Trading e-minis with $1k starting capital

[fearless9]

Quote from IndexScalper:

F9, the purpose of having a scale 1-5 is to rate myself regarding following my rules, not my consistency or profitability.

As far as profit targets, I was answering the following question:

I said that I don't use "fixed" profit targets or stops. I didn't say I didn't have profit targets. I have all kinds of setups and each one suggests different profit target/stop. The example given applies only to ER2. I wasn't suggesting using 1 tick stops on the ES.

Goodbye and goodluck to you IndexS

regards
f9

Incidentally, John47 does not make sense.
I will leave it to you to figure out why.

 

[IndexScalper]

Quote from sandygray66:

Good to see your replies, Indexscalper.

Are you using charts, T&S reading, DOM reading or a combination thereof?

Combination of DOM reading and charts.

 

[IndexScalper]

Quote from econdude:

im curious to see if you can do it, but plz post a screenshow of daily p/l for proof

I was considering posting P/L screenshots to avoid nagging posts like the one above, however, the purpose of this journal is first and foremost to help me overcome some of my problems that prevented me from succeeding in the past. Doing this is a major PIA as it is, even without capturing daily screenshots, so at this time you will have to trust me or if you don't like it, you are welcome to skip my thread or put me on ignore. If I do decide to change my mind in the future, I will either post the screenshots on the Trader P/L thread or here.

 

[sandygray66]

Willing to share any specifics on the type and bar increment for the chart(s) you use?

 

[IndexScalper]

Quote from sandygray66:

Willing to share any specifics on the type and bar increment for the chart(s) you use?

I keep my charts nice and simple, 5 and 2 min candles with volume bars.

 

[ammo]

Quote from IndexScalper:


the purpose of this journal is first and foremost to help me overcome some of my problems that prevented me from succeeding in the past. Doing this is a major PIA as it is,
you want to air any of those problems you've discovered,we've all got a few of those

 

[IndexScalper]

Quote from ammo:


you want to air any of those problems you've discovered,we've all got a few of those

Couple of problems that come to mind - pressing harder when nothing is working, eventually leading to digging a big hole or revenge trading after a sudden, unexpected loss. Another issue involves a following scenario: After being up a decent amount on the day with lunch time doldrums approaching, I decide to "round off" my p/l to the next even number (i.e. 960 to 1000). Let's say instead of the intended 40 bucks I lose 30. Now instead of me saying OK, I'll take the 930 and come back after lunch or close the shop and come back tomorrow, I need to get back at least to where I was before (i.e. the original 960). I start looking for setups instead of waiting for the setups to come to me. The end result is usually most or all gains wiped out or worse - ending the day with a loss.

 

[ammo]

Quote from IndexScalper:

Couple of problems that come to mind - pressing harder when nothing is working, eventually leading to digging a big hole or revenge trading after a sudden, unexpected loss. Another issue involves a following scenario: After being up a decent amount on the day with lunch time doldrums approaching, I decide to "round off" my p/l to the next even number (i.e. 960 to 1000). Let's say instead of the intended 40 bucks I lose 30. Now instead of me saying OK, I'll take the 930 and come back after lunch or close the shop and come back tomorrow, I need to get back at least to where I was before (i.e. the original 960). I start looking for setups instead of waiting for the setups to come to me. The end result is usually most or all gains wiped out or worse - ending the day with a loss.

i try not to trade tween 11 -1 cst,more often than not, i give back money at this time,its nice to take a break 17 out of 20 days a month when its not a big trend day

 

[MandelbrotSet]

Quote from IndexScalper:

Couple of problems that come to mind - pressing harder when nothing is working, eventually leading to digging a big hole or revenge trading after a sudden, unexpected loss. Another issue involves a following scenario: After being up a decent amount on the day with lunch time doldrums approaching, I decide to "round off" my p/l to the next even number (i.e. 960 to 1000). Let's say instead of the intended 40 bucks I lose 30. Now instead of me saying OK, I'll take the 930 and come back after lunch or close the shop and come back tomorrow, I need to get back at least to where I was before (i.e. the original 960). I start looking for setups instead of waiting for the setups to come to me. The end result is usually most or all gains wiped out or worse - ending the day with a loss.

Yeah, you're totally legit.

It might help you to realize that once we cross these Trials (which are psychological in nature, and faced by every trader who has moved past the entry level and journyman stages), we will have a passport to the land of milk-and honey.

Good trading.

 

[John47]

Quote from fearless9:


Incidentally, John47 does not make sense.
I will leave it to you to figure out why.

care to tell me what doesn't make sense? This pipe dream you have of scalping futures is something I've done professionally for about two years now, and I clerked for others that do it the two years before that. A good day for me is taking home 5 or so times your account balance.

I mentioned a few tips on what to expect if you ever get to the point where you want scalping futures to actually be a means to make serious income. Maybe what I said doesn't make sense cause you aren't there.