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how would you setup your first index futures account/strategy/risk management/position size/profit target?
i just closed out my last swing trade today so should be getting setup in the next few weeks. i'm looking to open a $5k tradestation account. trade YM, 1 contract.
i have been thinking a 10 point stop, 20 point daily profit target. do those sound reasonable? I would like to then add in another 5k to the account once i'm consistent to be able to scale with 2 contracts.
any general mistakes anyone made they would like to share that might be able to avoid?
also, did anyone not blow up their first account? I realize that may be a given on this account. |
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They sound like pretty good ballpark figures. Certainly not totally un-realistic expectations that some have.
I have never blown up an account though I have suffered the thousand cuts...it just hasn't resulted in death. I guess one thing I was pretty good at was realising fairly quick when things weren't working. It doesn't take that much to see your account is steadily going down rather than up. I have still managed to do reasonable damage to a couple of accounts though not managed a real spectacular blow up.
They say that once you have enjoyed sustained success you become vulnerable to blow up again. Over confidence I guess. I'm looking forward to blowing one of those multi million dollar babies (again expecting that I will pull the plug somewhere between 25%-50% drawdown).