It seems that every time I go to make a trade in my personal account ONLY, a warning light should go off. Made a very stupid trade today in Nasdaq futures. I didn't look at the support-resistance of the graph, I just got in based on mean-reversion principles from the prior day's trading activity...and that's it! All I used. Didn't look at the previous 5 days. What ended up happening is I ended up buying at a (not THE) previous day's high...right when the futures turned around and stopped me out. The worst part was not buying at the high, but oh, how stupid I was. I lost 2x as much as I was willing to lose because the futures contract is so leveraged...~20 pts on the Nasdaq, $380 USD. And even so, I really wanted 70 pts of cushion. So to re-cap, I forced a trade due to FOMO and a desire to trade and increase my account size...and I lost a terrible $380 in 3 minutes...that's how bad the trade was. Now of course, had the trade been on for 1D, it would likely make money. I still believe in the target direction, but the trade itself was terrible. Unfortunately, I will be needing to paper trade futures for longer until there are consistent profits. I'm apparently only good at trading big moves currently. Anyhow, I am just so bummed.
Yep, now the futures are going above my entry.
These markets move a lot slower than crypto markets--that's for sure. They also have a lot more "false" movement...filler movement at least.
After looking at various time frames, I discovered that the hourly provided the clearest signal...I've developed a new theory: one should trade primarily based on the time-frame which provides the clearest signal. This is a bit revolutionary for me.
I'm a bit disappointed--don't think I have enough capital in my account, actually, to trade futures properly. Suggests I need a 50K account to trade 1 contract...yeah, this is about right. So I need to double my trading account. Because I'd like the ability to trade futures.
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