attempting ES futures

timsk · Sep 3, 2011, 2:06pm

Hi pb - more thoughts on your thoughts . . .

Quote:

Originally Posted by piggybridges

In my experience, moving the stop to BE seems to just keep me losing out on potential gains. When I was demo trading it would always give me 2-3 ES points profit, and then stop me at BE, and then go even further in the anticipated direction.

With the ES then yes, I agree with you completely. Less so with the YM. If you trade 2 contracts which, at $5.00 a pop is still $2.00 less than a single ES contract, you have the option of closing the whole trade at +5 to +8 (for an equivalent 2-3 tick move in the ES), or closing one contract and letting the other run and moving your stop to b/e etc. The point is that you have options in the way that you don't have when trading the ES! Admitedly, this says more about me and my skills (or lack of them) than it does about the ES, nonetheless, I find the YM much easier to trade for quick gains. Have a look at it and try your methodology on demo. My money is that your bottom line will be much healthier at the end of the day, even allowing for the (relative) increased cost in commissions.

Quote:

Originally Posted by piggybridges

I've also been thinking alot about risk:reward, stops, targets etc.
Of my 40 odd trades made so far, about 30 of them have offered me anywhere from 1-3 points profit before being stopped. It's tempting me to trade with a negative risk:reward ratio based on having a high hit rate, but im just not sure that the idea sits comfortably with me. Just a few wrong trades would eat up so many of my points gained.

Again, this is easier to cope with trading the YM, IMO. If you trade a P&F 3x1 chart, your stops could be as little as 4 ticks on the basis that if price moves against you enough to register a 3 box reversal - then the trade is probably a dud and it's best to exit. If you're not familiar with P&F charts - there's loads about them on the interweb and a handful of excellent articles right here on T2W - starting with this one:
Point and Figure Charting: Part 1 - The Basics
Tim.

piggybridges · Sep 6, 2011, 1:15pm

I have to go out now to drink beer, but a smallish winning day today.
Market kind of behaved for once.

+$180 ish

piggybridges · Sep 6, 2011, 5:51pm

+$180.70

Winning day at last, but nothing to get excited about.
I actually did change to a slightly new method today, but it's likely just coincidence.
Cant lose every single day no matter how bad you are, and a winning day had to happen eventually.

On to tomorrow....

piggybridges · Sep 7, 2011, 2:19pm

+$97.74

piggybridges · Sep 7, 2011, 2:49pm

Cheers.
Interesting about incorporating other markets.
My best winning trade today was actually when someone I know posted a chart of the NQ which I dont usually look at. When looking at their chart I noticed one of the patterns that I like, although when i flipped back to my charts, it wasn't anything like as clear on my ES chart which I usually monitor.

piggybridges · Sep 7, 2011, 2:54pm

short 1196.75
3 point stop

counter trend, but.....

piggybridges · Sep 7, 2011, 3:28pm

out for +2.5

piggybridges · Sep 7, 2011, 4:26pm

Quote:

Originally Posted by piggybridges

out for +2.5

so +220 ish on the day
on to tomorrow

Sep 6, 2011, 1:15pm	#18
piggybridges Veteran Member Member Since Aug 2011 525 Posts	Re: attempting ES futures I have to go out now to drink beer, but a smallish winning day today. Market kind of behaved for once. +$180 ish

Sep 6, 2011, 5:51pm	#19
piggybridges Veteran Member Member Since Aug 2011 525 Posts	Re: attempting ES futures +$180.70 Winning day at last, but nothing to get excited about. I actually did change to a slightly new method today, but it's likely just coincidence. Cant lose every single day no matter how bad you are, and a winning day had to happen eventually. On to tomorrow.... Attached Thumbnails

Sep 7, 2011, 2:19pm	#20
piggybridges Veteran Member Member Since Aug 2011 525 Posts	Re: attempting ES futures +$97.74 Attached Thumbnails

Sep 7, 2011, 2:49pm	#21
piggybridges Veteran Member Member Since Aug 2011 525 Posts	Re: attempting ES futures Cheers. Interesting about incorporating other markets. My best winning trade today was actually when someone I know posted a chart of the NQ which I dont usually look at. When looking at their chart I noticed one of the patterns that I like, although when i flipped back to my charts, it wasn't anything like as clear on my ES chart which I usually monitor.

Sep 7, 2011, 2:54pm	#22
piggybridges Veteran Member Member Since Aug 2011 525 Posts	Re: attempting ES futures short 1196.75 3 point stop counter trend, but.....

Sep 7, 2011, 3:28pm	#23
piggybridges Veteran Member Member Since Aug 2011 525 Posts	Re: attempting ES futures out for +2.5

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