ES learner

Discussion in 'Journals' started by lexcorp, Aug 19, 2009.

  1. Use larger stops and do less trades. I was +3 points today.
     
    #11     Aug 20, 2009
  2. lexcorp

    lexcorp

    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.
     
    #12     Aug 20, 2009
  3. 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 :)
     
    #13     Aug 20, 2009

  4. 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.
     
    #14     Aug 20, 2009
  5. it's an abbreviation for

    Evans and Sutherland

    www.es.com

    :eek:
     
    #15     Aug 20, 2009
  6. lexcorp

    lexcorp

    The symbol for the S&P emini futures contract
     
    #16     Aug 20, 2009
  7. FB123

    FB123

    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.
     
    #17     Aug 20, 2009
  8. FB123

    FB123

    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.
     
    #18     Aug 20, 2009

  9. 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?
     
    #19     Aug 20, 2009
  10. lexcorp

    lexcorp

    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.
     
    #20     Aug 21, 2009