that looks very good..can you show the trade log or do you want to not show? be interested in seeing times and then comment on same
I was able to get in 58 option contracts. Flip it out for $2K in 15minutes. Had I exited a little better it would be well over $3.7K. And again if I held a little longer it would have been be $10K. Now to illustrate it was not all luck. I had a losing trade of $184 today. I like that Gain/Loss ratio. More than 10x. When I'm wrong I try to get out as fast as possible. This has not always been the case. Learning from my mistakes. I just need to learn to hold onto my winners longer for the $5K-$10K moves.
Only made $318 on futures. Futures is still hard for me. Only in IB IRA account, does one get LESS leverage trading futures than stocks and options. LOL. Profitable in 3 different asset classes so far. Gotta keep working at it. Gotta go to work.
you did not answer the question..what was your risk set at..from what you say.. depending on Delta..stock had to move between 40 to 80 cent..or bit more how many contracts or shares traded for the $184 loss?
i used to..futures and options..stopped due to personal reasons some time ago..getting back into things just now and hopefully be ready to start again when micro minis launch next month..you would be amazed how much you forget when you stop..I am in no hurry to lose money as I know how easy it is to get sucked in to daytrading futures..will only start when I am confident with my setups and emotions
yes that is true even being away from trading for a day or two you tend to forget lot of things, it does need constant observation atleast for me to be intune with market and have that confidence level when getting into trades. You just need to observe it or sim trade for atleast a few weeks. you will get the momentum back soon as you seem to know your shortcomings. as a matter of fact, i was up till late at a party i attended last night and today when i logged back into my trading computer at 11:30 est. it was very diffcult to spot any trades. Just not there at the moment, even a few hrs of distraction is hard for my style of trading.
it is very easy to trade..any silly willy can do it..but getting the timing right to limit risk can be tricky..and even when you think you are good at it you can easily have multiple trades go against you from the moment you enter..lady luck! however..by playing the numbers.. along with good timing and risk management..it just becomes a matter of time getting that timing right is not as easy as most think..and trading in the middle of a range can be very risky..I found it much better to wait until the major levels are approached and the momentum starts to build up..whilst DOM can help improve timing..it is not the most important thing IMO.. especially with so many algo trades with the ES..whipsaw can be a major problem if trading with tight stops of 4 or even 8 ticks!
yes you are absolutely right, for me getting in a trade at the precise price is a must since my stops are very tight. Sometimes i do have to drawdown as i am not able to time it right. but most of the time it works good. Since your play sounds like longer duration trades or atleast not a point or two, i am sure you are able to manage your trades better. For me short plays and number of plays matter a lot. I am trying to better my take profit target and slowly getting there where in i can take 4-5 pointer. but those plays i cannot micro manage and need to be away from my computer. I just set a stoploss and take profit and forget about it.
it is not easy..if it was anyone could do it..there is a direct link between consistency and discipline..doing the same thing over and over works both ways..so..to win..one must do the thing that is the least risky..and when confirmed..make use of the situation..or..the good luck trading multiple contracts and walking away is not a good idea IMO..what happens if sudden bad news and price gaps..been there done that..saw over $9k wiped out in seconds..not a nice feeling the ES is not to play around with..if walking away then I would trade options..at least when you buy options you know your max risk..it is just that buying is not the easiest way to make money with options..especially if you are paying more than the option is actually worth no easy answers..for some it becomes easier if in complete control and can be in the right place at the right time..that said..a silly willy will never make money unless he/she learns from mistakes and changes until the timing is good enough to produce a lot more low risk entries than high risk..profits will follow naturally..the amount of profit then determined by the bank roll size and ability to act and react to what is actually happening.. which of course is where the experience comes in..and a good "strategy" also of course..you cannot make a silk purse out of a sow's ear!!