I am looking into daytrading the ES. I just wanted some of the ES traders ideas. Like different indicators, time frames (all intraday), and overall trading ideas. Once one is an established and profitable ES trader, how many contracts are they trading at one time? Any input will be appreciated.
Almost everything has already been said on this board. Do a search here and you will find some answers. Plus, your questions are very general, so you are likely to get rather general answers. Do a search and then you will be able to make your questions more specific.
When the number of contracts traded goes up, does that change the approach of the trader, or anything in the trading process?
If it does, it means you are not ready to scale up yet. Here's a common example: Let's say you have a successful strategy trading one contact, and then you decide to scale up to 2 contracts. Then you decide, Why not reduce my stops to keep my dollar risk the same? So you go from 4-pt stops to 2-point stops and all of a sudden your previously successful trading method falls apart.
yes, if you are trading for 1.25 points or less, no if your minimum profit target is 1.5 or greater. That's because the scalper is hoping for a quick move. If his price trades, and he doesn't get filled, he was right, his objective was achieved, but for some strange reason he is still in a trade which is now going the other way and he is all disoriented and not knowing what to do. All because he tried to cram too many camels through the eye of a needle.