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Hey everyone, hope your day is going well. I'm hoping to get some advice.
I'm contemplating switching from the MES to the MNQ for my trading. I'm only in my first phase of live trading since I'm still doing the course; I only go for swing trades with 1 contract and I don't scale in or out yet. I try to take 10 points a day out of the market on the MES or 25 out of the MNQ, and then I switch to sim trading to practice, watch the market, and test and learn setups. I live in western Europe and I trade the NY open after my day job so after 2 hours I usually call it quits.
I've been doing pretty well on MES, but I have a tendency to get bored and overtrade when the market is in a TR. During the holidays watching the MES was like watching paint dry, and just for fun I switched to MNQ, and I've been doing absolutely amazing. My winrate on the MES was 63%, and on the MNQ it's gone up to 77%. I'm much more selective in my trades since it moves with so much conviction (when it moves). I'm not as trigger happy, and the rewards are generally bigger. However, the risks are also much bigger as I've experienced a few times already (still need to watch the videos on managing losses).
I worry since I'm still so inexperienced, I'm missing out by not trading the ES and it's clear patterns and setups. The ES really respects trend lines and levels. I only want to focus on 1 instrument and completely master that, so I'm stuck on deciding which one to go for.
So, in short:
- NQ: Moves much faster, I'm having more fun, but price action is harder to read in my opinion. When you get it wrong, it can go against you fast.
- ES: More predictable, Feels safer to trade for me. Downside: I get bored.
What would you guys advice me to do?
The most important thing is to pick one market and focus on it. Remember that all markets act the same (searching for a fair price and constantly probing support and resistance). One thing to note is that markets have certain tendencies based on the market. For example, the MNQ (Nasdaq) comprises very large technology stocks such as Apple that can have a lot of movement. So it will often have larger moves than something like the Emini (S&P 500), which has large stocks like Tesla that move around often, but it also has more stable stocks that do not move as much, which is why you will have more sideways limit order markets in the Emini on the open.
The MNQ and the MES will move just about the same, so I wouldn't worry too much and pick one you feel most comfortable trading. Institutions are going to trade both the same way. Since you say that the ES is "more predictable, feels safer...." I would pick the Emini.
Hi Michiel
I also have often wondered about the NQ, because I have noticed it has the attraction of having about a 30% greater daily range than the ES.
But the big advantage of the ES, for me, is that I can directly compare my analysis of the chart each day with Al's daily setups charts (on his blog website), and also with his daily price action charts which include his detailed bar-by-bar notes.
Good trading.
But the big advantage of the ES, for me, is that I can directly compare my analysis of the chart each day with Al's daily setups charts (on his blog website), and also with his daily price action charts which include his detailed bar-by-bar notes.
I was planning on doing that after I've finished the course, but I think I will actually start doing that today.
...
So it will often have larger moves than something like the Emini (S&P 500), which has large stocks like Tesla that move around often, but it also has more stable stocks that do not move as much, which is why you will have more sideways limit order markets in the Emini on the open.
The MNQ and the MES will move just about the same, so I wouldn't worry too much and pick one you feel most comfortable trading. Institutions are going to trade both the same way. Since you say that the ES is "more predictable, feels safer...." I would pick the Emini.
Yes, and that limit order market is where I need the most improvements in my trading. So that would be one of the main arguments to stick with the ES.
Thanks for the advice guys. I realized shortly after writing this post, that I like the NQ more since I've been riding the big swings on the intraday chart on it. That's my trading style (for now); Intraday swing trading, and the NQ sure swings a lot more. This results in bigger $ profit days for me on the NQ and maybe I was focusing too much on that.
After all, I can scale my ES trading to match the profit numbers I'm currently getting on the NQ, and I'll get the same results dollar-wise. It's got the liquidity for it. I'm not going to scale up just yet but I have to keep that in mind for the future.
For now, I'll continue doing what I have been doing, and that is trade both. I'll collect more data and let my decision rest on that, instead of my greed.
