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I have been paper trading a new strategy. If the candle is green, go long with a stop below the low of the candle. If candle is red, go short with a stop above the high of the candle. All on a 5 minute chart. Used this strategy for the last hour of the day and took 6 paper trades(stopped out on 5, with one break even). Definitely a momentum strategy but the results weren't good today for paper trading. With 1 MES contract the result would have been -$70 not including fees. I would have done much better if I had done the opposite of this strategy ahahah. However, I know that 6 trades are not representative of the success rate of a strategy.
Well I subscribed to Sierra chart data service for futures data. And I funded my futures account with a small amount of capital today. Should be trading next week . very excited. will be trading MES 1 contract each trade. Going to stick with strict hard stops. Let my winning trades run as long as I can. I know the successful traders on this site have said money management alone won't make you profitable. Going to continue working on gaining an edge.
That is a good question and I really thought about it. I really enjoy trading real money. It is exciting and the markets are exciting. I find it fascinating that there is someone else out there, somewhere in the world, that sells me a contract when my order to buy a contract executes. That actual exchanging of contracts does not happen in the sim account. I suppose it is the participation in the futures market that interests me, even though there is an almost near certainty that I will lose money. The futures market is just very intriguing to me and is one of my great interests in life, an interest I am willing to spend money on.
At least you are honest with yourself about this, too many are delusional about their prospects. You seem to be OK (and realistic) with the expected outcome.
I SIM traded the ES today. It was not pretty, -92.50 points. Pretty crazy considering the daily range was like 110 points. Goes to show me that the idea of cut losers and let winners run can be a disaster as well. If all we had to do in trading is follow a simple rule everyone would be rich. But that is not the case. Today I held onto every winning trade and everyone of them turned into a loss. I had 0 winning trades. Now I need to start adjusting and implementing my take profit targets. I still think its about the losses. The losses are what results in account blow ups.
