I don't feel well today but I took two trades one in the ES and 1 in MES. They are almost identical trades with just a few exceptions. ES trade lags the MES and I manually took the ES last but they are basically the same trades based on the same principles and MES was 4 contracts short in MES averaged down 2+2 and in the ES it was 3 contracts averaged down 1+1+1. But the trades took place basically real close and for practical purposes are basically the same trade, you might argue.
I am not gonna be posting any more trades today unless I get to feeling better and take some more. I am a diabetic and just do not feel well today and have learned it is best to not trade on such days as my brain does not think clearly.
Anyways see, the process is the same. The earning potential is a lot greater in the ES but so is the risk as a trade goes against me and I averaged down in both. Hope it gives hope!
PS in MES it rendered $55.00 profit Net 47.16 after comm. In the ES it rendered 637.50 minus 15.24 in commissions. Net $622.26 Each averaged down trade I consider one trade with it's entries and exits. So, basically two trades here today. Both winners. And done in a matter of minutes.
My purpose in showing both trades, that are made real close together, and practically at the same time, is to show the same process (almost) can render a big difference in profits. Depending on the instrument traded and the size traded. See, the potential is there when doing the same basic process.
This is just some scalping using the same principles and concepts. Guided by some of the same principles, one being, a "bird in the hand is worth 2 in the bush." And "add to losers" and "cut profits short". See, too often traders get greedy and try to get more out of the market. In scalping 1 to 12 points just take what it is giving you and don't worry about "should have" "could have". A successful scalper knows there will probably be many more opportunities to scalp than he will be able to take in the session. So grab them profits before Dozzy's boyz scoop them chips up LOL!
You can always enter again but if you let good profits go you will have a low win rate and that is tough to overcome ...for a scalper anyways. So, don't lose your handsome actual paper profit. It is money the market has given you. Like a stimulus check! Don't get greedy!
Those of you that have large accounts to trade with would get bored with my little journal posting trades only in little MES making 400 to 1000 day. You would like bigger slices of the pie so here is a quick ES trade and even small one at that; 1 contract a lick on entries. ROFLMAO
The first chart is MES 2+2 and the second chart is ES 1+1+1 on the averaged down entries in both cases. Both were short trades. The green triangle is the exit marker (all contracts at a wack in each trade), hard to see on a black bar but look closely it is there in both trades.
Simplemelike asked me how do I know when to take profits. In general, in an averaged down trade when my initial entry has at least made the commissions for me I will exit, UNLESS the context AND the dynamic unfolding of the trade (i.e. the "way" the bars are being formed) seems to support holding on for some more. In both trades you can see the green exit markers are below the initial short entries so that means all contracts were profitable and the commissions prepaid! Like a prepaid credit card!
Thanks for the immune system juices recipes.