Discussion in 'Professional Trading' started by AHGChat, May 16, 2013.
I wonder how many people here achieved such thing, is this possible?
How many contracts?
There are probably a handful of market wizards here (out of thousands) who can do it, but they won't be the ones to post.
I just don't understand the fascination with index futures. The S&P emini were great to trade 10-20 years ago, but not any more; unless you like the constant back and fill. My recommendation is to look at the other futures contracts and skip the index futures.
To achieve $500 per day on average, day in and day out, on one contract, sounds overly optimistic. To do it occasionally is not a feat. On the contrary, it's very easy to lose the same amount if not cautious...
5 contracts x 2 points will do it.But your not going to make money everyday. You will have losses, so the equation changes.
1 point a day average is very doable. It requires discipline and a winning method, but it is doable. So if $500/day is your target, 10 contracts will do it. $5000/day, 100 contracts. $50,000/day, 1000 contracts
May I suggest starting small?
Not only doable, it's REALISTIC!!
I trade TF, YM, and NQ. Not automated. Intraday trading only(for indexes), flat at the beginning of the day, flat at the end of the day. I "normally" take 15-20 trades per day combined across all instruments, with no more than 8 contracts on simultaneously across all instruments. I do not trade ES for several reasons, the primary being I do not like the .15 tick differential between the ES and SP. That's just a big arb, and l believe is cause to many of the quirks and problems pointed out by others associated with trading ES.
Just think about today, 5/16/13 ...
TF had a RTH range of 990-881.5, 85 tics. Assuming just a straight line with no counter movement, that's a per contract dollar value of $850
Lowly YM had a RTH range of 15278 - 15192, 86 tics. Assuming just a straight line with no counter movement, thats a per contract dollar value of $430
NQ had a RTH range of 3019-2996.25, 91 tics. Assuming just a straight line with no counter movement, that's a per contract dollar value of $455. Interestingly, today the range in each of these instruments was a straight line high to low in the final hour. LOL The previous 5 hours or so of RTH trading was just bonus!
So do the math for YOU... using YOUR system(s), techniques, and methodologies how many tics (total cumulative in a day) by 1 contract would YOU need to keep for $500 total? Be sure to include commish and fees. How many trades would YOU say YOU would need based on YOUR style? Do you have the discipline and inspiration to do this? Don't forget counter move opportunities too. Or are you swinging for fences?
My 2 biggest words of advise...
1) have many tools in your tool belt and knowledge/ability to trade different instruments. Be prepared to trade minimal ranges and/or know how to trade other instrument(s) where action is suitable to YOUR style.
2) if you have a NEED to pick tops or bottoms, as sooooo many on this board try, you should not be a trader, futures or otherwise. Picking market tops and bottoms are for ego-maniacs and liars. The ONLY tops and bottoms that matter are bikinis. When YOU determine to buy or sell, it has nothing to do with bikinis!
I have done it but my lack of discipline keeps me from doing it everyday....
The trouble is changing mind sets from providing liquidity on choppy days and times to trading trends when there is momentum.
but IF you lose 500 on Wednesday...you kill two days!!!
IF you lose two days of the week....you make only 500 a week!!!
so .... better to make 10,000 one day....lose 200 next...repeat
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