attempting ES futures

This is a discussion on attempting ES futures within the Trading Journals forums, part of the Reception category; Im currently trying to learn to trade ES futures. In the past I think maybe i've been looking at too ...

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Old Aug 31, 2011, 1:08pm   #1
 
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attempting ES futures

Im currently trying to learn to trade ES futures.

In the past I think maybe i've been looking at too many instruments and timeframes at the same time, as well as other things, and so have decided to concentrate on just the ES for a little while.

I've done lots of reading and studying and have been interested in daytrading for quite a while, although I know that there's a 1 in a million chance that ill actually be able to make any real money at it and make a living from it.

I've done OK paper trading in the past, and am trying to now trade live, only trading 1 contract so not too much financial damage can be done. Funded an account with mirus futures: - See if I can make 8k last longer than 2 weeks which is what it took my mate to lose all his!

I've only had this account for a little while. Yesterday I made 9 ES points, and the say before I lost about the same! Im pretty much break-even on the account, so now seems like a good time to start a journal.

Im gonna record my progress, good or bad , in this thread.
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Old Aug 31, 2011, 1:18pm   #2
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Re: attempting ES futures

Good luck. Liquidity is awesome with ES so if you can devise a simple, reliable approach you have a good shot at being able to do what you do and scale up. It is VERY feasible to make a lot of money trading ES. All you have to do is make a good plan and stick to it.
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Old Aug 31, 2011, 2:47pm   #3
 
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Re: attempting ES futures

piggybridges started this thread
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Originally Posted by Phantom666 View Post
Good luck. Liquidity is awesome with ES so if you can devise a simple, reliable approach you have a good shot at being able to do what you do and scale up. It is VERY feasible to make a lot of money trading ES. All you have to do is make a good plan and stick to it.
Cheers,
Although at the moment im only concerned with not losing everday like most of the people who I know who have given futures trading a go have done, as opposed to potential scalability.

Lots of people say that successful trading is 90% psychological and 10% methodological, and that as long as you are disciplined etc then you can make money.

I just dont think that's the case (although im wiling to be proved wrong).

I think it's pretty much all about method. Im very good at taking stops, disciplined in making sure that my entries meet my criteria, dont trade huge relative to my account etc etc, but all of that hasn't really gotten me far in the past. Just slows down how quickly you blow the account, I suppose!

I've spent hundreds and hundreds of hours reading various trading sites and books etc etc, but I am always left feeling that there is something out there that successful traders are using, that not many of us know about. When someone discovers this secret, they guard it with their lives, never to be discussed with 'outsiders'! lol. Maybe its all in my head, but it might explain why so many fail.

I occasionally trade 'with' someone who i met online on skype. He posts his trades live, and he is quite awesome! He trades quite big size and averages about 8 ES points per day from what i've seen. Staggering. Although he hean't really given any details as to how he does it, despite my attempts. I know that he uses some TA, but im sure he uses 'something' else, too.

I'll post my results for today later when i've finished. Hopefully wont have done too much damage!
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Old Aug 31, 2011, 5:20pm   #4
 
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Re: attempting ES futures

piggybridges started this thread ouch. Tough tough day. This account might not last as long as my mates!
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Old Aug 31, 2011, 5:25pm   #5
 
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Re: attempting ES futures

piggybridges started this thread Made some back there on that drop.
Not down as much as I was earlier now, thankfully.
Down about 250USD - was down nearly 1k earlier! every trade seemed to stop me out

i'll post another statement at EOD
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Old Aug 31, 2011, 5:27pm   #6
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Re: attempting ES futures

Dude! 9 trades today on ES? I've taken one trade and I watch 4 things.

Over-trading?
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Old Aug 31, 2011, 10:07pm   #7
 
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Re: attempting ES futures

piggybridges started this thread -$215.88

Was down lots lots more earlier in the day, so quite pleased with that, really! lol
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Old Sep 1, 2011, 3:40am   #8
 
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Re: attempting ES futures

Good luck piggy, I too am learning about the ES and currently paper trading.
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Old Sep 1, 2011, 6:06pm   #9
 
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Re: attempting ES futures

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Originally Posted by TASK View Post
Good luck piggy, I too am learning about the ES and currently paper trading.
Cheers! I certainly need it!

At the moment the market appears to be gunning for my stops on pretty much every trade, no matter where i place them! lol

If I blow this account i'll be tempted to save some more money and then try again using random entry like a trader here called 'the hare' apparently does.

statement to follow later.
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Old Sep 1, 2011, 9:28pm   #10
 
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Re: attempting ES futures

piggybridges started this thread -$156

First trade was a good winner and I was up by around $400. Then pretty much every trade stopped me out, and then a few winners at the end of the day.
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