Either of those are valid words, so autocorrect wouldn't help you there. But don't sweat it, people worried about your spelling have too much time on their hands. Pay attention to what the helpful people (NoDoji, etc.) are saying.
Just keep going. Don't over think it. The best systems are simple (and logical). If you're profitable after a week or two, fund an account and go live. Always maintain your stops. 5% risk per trade is too high. 3% or higher is considered "gun slinger" level. Relative to other markets (ie: forex), the ES is rather uncomplicated. It's possible to "get it" after a day or two. Or years. Just depends. More than one way to skin a cat. Lots of edges out there. Posting live calls is a good way to get feedback. The real trick is longevity over different conditions. The ES has been rather trendy the past few sessions. If you're in the black during tight range AND trend, then it's good to go. You've got the right time horizon - longer term trades are better, more profitable, and avoid the chop and churn. Good luck.
cool man, thanks for that -- really informative and to the point. what does "chop and churn" mean? I only put it at 5% because $250 sound like something i wouldn't be devistated about losing. Then again, I haven't lost more than two trades in a row since I started so I might react differently. I think ill stick on demo for another month and work all the kinks out. here is a quick question for you guys: do you think its good to also do fundamental analysis and be abreast of the news or keep it simple and technical? and why? thanks for the responses thus far
No problem. Chop is a tight range market. Churn is when a trader enters and exits the market frequently at a loss. Best to assume 8-10 losers in a row, for max drawdown. That's not uncommon for beginners. Good idea to demo for a month. Best to be aware of major news announcements and exit the market 10 minutes before and 5 minutes after. Volatility and spreads can be erratic during that period. Lots of good, free economic calendars out there. Technicals and sentiment rules intraday. Fundamentals, not so much. They're more suited to a weekly and monthly bias, as opposed to daily. You're more interested in the daily gyrations, which are definitely "technical" in origin.
Fundamental analysis and daytrading don't mix. Stick to what you are doing. Go to Bloomberg.com and check the econ calendar each morning to be aware of mkt moving releases.
Cool so you think risk-management and studying the chart in real-time is enough for the ES? what are all these softwares everyone is talking about ie., eSignals, and tradestation etc...? What limitations am I encountering if i just use the DOM and the charts provided by OEC's platform??
cool will check it out. thanks. alright gonna hit the books. be back later. hopefully it hits the ~1329 in the next few hrs