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Novice ES trader system advice
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Created: by arroganzmaschine Attachments:4

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Novice ES trader system advice

  #1 (permalink)
Trading for Fun
Oldenburg, Germany
 
Futures Experience: Intermediate
Platform: Sierra Chart
Favorite Futures: ES
 
Posts: 64 since Aug 2014
Thanks: 53 given, 10 received

Novice ES trader system advice

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I'm just preparing my journal here.

ZigZagJournal - by arroganzmaschine

I mostly scalp 3-4 ticks. I trade through Sierra Chart with Tickcharts (ES 350, FGBL 55) and the DOM.

My indicators and setup:
- ZigZag to identify the short term trend
- Volume within ZigZag
- Volume Profile on DOM
- HL Bars

My strategy:
- Everytime a new HH or LL has formed, I wait for the retracement and look in the DOM when the buying/selling pressure has gone to enter for trading to a newer HH or LL.
- My target is on the last HH/LL
- My stoploss is one tick behind the HL/LH

-----------------------------------------

I will post all my entries and exits. I will describe them with a few words. Posts are hopefully made everyday.
Will start this journal in the next week with a few first trades. Maybe me and everybody else can learn from this.

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Novice ES trader system advice-es_26082014.jpg  

Last edited by arroganzmaschine; August 27th, 2014 at 10:26 AM.
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  #2 (permalink)
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  #3 (permalink)
Elite Member
London/UK
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Optimus/Rithmic
Favorite Futures: ES, 6E, FESX
 
Posts: 104 since Jun 2012
Thanks: 76 given, 154 received


Hi,

I trade ES using the DOM too.

How long have you been trading this "strategy" consistently and what are your results? Do you take every single pullback or do you use your judgement?

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  #4 (permalink)
Trading for Fun
Oldenburg, Germany
 
Futures Experience: Intermediate
Platform: Sierra Chart
Favorite Futures: ES
 
Posts: 64 since Aug 2014
Thanks: 53 given, 10 received

Hi isla,

this strategy now for about 2 months. At first I only took my eyes watching the DOM working. This was a hard process for me. I'm mostly breakeven right now, because I have some psychological barrier to enter every possible trade live. Most of the time my instinct was right, but thats the point: I leave out many opportunities.

Maybe I can start posting in the next week, what my daily result was and where I entered my positions. Should be helpful, because entering SIM isn't by far not the same as live.

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  #5 (permalink)
Elite Member
London/UK
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Optimus/Rithmic
Favorite Futures: ES, 6E, FESX
 
Posts: 104 since Jun 2012
Thanks: 76 given, 154 received

Still not sure from your answer whether you look for a trade on every pullback from HH/LL, or whether you use discretion to judge market conditions/context.

I believe that being break-even after two months is not sufficient to go Live. If you do consider starting a journal here, I think it would be the best thing to do in your situation. It will definitely help you get more clarity about your results and will enable you to decide if it's time to risk your money.

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  #6 (permalink)
Trading for Fun
Oldenburg, Germany
 
Futures Experience: Intermediate
Platform: Sierra Chart
Favorite Futures: ES
 
Posts: 64 since Aug 2014
Thanks: 53 given, 10 received

Thank you isla!

Mostly I take every pullback from a new HH/LL to enter a trade. Also when the trend is changing, I trade the new pullback. I will definately start a journal where I trade ~ 2 hrs daily with this method in paper mode. Later, I will go on with trading live, if I got all the advices from the community. It's also possible to record my trading and upload it.

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  #7 (permalink)
Elite Member
London/UK
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Optimus/Rithmic
Favorite Futures: ES, 6E, FESX
 
Posts: 104 since Jun 2012
Thanks: 76 given, 154 received

If I were you I wouldn't expect any improvements based on the community's advice. People may ask you questions which may lead you to further thinking and research. But be careful accepting anyone's advice, no matter how "experienced" a member is. You will benefit from the journal by seeing your progress and by being accountable, which will, hopefully, add to your discipline and build confidence in your process.

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The following user says Thank You to isla for this post:
 
  #8 (permalink)
Trading for Fun
Oldenburg, Germany
 
Futures Experience: Intermediate
Platform: Sierra Chart
Favorite Futures: ES
 
Posts: 64 since Aug 2014
Thanks: 53 given, 10 received

Thank you, I will!

Can I start the journal within this thread or do I have to open another? I will take care of everything to start the journal in the next days.

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  #9 (permalink)
Elite Member
London/UK
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Optimus/Rithmic
Favorite Futures: ES, 6E, FESX
 
Posts: 104 since Jun 2012
Thanks: 76 given, 154 received

I guess you could ask Mike to move this thread to Journals.

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The following user says Thank You to isla for this post:
 
  #10 (permalink)
Trading for Fun
Oldenburg, Germany
 
Futures Experience: Intermediate
Platform: Sierra Chart
Favorite Futures: ES
 
Posts: 64 since Aug 2014
Thanks: 53 given, 10 received


Thank you very much! I will start doing work about the journal. How can I contact Mike?

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