Hello, I'm kind of new in trading NQ live even if I have been observing it on different time charts for one year now. My first month of live trading was pretty bad and I have learned that trading without a plan is a mistake( i already knew it)...but I also think that the quickest way to understand price action is to learn the hard way trading with a live account (this is me...it might be different for other people).
Anyway, I'm now trying to come up some strategies to back-test and I would like to have an opinion from some more experienced traders. Theoretically speaking, considering an ideal daily target of $400, do you think it would be better to attempt 4point with 5 contracts or 10 points with 2 contracts? Of course I think that it would be easier to get 4 points in a single trade while it might require few trades to get 10 points combined. I'm also aware of the risk to being stopped out with 5 contracts instead of 2.
Of course the first step would be to define a strategy, back test it and then trading it on a demo account for a while, but I'm wondering if this strategy should be focused on a short target with more contracts or the opposite.
I know th
Don't be too harsh please
Sorr
Fine english; use fewer contract= less risk= more wisdom...
Would it be easier to attempt 4pts with 5 contracts or 10 pts with 2 contracts trading the NQ?
- Thread starter ftrexx1
- Start date
Know what your average true range is, NQ its pretty good. Use this as a guide for order placement. EP is ES....ENQ is NQ
Some excellent comments in this thread. My advice to OP: trade one contract, once a day. That will force you to only go for the very best setup. Of all the factors to consider, your desire to make $400/day is the least relevant.
I can promise you that you will go broke trying to trade 50 times a day, unless you have a well-tested auto trading app. You will inevitably take some big losses that will wipe out your small profits. But seriously, WTF do I know?
I can promise you that you will go broke trying to trade 50 times a day, unless you have a well-tested auto trading app. You will inevitably take some big losses that will wipe out your small profits. But seriously, WTF do I know?
1. Trade 1 contract once a day. Do not hold overnight. Give it at least 6 months.
2. Scale to 2 a day. Trade Max. Twice a day.
3. Graduate to 3 lots a day. Trade twice a day.
Once you get to # 3 which should be in a year's time. Consider yourself in the club.
Trading is more about discipline and controlling your emotions.
2. Scale to 2 a day. Trade Max. Twice a day.
3. Graduate to 3 lots a day. Trade twice a day.
Once you get to # 3 which should be in a year's time. Consider yourself in the club.
Trading is more about discipline and controlling your emotions.