I still have no idea why people keep thinking it's better to trade the 1-minute charts. There is so much noise there. Learn to determine daily direction and the higher time frames. They are much more forgiving if you get the primary trend correct. Use the micros to adjust position size.
I was using micros prior to switching to ES. However I noticed that I didn't treat it as seriously. And I would punt more often than not. 20 points is way too wide for me as a stop. However I do take your point very seriously and may consider switching back to micros if I start fucking up on the challenge and I need to respect my risk points more seriously. I was also told this by my other mentor, and probably may switch back to 10 lot micros and scale up 20% every few days.
Sorry for not being clear but I always look at the daily>4hr>1hr>15min>5min>3min>1min. There is noise, but I am looking for the perfect entry. It's mainly trading all timeframes, more specifically the 5min. But I am honing in on the 1min to time as perfect of an entry as possible.
Honestly this journal is mainly for myself. And I appreciate any criticism or input from others. Even if you say I am stupid and I will fail, I respect your input. I am not obsessed with ES actually, but I was told to focus on one market- and so this is the product that I chose for now. If I don't see progress or let's say I see more trades on NQ, I will switch. But for now this is the product, timeframe, and style I am choosing to forwardtest live. Most of my money is currently tied up to bitcoin/ethereum which I got in at the very low in 2020...I know it's a low amount to start with- but this is what makes the challenge exciting for me. I need to have a very tight stop loss, good risk/reward, and extreme patience for the setup to come to me. I believe that as long as I am disciplined in the process, I can do this. And if I fail- I will fail publicly, but that is fine. I've lost that ego many years ago.
Who told you to focus on one market. Why have you chosen the ES. This is something EVERY beginner gets wrong: You chose a market because you feel that you can make money. The noobs decide to trade market X and then spend years to figure out how to make money in it. It's far more important which table you sit down at than your skill level when it comes to playing cards. Same for markets
1.6k$ account to trade the ES???? You just need to go pee and get back for you account to be wiped out (especially doing manual trading). Well, you need either big balls, or stupidity, or a bit of both. Anyhow, I wish you good luck, cause you'll need it!!!
Moreover, if you only have $1k in your trading account after 13 years, I am genuinely sorry to say that I don’t think this game is for you. Investing is so much easier.
Day 1: Open drive day- after the 1st pullback I should have went long 1 microlot minimum to hold for a longer duration daytrade. Market internals were giving me false signals but price action was telling me it wants to climb higher. I initially shorted the 1st spike on ES but the price action was telling me I might be wrong, thankfully got out at scratch. Then because after the 1st pullback, I saw that the bulls stepped in, I realize this is truly an open drive day and thus should switch to MES as I am not really good at trading open drive days. At least haven't backtested it fully. Because it's an open drive day- I don't want to push when I know statistically I do not have an edge from not much backtesting these type of days. Since it's Taco Tuesday, I am going to get some tacos before heading to my dayjob. MES- Net gain 8.75 points ES- net gain of 1 tick