Wow, am suprised how future ps shot out of the opening gate to the upside. Will let things settle in before making any trades.
We could roll over from here and drop down to 3338,50. But as long as we hold above the current LOD - it looks good for another leg higher.
Well, my prediction for today's session was an Up Day. So far, so good. Have not made my weekly prediction yet, though. Not as bullish as you medium-term. FOMC minutes/statement on Wednesday?
Hello, How do you decide when to stop trading after losing on the day? For example, what % of your capitail do you have set for daily and weekly drawdown, that you will stop trading? I am trying to determine this percent for when I trade the ES daily and stop over trading and get the big losses per day. Thanks,
How many trades do you normally do in a day? Were some of your losses due to emotion? Are you sure you have an edge? In my case, I zigged when I should have zagged all day today, but still ended near breakeven due to tight stops. Wider stops would not have helped me. Know exactly why you are entering, avoid chasing, and don’t let losses run beyond a reasonable point. Edit: On ES I generally use a 3 point stop. More exactly, I use a 12 period, .5sd keltner on a one minute bar chart to help define my entries, exits, and stops. Note: I said “Help” define. I use other inputs as well.
This is how I operate...if I am having a losing day after 1PM (EST) I am done and accept the fact that it is a losing day...then look back at my winning days and count my blessings. A gamblers attitude has no place in this business. If you can read the direction at 3:50...more power to ya. I play with my wife during that 2+ hours...LOL. 35 Years and she's still responsive.
Hello Gaslight Capital, Thanks for the response. I will look into that. Do you know day traders that do not have losing days trading the futures markets? I've never heard of any. Just asking. Thanks.