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“The major work of the world is not done by geniuses. It is done by ordinary people, with balance in their lives, who have learned to work in an extraordinary manner.”
― Gordon B. Hinckley
I got $5 today total on 3 scalps. Good way to get started!
This is like getting $50 on the E-minis.
It seems like I got out right before a big run in each situation, otherwise I might have been at $20 on my first day.
The market was truly nuts today with expansion into the close after a reversionary market for 6+ hours. The G20 meeting is this weekend and it appears that no one wanted to be short going into that.
I have never really followed from start to finish anyone's journal, but since I'm also trading the Micro's (MNQ) I will
follow along. For one with a small account size, to me its the best way to go. I find it takes the fear out of trading and
lets you be more level headed.
Good Luck!
Skid
If you do what you love, you'll never work a day in your life. Allow your passion to become your purpose.
Hey this caught my eye. I have probably reset 20+ combines. Been funded 2xs and never kept it. You may be onto something here. What broker are you going to use, since commissions will be huge for acct and daily profit targets this small.
Just FYI, my impression from reading different posts is that brokers have generally settled into something like $1, give or take, per contract, all in per round turn on the micros. This compares to a range in the $4 area, plus or minus, for the regular eminis. Since the micros are 1/10th the size of the eminis, commissions are not exactly proportionate and will be a chunk out of your results when 1 point in MES = $5, but it's not as bad as I feared.
If you make say 3 points and pay a buck for it, you keep $14 rather than $15.
These are not official numbers, just ball-park. Your mileage may vary.
Bob.
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Edit: sorry to step into your thread, @sstheo. What are your costs going to be? If in line with this, I think the fees part of the equation is very doable for your project.
1) I may have beat you on the number of resets, but don't want to brag too much about it.
2) I use AMP Futures, and the cost is around 80 cents all in Round Trip. Ninja is very close. For some reason, my other broker GAIN doesn't think these are viable and they are still around $2.00 RT -- boo! So you better shop around.
3) My minimum daily target is $10. But if I see the setup before I finish at 9:30 am NY time, I may still go for it.
My cost to trade the micros round trip is 1.89 so I need 4 ticks just to break even and this is with having the life time licence. If I trade the minis its 3.66 but one tick covers this as one tick is 5 dollars. So you do get a better deal with
trading the minis.
4 ticks in the micros. Profit = .11 cents.
1 tick in the minis Profit = 1.34
So for me to make 10 dollars I would need a 24 tick run in the micro, but in the mini I only need 3 ticks and would
still make more than the micro making 24 ticks. So for me I'm trading the micros just till I get confident to switch
to the minis. They are fun, your doing live trading, and you don't blowup an account real fast.
If you do what you love, you'll never work a day in your life. Allow your passion to become your purpose.
How about tradovate? Anyone know what the total cost would be for their 0$ membership trading? .25c per side not including other *fees. I have used them in a couple of combines and was impressed...specifically with trading live from my phone. Anyway I am going to call tomorrow and get a firm total round trip cost. I have a NT lifetime but the post earlier about needing 4 ticks to just make .11c seems nuts to me.