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Just wanted to talk a little about my thinking for trades. My strategy relies mostly on bank roll management. Yes I do use trends that occur during the day and almost all of my trades are counter trend trades( buy low sell high) but most of my effort goes into my exits. I determine a suitable stop loss order before I enter the market. My stop loss is usually 5 to 10 ticks. For winning trades I utilize a trailing stop, so the profit potential is very high. I will stay in winning trades that have not triggered the trailing stop until the end of the day. I rarely hold trades overnight.
I am tweaking my strategy a bit. I am going to go forward with a limit order to enter the market at all times. Therefore, I will either be in a position or have an order to enter a position. I am going to use a 2 tick stop loss each time I enter the market. This will lead to greater volume of trades, I am estimating I will be making 30 to 40 trades a day. When and if a trade turns positive I will utilize a trailing stop. If the trailing stop is not hit I will exit the trade at the end of the day, not holding anything overnight.
Did exactly what I set out to do today. Completed 30 trades across MES, MCL, MGC, and M6E. Here are today's trades resulting in a $43 loss not including commissions.
Plan for tomorrow: put on about 30-40 trades. Going to trade MCL. MCL price is much easier to think about than other markets such as MES. Using a 2 or 3 tick stop loss on each trade.
The MES has had relatively small ranges these past two weeks, making it impossible to capture +60 point profits. I have had to settle for smaller winners like today with a 29 point winner.
