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You said 3 weeks, 25 hours a week? Make that 3 years and 80 hours a week. Nobody learns to trade futures in a couple of weeks, months or a year or two.
Did you start with real money? Trade SIM man, get consistent and profitable before even thinking about real money.
After you’ve traded SIM and you’ve cleaned up your trade plan the best you can in SIM then look at trading a micro mini. In SIM you trade like you don’t care, in some ways that has to be brought over to live and the Micro Mini can help with that. The volume on MYM is a little low so you can have some slippage but at $.50 a point per contract the pain is not as bad. The benefit is you are trading live but the pain is not as great when price moves against you. Also go with a broker where the transaction costs are greatly reduced. I use Phillips Capital on the Ninja Trader platform and my intraday margin for Micro Mini indexes are $50.00 per contract and for the Micro it’s only $500.00 per contract. My fee for Micro Mini indexes are $.81 per contract per side. But I have a lifetime license with NT so I have a good discount on my fees.
Hope this helps.
Good luck!
Trading: Index and Stock options, Stocks (seldom), Nadex (just starting), Forex
Posts: 33 since Oct 2012
Thanks Given: 47
Thanks Received: 26
A couple questions for you.. 1. What futures are you trying to trade? (start with one and get good at it is my suggestion) 2. What timeframes are you using? (1 min , 5 min, 10min, tick, range or?? etc.) 3. what are you using for signals and have you backtested these signals for entry and exit before putting real money on the table? 4. How are you managing your risk? (max risk per trade?) 5. do you always have stops in case your platform or network or computer crashes during a trade? 6. What is your max loss in a day that stops your trading? 7. What is your max loss in a week that stops your trading and sends you back to your paper account for a week?
Bend, Oregon is really beautiful. One summer I worked on a fire crew fighting forest fires.
However, when someone is starting to trade you should know that the CME states that electronic trading is instantaneous. And that is true. Electricity moves at the speed of light. When the mouse is clicked to send in a trade, even before you can remove your finger from the mouse, the order has been received and a fill has been made.
The CME also states that when an order has been received it will be filled at the close of price the instant the order is recognized. This is something you should check. Get someone to help you and make a test. Trade only one contract. When you send in a trade have your friend write down the current price at the moment you click the mouse. Also, write down the time. If everything goes the way the CME has said, then the amount of the fill that you receive should be the same value as the current price on your monitor.
If the amount of the fill is substantially different, then you should suspect a problem. You wrote down the time the order was sent in - now watch the market and see how long the market has to trade before it reaches the same amount as the fill that you received. Now write down the time when the market finally reaches the same amount as the fill you received. Some people have noticed that it took a half hour before the market reached the same value as the amount of the fill that they received. When you think this over, you will realize that the amount of such a fill did not exist at time it was given.
Hello everyone, the obvious answer is to develop an algo trading bot. Take the emotion out. Back test and optimize, then deploy live trading with some few contracts. My question back: WHAT is a good software package for future options robot trading? I sure cannot find one. The goal is to find some momentum following style that will generate consistent return. Many indicators to use for trade point signals. Look at the $$$ that could have easily been made today! Early morning gap down pre-market. Using ES options, your robot would have jumped in buying puts and/or selling calls, and you would be ahead almost no matter when you exited today. Thanks for reading.
Well. If you can't get the discipline and patience to read the whole book and you need Cliff notes maybe you don't have the discipline and patience to trade. Once you get through the book. The chapter 15 is where the gold nuggets on trading are.