In a one year, I have lost more than 20000 USD by trading ES! That's horrible for me! I have an account in IB, I could hardly stop trading ES Every DAY at home. I always made the same mistake " make small money, lose huge money", which is a common phenomenon to most of the future traders. Can anyone here help me ? Is ther any advise on ES trading? thank you very much!
Are you profitable in other asset - like stock, futures, fx ? Or you trade only ES and have been unprofitable this year. What about last year and before that. Give us some background then you will get good advise.
Click this link: http://www.elitetrader.com/vb/showthread.php?s=&threadid=228628 More than 90% of small traders lose! They just lose!!
Yes, trading futures is just too disastrous in the day trading time frame. Too much emotion involved. All this nonsensical conventional belief of overnight risk or monstrous gaps lures many into wrong mindsets. Maybe my journal can broaden your perspective: http://www.elitetrader.com/vb/showthread.php?threadid=226737 Since you intend to give up on the ES, by all means, I'm not trying to convince you otherwise. At least I am profitable with my approach.
Sounds like most rookies trading ES. You need to trade a system to take most of the emotions out of it. You need to be capturing more than 2 point moves and trade a lot less. ES doesn't provide that many opportunities during the day, but when it does, the moves are nice and you need to capture those 6 or 7 points. Also, you need to be aware of the times during the day where you will be churned out, like lunch time.
His perspective is very narrow, not any easy thing to fix... if he can't see himself.. You can't get any more irrelevant than this question.... prove how the asset matters? The same principles apply no matter the gamble you take! So... did you ever try the opposite? ...And this is the reason that:
Different instruments have different personalities. Some are prone to breakout and continuation, some are more fakes - intraday context. Different instruments have different times of day best suited to trade. As a proof, In my trading, I am 'consistently' negative trading ES - myself lost around 10k in last 6 months. On the other hand, I am 'consistently' profitable trading FX. EDIT: Also, there are some strategies like mean reversion pair trade that can only be traded on multiple underlying simultaneously. So, your point that this question is irrelevant is WRONG.
Is it wrong that the first thing came in my mind is what my man George on Seinfield said.... if everyone you do is wrong, then everything you do in the opposite must be right. Maybe you need to flip around your strategy! Seriously though, trading single product outrights are not easy. You should look into interproduct spreads to reduce your risks (I know some of you will post multiple replies on risks on spread trading...). Look into using spreads to hedge your exposure. Good luck.