Well done. I guess its something ill have to find out for myself. I often think that bigger stops will help me, and it also seem that way when i go over my numbers in the evening. However, when i tell traders this, i often get shot down in flames. "bigger stops are just compensating for bad entries" etc... Its not a disaster yet, First 2 weeks have been green. This week will be red. After a month or so of keeping the journal i will decide whether to carry on as I am or changing things around. If i change things, one of the changes will likely be to make my stops a fair bit bigger.
True, you just have to find what works for you. Bigger stops are more forgiving but then you need larger targets or a higher success ratio. I just know I cant trade with small 1 or 1.5 point stops. I get stopped out too much and overtrade. I have learned the hard way
This may sound like a dumb question but what is ES? Some trading platform? I've traded commodities and futures before but haven't even heard this symbol.
Not that you asked for my advice, but take a look at your numbers. You are taking winners of 1-2 points. Thats 4-8 ticks. Your slippage to get in and out is one tick, plus commissions are another tick. So total slippage to get in and out amounts to roughly 25-50% of your entire projected move! Those are really, really, really bad odds. You shouldn't be trying to trade like this. Either try to trade for more points per trade, or trade something else like TF or CL, which has much wider swings relative to your slippage costs. There are MUCH better markets to trade than the e-mini overall, but in any case trying to trade ES for 1-2 point moves is completely INSANE given slippage and commission. Take it for what it's worth.
If what you really want to do is daytrade stocks, why don't you just try looking up a prop firm? You can usually put down around $5000 and they will give you at least $100,000 worth of buying power.
Oh ya duh...... i was trying to figure out why ppl trade S&P mini options instead of S&P the real thing in options unless they dont have enough $$$ b/c the option premiums on S&P mini is waaaaaaay lower anyone know?
thanks for the advice. Something to think about. After the intial month or so, I will go over my numbers and likely change things around a little. Polite advice such as yours is always welcome from anyone.