System DayTrading the ES

F

flipflopper

This is a journal where I will be trading my ES system exclusively and posting my account blotter at the end of the day.

I have been trading futures full time for 2.5 years. It has been a journey with both many triumphs and failures... probably similar to what many experience on their path. I have a couple accounts where I trade stocks but wanted to fund a separate account with 5K initial margin for this system which is my baby.

Why am I doing this journal? In part to inspire others, also for my own entertainment. Please save the "He's trying to sell something" or "Photoshopped" comments. If I try to sell you something then please disregard everything!!!

The truth is NO ONE with a profitable system would EVER sell it. I would gaurd this system with my life. I will not post any details about the system but here are some of (what I consider obvious) basics.

1. Only trading ES.
2. No overnight positions.
3. Both long and short setups.

Let me be clear. This system does not win everyday. I believe after all my experience that even the best systems have a win rate of about 60% when taking into account risk/reward ratios. This may not seem like much but remember the majority of a casinos are built with a 1-2% edge.

I will commit myself to posting on this journal for two months. After which it will disappear into the Elite trader archives. My account should fund sometime today so I will hopefully post a blotter at the end of the day.

I have seen many journals that go nowhere or get abandoned quickly. Will this be another one in the long list?

Time will tell.
 
Lucky me. I go my account funded right before 3:00 EST. Just in time for some afternoon rally fun.

Took two trades. One loser one small winner. The small winner came one tick from target which would have made the day profitable but that's the way it goes sometimes.

-112.50

Account: 4,858.70
 

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Chop Chop. Today was faders paradise. light volume channel. Hopefully we get some more volatility soon.

On another note found out something interesting. Ninja Trader gave my Windows 7 it's first blue screen of death. Apparently Windows 7 is not supported by Ninja Trader but the next version (NT 7) will be. Good thing is it didn't hurt my trading as I was flat at the time.

-$275.00

Account Value:

$4,519.50
 

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I NEVER add to a position. The decision of position size is made before the trade is entered. For this account now the positions are between one and 3 contracts.

I know this leaves little room for error since this account is so small but if it does bust I will just add more funds.

I am very impressed with Amp. I would move more funds out of IB into Amp but with the kind of leverage they offer it isn't necessary.

IB is only good for trading stocks and options. I doubt I will ever use them for futures again.
 
I have three questions,

If you have a position of 3 contracts and you have some money management basics, where are your stop losses ?

If you want to add money when broke, how can you trade seriously ? I really can't.

If you think you'll be broke, why do you trade (are you going live with a non tested plan ?)

Good luck
 
Nasty market. Hopefully volume and volatility return soon. The two major intraday reversals we saw today virtually guaranteed losses for my system. You can't force the market to do what you want/think it should do.

I am proud of my discipline to execute according to my system rules even though my frustration level started to kick in after getting whipped out of two trades that went through my stops by one or two ticks then reversed for what would have been winners. I took four losing trades in a row and if I got stubborn more losses would have ensued.

Losses are a necessary part of trading, so I always take them in stride. Remember only losing traders don't take losses.

-$312.50

Account Value: $4,132
 

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