I am interested in finding out how others trade the S&P emini futures. I trade a system that targets 2 point moves most of the time. I guess I am a scalper, not really sure. My risk on these trades is very small. Does anyone take a daily position, in the morning before the open in anticipation of the direction for the day? Is this successful? What type of targets do you look for? And how do you handle your stops? How do you handle the erratic moves at the open? Sorry for all the questions, feel free to be brief. It just seems interesting to me and I don't know anyone who trades the ES this way.
To make money in the futures industry, you have to do what the professionnals do. SCALP THE MARKET. To properly scalp a market you need to do your homework. Know your levels and have good support and resistance points. Trade the market. Buy breaks and sell rallies.
In the classical Nitro fashion, I predict this thread reaches 50+ pages... Visiontrader: Every shade of gray will be argued in the next few days about this topic. You have really opened up a can of worms on this one...
Which is silly because style is a personal thang. Mine is plain vanilla hit 'n run scalping off retracements and reversals with respect to pivots and horizontal s/r. Uni
When the market has failed to decidely show her hand and/or when I feel out of synch with the bigger picture, I am a scalper and will hold onto stuff for only upto a minute (my size is increased bigtime when I scalp, cos my stops are tiny)... when the market action is readily apparent to me, I try and accomodate such action within one of my strategies (trend, reversal etc)...
VisionTrader Most of my trading in the ES is initiated by sells. I sell into uptrends, I sell into downtrends and I sell in trading ranges.
Yes, vision.....I trade the open with a directional bias (strategy runner will automate this for me). My directional bias is proprietary with a 93% winrate. Some say this is luck, due to my low target verses my high stop in points. If I do not get my target in 15 minutes I use a time stop and am out. I use a money management system to pyramid the contracts partly based on account balance, but pull money out of the account to keep the contracts from pyramiding to high. With the money I pull out of the account...I lose in scalp trading the rest of day...LOL To trade successfully and accuratly from the open you need to automate because of the speed in the AM. My system goes for a smaller target than yours, Vision. I have work in progress to increase my target and yield more profit while reducing the winrate minimally. Due to the pyramiding of contracts the winrate is important to the system. I have called a few trades in the elite chatroom, but those pro's in there tolerate me only for a few minutes Michael B.