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Any new MES traders wanting to join together for support/advice? Share you experiences (frustrations as well as progress), things that are working well for you or challenges that you are finding with this new venture. Maybe we can help each other make it, because honestly there are many days where I just want to throw in the towel!
***Please keep this post exclusive for MES***
Can you help answer these questions from other members on NexusFi?
I trade the MES for my live account, but still use ES for my charts and indicators. The reason being is that the volume data are not the same. Even though both of them are suppose to move in tandom, I still notice MES have a 1 tick slippage compared to the ES. i think the ES has more reliable information cause the institutions and prop firms trade them more than the MES, which was made more for beginning retail traders. The market depth data (or level 2) are completely different, and I find that the ES shows more use-able info.
I do the same. Most of my charting is off of the ES (but I do enter based on MES one minute chart so that makes sense to sick with all ES charts - I'll try that) . To be honest, my biggest problem is following my plan. I go back to paper for a week or two and think I've got it, then totally blow it with real money. I was ready to throw in the towel last week so I just called my broker and had him block me from live trades. When I start on live again, I can have them set it for one contract at a time only so that may help. It's just so disappointing because I feel I am sabotaging my own chance to make it. I was hoping if some of the newer traders out there kind of encouraged each other along, maybe we could actually make it. Thanks for the suggestion!
I think its very important to trade with some money on the line ( risk), otherwise you will never learn to trade properly. Don't demo, there is no value and it will never help you. I only demo-ed to make sure I know how to use a new platform. Micros, specially MES, is and will be the best tool to learn to be consistent/profitable. Trade on MES, one lot, for a month ( it takes 21 days to set a new habit) with no "making money" goal; just not lose any and you will be very surprised on how much you can improve. No new system or indicators needed.
Good trading
K
I agree with Kareem40. Also I think you should not trade too many setups, preferable 1, max 3.
For example:
1) a with-trend entry on a pullback in a trending market.
2) a mean reversion play from Valua Area High/Low back to VPOC in a ranging market.
3) a support/resistance breakout failure in a ranging market (or when the breakout is successful a with-trend entry on a pullback to test the breakout).
This is for intraday trading. When swing trading, do the same on a higher timeframe (30m, 60m, 240m).
I am still pretty new to all of this, but I have determined to focus on only one index (MES). So since February I have been studying exclusively that trying to learn the nuances. Those three setups mentioned seem to be mostly what I look at - intraday only at this point. I wouldn't have the stomach (or capitol at this point) to handle the swing trade...yet. Trending days tend to give me the most trouble as I keep expecting the reversal. At the end of the day I shake my head at how I could miss the obvious. Still so much to learn. Thanks for the suggestions!
