Not to pollute your journal, but I guess I am. I have a buy in for the March MES a point below it's previous low.
That is a safe play, considering how far the SP is from it's ATH and the time horizon you have allowed yourself if you are entering the trade as a swing.
@Laissez Faire Got it correct. I've only been studying/learning/trading the markets since April 2014. Nothing like 2022 has happened in that time frame.
Hello Overnight, I perfectly understand. That is around the time I started trading as well. It is a lot of work and study and practice to get confident and consistent. Have you considering trading the SPY instead of ES/NQ futures market? I think SPY is a bit better for big swing trading style. You do not have to worry about contracts roll over and stuff. And its a bit less riskier and requires low account balance to invest and trade. I like ES for its low day trading margin to make a few trades and be done. Just my opinion.
Overnight margin for 1 MES is around $1000. How much margin is needed for holding 50 shares of SPY overnight? I could be wrong because i don't trade stocks these days, but i think almost ten times as much is needed?
As Businessman mentioned there, the big SPY stuff is very capital-intensive. Futures have much lower financial barrier to entry.
I pulled the 1 point below and put one on at 3548 in MES March'23. Originally had it for 3 contracts, but when I pulled the order and watched the carnage, I decided 1 maybe a better choice leaving the option to add to a loser at a lower level. Oh brother that is not positive thoughts or good trading. I won't continually post in your thread; just thought I'd pass on since I said I would eventually get back to longer term trading.