i didnt see the comment about china data. im bullish and i buy sell offs. my comment about a 3 pt stop is that the es is worth about 135k so even day trading you cannot set your stops too tight. the mkt knows you are risk averse and scared..i do the opposite of all the rules. most of my entries and exits are mkt orders so i can focus on the trade n mkt not getting filled. when i win or lose i dont take a victory lap. i get right back in if i see another opportunity. i add to losers i add to winners. i try and buy and sell tops and bottoms. if u use a stop it is typically only if im away from thr screen or for a flash crash and will set it like 10 points out. i usually buy or sell and add but i have an overall dollar amount of risk for the trade total..so if it is 500..i can do a 10 lot and risk 1 pt but you gotta give these mkts 4 to 6 points in es to move..no one is that good all the time. look at the spy..ur risking like 9 cents of risk at 3 points.maybe 10 cents..its just too close unless going counter trend.
Long 5 K's MES (yes MES, not ES this time) 3018.75. Super tight stop 3017.00. If it doesn't go in my favor, then it's not going to. P.S. "K" is how we refer to "contract" in the legal world. Not sure if we use it in trading, but it comes in handy.
4 to 6 points will get you more profit. why is it a problem brining it to profit? stops that is? they know u do this so when finally in profit ur stopped out early..just set a hard trailing stop say 5 points and leave it be. put trade on..walk put in trailing stop and walk away from the screen and have an alarmnor text alert sent to your phone. do an experiment. put a pot on to boil and watch it until it boils..do nothing but stare at it looking for potential patterns when its going to boil..then do it again and walk away amd go donsomething else.set your alarm for say 5 minutes..come back to the pot..which one was easier more and all in all better ?
just use the word lots. long 5 lots and if trading the mes do 2 or 3 and triple your stop distance..why do 5 and have a tight stop..its the same money risk but you give yourself a better chance..its afterhours trading on sunday. u need much larger stops.
It's not moving. Sold 3018.50. I'm taking @Overnight 's advice and calling it a day. See you all tomorrow on @Buy1Sell2 's thread!
look if u watch any of the pros trade on the screens u say..how can they be trading 3 or 4 mkts at a time. well they do this so they dont watch their position!! retail traders back in the day phoning orders in did muchbbetter ecen with a 30 dollar commission..well why or how u ask. 1. they had way more commission to overcomrle so they didnt set stops very close becayse it was expensive to trade in and out. they didnt want to get stopped. 2. they ddint really have great 1 min charts maybe 10 minutes or end of day..they picked large levels and picked up the phone. made a trade as they were golfing or working!!
Want to thank you for your comments and attention on the Russell, have added it my watch list. It has provided some nice trades, when other indices were not. Trading small as I do not know the beast yet, but has been profitable. Thanks again.