ES Using PA $1500 Sim Account

[Crashed]

Not good at all to be risking up to 8 ticks to get 4 ticks, even for scalpers don't do this. Cause if you have one loss, you going to need to do three trades to get to a little better than even when you throw in fees. If you doing breakouts, you can wait for confirmation of the breakout then retrace lower till you risking 4 ticks. If you going to risk 8 ticks, you should be targeting no less than 8 ticks, so your recovery is closer to 50%.

I actually was having a problem with that. What would happen is- I would get a streak of winning trades but 1 loss would takes my gains away. What I've tried to do is only take trades with a signal bar about 4-5 ticks long. its a problem I need to iron out

 

[El OchoCinco]

Seems a lot of effort for a few ticks in ES which is not a lot of money. Maybe expand your horizon and look for bigger moves for more risk/reward. If you feel your approach works on tick charts, why not study 5 min bar charts for a slightly bigger view. The time period can be random but might give you a slightly more macro view and better R:R parameters.

 

[JB3]

You have pretty good timing on your trade entries, meaning you are not taking a lot of heat from the start of your trades. That's a good set up you have targeted.

So in your situation, I would keep a trade log of simulated trade when you move your stops to BE after being 1 pt in profit, and let it run to a profit target 4 points per trade. Keep a running tab of doing that vs. your 1 pt profit. This is easily done by reviewing your trade each day after it is done, and go through the exercise.

I think over time, you will be much more successful doing that. Every instrument is different, some commodities can trend for a long time, so you can let it run for a huge profit target, and just keep stacking trades with BE stops. The worst that can happen is that the trade moves back and hits you for BE. But you really need to understand which instrument you are trading, some are choppy and some are trendy, you need adjust your strategy accordingly.

Other than that, I think you have a good setup, and if you can overcome the fear/greed/double down/revenge trade mentality...you should be able to succeed.

 

[Crashed]

You have pretty good timing on your trade entries, meaning you are not taking a lot of heat from the start of your trades. That's a good set up you have targeted.

So in your situation, I would keep a trade log of simulated trade when you move your stops to BE after being 1 pt in profit, and let it run to a profit target 4 points per trade. Keep a running tab of doing that vs. your 1 pt profit. This is easily done by reviewing your trade each day after it is done, and go through the exercise.

I think over time, you will be much more successful doing that. Every instrument is different, some commodities can trend for a long time, so you can let it run for a huge profit target, and just keep stacking trades with BE stops. The worst that can happen is that the trade moves back and hits you for BE. But you really need to understand which instrument you are trading, some are choppy and some are trendy, you need adjust your strategy accordingly.

Other than that, I think you have a good setup, and if you can overcome the fear/greed/double down/revenge trade mentality...you should be able to succeed.

Thanks alot for the advice. Everything you said sounds reasonable

 

[Crashed]

Too tired to keep trading..got no sleep overnight. trap+2nd entry long

 

[JB3]

So for today, you would have gotten your 4 points instead of 1 point.

 

[Crashed]

So for today, you would have gotten your 4 points instead of 1 point.

yea, as of now I'm up 4 points

 

[Crashed]

You have pretty good timing on your trade entries, meaning you are not taking a lot of heat from the start of your trades. That's a good set up you have targeted.

So in your situation, I would keep a trade log of simulated trade when you move your stops to BE after being 1 pt in profit, and let it run to a profit target 4 points per trade. Keep a running tab of doing that vs. your 1 pt profit. This is easily done by reviewing your trade each day after it is done, and go through the exercise.

I think over time, you will be much more successful doing that. Every instrument is different, some commodities can trend for a long time, so you can let it run for a huge profit target, and just keep stacking trades with BE stops. The worst that can happen is that the trade moves back and hits you for BE. But you really need to understand which instrument you are trading, some are choppy and some are trendy, you need adjust your strategy accordingly.

Other than that, I think you have a good setup, and if you can overcome the fear/greed/double down/revenge trade mentality...you should be able to succeed.

I actually took this advice and started trading with 2 contracts. 1 contract has a 4 tick scalp and the other contract has an 8tick target. Once I take the first 4 ticks, my stop moves up to +1.