I just use the standard settings of 12, 26, 9. It's funny some people make a big deal out of setting as if everything works great if you can just find the right setting. I don't know what would be good for a scalper. If you made 10 es points on a trade that would not be considered a scalp, right? Maybe scalping is better for the floor.
Lost Need Advice????
- Thread starter datstrader
- Start date
I just use the standard settings of 12, 26, 9. It's funny some people make a big deal out of setting as if everything works great if you can just find the right setting. I don't know what would be good for a scalper. If you made 10 es points on a trade that would not be considered a scalp, right? Maybe scalping is better for the floor.
MACD? Seriously?
I figured no one could trade that for any length of time with consistent success.
The signal line rule is least effective. The zero line rule is more effective and the combo is most effective, but that is just my experiance.
here's my 2c
dont scalp the es. most algos there are pretty efficient and barely scratch a profit due to competition. imagine how difficult it is for the rest of the crowd.
set up a directional system based on a very simple criteria, say sma, with 1 hour bars or so. trade this just in one direction (i prefer long) and dont do more than a 2 trades per day (1 preferred). trail the profits and set a loose stop loss (at 1sd. approx). trade 1-3% risk of bankroll per day (1% clearly preferred). if you do this properly, you'll get around 40-50 es points per month with a DD in that range as well. trade only when the system clearly tells you so (should be on avg 10 days/month), rest of the time flat. money will be make by avoiding weak setups that drain your bankroll out rather than by having a high w% ratio. thus, trade less.
if you need to average more than 2 es points per day, then i cant help you and probably no one else either.
good luck
dont scalp the es. most algos there are pretty efficient and barely scratch a profit due to competition. imagine how difficult it is for the rest of the crowd.
set up a directional system based on a very simple criteria, say sma, with 1 hour bars or so. trade this just in one direction (i prefer long) and dont do more than a 2 trades per day (1 preferred). trail the profits and set a loose stop loss (at 1sd. approx). trade 1-3% risk of bankroll per day (1% clearly preferred). if you do this properly, you'll get around 40-50 es points per month with a DD in that range as well. trade only when the system clearly tells you so (should be on avg 10 days/month), rest of the time flat. money will be make by avoiding weak setups that drain your bankroll out rather than by having a high w% ratio. thus, trade less.
if you need to average more than 2 es points per day, then i cant help you and probably no one else either.
good luck
why with your pit experience don't you trade a more 'edged' mkt such as the 10Y note or tbond?
you can check the 3-2-1 methodology thread under the maket profile section for ideas on ZB and ES.
you can check the 3-2-1 methodology thread under the maket profile section for ideas on ZB and ES.
I agree. The options seem to be:
i) floor trade again, build up enough money to survive 2-3 years, then quit from a position of strength not weakness, and go for a new career in a field you have a passion for
ii) get a job asap to pay the bills. Trouble is that unless you are lucky and can quickly find something you really love, you will end up doing something you hate just as much as floor trading but for 1/10th the pay
iii) learn to profitably trade on screen pretty darn quick. Unlikely to succeed, blowup is the odds on outcome here - scared money never wins etc
iv) refuse to trade on the floor, be unable/unwilling to get a good enough job, run out of cash, go bankrupt, sell your house at distress prices and take a one-way ticket to Palookahville
Personally I'd say i) is the lesser of 4 evils here.
By the way, what happened to the money form 17 years of high profits? Surely you must have put some into savings & investments?
Cutten,
I was a clerk for 10 of those years. When i got my grips on the Nasdaq and learned the ropes i think it was about a three year run. I have been on my savings for the last two years. I just don't want to give up what i love the most and that is the trade. Its like a drug need it want it have to have it.....Just wanted to see if anyone here has the golden key. I just wanted to use it a few years. Thanks for all of your responses.
I was a clerk for 10 of those years. When i got my grips on the Nasdaq and learned the ropes i think it was about a three year run. I have been on my savings for the last two years. I just don't want to give up what i love the most and that is the trade. Its like a drug need it want it have to have it.....Just wanted to see if anyone here has the golden key. I just wanted to use it a few years. Thanks for all of your responses.