Well, I too am now skeptical since I heard he was trading without automation or even semi-automation and that he is 100% discretionary. High frequency trading with no automation doesn't mix well in the long run.
From Micros to Millions: 2% per day
- Thread starter sstheo
- Start date
So my immediate thought is, what's your edge? (Not inquiring about specifics, just curious about which category.)
Other posters have already adequately covered the incredulity the comes with the claims outlined in OP and I would just be rehashing by pointing out that I'm incredibly skeptical. Regardless, if you can actually do this, you don't need to prove it to anyone else but yourself and make that million ASAP. Good luck!
Other posters have already adequately covered the incredulity the comes with the claims outlined in OP and I would just be rehashing by pointing out that I'm incredibly skeptical. Regardless, if you can actually do this, you don't need to prove it to anyone else but yourself and make that million ASAP. Good luck!
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It's one MES, not ES.
Note too, there is no mention of drawdown or a W/L ratio. The latter being mostly misused/misinterpreted/misweighted, but quite pertinent for scalping.
You're right, but it's 131 S&P points. In this case, it doesn't matter if he's trading ES or MES.
I am in the opposite camp. What's more amazing to me is someone who can make a long term consistent living trading, yet they can't fathom someone catching 131 points in 4 days(if there's anyone here who made that comment and also trades as their main income).
Often times the mental side plays the biggest role in failing to become a successful trader or in being able to catch larger moves. He's trading 1 MES as far as I understand, so that is likely a lot less stress and is enabling him to just take the trades and not attach too much emotion to it.
The ES has had some fairly large moves recently. So, any type of decent buy or sell signal that someone took and just road it out, would of made quite a bit of points.
Often times the mental side plays the biggest role in failing to become a successful trader or in being able to catch larger moves. He's trading 1 MES as far as I understand, so that is likely a lot less stress and is enabling him to just take the trades and not attach too much emotion to it.
The ES has had some fairly large moves recently. So, any type of decent buy or sell signal that someone took and just road it out, would of made quite a bit of points.
The sum total of all the swings last week using a fine filter was 1987,75 points.
So, the points definitely are there for grabs.
The sum total of all the swings last week using a fine filter was 1987,75 points.
So, the points definitely are there for grabs.
Yet just 10 pts a week in the ES will make you a fortune if you trade even a paltry 20 lots, thats $10,000 dollars a week.
Why can so few people make 10pts a week in the ES with just 20 lots?
Can you do this seemingly trivial task every week in these high vol markets, if you say 1987,75 points were up for grabs last week?
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Most people by far ain't able to consistently take 1 point per day from the markets. I'd say any trader who's consistently profitable is admirable.
While very admirable - my point is that 30 points per day in this high volatility environment isn't outlandish for a skilled trader. I believe the OP said he's been around for 12 years or so and thus he's certainly not a newbie.
Consistently netting 30 points per day while compounding and in ever changing market conditions. That's a completely different thing.
Let's just root for the OP and see where this turns out.
Good luck, @sstheo!
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I made one post and we are already on page 6, LOL. Thanks for the encouragement from some, and from the rest, well... let's see what I can do! I know that my $1M goal seems preposterous.
I may fail spectacularly; I admit it. Catastrophic destruction would be nothing new. I earned 6 funded accounts between OneUp and Leeloo in the past two years and blew them all up. But they helped prepare me for what I am doing now.
Today was a challenging day for most traders. I only ended UP about $60. It really sucks. I don't know for sure the final net total until AMP sends the statement and subtracts the fees.
Regarding the challenge of the day-- I was mainly a bear in my "infancy," for the first 10 years of trading. The last four, the market has been on a real rocket ride because of the idiotic and short-sighted fed. "BTFD" is not lost on me. I wish I had been "born" a bull - I would have made a killing. But alas, I am now a pure contrarian, and the huge down action to got me bullish today, but a bit too soon. I got some good shorts early and some good longs later, but some mush in the middle, LOL.
I don't have to time nor desire to address all the points raised in previous posts in one sitting, but know the following:
(1) I have been trading futures since 2006, and have paid my dues, losing more money in the first 4 years than I care to post. But it was way over $100k. I have learned a lot since then.
(2) As per my first post in my first ET journal (see the link in post 1), I came in 13th out of 1400 entrants in July of last year on the CME micro challenge. That was not an accident. I've got a few tricks up my sleeve. Yes, I do have an edge (I believe).
(3) I still struggle to keep all my own rules - hence the journal. Yes, all of you guys are helping me by simply being here - so thanks!
(4) I am a discretionary-only momentum scalper. I will discuss my methods and start posting trades very soon.
(5) I scalped mainly YM and NQ before the micros came out. I had many days with 10+ trades at $50 each. I earned the name "YM Slinger." But I blew lots of small accounts after the initial big loss. Once the micros came out I have done much better with risk management. With the micros, I traded MYM and MNQ. Then Coronvirus smothered the world and the MES was the only sane thing to trade because of the crazy spread on the MYM and MNQ.
(6) I trade all four of the micro index futures (MES, MNQ, MYM, M2K), and I generally take the two strongest long or the two weakest short, depending on the trend.
(7) I love to trade range conditions. Most traders get chopped up in ranges, but this is actually where I make most of my money. Ironically, trend days are harder for me!
(8) I am trading a max of one micro per $1000 in the account. With just under $7k in the account, I currently am permitted to have a maximum of six open micros.
(9) With six micros, I probably have two micros on each of three positions. I like to spread the moves across two or three instruments and close them out when in profit.
(10) The main purpose of the journal is to help me scale up gradually with each $1000 added to the balance. So with $10k, I can trade 10 micros OR one mini. But because of the distribution, I will probably trade with three or four contracts on each of three positions.
(11) When the account gets to $15k, I can trade 15 micros or one mini and five micros. I don't know yet what I will do. When I get to $20k, then I can trade two minis if I want.
(12) Yes the commissions on the micros SUCK big time. But they are simply a temporary means to an end. I won't be here long - I hope. But know this; I don't mind paying commissions. And as long as I end net positive for the day, I don't mind paying LOTS of commissions! This will be hard for some to grasp, but it is true. When I get to the mini's things will improve. At some point I may talk with AMP about a volume discount.
(13) I think discretionary trading is mostly a mental game. And the gradual 2% average growth outlined in these pages is very intentional. It is slowly building my mental trading muscles. I can see that taking stops on (future) big losing positions will be hard. I can barely do it now!!! But I see no other way to reach the level of 5 or 10 or 20 contracts than to go through this.
Much more to come....
I may fail spectacularly; I admit it. Catastrophic destruction would be nothing new. I earned 6 funded accounts between OneUp and Leeloo in the past two years and blew them all up. But they helped prepare me for what I am doing now.
Today was a challenging day for most traders. I only ended UP about $60. It really sucks. I don't know for sure the final net total until AMP sends the statement and subtracts the fees.
Regarding the challenge of the day-- I was mainly a bear in my "infancy," for the first 10 years of trading. The last four, the market has been on a real rocket ride because of the idiotic and short-sighted fed. "BTFD" is not lost on me. I wish I had been "born" a bull - I would have made a killing. But alas, I am now a pure contrarian, and the huge down action to got me bullish today, but a bit too soon. I got some good shorts early and some good longs later, but some mush in the middle, LOL.
I don't have to time nor desire to address all the points raised in previous posts in one sitting, but know the following:
(1) I have been trading futures since 2006, and have paid my dues, losing more money in the first 4 years than I care to post. But it was way over $100k. I have learned a lot since then.
(2) As per my first post in my first ET journal (see the link in post 1), I came in 13th out of 1400 entrants in July of last year on the CME micro challenge. That was not an accident. I've got a few tricks up my sleeve. Yes, I do have an edge (I believe).
(3) I still struggle to keep all my own rules - hence the journal. Yes, all of you guys are helping me by simply being here - so thanks!
(4) I am a discretionary-only momentum scalper. I will discuss my methods and start posting trades very soon.
(5) I scalped mainly YM and NQ before the micros came out. I had many days with 10+ trades at $50 each. I earned the name "YM Slinger." But I blew lots of small accounts after the initial big loss. Once the micros came out I have done much better with risk management. With the micros, I traded MYM and MNQ. Then Coronvirus smothered the world and the MES was the only sane thing to trade because of the crazy spread on the MYM and MNQ.
(6) I trade all four of the micro index futures (MES, MNQ, MYM, M2K), and I generally take the two strongest long or the two weakest short, depending on the trend.
(7) I love to trade range conditions. Most traders get chopped up in ranges, but this is actually where I make most of my money. Ironically, trend days are harder for me!
(8) I am trading a max of one micro per $1000 in the account. With just under $7k in the account, I currently am permitted to have a maximum of six open micros.
(9) With six micros, I probably have two micros on each of three positions. I like to spread the moves across two or three instruments and close them out when in profit.
(10) The main purpose of the journal is to help me scale up gradually with each $1000 added to the balance. So with $10k, I can trade 10 micros OR one mini. But because of the distribution, I will probably trade with three or four contracts on each of three positions.
(11) When the account gets to $15k, I can trade 15 micros or one mini and five micros. I don't know yet what I will do. When I get to $20k, then I can trade two minis if I want.
(12) Yes the commissions on the micros SUCK big time. But they are simply a temporary means to an end. I won't be here long - I hope. But know this; I don't mind paying commissions. And as long as I end net positive for the day, I don't mind paying LOTS of commissions! This will be hard for some to grasp, but it is true. When I get to the mini's things will improve. At some point I may talk with AMP about a volume discount.
(13) I think discretionary trading is mostly a mental game. And the gradual 2% average growth outlined in these pages is very intentional. It is slowly building my mental trading muscles. I can see that taking stops on (future) big losing positions will be hard. I can barely do it now!!! But I see no other way to reach the level of 5 or 10 or 20 contracts than to go through this.
Much more to come....
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