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Yesterday's trading was interesting to say the least! At one point I was down $600 and then I made it all back in one trade. It was a great lesson in my futures set up versus stocks.
stocks: on a bottom like that I would build a position between 1,000 to 10,000 shares, depending on share price
Futures: I'm trading 2 ES Contracts, and I'm using stops. Something I rarely did in stocks. So in that bottom forming area, I lost the $600 due to stops!
One thing I noticed, the fees are a lot higher in futures versus stocks. So while I made the money back from the $600 loss, I was out $85 for Commissions, Clearing Fees, Exchange Fees and NFA Fees. My Commissions are .45 per contract, per side.
6/3/2020's trades. I went counter trend for 1 trade, closed it with a small profit.
I was looking at a quick A-B-C pull back off the 1,3,5 pop, but it didn't materialize the way I wanted it to. The trades were placed before the bell, thinking they would set it up for the bulls to run with it.
Honestly, my brain was thinking short at the pops, but my instincts said don't, as it would be the opposite of catching a falling knife!!! What do you call that?
Gross profits: $35
Good: 1) Recognized the market structure 2) Didn't chase or trying to short every pop 3) sticking to my plan of longing below the or at a pull back on the Gator
Bad: went counter trend, should have been more focused on a long setup at the Gator!
Improve: Let the play develop a little longer before getting into it.
Overall: Futures are definitely different than stocks!
