You need only worry about position sizing when you can make money consistently, preferably every day. If you really think my 2 reasons are cliches, then you still have much to learn. No sign of the automation expert reply, or one single live trade with chart from another poster here. What do you really think this means
Questions for experienced ES daytraders?
- Thread starter wtfauoa
- Start date
Why small retail daytraders choose a high capacity market like ES is beyond me. So many low capacity options with more range and asymmetry to take advantage of.
Your living a fantasy. Without proper position sizing, you won't make money consistently. Everyday? Keep dreaming
Agree with other answers, that first you need to describe your specific goals, etc. as well as experience. But generally:
1. Don't start trading ES; start with 1 share, or 100 shares of SPY. ES contract is worth about $105,000; SPY, just 215, or 100 shares at $21,500. SPY & ES move identically, on % basis. The initial goal is not to make money, but to gain experience entering, exiting, taking profits, etc.
2. Re trading ES near open:
My wife and I traded stocks/futures for many years. She managed a small stock trading portfolio for us, for a number of years. She had 2 rules: 1. Don't trade the first 30 minutes. Rule 2: Don't trade the 2nd 30 minutes. Yes, that could be combined, to don't trade the first 1 hour.
--Compare that with newbies (such as yourself?) wanting to begin trading the first 30/60 minutes. Seductive, but far more difficult than entering later.
--The open often does have huge ranges, at least partly because huge sums of money rush in/out of the mkt at once. But it is also one of the most difficult times to profit regularly.
Please read some posts before you reply. I am not a newbie, as mentioned. I have a good deal more experience than all the posters here so far. I have stated specifically what I am looking for. I want to speak with Elite Traders who daytrade the ES on a daily basis to discuss such strategies as ORB, BMC and TFC. I would like to see some proof such as one live trade with broker details and marked up chart, otherwise you are just the same as @Handle123 and his fantasy stories.
Can you please post details of one live trade, in any market, with chart marked up to show entry and exit as per broker timestamp. No proof, no interest.
My rules say don't trade after the 1st hour. I'd estimate that the best PA traders do the same. All the volatility is there
At least you are honest.
Let me clear the air a bit. The ES is chosen by certain daytraders due to the fact that many real professional traders trade the ES. When real professional traders are trading, the charts are what we call "cleaner". Cleaner charts mean better entries and exits, which I have covered already. If you are not aware of this "cleaner" chart fact, then you still have a long way to go in understanding daytrading with the real professionals.
