ES/NQ Trading - looking for solutions

[SunTrader]

Volume pricing.

Try buying a six pack of beer one bottle at a time in six transactions. Never did it myself but I would expect the establishment to charge me more for the headache.

 

[Robert Morse]

Yeah, right....more profits for the CME...as if they aren't already rich enough.
So equivalently, it's $2.00 for 10 micros vs. $1.18 tier 1 single Emini.

What did you expect? 10 Micros should cost more than one ES. 5 ES's cost more than 1 SP.

 

[syswizard]

Look at this set of bone-headed trades....right near the close of today in ES. That last trade was obviously a "bottom tick" deal and I sold at the lowest possible point. Luckily I did have a tight stop in place or else I would have down $500 in 15 minutes if I held till close.
The reason for this is that I was watching my indicators instead of the chart's price action. I've got to retrain myself to look for support and resistance FIRST, and THEN the indicators. 2876 was so obviously strong support it's not even funny.....yet I missed that.

 

[nkhoi]

... I've got to retrain myself to look for support and resistance FIRST, ...

good idea, you can slow yourself down by actually draw them on your chart first. If they are true S/R levels then price should hang around them quite a bit and give you plenty of time for your setups.

 

[syswizard]

good idea, you can slow yourself down by actually draw them on your chart first. If they are true S/R levels then price should hang around them quite a bit and give you plenty of time for your setups.

Great idea....I need to start doing the support and resistance line drawings manually....that will make it clear and deliberate and obvious.

 

[AAAintheBeltway]

Explaining or defending intraday trading is a futile exercise here in ET.

The OP asked for advice. He is trading noise and losing money. But hey, WTF do I know?

 

[SimpleMeLike]

Simply, know your destination target before departure and don't bitch about it after you reach your goal. Stay focus and stay happy when you reach your profit targets...bank the profit and move on...don't dwell on that you could have gotten more. Those that dwell on profitable trades that had reach the goal that was designated...it sets them up for future trade problems (discipline problems).

wrbtrader
Great write up.

Question: How does a trader learn to have confidence in their stop loss and profit target locations, and the patience to sit and wait for price to reach them?

 

[wrbtrader]

wrbtrader
Great write up.

Question: How does a trader learn to have confidence in their stop loss and profit target locations, and the patience to sit and wait for price to reach them?

Review their statistical analysis of their stop/loss management. Thus, if they like what their stats show...they'll have more confidence to apply it and be patient.

Traders that do not keep stats of their trade management have a higher risk of not applying their stop/loss management or have less confidence that it will work when they apply it.

wrbtrader

 

[SimpleMeLike]

Review their statistical analysis of their stop/loss management.

Traders that do not keep stats of their trade management have a higher risk of not applying their stop/loss management or have less confidence that it will work when they apply it.

wrbtrader

Thanks webtrader,

I choose my stop loss and profit target based on price action area and not static numerical stop loss and profit target.

For example, today I took a trade at the red arrow short, and exit at the green arrow, with stop loss at the blue arrow.

So if I wanted to measure performance over time (or this trade) on how well I choose my targets, how would I do this? Currently, I only track PnL per trade.

Thanks

 

[Laissez Faire]

Wow, I have a lot of work to do...

Yes.

And unless you're a millionaire already, don't trade 4 contracts while learning and doing 'the work'.