The Time Has Come !

Quote from saxon22:

So in order to do 50 contracts I would have to have around 250,000? Assuming tha my stop loss is 1 point.
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If you confident of your execution skills and are sure you can limit losses to 1 point, why not.
 
Quote from JimmyJam:

The process will be smoother for you if you:

a) Start trading live money. Doing so will teach you what trading SIM will not.

b) Stop getting ahead of yourself. You're like the High School kid who wants to win an NBA championship. That's all well and good, and you certainly can, but you have to start doing the process of playing real ball at some point. This, I think, will answer many of your questions for yourself better than anyone else could.

Good trading,

Jimmy Jam
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I could not agree more JJ. That is precisely why as soon as I get this lovely flu off my back, I will jump into ES trading. As for the analogy to the NBA, I like that. This kind of thinking stimulates me to work harder.
 
Quote from Boib:

If you confident of your execution skills and are sure you can limit losses to 1 point, why not.
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Psychological barrier. Putting 50 contracts is a lot and I would only feel comfortable doing it when in my opinion the trade would almost be risk free. Also, hitting 50 contracts for one point is a lot of $$$$. If I could bang it twice a day, that would give me enough to live comfortably. Also, you only go through stress twice a day,instead of 10 times a day.
 
Quote from RedDuke:

Hi Saxon22,

I am currently doing something very similar that is gradually increasing my size and I am making profits. If your average risk per trade is around 1-2 ES points, I suggest to have on your account at least $5,000 per 1 contract. This is margin is OK only if you do not hold positions overnight. Once you reach 10K, add another one and so forth. If you loose 5K, decrease the size by 1.

Regards,
redduke
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I like your strategy. I am starting with 1 contract and 6K. However, I will be using time not money as the indicator. So 1 contract for the first month. Then If that month was profitable, I go to 2. By profitable I do not mean 2 bucks over 6K at the end of the month. It has to be at least 10% of the original sum. However, no matter how well I do that first month, it is only 1 contract.
 
Quote from saxon22:

Psychological barrier. Putting 50 contracts is a lot and I would only feel comfortable doing it when in my opinion the trade would almost be risk free. Also, hitting 50 contracts for one point is a lot of $$$$. If I could bang it twice a day, that would give me enough to live comfortably. Also, you only go through stress twice a day,instead of 10 times a day.
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Then you are focusing on the money not the trade. Chances are you will not be successful.
 
Quote from Boib:

Then you are focusing on the money not the trade. Chances are you will not be successful.
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I am willing to take them.


I was under the impression that there are many traders who have a daily limit and once they achieve it, they stop trading. There are those who can only concentrate for couple of hours and consequently make money only during that time. So I disagree with you on this one. :) :) :)
 
Quote from saxon22:

I like your strategy. I am starting with 1 contract and 6K. However, I will be using time not money as the indicator. So 1 contract for the first month. Then If that month was profitable, I go to 2. By profitable I do not mean 2 bucks over 6K at the end of the month. It has to be at least 10% of the original sum. However, no matter how well I do that first month, it is only 1 contract.
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I would highly recommend for you not to do it. Do not use time factor, it means nothing of you did not earn sufficient margin. By saying to yourself that extra contract is only allowed after margin (5K) is earned will help you not to tempt with too much size for your account.

It will also make it much easier after your size increase. If you start with 1, than 2, 3 …50, this means that your account will gradually increase as well. Once you reach 50 and your account is 250K, trading 50 will be like trading 1 today.
 
Quote from RedDuke:

I would highly recommend for you not to do it. Do not use time factor, it means nothing of you did not earn sufficient margin. By saying to yourself that extra contract is only allowed after margin (5K) is earned will help you not to tempt with too much size for your account.

It will also make it much easier after your size increase. If you start with 1, than 2, 3 …50, this means that your account will gradually increase as well. Once you reach 50 and your account is 250K, trading 50 will be like trading 1 today.
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Good points. I will consider your strategy and see if it will work in my situation. However, no matter what happens one way or the other, I will only trade 1 contract the first month. On that I am inflexible. :D :D

However, I must say your system makes a lot of sense. I grant you that. :) :)
 
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