myownceo727
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Hi guys Ive been trading for about a year now used to loose alot, I can sometimes gain consistency but I know my strategy has to have some flaws Im guessing in my money management because one bad trade completely makes the other few good ones irrelvant
So Im hoping to get feedback from seasoned traders who may trade similar to me!
Ok first of all I trade the ES, I never have been sucessful with indicators, Ive been through my beginner phase when I had my chart cluttered with indicators but Ive done away with most. Im currently only using volume and Pivot Points
My methodology is as follows
I trade 9:30-11:30 sometimes I come back for the afternoon sessions around 1:30-2
Every morning I check the fair futures value, Bloomberg economic news, and take note to where the market is trading in relation to the pivot
I trade pullbacks to pivot levels and heavy clonfluent levels, and previous swing lows and swing highs I wait for price to push through these levels with conviction(Atleast 4-5 ticks) I then attempt to enter the market at the retracement to pivot levels + 1 tick for longs or -1 tick for shorts
and at confliuent levels i eneter directly where I try the line where everything syncs up!
I enter with 2 contracts I enter a 2 point stop loss I dump the first contract @ 1.25 points the second is discretionary and i usually trail it once price hits 1.75 points if there is a close resitance I just dump the second contract at 1.75
I only aim for a total of 3 points per day so alot of times I can hit this with my 2 contracts in one trade, this works fairly well but if Im stopped out its a disaster this leads me to beleive my money mangement could use some work!
When I am stopped out id say about 55-60% of the time it ends up reversing and going in my favor after its taken me out this leads me to believe i may also have issues with my entry which in turn changes what my stop loss should be!
When trades are going against me im going through mental hell i can litteraly feel my butt cheeks clinching up until it comes back in the green!
Sometimes the trade just plane goes against me!
My rules are no trading before 9:30 or entering a new trade after 11:30 until atleast 1:30
if im in a trade I wil try to get out early if 11:50 is approaching
I ignore news and stay out the markets 5 min before and after releases
After noting the fair futures value and note if market is trading above or below pivot I especially look to take trades based on the markets bias
I have a small daily goal of 3-5 points daily, And am only allowed to take a MAX of 3 trades per day
If i hit 3 on the 1st trade i log off and im done for the day if I get 2.25 or less I go for a second and rarely a third trade
If I have 2 losers in a day im done for the day
I try to wait for setups that fit my criteria 100% I note my confidence level in the trade and write how im feelng down so I can look at it to remind myself of how confident I am in the trade as a reminder when it goes in the red
I keep the T&S window open and try to watch orders allthough im still not sure how it works, and I also keep the market analyzer open with the DX, ES, TF, NQ and YM with there net change in points and percentage!
I am trying to learn to read tape though im not sure if that will help me manage my trade
about 85% of the time the trade will go in my favor by atleast 2-3 ticks which pisses me off because I feel like i should have grabbed the profits but on the same note alot of time i grab profits just to see the market do exactly what I thought!
I was always taught that as a professional trader you should trade emotionless so I try not to move targets or stop losses but this may be impropper trade management
Ive ready many books one of my favorites was Mastering the trade by john carter!
I am hoping some of the consistenly profitable seasoned pros can help me to get on the right direction!
Im looking for ANY feedback from pros only please!
FYI i love talking with other traders so Im on skype @ youngceo615 feel free to ad me!
So Im hoping to get feedback from seasoned traders who may trade similar to me!
Ok first of all I trade the ES, I never have been sucessful with indicators, Ive been through my beginner phase when I had my chart cluttered with indicators but Ive done away with most. Im currently only using volume and Pivot Points
My methodology is as follows
I trade 9:30-11:30 sometimes I come back for the afternoon sessions around 1:30-2
Every morning I check the fair futures value, Bloomberg economic news, and take note to where the market is trading in relation to the pivot
I trade pullbacks to pivot levels and heavy clonfluent levels, and previous swing lows and swing highs I wait for price to push through these levels with conviction(Atleast 4-5 ticks) I then attempt to enter the market at the retracement to pivot levels + 1 tick for longs or -1 tick for shorts
and at confliuent levels i eneter directly where I try the line where everything syncs up!
I enter with 2 contracts I enter a 2 point stop loss I dump the first contract @ 1.25 points the second is discretionary and i usually trail it once price hits 1.75 points if there is a close resitance I just dump the second contract at 1.75
I only aim for a total of 3 points per day so alot of times I can hit this with my 2 contracts in one trade, this works fairly well but if Im stopped out its a disaster this leads me to beleive my money mangement could use some work!
When I am stopped out id say about 55-60% of the time it ends up reversing and going in my favor after its taken me out this leads me to believe i may also have issues with my entry which in turn changes what my stop loss should be!
When trades are going against me im going through mental hell i can litteraly feel my butt cheeks clinching up until it comes back in the green!
Sometimes the trade just plane goes against me!
My rules are no trading before 9:30 or entering a new trade after 11:30 until atleast 1:30
if im in a trade I wil try to get out early if 11:50 is approaching
I ignore news and stay out the markets 5 min before and after releases
After noting the fair futures value and note if market is trading above or below pivot I especially look to take trades based on the markets bias
I have a small daily goal of 3-5 points daily, And am only allowed to take a MAX of 3 trades per day
If i hit 3 on the 1st trade i log off and im done for the day if I get 2.25 or less I go for a second and rarely a third trade
If I have 2 losers in a day im done for the day
I try to wait for setups that fit my criteria 100% I note my confidence level in the trade and write how im feelng down so I can look at it to remind myself of how confident I am in the trade as a reminder when it goes in the red
I keep the T&S window open and try to watch orders allthough im still not sure how it works, and I also keep the market analyzer open with the DX, ES, TF, NQ and YM with there net change in points and percentage!
I am trying to learn to read tape though im not sure if that will help me manage my trade
about 85% of the time the trade will go in my favor by atleast 2-3 ticks which pisses me off because I feel like i should have grabbed the profits but on the same note alot of time i grab profits just to see the market do exactly what I thought!
I was always taught that as a professional trader you should trade emotionless so I try not to move targets or stop losses but this may be impropper trade management
Ive ready many books one of my favorites was Mastering the trade by john carter!
I am hoping some of the consistenly profitable seasoned pros can help me to get on the right direction!
Im looking for ANY feedback from pros only please!
FYI i love talking with other traders so Im on skype @ youngceo615 feel free to ad me!
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