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I have been trading the ES for the past couple of months now, and I got to know it intimately.
No, I have not been "successful" trading ES, since I have blown my account a couple of times, I have gotten to know this beast pretty darn well.
Maybe i am being too stubborn, and should test out a different instrument, a member on this forum recommended QM.
I'd like to investigate and try QM out, but it does have slippage issues, or so I heard.
Perhaps I should backtest M6E (if I can trade it during Eastern time), and see if it would fit my trading strategy better.
Would I recommend ES to a beginner? Its not impossible to be successful on the ES contract as a beginner (depending on who this beginner is), but like most individuals have recommended> probably smaller, less riskier contracts are more suitable.
Can you help answer these questions from other members on NexusFi?
I highly suggest the M6E. I trade the M6E while using the 6E as my chart that I am viewing. Because the 6E is more liquid it is easier to see the signals. Also trading the M6E will require you to swing for larger gains rather than scalp. (At $1.25/tick and $5 commission it takes atleast 5 ticks to B/E). This will require you to be discipline and look for the best setups.
Because 1 ES contract is worth $80k+ that you are buying or selling on a $500 deposit. Leverage. It is the double edge sword that can make you rich or cut your head off.
I suggest trading something much smaller like Micro Curs (M6E, M6A), Spot FX.
Europe opens @ 3 AM my time, so I have 2 1/2 hours of data when I come in. The latest I trade is 10:30 AM as that is when the Euro close. I also break between 8-9AM for the US open. I don't like holding M6E orders during that period.
