Hello,
I am new here and I only trade the /ES. Although this is FX forum, the material here is good because its all trading. I'm glad i found this website.
I have been trading ES for about 2.5 years, one year of that is paper. Results, I am down -$2000 since I started 2.5 years ago. I dove in head first with real money, and loss of course.
I think something is wrong with my risk vs reward, cause I win sometimes, but trading one contract is hard. Its like I am up one week, then down the next, and I can never get ahead.
I just want to make sure I am on right track here with my plan.
Here is my trade plan in short:
Contracts: 1 contract for now (I plan to increase to 2 contracts once I make $2000-$3000)
Stop loss per trade: $100 to $125 (my plan is -2pts stop loss)
Profit taking: $400 (or 4pts)
Trade method: Only support and resistance areas and with the trend.
Time of trade: Only mornings, I look for a good trade and want trade past noon. I try to catch the first trend of the day.
Number of trades per day: Only 2 trades per day
max loss per day: two stops outs and I am done for the day
I only want to trade support and resistance, no indicators, just price.
Concerns:
1. Trading one contract is very hard. I would love to trade contracts and take one off at +3 pts profit and let the other contract ride for as much profits as possible.
Questions:
1. Should I increase to two contracts now or stick to plan? Trading one contract is just hard unless I simply change my profit rule to 10pts per trade and move stop to +4pts once the next resistance is tested or demand line breaks.
Thanks for any help provided
I am new here and I only trade the /ES. Although this is FX forum, the material here is good because its all trading. I'm glad i found this website.
I have been trading ES for about 2.5 years, one year of that is paper. Results, I am down -$2000 since I started 2.5 years ago. I dove in head first with real money, and loss of course.
I think something is wrong with my risk vs reward, cause I win sometimes, but trading one contract is hard. Its like I am up one week, then down the next, and I can never get ahead.
I just want to make sure I am on right track here with my plan.
Here is my trade plan in short:
Contracts: 1 contract for now (I plan to increase to 2 contracts once I make $2000-$3000)
Stop loss per trade: $100 to $125 (my plan is -2pts stop loss)
Profit taking: $400 (or 4pts)
Trade method: Only support and resistance areas and with the trend.
Time of trade: Only mornings, I look for a good trade and want trade past noon. I try to catch the first trend of the day.
Number of trades per day: Only 2 trades per day
max loss per day: two stops outs and I am done for the day
I only want to trade support and resistance, no indicators, just price.
Concerns:
1. Trading one contract is very hard. I would love to trade contracts and take one off at +3 pts profit and let the other contract ride for as much profits as possible.
Questions:
1. Should I increase to two contracts now or stick to plan? Trading one contract is just hard unless I simply change my profit rule to 10pts per trade and move stop to +4pts once the next resistance is tested or demand line breaks.
Thanks for any help provided