People, I just joined to find a way to get the software mentioned as Sierra which would contain Fibbonacci alerts on the charts. But haven't seen where it's offered (free or for $$). Can some nice person helf me on this? JohnWaller Sunday
Man, on what exhange you are executing your E-mini's ??!! Don't think this needs further comments. There is definitely a difference between 1 and 100 contracts. But you have to trade them to know it. I already experienced the difference.
Hi i am new here and plain damn i d'like to say that nitro is 100% RIGHT ofcourse none of the poster that desegree with him has to admit to that,maturity is the sign and thanx nitro for telling like it is You make the diffrence
I don't think too many have actually attempted to answer this question as people have got somewhat sidetracked on this thread. The difficulty with making 1 point a day on 1 trade are your drawdowns or when you are wrong. No trader has 100% wins so some days would be losers and since you're only doing 1 trade per day you wouldn't make 1 point a day everyday. Moreover, on your losers how much would you lose? Even if your entry is very precise, it is hard to limit all of your losses to 1 point unless you are very arbitrary about it. And if losses are more than 1 point then the R:R is less than 1:1 which isn't exactly ideal unless your win percentage is very good. I think it would be better to look for high probability trades with a good R:R. It is definitely possible to make more than 1 point a day (on average) consistently on the ES and that is what successful ES traders do. My advice would be don't focus on profits, but developing an edge with a positive expectancy and then trading that edge consistently.
Very good advice. Find out what you are able to make; and try to improve it afterwards. Focus on not losing instead of winning. If you can manage yhe losses, the profits will come automatically.
Perhaps it is, but I have not been able to achieve it... personally, my long run average is 0.5pt on ES per contract per day... and I have a very nice living off this... further profits are made in position trades and overseas markets... I agree, LondonUSTrader, with much else of what you say though...
I also trade other contracts but looking at the average margin I use and assuming that ES is about as good or bad as my other contracts since 1998 my average daily gain is 20-30 Dollar per day after commish. I am trading 100% discret. , no mechanical system, and very often, I don't acknowledge my stops (which is as often good as wrong). I think with a little more discipline, 60-80 Dollar per contract may be possible. Making more than 100$ per contract as average seems quite hard to achieve in my view. I met a lot of traders who claimed to make 3-4 points average per ES per day and the funny thing is that most of them don't trade any more now. I came to the conclusion not to believe anybody unless I can see his account statements for at least 1 year. I also have days, averaging 2x daily range per contract and could post that statements to get people admire my wonderfull trading, but sadly enough I also have days averaging minus 2x daily range per contract and in the end only the average on all days count. Just my 2 cents. Top
It seems that this is one of systems that produces 1 or 2 points a day, but maybe too soon to tell. http://www.collective2.com/go/foxeminiopen