Questions for experienced ES daytraders?

[Gotcha]

K - why not look at one of the youtube videos from one of the best ES scalpers on the planet. A 2 hour video from a famous trader that use to account for a lot of the ES volume and now trains/develops successful prop traders while still an active trader. This will give you more info than 10,000 years of 3 liners from a forum ever could. Good LUCK!

LOL... best according to who? From what I can see after watching many many of his videos, he never talks about his own trades, the trades in SIM that he took mostly didn't work out, he shows trades with 1 or 2 lots, saying its to better demonstrate how a new trader should trade and then gloats about how his size would be at least 6 times this.

And then to top it all off, every single "trader bite" that he produces has a Hypo 1 and Hypo 2 which are always in opposite directions. He goes on to say that for his paid clients, he will go into at least 5 different scenarios. Then the next day, he will just state which of the scenarios worked out, and sometimes its even a combination of 1 and 2.

I'm not saying his methods are wrong, but based on what he shows, anyone could do what he shows. Will he show his trades in order to prove how good he is? Of course not. The money is in teaching and running his own prop firm.

In one video he specifically said that he was taking trades, going down to 1 lot to demonstrate since he had a webinar later in the afternoon. Now tell me this. If he routinely can trade up to 48 contracts, and gets just a few points per day, then its not hard to imagine him making at least 10k on most days. Why cripple your profits for that day just to do a webinar? Why go down to 1 lot when you're used to trading so much more size?

I personally think his scalping edge is gone, and the win rate on the trades he takes isn't nearly high enough to give him the confidence to trade huge size, hence the steady teaching paycheck. His only setup seems to be to take a trade once price hits the mid after showing its making a move.

Anyway... just thought I'd provide some perspective.

 

[Overnight]

...10 contracts will be a big step. Those who say that if you can do it with 1 contract you can do it with 10 contracts have not tried it. It is not an easy task, but one that can be mastered I am certain, once the correct approach is used and with the correct mindset...

You're in a state of delusion. You're quite mad, in fact.

You want everyone else to post trades with upwards of 10 contracts, but will not do it yourself, but are CERTAIN it can be done with the right mindset? Dude, you don't even know how to properly post a journal, and do not know how to respond to people who do so, at YOUR request!

You're quite odd!

 

[comagnum]

I personally think his scalping edge is gone, and the win rate on the trades he takes isn't nearly high enough to give him the confidence to trade huge size
____________________________________________________________________________
Gothcha:

First of all he is teaching a class of new traders his scalping technique to his prop traders. He once moved a lot of volume back when the ES started up, a lot of people used to think he was the Fed because he blasting 500 lots of the ES through all day. He does say the edge was clearly lost around 2005 when the HFTs evolved. He now puts on several trades a day with much smaller size. And come on, if you have few minutes in a class to demo the technique you cant expect to win every trade, if your honest and not just showing the winners. Besides taking lots of small loses is the reality of trading. You can learn more about him and the sizing he uses here.

https://soundcloud.com/chat-with-traders (trader 71)

 

[Handle123]

Which last three lines? The MAE/ETD stuff? I never looked into what that all means because it matters not in the overall scheme of daytrading I figure.

And as for me going for wide profits? Hell yes, I would love to! But wtfuoa has parameters on his challenge, which is to not hold a position through market close. Thus if I cannot hold overnight positions I must think in the mindset of getting out before the close of 5PM ET (4:15 PM ET on Mondays).

That huge ES drop I could not pursue because A) I could not follow during the day and have not studied ES enough to know the daytrading strategy of it, and B) I am following too many other bits to give this idea more than a cursory glance.

Six years ago I went from trying to make most money to risk management and have actually done double better overall. By concentrating on risk and getting losing percentages down, I can average down on most trades. So the MFE, MAE and ETD to me is most important now. You can always get in after market closes for next day and have 23 hours to be considered day trade. Yea, I have done little contests with friends for bragging rights, but really waste of my time now as I don't care about bragging rights- actually when you think about it, it is childish as you doing this for yourself and family, not to play games with others. But to each their own.

Good luck.

 

[Gotcha]

I personally think his scalping edge is gone, and the win rate on the trades he takes isn't nearly high enough to give him the confidence to trade huge size
____________________________________________________________________________
Gothcha:

First of all he is teaching a class of new traders his scalping technique to his prop traders. He once moved a lot of volume back when the ES started up, a lot of people used to think he was the Fed because he blasting 500 lots of the ES through all day. He does say the edge was clearly lost around 2005 when the HFTs evolved. He now puts on several trades a day with much smaller size. And come on, if you have few minutes in a class to demo the technique you cant expect to win every trade, if your honest and not just showing the winners. Besides taking lots of small loses is the reality of trading. You can learn more about him and the sizing he uses here.

https://soundcloud.com/chat-with-traders (trader 71)

Don't get wrong, I do understand what he is trying to do with his teaching, and absolutely, losses are part of the game. But it just doesn't add up for me. I simply do not believe that he would be moving 500 lots at one time, and now, dicking around with a little prop firm. He could have easily made enough and retired.

If we focus on what we can actually prove, I don't think there is much. Heck, I'd be at least happy to just see fills on a chart, without even getting into the whole thing of if its SIM or not.

I've listened to a few of the interviews on chat with traders, and they are decent, but once again, its just talk. There is simply no reason why he could not show a few weeks worth of charts, of every single trade. To his credit, he does say the next day where he tried a trade and how it didn't work out, but come on, if you're going to go so far as to even say where your trade was, why not just show it on a chart? I hardly doubt that if we saw fills for 50 contracts, this would in any way ruin the education aspect for any newcomer.

And speaking of interviews, he does lots of them... for so many websites, with so many other vendors. Why not enjoy life more? If you're swing trading 50 lots, heck, even swing trading 10 lots, you're loaded. As you say, he isn't going for ticks, he's going for points... 3-5, maybe more. Given the way he talks about his trading, one would assume is he days of making 5-10k, so all this free webinar waste of time, doing trader bites just before the market opens, its all a waste of time, unless his income is more tied to his teaching than his trading.

He is hiding something, and he uses the excuse that it won't be beneficial for a new trader to see the size he trades. On the contrary, if he could show every single trade that he tries, show us his exits, show us how on some he might let it go a little more against him, maybe keep a tighter stop on other trades, this would go a long way to enhancing the trading education. As it is now, all he says in advance is that it might go up tomorrow, or down, and then the next day he has the benefit of hindsight to say where the good trades were or weren't.

 

[wtfauoa]

You're in a state of delusion. You're quite mad, in fact.

You want everyone else to post trades with upwards of 10 contracts, but will not do it yourself, but are CERTAIN it can be done with the right mindset? Dude, you don't even know how to properly post a journal, and do not know how to respond to people who do so, at YOUR request!

You're quite odd!

As I have said now about 10 times, please read the posts before you reply. How old are you?
As you are ignorant, I am not going to spoon feed you any more. My PC is set for GMT for a reason, hence the time stamp diff with my LIVE TRADES. I am really getting pissed off of idiots like @ Handle123 talking pure and utter rubbish, and @ profitlocker is getting very close to him. Look, if you want to really show people that you think you know something about trading, then post some live trade details with chart marked up. Your charts are pure and utter rubbish, but as mentioned I am not going to change your nappy for you. When are people going to realize that talking means absolutely nothing, and the only things that matter are hard facts and figures. When applied to trading, the best way is simple in providing live trade details with chart marked up. What is wrong with people. Surely everyone can not be that stupid, or maybe they really are?

 

[wtfauoa]

wtfauoa

This thread is getting comical. You started out asking for advice. Now here you are trying to give professional advice. WTF??

I have stated on numerous occasions, and
will do so one last time. I am looking to discuss certain daytrading strategies for the ES with some people who actually daytrade the ES on a regular basis. I do not want nor need advice from any person. I want to discuss ORB, BMC and TFC specifically in relation to daytrading the ES with up to 10 contracts. I will not repeat this again, so please take note.

 

[profitlocker]

I think you've gone full retard OP. I'll leave you alone here.

 

[Trading Education Buyer]

Hi

When Nasdaq , Dow and S and p are aligned and above support buy .
Easier to trade DJIA , monitor s and p , Nasdaq and all Dow 30 stocks on screener.Maybe also monitors European stocks as intermarket correlators.

If it can be done with discipline , it can be good .

Sorry , if this is off topic

 

[wtfauoa]

The only thing that matters is action. Words are meaningless in this game.