Traded MES Yesterday

[hurricane_sh]

With such a small leverage, it's going to change how I trade...mostly for the worse.

I traded reversal yesterday, when it hit new lows, I added more contracts instead of cutting my loss. When ES dropped to 2807, I placed a sell order at 2820 and went to bed, usually there would be a retracement after 3PM to reach this point, if it doesn't, no big deal, I can handle another 10 or 20 points drop.

1. I no longer wait for the best opportunity, my entries are sloppy.

2. I stopped cutting losses and started adding to losers again.

Gosh, all my bad habits came back.

 

[maxinger]

You need to see the bigger picture.


I doubt you managed to profit massively from continuation downtrend
which started during Asian session.
Market is not going to be merciful to those who failed to catch the down signal
during earlier Asian session.

After you have profited massively from this downtrend, you might want to take risk
and trade reversal up but with reduced quantity.
why? because chances of reversal is very slim.

 

[gaussian]

Even though the underlying is the same the market in MES is different. I'm sitting out of it for now. It's not a new market, but it has the potential to go uncorrelated which means I can't trade it like ES. The person trading MES is not the same as ES.

I'm not surprised at your experience at all.

 

[hurricane_sh]

You need to see a bigger picture.
I doubt you managed to profit massively from continuation downtrend
which started during Asian session.
Market is not going to be merciful to those who failed to catch the down signal
during earlier Asian session.

After you have profited massively from this downtrend, you might want to take risk
and trade reversal up but with reduced quantity.
why? because chances of reversal is very slim.

You are absolutely right, no doubt I'm a bad trader, and MES reversed some of my efforts.

Yesterday I should have taken advantage of MES' small leverage and ride the down trend. With ES, if the market has been down a lot, I would be afraid of sharp reversal and often stay out of the market.

 

[maxinger]

You are absolutely right, no doubt I'm a bad trader, and MES reversed some of my efforts.

Yesterday I should have taken advantage of MES' small leverage and ride the down trend. With ES, if the market has been down a lot, I would be afraid of sharp reversal and often stay out of the market.

well. continue to pickup the trading skills.
Lately, US index futures movement started in Asian / Eur session.
Come US session, market was dangerous to trade.

Do note market behaviour changes.
So just need to know market sentiments / behaviour / personality ....

 

[volpri]

You can’t just add to a losing position any cotton picking time. Post a chart of what happened. I’ll make some comments if you like.

 

[Scataphagos]

With such a small leverage, it's going to change how I trade...mostly for the worse.

Kind of like sim.

When paper trading, you'll do some things you wouldn't with real money. Same with small money.

Can't make money if you don't trade well, regardless of size.

 

[volpri]

Kind of like sim.

When paper trading, you'll do some things you wouldn't with real money. Same with small money.

Can't make money if you don't trade well, regardless of size.

All psychology. Breaking point of most traders.

 

[hurricane_sh]

Just made two trades, I rarely trade pre-market. With MES, I couldn't help for the fun. I think I felt the pulse of the market, both trades were opened and closed at perfect timing, I may fell in love with this thing.

 

[bone]

With such a small leverage, it's going to change how I trade...mostly for the worse.

I traded reversal yesterday, when it hit new lows, I added more contracts instead of cutting my loss. When ES dropped to 2807, I placed a sell order at 2820 and went to bed, usually there would be a retracement after 3PM to reach this point, if it doesn't, no big deal, I can handle another 10 or 20 points drop.

1. I no longer wait for the best opportunity, my entries are sloppy.

2. I stopped cutting losses and started adding to losers again.

Gosh, all my bad habits came back.

Good trade position management rules are what usually makes or breaks a trader.

The irony is that a trader spends 95 percent of his energy and effort on trade entry and typically approaches trade management as an afterthought. And it typically is the “afterthought” which sinks his trading aspirations.

It’s sad and it’s completely avoidable.

I tend to brutally honest and insistent with my clients about trade management. We set profit targets and stop-loss levels AT THE TIME OF TRADE ENTRY - and we have a volatility and atr-based System to determine those levels.

I hope my well-intentioned brow beating serves you well, and I wish you good fortune !