Haha so net-net for the week, I'm only +$24. Which is a big improvement from last week but as we all know, no one can make a living off $24, well for that case, no one can make a living off of 1 contract. It's a good thing my life doesn't depend on this money...
I'm still trying to decide on two things: 1. If my daily profit target should be 1 point or 2 points, it seems that every day now I've reached at least 1 point. 2. If my daily stop loss should be -4 points, or 2 consecutive losing trades.
Kylash, your win % is not greater than 50%, so everyone here telling you to change your R:R ratio is correct. If you use a 2 pt stop, you need a 3 pt target or better. 2:1 will improve your odds even if you have more losers than winners. This will protect your capital while you develop an edge.
anybody suggested you to get some capital from your parents to top up the account to maybe 25K? Then you trade SPY instead using your at risk capital. Does this make sense to you?
stop scalping, that how i started and i blew up. how did i turn the corner you ask. 2 WORDS, SUPPORT/RESISTANCE plus i stopped trading the ES move over to the YM. but plz dont scalp do a little homework the night before. Find out all the economic news for the day. Create a plan before the market opens and trade support and resistance. i use forexfactory for my economic news. i can tell you trading will become a lot easier for you. you dont seem to have an over trading problem so pick your levels set your stops and trade dont gamble.