I have just started trading the e minis last week and closed down $1500 for the week trading the ESH4. I only trade between 2-5 contracts at a time, don't hold overnight, and set a 1.75 stop loss. Wondering if the NQH4 might be any more forgiving than the ESH4 or both about the same?
Though members will be shocked to hear me say this, it most likely depends on your trading plan. If you have one, there is obviously a problem, and the problem won't be solved simply by switching to a different contract.
I would agree with you; my problem was not with my plan but that I violated my plan. I had 2 large losses that resulted from me pulling a stop loss order because I saw it about to get taken out; then I decided to add to losing position which just compounded the problem.
The question, then, really has nothing to do with the ES or NQ but rather your inability to follow your plan at the time. If the large losses had something to do with that, then there are a number of issues you're going to have to look at. May as well start now before your losses begin to add up.
trading smaller size using SPY or QQQ ? of course if you do not fit the PDT rules of capital you cannot trade actively these names either
Case in point of why, despite your often castigating manner, you offer much added value here. I hope Dominic really hears what you are saying. In fact I hope Pabst hears what you're saying.
Dominic you commented on this in my journal but I feel this is a more appropriate place to discuss it. If I were you I would seriously consider scaling back the amount of contracts you are trading. For right now you should be trading 2 contracts at most, and even I feel that is a strech, however 2 is good for scaling out. I must concur with dbphoenix here and note that changing instruments is not going to help you, instead you need to stick to your plan. If doubling down on losses is not part of your plan than the reason you lost money is because of failure to follow your plan, I know this sounds simplistic but that is all there is to that. Try to understand the reasons that you doubled down on these losses, was it due to fear ? or was it due to some other ingrained bad habit ? Either way you need to work with yourself until you can get rid of these problems. Adhere to your stops and these problems should go away on their own, until then there is no reason to trade any size whatsoever.
change your strategy or get out of trading altogether, that's the best advice any1 can give you at this point. Just a thought.