IMO any independent trader that successfully daytrades ES is probably a statistical savant. They sure as fuck wouldn't be here jaggin off with us.
Questions for experienced ES daytraders?
- Thread starter wtfauoa
- Start date
I firmly disagree. Maybe for the 1 lot trader who needs a huge range in order to capture 4 points and hence $200, then this might be the case (ie. they are jumping around looking for anything that moves). For the traders trading size, 20+ contracts, who have experience trading both a tight range or trending days, even making 2 or 3 points per day is a huge payoff. Learning to trade both the ES and CL for example requires very different strategies and trying to be a trader that is profitable on both is twice as hard than trying to figure out how to be profitable on initially just one.
I'm not surprised nobody has come forward. The OP after all hasn't been all that nice. There is simply no incentive for anyone to come forward after all. But the fact that he wants to focus on one instrument, and only talk to traders who are actually taking trades for real is a worthy en-devour. There are far too many talkers at ET who don't actually trade.
Appreciate the insight, but I don't believe this to be true. A great trader should be able to handicap (timing, quantity, risk/reward) any instrument with sufficient volume. Without this skill you can't adapt to changing market conditions.
I agree wholeheartedly. I've only been at it for less than 3 years, and have been shifting my focus around different markets as I learn my abilities and foibles based on the instruments' movements, risk-potential, seasonal ranges, weekly ranges and a million other variables that each instrument offers to you over the course of time. The main equity indicies I traded was TF and NQ, Focused upon them quite hard. TF was then taken away when ICE got them and wanted to charge $117 bux per month for it through my broker. So I changed TF to NG. Then I noticed that I could not get the hang of NQ, so shifted that focus to ZS.
ZS didn't work out for me either. The ES and YM I tried also, but found both of them to be like NQ and ZS...I did not have the ability to be profitable in them consistently. GC and CL had always been kinder to me, or rather, I was simply able to "get them" better than the others, so have hung onto those two since the beginning.
Then NG started failing on price action, so went to 6E. Then 6E halved the tick value in January and I got messed up on that. Couldn't follow it, it didn't fit me, I just couldn't make it work. Then I started looking at LE (live cattle) and RB (gasoline). They started off great, but are now a work in progress due to a few of the million variables mentioned above. RB gasoline is simply too new in analysis, and the LE contract is going through some major changes, the results of which remain to be seen as the CME Ag group works through the adjustments, so THAT is on the back burner now.
Silver (SI), Copper (HG), Heating Oil (HO)...They are all currently under review. I am keeping my options open to find what works.
I really like CL because it is the one I can follow best. GC plays second fiddle, and RB has good promise for my style and ability of trading.
While I focus my practice on one instrument (CL), I am always keeping my eyes open for new opportunities. If one cannot adapt, then one may wither and die. That is the gist of it all of what I have been banging on about.
It is not necessary for the OP to call me an idiot, or blind or whatever, which has happened in the past in this thread. Through all of my perceived curt diatribes, I hope the OP realizes that it is to try to help, and show that one does not have to limit their horizons or ability by being stubborn...He/she may be missing out on other profitable opportunities, which would be a shame, and a waste of matériel.
It's those variables and catalysts that the OP doesn't understand. That's what creates inefficiencies and opportunities.
I trade at my predefined levels, that's it. There's nothing else to it. I use the first 5 minutes of the RTH session to decide if I think a long is a possibility, and if I do I buy at my levels. That's all! It doesn't need to be any more complicated than that.
Sim trading during session you would be trading does have advantages of knowing where you stand regarding whether you should take the signal, and managing the trade then after, and when ready-to do 18 of 20 days to be profitable, otherwise you are not ready if you are scalping or short term profits. If you can't be nearly as good as the sharks from the gate of starting with real money, you could be a bait. Few years ago I did some dozen live calls, always found it nerve wrecking as I knew some be taking them, I don't mind losing my funds, I recall I had two small losers, I won't do any more of this as I seldom manually trade now. I didn't join the forum to display my net worth, I came here to pass the time, learn where I could, help where I can with traders willing to work hard at it themselves, I find the best to be first five years of the forum, I see very few posts now where they actually show much worth, lot of fluff and complaining presently. I never cared if one was million dollar trader or one year trader, I have made friends with some very incredible traders on here as they pass the time waiting for trades. I don't see scalpers like me cause they trading all day and when done-exhausted. My volume is highest in ES and can do quite well in small ranges or gentle trends, try to stay away from volatility where I have losses. I day trade Cruel rather lite and actually make more trading 60 minute charts on heavier volume on Eurodollar-and many many spreads, very slow. I find many here want action of volatility, I don't, perhaps it is age, but I make out well by slow moves. I still have made calls in stocks/ETFs/Commodities and most of time been profitable, but if it not day trading....best greatest number of traders make more in long term and least fees. Most of the Bozo's here don't realize you almost or more have to produce 100% return to breakeven on the fees, not even counting the slippage. But we can always use the people with 2-3k to lose into the market in under 2 months, ever nickel helps.
My post about "If it doesn't go up, don't buy it"... was an old joke from Will Rogers.