update.... added at 1313.75 and 1314 scalped for .75 one contract at 1315.50. Average now is 1313.80 and looking for a break even around 1312.75
Adding more contracts to a short position in a rising market is fighting the trend. You need to have a way of analyzing what is going on otherwise you are just doing a Martingale approach which will cause a blowout for certain someday. Have a good reason to add to a losing posiiton based on detailed analysis, otherwise it is just....
I was about to say the same thing. If ES clears this level it is probably headed for the recent highs.
First of all good luck to you. Who do you with? And how do you like it? Now I am doing some simulated trades and some real ones on IB's platform, which assumes $4.8 RT bundled. For those who say that even $3.75 is too high, who do you recommend as a low commish, relliable brokers for e-futures? Remember, starters are usu. low volume traders. Thanks in advance. Opra
I was just going to write the same. I mean if you are willing to try with 30K you should know your system, how it performs and how much it should make a day. Based on that, you can make a safe and conservative trading plan, but you HAVE TO STICK to it... Right now you are averaging into a losing position, doesn't look like good money management, unless your trading strategy allows it. Does it???
Still in trade. I understand what you guys are saying by adding to my losses. My thinking about the markets are they usually trade in a range and my day is easy. When the markets trend like today it does hurt but it also pulls back. The news that came out was really not good for the shorts but thats my life and I have to trade my way out of it. Looking to exit at 1313.25 and 1313 and will be done for the day. Will go short again at 1315.25 for another .75. If market goes up I'll add more around the 1318 area.