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Using a 4-10 tick hard stop. That is what I'm comfortable with. Trading one micro contract so risking anywhere between $4 and $12.50 not including fees per trade. Stop trading if I lose $60. That will keep me safe
Can you help answer these questions from other members on NexusFi?
Do you have strict rules for entry? I don't want your specific rules, only want to know if you have set-ups you alway take or if you take random entries when you are comfortable.
"The days when I keep my gratitude higher than my expectations, I have really good days" RW Hubbard
I use the depth of market to determine entries. If support looks strong then I will only give the trade a couple of ticks room. If things look volatile then I will give the trade 6 or 10 ticks. Yes I look at the amount of money I can lose on each trade.
I really dont have strict rules for entry. I look at the orders in the DOM to determine support and resistance. Other than that my entries are random and I get in whenever I feel good about losing money.
Note about entries: I use the orders in the dom to determine support and resistance. I do not use charts.
Additional notes: I have switched focus from micro oil to micro Emini(mes). I am worried about liquidity in oil, can spike in either direction on news.
I'm not sure how you use the dom to determine support and resistance.
Years ago I traded ES and what I remember is that you couldn't trust the dom as traders would pull orders just before they were executed.
I found charts more reliable as they showed where price had been and the direction it was going.
I could make money day trading but I found it very stressful. I'd rather play golf so I switched to swing trading.
I traded off the chart using the dom for entres and exits.
Oh Yeah, I have never in my life referred to losing money as Fun. Not trading nor at the card table or even on the golf course with a friendly bet. The fun part comes when you win. I might refer to it as entertaining but losing is not Fun!
"The days when I keep my gratitude higher than my expectations, I have really good days" RW Hubbard
Yeah watching the DOM is a passion of mine. I may not gain anything by staring at it all day but it sure is interesting seeing buyers and sellers interact.
Losing money today was painful but I still had fun!
Did you notice how big orders disappear as the price gets close? Those are the guys you are trying to outsmart.
Have you figured out who you are trying to take money from? In order for you to win, someone has to lose. Futures are a worse than zero sum game because you have to pay to play.
"The days when I keep my gratitude higher than my expectations, I have really good days" RW Hubbard
Winning days are a lot more fun. I would say it stops being fun when I break one of my trading rules. I have learned I need to not hold onto my losing positions.
I have noticed orders are cancelled as price approached. On the ES there will be like 150 contracts then when the price approaches the number of contracts will reduce to about 60.
I think I need to trade against new traders and learn when and where they will be trading in order to be successful.
