Brad, You can make that but you will have to come up with a mechanical system with precise entry, profit taking, and stop rules. You will not able to do winging it every day. John
John, Thanks for the good advice. I was watching the 1 minutes today and saw some good entries and exits via Fibo's and S/R. But like you said I was somewhat winging it. I have Wealth-Lab to develop and backtest and mechanical system, just have to get around to coding it.. Thanks again...
Today i shorted 1 ES, but it went opposite and my loss was 1k within 20 minutes. But later I longed 3NQ once I noticed mkt going against me. that saved me. I am still trying to learn the behavior of emini sp500 and nasdaq. Usually ES fluctuates within 40 points in a day. for ex, it is safe to short when ES is +20, and buy when ES is -20 pts from previous days close. But, yesterday was exception, it ranged almost 80 pts.
Want to know how? Learn TA (Support/Resistance). Learn how to read Internals and Sectors. Learn chart patterns. Take every major pattern you see in the direction of the internals and make sure you take money out of each trade. Easy enough? One other thing. Read a book on Trading Discipline and Psychology. Read it again. And again. And again. Meditate on it. And then read it again. Then take every damn trade you see. Good luck.
The only way you can make a living trading is learning to read the orderflow into the future pits and the index components. If you cant do that you might get away with making money but in the long run you will lose it all. Trading takes many years of losing a studying to get it right.
The number of points on average is controlled by the number of contracts per trade including scaling in and out. Check out eminidaytrading.com. You trade with them in real-time and their full track record is posted on their website.