I liked it better when big S&P's was $500 a point, $25 a tick, swinging a ten lot, didn't need to work at it like now. LoL, make half point a day then and be done. Wasn't easy to make it back then either, but there was good volume and not competing with faster internet or computers.
3 trades today. Done after 15 minutes. 2nd trade was 1 contract only as I switched ATM strategy from 3.0 to 1.5 points and NT automatically resets to 1 contract and I didn't notice it. + 3, + 1,5 and + 1,5. I will probably stop posting now. I just figured I could post for this week as my strategy co-incided with the thread topic and it shows what is possible with fairly modest profit targets and a fairly short session (< 1.0 hour every day and usually < 30 minutes). I have a fairly high win rate with this strategy. Here's the entire week.
Nice Work LF. I will stop posting now too and get back to work. Today I am done way later and did 9 points in 18 trades, but the LWM (-13 points) was way off kilter, so all in all a BAD day. System is reset for next week after making adjustment. Have a good weekend all.
Thank you. The goal is to eventually scale up contracts and not profit targets, so we'll see how that goes. I keep in mind that guy I talked to who simply targeted 1 point per day on 30 contracts. It's a different way of approaching the markets.
I doubt if that trader you talk about is still just going for one point with 30 contracts. The range with ES is so huge now days compared to many years ago.
You trade 3 lots and using 11pt stops ? I have come upon traders here that were consistent at 2pt, 1pt, 1 tick and quit for the day, I often wonder if they had day jobs and only had so much time. I ran backtest on what I did last week with 11pt stops, would have given lower losing percentages. Lol
I've been thinking about that too, but it's possible he still does go for one point. It's only a few years ago and the ranges were still quite good then. I think the key with his method was that he had settled on a conservative daily profit target that he felt he could achieve on a daily basis. In his own words, he said, "I know I'm leaving a lot on the table...". I don't know.
5 lots. One loser last week at 6.5 points. Hard stop is submitted at 10 points upon fill price, but I will try to not take a full 10 point hit. Generally, I try to capture some momentum, so if no follow through I'll happily take a tick or two and wait for the next trade.