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I'm still working FT at this point and really only have 3 days a week to practice. I started trading micro futures after doing spectacularly with my sim account for a couple of months and then slowly took a painful beating until I forced myself to stick with one contract to work on my entries. Most of my account is still intact and I've learned a lot, the biggest lesson is that losses are a part of it and if I stick to my plan I can eventually progress to multiple contracts. This forum has been invaluable! Thank you for your suggestions.
Can you help answer these questions from other members on NexusFi?
Broker: Broker: Trade Future 4 Less. Data Feed/Order routing: CQG
Trading: DAX; ES; Bund Futures
Posts: 77 since Oct 2018
Thanks Given: 49
Thanks Received: 57
If you are going to change - do consider Trade Futures 4 Less as you broker, their highest price is 0.20 USD lower than Ninja traders lowest price i.e. 0.4 per R/T per ES contract - you get discount if you trader more than 2000 contracts per month. Day trading margins is the same.
I have been with them for several years - never any problem always good service - So if you are going to change go for the lowest price. - If you trade many contracts, they will also help you in getting membership on the relevant exchanges - then the commission savings really becomes significant.
Broker: Broker: Trade Future 4 Less. Data Feed/Order routing: CQG
Trading: DAX; ES; Bund Futures
Posts: 77 since Oct 2018
Thanks Given: 49
Thanks Received: 57
Ok Good - They have 28 different trading platforms, some many opportunities, I personally use Sierra Charts with data feed from CQG. - This cost 0.05 USD per contract so 0.1 USD per R/T
All:
What I am hearing is that if you can't trade multiple lots. why bother? That's great but many people, maybe the majority of people, have accounts that can only trade onezies. To those that have these small accounts, I have an idea for you. Small accounts have a difficult time trading many products. But you need to trade it to learn how it works, where the potholes are and how to avoid them. My thought? Do like I do and trade options in futures. If noithiing else, you can learn different products and trade ES and NQ, or even ZW and ZC and many others. Options on futures are a great training ground and I still do it. You can throw on defined risk trades (butterflies, condors, verticals, whatever) until you get your feet on the ground and make good money in the process. The other day, I sold a strangle in Natural Gas. Nice and wide. On Nov 15, assuming it stays between my strikes, I pocket a good hunk of change. Can't afford a strangle, do an iron condor. All I am saying is that you do not have to trade multiple futures contracts right off. Gain experience with options on futures and when you are really ready, BLAST OFF. One of the maxims of trading that I have nailed above my monitor array is NEVER CHASE A TRADE. I would amend that to NEVER CHASE SUCCESS. You keep trading and learning and success will find you.
I agree!! if one can do so based on risk capital and mental discipline, I personally think it is an excellent advise.
I wrote the following a few years back on the topic:
Trade management is more important than Market Analysis….
I have done this so many times before, my colleagues tell me when it happens to them as well as some of my clients….You have the perfect read on the market. The market actually ends up doing what you thought it would and in a BIG way…yet somehow you managed to LOSE money despite your perfect analysis. To me this is sometimes more frustrating than having a bad losing day.
What happened?
Poor trade management, that’s what happened.
Yes, reading the market well is a much needed quality if you plan on making money rather than contributing donations to the market but more important is how you manage the trade / position once you read the market. Much easier said than done, especially after the fact but here are some tips that I am hoping will assist you in the next time you have a good market read.
By the way, the reason to this quick trading tidbit is the stock market rally we saw today in stock indices. Both my colleague and I “had the right analysis” on this possible rally yet he managed to lose and get stopped out twice while I took a small piece of the rally BUT not nearly as much as I should have….
1. You don’t have a crystal ball. To think you can buy an ES contract in this volatility and use a 2 point stop in hopes of making 20 points profit is a very low probability event…you would need to buy it at the PEREFECT time for this to happen. Point is, with higher volatility you need to use WIDER stops to give yourself a chance. That may mean using SMALLER trade size.
2. If you are able to, share your read with another trader, it may provide you with a better perspective just by sharing.
3. If you think there is room for a big move or what we call a “runner” - be prepared to for the pullbacks. Use multiple time frames to gain a better perspective and hang in there for the big move, if this is what you think can happen.
4. If you have enough risk capital, try to use multiple contracts, example buying 2 rather than 1. Taking profit on the first part of the position will help you relax and look at what the market is really telling you rather than what you would like it to say. It helps reduce both the fear and the greed.
5. “Plan your trade, trade your plan”
Again these are just some short pointers, written quickly after today’s session in hopes of helping you when you face a similar situation.
PM with any questions about Cannon Trading (800) 454-9572 (310) 859-9572. Trading commodity futures, forex and options involves substantial risk of loss. The recommendations contained in this post are of opinion only and do not guarantee any profits. These are risky markets and only risk capital should be used. Past performance is not necessarily indicative of future results.
I am very interested in what you are saying which is really great.
Would it be convenient at all for you to show us any of your trading screens,
while you are accomplishing the profitable results from your description et al.
You need not post any summary results of any of your trade, K?