To consistently keep every losing trade small (small relative to net trading capital)
imho - of course
RN
ES Journal - 2014
- Thread starter murica
- Start date
To consistently keep every losing trade small (small relative to net trading capital)
imho - of course
RN
It means nothing but...
Small profit + recognition of being on the wrong side = WELL DONE!!
Yes, journal is a great idea.
My take on it is as follows:
Forget about the $500 goal for now. Let's assume you will trade 1 contract per 5k equity in your acct to play it safe. 5k is not too high an amount to blow if things don't work out but at the same time it's more than enough to give you some cushion initially. Now let's just say you can average 1 ES point per day... That's 5 pts or $250 per week. If you can maintain this performance for 5 months, your account will have increased to $10k. You can then safely add a second contract and bingo, you're now making $500 per week
. Sounds like a plan?
Yes, journal is a great idea.
My take on it is as follows:
Forget about the $500 goal for now. Let's assume you will trade 1 contract per 5k equity in your acct to play it safe. 5k is not too high an amount to blow if things don't work out but at the same time it's more than enough to give you some cushion initially. Now let's just say you can average 1 ES point per day... That's 5 pts or $250 per week. If you can maintain this performance for 5 months, your account will have increased to $10k. You can then safely add a second contract and bingo, you're now making $500 per week
Thanks,
If 1pt per day, what will be my stop loss, 1pt? Why 1pt?
goal should be discipline to keep you in biz, figure out what that is, the 1 pt stop in es is to small willl get eaten up by 1000 stops,you need to perfect a setup then learn to sit on hands til it shows up, then trade it and be disciplined to stop yourself out when wrong, down the road you will have many but only trade the ones you know for now, biz is not about money, it's about getting good at a game, the money is secondary
you may only see 3 -4 trades a week but if the setup is a good one you should win 70% of the time or better
Your stop loss depends on your strategy.
Why 1 point? Because it's heckuva lot easier to average 1 pt/day than say 4 or even 2 points
. You want to set reasonable goals in the beginning and then gradually increase as you progress.Thank you ammo
I appreciate it alot.
I will stick to my goals I mentioned above and be discipline.
Couple big buyouts falling apart. Murdoch walked away from time warner deal and sprint to end t-mobile deal.