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Trading the Micro Contracts


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Trading the Micro Contracts

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  #21 (permalink)
 blackgrey45 
Marco Island, FL
 
Experience: Beginner
Trading: MES, MCL, M6E
 
Posts: 100 since Jul 2022
Thanks: 112 given, 64 received

I risk $10 to make $500. That's a wager I take on almost every trade. This means my win:loss ratio has to be better than 1:50 in order to make a profit. A 2% win rate to break even.

Plan for Monday: enter the MES market anywhere, short or long, install a 6 tick trailing stop. Move stop when trade goes in my favor. How much am I moving this trailing stop? Do I maintain a 10 tick trailing stop? Also, am I holding a profitable trade overnight? I think I will hold a winner overnight.

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  #22 (permalink)
HiLatencyTRDR HLT
Tallahassee
 
 
Posts: 355 since Dec 2018
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Risking 10 dollars to make 500 actually means you probably would almost never have any winning trades imo.

In the micro es you are talking about a risk of 2 full points $5 x2= $10 dollars

To not exit the trade until either it moves 2 points against you and you are out or 500 in your favor which is 500/5 .... 100 full mes points then you exit.

Please show us where this perfectly executed timing happens consistently. I'd like to see it even historically which is most likely the only way to find that...

Or post up when getting in and most likely you get stopped out along the way. It's not impossible but to risk that little to make that much imo is a pipe dream.

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  #23 (permalink)
 blackgrey45 
Marco Island, FL
 
Experience: Beginner
Trading: MES, MCL, M6E
 
Posts: 100 since Jul 2022
Thanks: 112 given, 64 received



HiLatencyTRDR HLT View Post
Risking 10 dollars to make 500 actually means you probably would almost never have any winning trades imo.

In the micro es you are talking about a risk of 2 full points $5 x2= $10 dollars

To not exit the trade until either it moves 2 points against you and you are out or 500 in your favor which is 500/5 .... 100 full mes points then you exit.

Please show us where this perfectly executed timing happens consistently. I'd like to see it even historically which is most likely the only way to find that...

Or post up when getting in and most likely you get stopped out along the way. It's not impossible but to risk that little to make that much imo is a pipe dream.



Thanks for the response. I make roughly a $10 bet to make $500 on almost every trade, that is the goal anyway. Has a $500 profit happened when risking $10 for my account? Since I started trading futures in March this has not occurred. However, I had three trades resulting in $250 profits after risking 2 MES points($10). Large winning trades do happen and have occurred risking small amounts. Below are the details of the three trades that resulted in a $250 profit:

Market: MES
July 1, 2022
2 Contracts, Long
Entry Price - 3774.5 (contract 1) and 3787 (contract 2)
Exit Price (both contracts exited at the same price) - 3806.25
Profit - $255

Market: MES
July 6, 2022
1 contract, Long
Entry Price - 3814.75
Exit Price - 3866.25
Profit - $257.5

Market: MES
July 20, 2022
1 contract, Long
Entry Price - 3924.75
Exit Price - 3976.25
Profit - $257.5

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  #24 (permalink)
 blackgrey45 
Marco Island, FL
 
Experience: Beginner
Trading: MES, MCL, M6E
 
Posts: 100 since Jul 2022
Thanks: 112 given, 64 received

So I am formulating my plan for Monday morning and for the upcoming week. Number one goal is to protect capital! Take losses quickly. The second goal is the same as the first goal: take losses early, exit losses quickly. Third goal is important also: do not exit winning trades until the market closes! If I follow these three goals I will stay safe and my account will survive to see another day. Will post my trades at the end of the day. Have a great day everyone!

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  #25 (permalink)
 blackgrey45 
Marco Island, FL
 
Experience: Beginner
Trading: MES, MCL, M6E
 
Posts: 100 since Jul 2022
Thanks: 112 given, 64 received

August 8:

3 trades, all MES, all short


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  #26 (permalink)
 blackgrey45 
Marco Island, FL
 
Experience: Beginner
Trading: MES, MCL, M6E
 
Posts: 100 since Jul 2022
Thanks: 112 given, 64 received

Results for today:

August 9
3 trades - 2 M6E, 1 MES





Profit or loss so far for August before commissions: -$19
No. of Losses: 23
No. of Winners: 5
Win Rate: 18%

A loss is a trade resulting in $0 profit or less.

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  #27 (permalink)
 matthew28 
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blackgrey45 View Post
Number one goal is to protect capital! Take losses quickly. The second goal is the same as the first goal: take losses early, exit losses quickly. Third goal is important also: do not exit winning trades until the market closes! If I follow these three goals I will stay safe and my account will survive to see another day. !

Tend to agree. That doesn't mean being scared to take a loss or not being prepared to accept the risk on a trade, but if price is being slammed against you, or grinding against you with no pullbacks, just sitting watching until the stop gets hit doesn't make much sense. Bette to take a smaller loss then wait for the next setup.


Quoting 
A loss is a trade resulting in $0 profit or less.

You've changed your definition

You do not win as a trader, you just get to play again the next day. If that game doesn’t appeal to you then you should not trade. Gary Norden
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  #28 (permalink)
 blackgrey45 
Marco Island, FL
 
Experience: Beginner
Trading: MES, MCL, M6E
 
Posts: 100 since Jul 2022
Thanks: 112 given, 64 received

Yes, I have changed how I account for profits and losses. All part of the growing process I suppose.

Today was a quiet day with only two trades. I am a counter trend trader and I buy lows and sell highs. After the spike this morning, the MES traded in a tight range near the highs of the day. There was not many points to be won for a counter trend trade with a range of about 20 MES points. I endured two losses on the short side, which I am completely fine with.

I am finding that I am getting more comfortable using a stop loss order every time I take a trade. I have thought about my exits on losing trades. I have traded without using stop losses in the past and the MES moves so fast(granted not as fast as NQ) that my reaction time to exit the trade is to slow. Right now I am using a 6 tick stop loss for each trade.

Also very thankful oil is trading around $91 and that gas is coming down. Gas is down to $3.99 here in southwest Florida.




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  #29 (permalink)
 blackgrey45 
Marco Island, FL
 
Experience: Beginner
Trading: MES, MCL, M6E
 
Posts: 100 since Jul 2022
Thanks: 112 given, 64 received

I opened my futures account in March of this year. Here are a few stats so far.



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  #30 (permalink)
danks
London and United Kingdom
 
 
Posts: 3 since Aug 2022
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Sounds like something that can be automated.... what do you think? which platform are you using Sierra?


blackgrey45 View Post
I ended the day with 13 trades(13 losses and 0 winning trades).
Average loss including commissions: -$8.5
So far in July:
193 losses
3 winners
Sum of losses with commissions: -$585.4
Sum of winning trades: $770
Average loss with commissions: -$3.69

My average loss for the day was more than double my average loss for the month. This was a very unsuccessful day. I held onto losses longer and chased profits. An overarching goal is to reduce losses to the point where every loss averages to be a scratch.

Trading Plan
Reduce losses as much as mentally possible. Aim to scratch on average for each loss. Use limit orders to exit the position and reduce losses.
Stay with winners and let them grow. Use a trailing stop with unlimited profit potential to the upside. Exit a winning trade before market closes for the day.


27-Jul
Market| # Contracts| L(long)/S(short)| Entry Price| Exit Price| Profit/Loss
Oil 1 S 97.87 97.97 -10
Dow 1 L 31792 31812 10
SP 1 S 4031 4030.75 1.25
SP 1 S 4033.5 4040.75 -36.25
SP 1 S 4039.75 4040.5 -3.75
Oil 1 S 98.45 98.45 0
SP 1 L 4033.25 4033.5 1.25
SP 1 S 4036 4038.5 -12.5
SP 1 S 4038.25 4038.25 0
SP 1 L 4034.5 4029 -27.5
SP 1 L 4027.25 4026.5 -3.75
SP 1 S 4031.25 4031.25 0
SP 1 L 4020.25 4019.75 -2.5


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