I have no doubt that with you building something that works so well, that you couldn't tweak it to future market conditions or come up with something for different environments. Does it do better in ranging or trend environments? I imagine that with a target of 10 ticks or so, the type of day doesn't matter all that much.
Questions for experienced ES daytraders?
- Thread starter wtfauoa
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I used to start playing with variables when things got flat like it did this Summer but over time things even out. I know volatility will return, in the mean time just have to stay patient and disciplined. Trending markets pay better but range markets are tradable, just more difficult.
Thanks for sharing all the great info. There is nothing like providing hard stats when talking about trading... something that I find is sorely missing from discussions here at ET.
Hope it helps...get ideas from others but you will have to develop a plan that works for you...there are no two just alike. There are those on these threads who claim it's impossible to consistently make money day trading. Don't listen to them but understand that it takes a lot of technical and personal work to get there....good luck.
Say I am buying ES 2202, then I buy at 2201.75, 2201.50, 2201.25, 2200.75, and I see them as buying lower, not worse, risk is less on each one and targets gets greater on each up to so many minutes as I use time stops.
Yes, I have stats of how often I hit far target and how often I hit fail-safe target. You can not have a system of averaging down if your losing percentages are too high, otherwise you will be losing far often than making profits, on losing trades, price has covered all 4 extra entries, whereas on winning trades, some never go against position. I keep stats at how many points I normally can make before expecting losing trades. Now the system does approx. 50% of breakeven plus one tick trades each day on original entry, so this is where I clean up, where many traders' breakeven is where they go in, mine is plus one tick, and if I added from minus 1 to say minus 5 ticks, I make plus 2 to plus 6 ticks on a breakeven trade.
I will have anywhere from 5 to 40 signals in 60 minutes, sometimes 5 on one bar.
You're right as I won't justify myself. Did you ask Speedo and Handle for their records ? No. You know mine (Which is poor Ok). But not theirs. Anyway =P My advices are like trades ... Take them or not but don't ask for ad nauseam justifications.
To answer your question I guess my biggest threat is under capitalization. Not saying I'd be profitable with enough capital. Handle took a nice loss on friday 9th. Me too. But I am out of the game as without enough capital you just can't be wrong. Okay .. I have been wrong. Meaculpa. Best of luck.
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Sorry... didn't mean to single you out at all, its simply just that you were sharing enough info for this to stand out. I suspect most on this board are in a similar position of being well versed on all things trading, but having trouble raking in profits.
As you can see, I have been asking some details of Handle and Speedo and they have been kind enough to provide details. I find these details very helpful because its a way to quantify what it means to be profitable. With trading, it really comes down to the details. So many discussions here at ET are just too general to be of any use, and hardly anyone wants to talks about or share specifics/stats. Its these specifics, the numbers, that I find most useful.
Maybe I should make it a bit more clear. The purpose of this thread is to ask some questions from people who actively daytrade the ES. The puropse of the questions is to see what way those who actively daytrade the ES are actually doing it. @Stocktracker mentioned a flow layout that would show the steps involved. This sounds exactly what is needed to make the steps clear, as words can sometimes have nothing to do with the subject in hand. Do any active ES daytraders have a flow layout as mentioned? For example, if daytrading the ES with respect to the Opening Range Breakout, do you have the steps you take in a flow layout, or for any other method used throughout the day? All the other posts are good in general terms, but they do not cover the specifics. If someone has but does not want to show others, or will not post any trade results with charts showing the entry and exit, that is of course their prerogative, but as we are here to learn from each other sharing should really not be a problem. It is not a problem for me anyway.
How about you venturing into Educational Resources as many of us have done and dug out little pieces and then spent years designing how we trade. It is truly impossible for me to teach anyone enough through posts, the inexperienced will never have a clue of all the rules you have to make to Scalp as I do but those who are very experienced will be taking notes and then I have to compete against them for prices then hurt myself. So asking for exact entries and exits won't come from me.
Sharing, what you ever going to be able to share with me? I see do many come on this site who are just like you, LAZY. Get off your ass and start reading, start practicing, it truly only way people learn. If you can't make money longer term trading, you are Bait for day trading.
@Handle123 I asked a very simple question, that any normal mannerly person would answer truthfully. If you do not have a flow document to show then just say it. Do not be trying to hide by saying I am lazy and can not find relevant information myself. In case you haven't noticed, you haven't posted one single bit of evidence to back up what you speak about. At least I posted the details of the 2 trades I completed on the ES yesterday, with a chart marked up showing the exact entries and exits. For all we know you do not even trade, and like to make yourself sound big with fancy words and not one bit of proof to back up anything you say. Some people here might be foolish and believe what they read, but I believe nothing any person says unless they can back up what they say with proof. You now have a chance to rectify your bad manners and show just one trade that you completed recently, and for the sake of this post I will even allow you post any trade from any market, it does not have to be the ES. If you try and hide behind your words, then it will be clear to all that you do not even trade. The ball is now in your court. Let us all see how you play it?