I am listening ok, but not hearing much other than the usual stuff. We all know about using the higher timeframes for major trend, and using the smaller timeframes to time entries. This is the bog standard stuff I am talking about. We all also know that a trader with very little knowledge can make returns by sticking to a strict money management approach, such as in never risk more than 5 points, wait for double tops and double bottoms to enter long or short, with direction depending on momentum and a few other little things the trader picks up along the way. There is no magic in this. This is bog standard trading, which works fine for most who stick to it, but few can stick to it and thus lose out in the short term, instead of winning out in the long term. I am looking for something different. I am looking for active ES daytraders who daytrade the ES based on such approaches as ORB, bond market close, market internals, final minute trading. These are areas that allow the astute trader to maximise gains in relation to risk, as momentum is greater at these times. In order to become an expert at using such approaches, one requires a different mindset to the way most think. It is these Elite Traders that I am looking to discuss tactics with. The ES offers untold opportunities for people with the correct mindset, and is actually the closest thing to the holy grail that a trader will ever find. I hope this is now very clear to all.
Questions for experienced ES daytraders?
- Thread starter wtfauoa
- Start date
I day trade ES with a computer program (an automated strategy). I don't know anyone who makes money reliably by manually day trading ES. I recommend you avoid it.
Yes, I would recommend automation for those who can't actually trade.
@Steve Alexander a few questions if you don't mind.
- What programming language is your automated program written in?
- Do you use a standard HFT or Hedge Fund strategy or strategies?
- What is your average contract trade size?
- What is your average commission per contract including exchange fees?
- What is the average win/loss ratio per day/week/month?
- What is your max drawdown per day/week/month?
- Are you profitable every day/week/month?
It would be more accurate to say that there are various levels of automation used for daytrading the ES, and the retail trader will never come anyway near getting close to the systems/programs that the big players use, as this is big league stuff that runs into the $millions to develop and operate. If you watch the time & sales for the ES at various times of the day, you will see these programs kicking in and out. When you see prints going off at a very fast rate in the high hundreds to low thousands, this is when the programs have been activated. The activation criteria is based on whatever the programmer decides, and most use standard momentum criteria with what the call a "proprietary" value to vary the contract size based on complicated mathematical momentum calculations. The most obvious time of day to see the programs at work is in the last 2 min of the US stock market close, and the following 2 minutes. This is just one common program that is widely used by nearly all of the big players, and thus provides an opportunity for analysis in relation to consistency and probability. This is just one of the strategies I am looking to discuss with some Elite Traders. Maybe @Steve Alexander is one?
Edit. When watching the time and sales, depending on your broker, you will see a normal number such as 2 or 50, and you will also see numbers such as +780 and +4375. The plus means aggregated, or made up of several trades, but only the real good brokers will show you the breakdown in realtime. The main thing is to see the size, whether aggregated or not. I assume that high numbers with aggregation is multiple programs having kicked in, or in other words some are using similar program criteria. It is a very interesting and challenging approach to trading for the retail trader, to compete against the big players at key times.
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mini contracts, huge losses. its amazing how quickly those things destroy wealth. 1 point = $50 and there are 2157 of them . You just a single contract an then a minute later it shows -$250
Can you show me where the thread was good. For a start we got people posting that when asked to post details of just one trade in any market, goes on the defense right away and starts talking rubbish. A sure sign of a person who is making up stories. I do not understand why so called "traders" will not post a screenshot of broker details about trade/s, along with a chart showing entry and exits. This giving away an edge thing is just ridiculous, and any person who genuinely thinks that way is just not with it.
Next we have automation traders who will not reply. Maybe I have not given enough time. I apologize if that is the case and await the reply asap. Money is made by trading, not by talking about trading. If one trades then one should have the results to show. Nothing showed can only lead people to one conclusion, and that is the person does not actually trade.
Yes, a very worthwhile statement. Daytrading the ES is surely one way to lose a lot of money, but that is only if you are foolish enough to think you can trade against the professionals with the same mindset that most retail traders approach trading with. I will ask one simple question for those who are experienced with daytrading, be it stocks, index futures or any other market. The question is as follows. What do you consider to be your main advantage when daytrading, as opposed to swing or position trading?