You need a high win rate based off your stop loss. Use a bracket and start at 2 profit and 4 trailing stop loss(go back and read the explanation) and enter through a market order. (83% needed for break even) so 5/6 will yield a small profit. Sounds impossible but 100% some days, times a few contracts, for 5 hours a day. I'm handicapped and look forward to the trading. Ninety percent win rate is realistic for the long run. BINARY RESULTS yes that is the case when you trade in an unsuitable market. Today should be good results from the momentum since we are momentum traders. I was getting 65-35 win loss for a long time. I had to find why I was losing and correct it. I go 1 tic profit and 5 tic trailing stop loss which is a 2-4 trailing stop loss bracket using a market order only. Wait for momentum and jump on and off. I use tradovate for low priced commissions and can use my phone when I'm out. I also use a projector on the wall and sometimes the ceiling so I can lay down (spine damage). I also sit 18 inches from a 55 in TV screen. Like a hawk you wait so take breaks for a few minutes after a win or definitely after a loss. Pin point the trade you want and wait for it. that's what the computers do. I have three trade types that I wait for and when they appear I jump on them. At this point, i can look at my screen and decide in a second what to do, with efficiency. Still searching for the elusive "second tic". i think I will find it if it exists. Thanks for participating. Start small and set a few hundred dollars as risk. Trade a single contract until you earn a few bucks. If you can hit 7, 8 ,9 in a row then I'd say go to 2 or more contracts. No rush, the market will be there tomorrow. If you fail and lose a few hundred it's back to the paper trading and that's the loop to get in. Once your in tho, you're in. Took me over 2 years to understand and then 6 months to break even. This will be my first year with enough to say it is my main income.
I have tried several brokers and find them similar. Much I do not understand yet so I took your advise and funded with tradovate. I had plans to start small so I agree with all that. The win rate is alarming but i have had high win rate days like you stated. Would you mind if I asked you a few "to the point" questions about your modality? Maybe a private message for security? Thank you for the information and I hope you FIND THE 'ELUSIVE' SECOND TIC. Seriously I hope you are comfortable and not in too much pain. My father had a spinal cord injury and I watched him suffer for two decades.
Thank you for the kindness. Send me that PM when you're ready. I saw your profile page and I'm moving back to Las Vegas in January. Lived in the Lakes in the late nineties and shooting for Summerlin this time. I was a chef at Caesars, loved working in the casino. Keep practicing on the screen and you will do fine. Keep being kind and you'll get the help that is available here. Read the other threads and find out which names are giving real experience and which ones are misfits hanging around for some scraps or thrills. You'll figure it out being former upper management. If you can profit from this, it is one of the American dreams. A cell phone or computer acting as an ATM that allows you $200 a day and no payback. I'll take that! I am taking that. Great to be paying taxes again and contributing to society. Not embarrassed to get government help, just feel better contributing. Cannot wait for the all you can eat crab legs, cannot wait.
I told my friend how I've been spending my time and he wants in. So I showed him some basics of that the ES and off to the races he went, on demo of course. Can you see where he went wrong. If you want to learn, here is your chance.
So EX- I see too loose a stop loss or too close a stop. That is obvious based on what you told me in your email. Other than that? Thanks for reaching out to me. I don't understand it all but hopefully I will. I appreciate you. This seems like an all male society just like the casinos. Lizzy
Lizzy, thanks for the Kudos, I appreciate that. More positive and less negative and this world would be a better place. That result page tells so much more. look at each component carefully and draw some conclusions. You have to train your eye. If you are no good with numbers you do not belong here. Keep looking! No one else had anything to say yet. They are all so smart so it is only a matter of time. Go Lizzy Go- EX
EX I've got it! Eureka. The first few trades were on globex and the remainder were in Chicago. Does that mean anything to you? Lizzy
Yes, this is what is significant here. Time of day matters to a momentum trader. look over the daily chart, 5 min, and have the volume bars at the bottom. They will show you the way to the light.
I see now why you said day only. I also see why you stay away from the beginning hour and the last one. Definitely more surprises at the end. Lizzy
Watch for the afternoon reversal S and p closing at a loss for the session. the auricle has spoken. EX