
Elite Member
Mexico city
 
Futures Experience: Beginner
Platform: Sierra Charts
Broker/Data: Mirus Futures/Zen Fire
Favorite Futures: EUR/USD, Gold
 
AMGM's Avatar
 
Posts: 4 since Apr 2011
Thanks: 1 given, 1 received

También de Monterrey


MktWiz View Post
Hello Traders,
I’m developing my day trading strategy for the ES and it is based on very solid money management and a conservative weekly target of 8 points.
I’ve been doing sim trading for several weeks and outrunning my targets. Basically I’ve been very patient and selective on my trades, using different time frame graphs to get the feeling of the big picture of the market structure.
I’m very excited on my results, although I know is a lot different when you put real money on the line. Mi plan is to keep trading on demo for a few more months and then start trading with 2 contracts (to allow a second level target and always using tight stops ) and if everything comes out right, start increasing my position ones a reach specific levels on my account value.
I have run my numbers following my plan and 8 points a week is all I need to start a successful trading business, off course I need to take special care on the drawdown and be very discipline on my rules.

I’ll appreciate if you could share any personal experience you may have had, because I don’t want to be trapped on my excitement. Always the paper trading and the spread sheet projections works like a charm, but then really hits you right on the nose…

Also if you could share any simple and reliable strategies to follow I’ll be grateful…

Happy Trading
JL

Hola MktWiz,

Yo también soy de Monterrey, pero actualmente vivo en el DF por cuestiones laborales. Soy economista y trabajo en el departamento de inteligencia de mercado de una de las Big-4. Quisiera ponerme en contacto contigo para platicar acerca de temas relacionados con trading (e.g. tu experiencia, metodología, money management, performance, mercados, etc.). Como sabrás, hay muy poca gente en México con la que se pueda platicar sobre estos temas, y no se diga en Monterrey. ¿Podrías pasarme tu correo electrónico? (yo no te paso el mio porque no puedo postear mi mail si no he posteado 5 mensajes como mínimo en esta site).

Saludos y espero nos pongamos en contacto pronto.

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  #5 (permalink)
Just starting out...
Monterrey, NL, Mexico
 
Futures Experience: Intermediate
Platform: Think or Swim
Broker/Data: Think or Swim
Favorite Futures: ES
 
Posts: 8 since Nov 2009
Thanks: 11 given, 4 received

AMGM
Te acabo de enviar mi e-mail por un private message...

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  #6 (permalink)
Membership Revoked
Oslo, Norway
 
Futures Experience: Advanced
Platform: CQG, Excel
Favorite Futures: CL
 
Lornz's Avatar
 
Posts: 1,198 since Apr 2010
Thanks: 500 given, 1,235 received

I average about 2 points a day on the ES. My focus was always on consistency and scalability, not big moves. The advantage of the ES is that you can easily scale up to 100 cars, which can give you a decent income.

Mind you, I also have some strategies for capturing bigger moves (now), but I never felt that was the right way to start. I preferred to have a smooth equity curve to give me to confidence to do this full-time. Each to his own....

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  #7 (permalink)
Masterdude
OFallon, MO
 
Futures Experience: Beginner
Platform: NinjaTrader
Broker/Data: Infinity/ CQG
Favorite Futures: ES
 
Posts: 27 since Feb 2011
Thanks: 33 given, 12 received

Lornz,

2 points a day has been my daily goal also. What are you doing to get your 2 pts?
I started out well but haven't had a winning trades for quite awhile.
dougl



Lornz View Post
I average about 2 points a day on the ES. My focus was always on consistency and scalability, not big moves. The advantage of the ES is that you can easily scale up to 100 cars, which can give you a decent income.

Mind you, I also have some strategies for capturing bigger moves (now), but I never felt that was the right way to start. I preferred to have a smooth equity curve to give me to confidence to do this full-time. Each to his own....


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  #8 (permalink)
Membership Revoked
Oslo, Norway
 
Futures Experience: Advanced
Platform: CQG, Excel
Favorite Futures: CL
 
Lornz's Avatar
 
Posts: 1,198 since Apr 2010
Thanks: 500 given, 1,235 received


dougl1965 View Post
Lornz,

2 points a day has been my daily goal also. What are you doing to get your 2 pts?
I started out well but haven't had a winning trades for quite awhile.
dougl

There are many ways to trade, the important thing is to find a way that suits your personality. I had position traded stocks a couple of years prior to switching to futures. I also spent a year watching charts before going live. My first trading "system" (and I use that term loosely in this context) was an EMA crossover on a Heiken-Ashi 89 tick (YM) chart with pivots (thank you, TTM!). I really had no idea what I was doing. I actually made money though, but that was because I was filtering trades intuitively. It seems I am naturally decent at "reading" price. Gradually I removed all my indicators and traded pure price action of a range chart. Mostly horizontal S/R lines and range breakouts. Then I started to investigate Market Profile and began using tools like cumulative delta, volume profile etc (check out Investor/RT or MarketDelta). Now I am automating more and more of my trading. I've worked too hard to give my system away, but it is pretty basic statistical analysis coupled with decent risk/ money management.

My best advice is to think outside the box, but to keep it simple. Be aware of what you're doing and why. Are you using a time, range or volume chart? How did you arrive at the chosen interval value? If you're using indicators, which ones and why? If you're using (e.g.) MACD, do you know how it's calculated? And what would be the advantage of using it on Constant Volume Bars over a 5 minute chart? Viewing anything other than a tick chart (T&S) is filtering price, which technically is an indicator. Price only moves vertically from bid to ask (and vice versa) and different chart types will give very different visualizations of that movement.

My point is merely that it seems a lot of new traders just chose a random chart type and indicator and dive in. I would recommend a more systematic approach. There are countless ways to approach the market, but the competition is stiff and you should know what you're doing. I would also recommend a thorough understanding of the fundamentals of exchange-traded derivatives.
I actually took a couple of online classes at Northwestern, but you can easily learn on your own. It might be worth checking out the free resources on the CME Group's website. It would also be favorable to study macroeconomics, at least superficially. And lastly, a basic understanding of statistics and probability is critical, in my honest opinion.

A lot of traders struggle with psychological stress, I firmly believe that can be alleviated by attaining knowledge of the fundamentals, and rigorous testing of one's system. If one's just trading off a chart without any understanding of market mechanics, it is not surprising one would be fearful.

Take a step back and think strategically and philosophically about what you want to do. Then utilize the tools necessary to get it done, or create your own (which you very well might have to do).

Good luck!

I'll include a few links to what I'm talking about. To learn more about MP, I'd recommend you check out books by James Dalton and Peter Steidlmayer. Brett Steenbarger has written a lot about market psychology on his blog TraderFeed and some excellent books. I am a big fan of trading books from the early 1900s, there are a lot of wisdom to be learned from that era. I find that most of the newer trading books are just rehashing a lot of the ideas brought forth by the pioneers of intraday trading, and, in my opinion, you are better off going straight to the source. Wyckoff's books are highly recommended (several of which you can download for free on Traders' Laboratory. Check out the Wyckoff forum and a user named DbPhoenix). My favourite is Jesse Livermores's "How To Trade In Stocks".
I want to add that I don't necessarily follow everything (or necessarily anything) from the links I've posted. But hopefully they will help you develop your own way of extracting money from the markets.

Jesse Livermore - How To Trade In Stocks (Original 1940 Edition)

Some other links:

Amazon.com: Reminiscences of a Stock Operator (9780471059707): Edwin Lefevre: Books

Collection of 24 Stock Speculation Titles

Amazon.com: CBOT Handbook of Futures and Options (9780071457514): Cbot: Books

Course Listings - Professional Development Programs -School of Continuing Studies of Northwestern University

http://www.cmegroup.com/education/interactive/marketprofile/handbook.pdf

Futures and Options Education - CME Group

Amazon.com: Extraordinary Popular Delusions and The Madness of Crowds Vol 1 & 2 eBook: Charles MacKay: Books

Amazon.com: Speculation As a Fine Art and Thoughts on Life (9781607962656): Dickson G. Watts: Books

http://www.amazon.com/Japanese-Candlestick-Charting-Techniques-Second/dp/0735201811

http://www.amazon.com/Technical-Analysis-Trends-Robert-Edwards/dp/0139043438 (Although I haven't read all editions, I recommend getting the 6th edition (or prior). Someone acquired the rights to the book after Magee died, and I think the editing of the newer editions are detrimental to the original content.)

"Wall Street never changes. The pockets change, the suckers change, the stocks change, but Wall Street never changes, because human nature never changes." - Jesse Livermore


Last edited by Lornz; April 19th, 2011 at 07:14 AM. Reason: added links
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  #9 (permalink)
Membership Temporarily Revoked
NYC
 
Futures Experience: None
Platform: graph paper and pencil
Favorite Futures: harp
 
dutchbookmaker's Avatar
 
Posts: 187 since Dec 2010
Thanks: 9 given, 107 received

I think you need to forget the "all I need part", as if you are not asking for much. Otherwise you will just be extremely frustrated when this is not so easy to figure out.
Considering you could scale 8 points a week to 100 cars for an average persons yearly wage, it is not asking for a little bit.

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