Does anyone trade the eminis ES,YM etc. without a 'stop'...yea that takes guts I know...do all of you use a 1,2,3 point stop etc. or does anyone trade them without a stop of any kind?
Yes I have traded the ES frequently without a stop but was perched at my desk with an exit order queued up and my finger on the mouse button -- dangerous way to trade, I know. However, in recent weeks I've begun using firm stops and also trailing stops during scalping sessions because it's gotten rather exciting---er, volatile. Of course, where you or me or anyone places their stops, obviously, depends on their level of risk and particular trading strategy for a given trade. When scalping a big move I'll do a 2 point TS but even then that stops me too quickly, and I'm thinking of making it a bit broader to try and avoid those 2-3 point bumps before the ES resumes my intended trend. That said, when I did trade the ES (my primary e-mini) naked I gave myself a mental stop and a firm fixed stop. The mental was 2 points and the firm fixed was 3. And when I briefly traded the ER2 I -never- went in without a stop, because at times it moved too quickly for my tastes.
Sir...this is constructive...why is this question bad?...cannot a person ask any type of question?..by the way, I love Sydney!
perfect...great post...when you traded the ES with no stops, what was some of your max draw downs at times?...I.E....2,4,6 points in the hole etc?...thanks...you hit right on the head what I was after...thanks!
IIRC biggest drawdown when trading naked was 5 points -- I let "hope" get in the way of my trade plan and ate another point or two. On one contract that's perhaps okay now and then, but IIRC I think I had 3 or 4 contracts on that one and just got stupid.
Yep....particularly on FOMC days. Traded right through them. Fortunately I got out when the next directional wave came in my favor and my trail was triggered for a small profit, but it scared the bejebus out of me. Had it happen both on trailing stops and firm fixed stops.