I'm trying to go for 1-2 handles on ES but of course, my average profit is less. I'm not scalping for a tick as some earlier posters suggested.
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Trading e-minis with $1k starting capital
- Thread starter IndexScalper
- Start date
I'm enjoying this thread.
Tell me some more about your setup. Broker, platform, strategy?
Tell me some more about your setup. Broker, platform, strategy?
Quote from TokyoGhetto:
25,000 minimum I would recommend for daytrading ES. This allows you to have wider stops and let your winners ride.
$25K.........You're kidding right? For daytrading ES? If you traded HUGE swings, 10K mighty be in order.
$2500 bucks is plenty to daytrade one contract. If I was starting with $1000, I would trade the NQ up to the $2500 mark. After that, you may want to stick with the NQ or try some other futures. I agree with austinp 100% on the ER2. It's an animal to trade. Especially lately. I can do no wrong on one day and the next day I'll have 5-7 losers in a row and end at b/e or worse. That rarely happens on the NQ. The NQ is boring and less profitable but it is much more consistent and that is what's needed with a 1K account.
Dont let anyone here say it can't be done without tons of "luck". I dont consider myself a "pro" and doing a double with $1K in 2 weeks is not that big a deal. IMO, approximately 15-20 trades a day is your goal with that account size. More than that and you're probably overtrading - less than that you're missing opportunities for the quick hits.
Also....NEVER take "gut feeling" trades. Your account size dictates that at the end of the day, every trade was entered/exited according to the plan. Also, put more effort into your exits than your entries...I know that sounds strange but it may help.
Best of luck IndexScalper. At this point in your trading career, success is not necessarily on the screen...it's most likely in your head.
What you are saying here is correct ... but he needs to revamp his trading style.Quote from reiehaxm:
$25K.........You're kidding right? For daytrading ES? If you traded HUGE swings, 10K mighty be in order.
$2500 bucks is plenty to daytrade one contract. If I was starting with $1000, I would trade the NQ up to the $2500 mark. After that, you may want to stick with the NQ or try some other futures. I agree with austinp 100% on the ER2. It's an animal to trade. Especially lately. I can do no wrong on one day and the next day I'll have 5-7 losers in a row and end at b/e or worse. That rarely happens on the NQ. The NQ is boring and less profitable but it is much more consistent and that is what's needed with a 1K account.
Dont let anyone here say it can't be done without tons of "luck". I dont consider myself a "pro" and doing a double with $1K in 2 weeks is not that big a deal. IMO, approximately 15-20 trades a day is your goal with that account size. More than that and you're probably overtrading - less than that you're missing opportunities for the quick hits.
Also....NEVER take "gut feeling" trades. Your account size dictates that at the end of the day, every trade was entered/exited according to the plan. Also, put more effort into your exits than your entries...I know that sounds strange but it may help.
Best of luck IndexScalper. At this point in your trading career, success is not necessarily on the screen...it's most likely in your head.
What he's doing here isn't working.
Quote from MandelbrotSet:
What you are saying here is correct ... but he needs to revamp his trading style.
What he's doing here isn't working.
Mmmm. How so? He's still $400 up so how is it not working? He's ahead and still in the game. If he thinks he's made a mistake he adjusts and tries something else.
My platform consists of DOM and charting and is similar to NinjaTrader. My broker is a smaller firm and for now I'm happy with them. I will not reveal more than that in a public forum. Besides, my choice of broker is irrelevant to this journal. As far as my strategy, please read the beginning of this journal to get an idea. I will not discuss the particulars of my strategy here.Quote from Thermactor:
I'm enjoying this thread.
Tell me some more about your setup. Broker, platform, strategy?
You are right, I'm not doing as well as I would like. That is the whole point of this journal, to try to get ideas from experienced traders like yourself to help me overcome some of my issues. I appreciate your input and thanks for following this journal.Quote from MandelbrotSet:
What you are saying here is correct ... but he needs to revamp his trading style.
What he's doing here isn't working.
You don't need 25k.
For a begining trader
5k per car risking 1 % of capital per trade per car and a small edge exploited over time will grow nicely.
But 1k per car risking 10% per trade is asking for trouble. 5 bad trades in a row and you are down 42 % already of the account versus only 10 % using the 5k account. This alone will wreak havoc on ones thinking.
For a begining trader
5k per car risking 1 % of capital per trade per car and a small edge exploited over time will grow nicely.
But 1k per car risking 10% per trade is asking for trouble. 5 bad trades in a row and you are down 42 % already of the account versus only 10 % using the 5k account. This alone will wreak havoc on ones thinking.