Trading e-minis with $1k starting capital

Low volume day, didn't make much but it's better than a loss. My setups didn't work as well either. In the past I would try to push for more but at this stage, I simply can't afford to do that. I took off 1 point in discipline because I made 1 ES trade that wasn't based on my setup. I ended up making 3 ticks on it.

Products traded: ES, ER2
Contracts: 36
Opening balance: 1121
Closing balance: 1284
Net P/L: 163
Discipline: 4
 
Quote from IndexScalper:


Opening balance: 1121
Closing balance: 1284
Net P/L: 163
Discipline: 4
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Hey ... You grew the account by over 10% in the day ... Keep that up and you can do well - obviously!! Good luck... stick with your discipline... that's the key.
 
It seems to me that there is an assumption made by many on this thread that the following is true:

positive edge + solid rules x rock solid discipline + excellent money management = success.


That is not true.

Think probabilities and statistics (random distribution outcome)
longest losing streaks and (drum roll please) MAXIMUM DRAWDOWN. You either have to have the capital to survive that or depend on shear luck that you started trading far enough away from a statistcally acceptable losing streak that would otherwise drop your capital under the requirements for bond performance (margin) and knock you out of the game.
 
Quote from nlimit1:

I am not meaning to be rude at all but I have been playing futures for 22 years and eminis for five years... it is not possible for you to make money starting with a grand.... it is not enough money to take risks and you need some breathing room
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agreed!

the reason why is the day that presents itself, does not repeat, so on a +285 DJIA day with the indices running sky high, is not likely to continue to repeat itself often enough that what success one has on 1 day can be projected to continue...

days like those may take a 1 car trade into a $200 profit,
days like those are usually followed by directionless days, and often cause one to overtrade, as he did,

13 roundturns in one day and still losing says it all,

8 roundturns and breaking even says even more,

(no more than) 4 roundturns and making a profit, especially being so low on balance should be a max-trade self imposed limitation until he doubles the account to $2,100 (yeah, leave room for reversals, expenses, etc.)

then proced from there, however, allow yourself over 6 months to bring that account up over $10,000, if at that much...

good trading to you....
 
Quote from MaxxHeatt:

It seems to me that there is an assumption made by many on this thread that the following is true:

positive edge + solid rules x rock solid discipline + excellent money management = success.


That is not true.

Think probabilities and statistics (random distribution outcome)
longest losing streaks and (drum roll please) MAXIMUM DRAWDOWN. You either have to have the capital to survive that or depend on shear luck that you started trading far enough away from a statistcally acceptable losing streak that would otherwise drop your capital under the requirements for bond performance (margin) and knock you out of the game.
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What you are saying may well apply to a particular style and frame of trading.

However to take an ES account from $1000 to a life altering daily income, requires a completely different way of thinking than your shopping list outlined above.

regards
f9
 
Quote from Aaron Copland:

Who is your broker? they are making a fortune off you.
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Why? I realize I'm not getting the best deal out there but I don't think I'm overpaying too much either.
 
How do you figure that?

Unless your system has a 100% W/L ratio, it applies to all styles and timeframes. That's not my opinion, it's a fact.




QUOTE]Quote from fearless9:

What you are saying may well apply to a particular style and frame of trading.

However to take an ES account from $1000 to a life altering daily income, requires a completely different way of thinking than your shopping list outlined above.

regards
f9 [/QUOTE]
 
Quote from IndexScalper:

Why? I realize I'm not getting the best deal out there but I don't think I'm overpaying too much either.
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From what i read here i calculated that you did 235 contracts and made net 188$, or 0.8 $ per contract.

Your broker makes much more per contract and he has no risk at all.

So, indeed he will be very happy.
If you don't realize what's wrong with your trades, you will never succeed. Because it would prove that you don't know what trading is all about.

Don't focus on commissions, focus first on a system that makes at least 100 times more per trade. Once you have found that, start trading again and discuss commissions.
 
Quote from spike500:

From what i read here i calculated that you did 235 contracts and made net 188$, or 0.8 $ per contract.

Your broker makes much more per contract and he has no risk at all.

So, indeed he will be very happy.
If you don't realize what's wrong with your trades, you will never succeed. Because it would prove that you don't know what trading is all about.

Don't focus on commissions, focus first on a system that makes at least 100 times more per trade. Once you have found that, start trading again and discuss commissions.
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In that respect you're right. Unfortunately, unless I change my strategy or lease a seat at the exchange I don't really see any way around it.
 
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