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This is for me. This is to keep myself accountable. This is my journey. Enjoy.
A little about me
I trade the NQ
I'm a 19 year old college student
I trade a 144TK, 512TK, 1000TK chart
I will be using trend lines, channel lines, support resistances, and volume profile to determine my entry points
It's all about risks. It's all about probabilities. Risk less than what you are going for. Survive more losses.
Be patient. Wait for your opportunities
You don't have to always know what is going on in the market.
The market moves in cycles
You can't control the market. It goes up and down.
Go with the flow of the market. Don't fight the winning team.
Risk 2 points, gain 5 points
Risk 1.5 points, gain 4 points
Risk 1 point, gain 3 points
Those are my target moves
Do you think those stops are too small?
Lastly, I'm finally starting to realize how becoming a day trader is a personal journey. No one can walk the road for you because no trader trades the exact same way. You need to find what works for you. You need to ask yourself the right questions. You need to learn about yourself.
I don't trade NQ but I've seen it regularly move 4 ticks within seconds. Almost instantly. Your stops are probably way too tight. You might want to ask someone like @tturner86 who is very active with NQ
I agree. 4 ticks is definitely not enough room to give the trade time to move.
I will be going for a 1 risk to 2 gain ratio while including my commission fees.
For example,
Risk 1 point= $20
Commission= $7 Round trip
Total loss if trade goes wrong= $27
Gain 3.25 points= $65
Comission= $7 Round trip
Total gain if trade goes right= $58
27:58 is about 1:2
Since 1 point is too tight of a stop I will be going for the following 1:2 ratios
Anyone have any luck getting their futures commissions lowered by TD Ameritrade? What would be the best way of going about doing this. Right now I pay 7 dollars round trip
I risk a minimum of 5 pts in the NQ. I have found that to be a good window to allow a trade to work. From time to time I may risk more, but on avg 5 pts tends to give me the room I need. NQ can ebb and flow 1-3 pts very quickly, especially during strong moves.
Thanks for the response. I was also thinking that about 4 points is a good risk on the NQ. If you don't mind me asking, what timeframe/tick frame do you use to trade and about how many trades do you take per day?
I see what you're saying. I think for now when I first start, it's important that I use good risk/reward ratios which is why I needed to right them out. I'm sure once I'm managing the trade while I'm in it, I won't be getting out at those exact ratios, but hopefully somewhat close. I definitely need to consider using wider stops.
