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So I received an email last night from Ironbeam saying that my account has been approved, and all I have to do is download the platform.
I feel like a 14year old driving a car for the first time, terrified yet excited at the same time.
I don’t know if I am actually going to trade tommorrow or just watch how the prices move ( I have been paper trading the ES for 5 weeks now- and trading stocks for 5 years)
TENTATIVE PLAN FOR FIRST WEEK
I think for the first week I will only make 2 trades a day with tight stops.
Thinking of just scalping on the 1min chart (usng the 10min as a guide) for small 1point trades.
PLease don’t bother posting “ you have no experience, can’t trade with a small account, you going to die etc” I get the message, I already made my decision, and hopped out the Huey chopper and on enemy territory ready to do battle - there is no turning back now.- I made my decision.
This thread is for providing useful advice for someone trading index futures LIVE for the very first time- and that means not just how to trade but also admin (ie. Close all orders at end of day etc, make sure your internet connection is good etc.)
So what advice yall have?
I thought I would post this in the Index Futures forums, since it relates to the ES→ I hope Big Mike doesnt find a reason to move it.
So sometime this week will be my very first day of my trading career, “one small step for man...one giant leap....”
Thanks and have a nice day everyone
BF
Can you help answer these questions from other members on NexusFi?
1) Have a reason for every trade you take
2) Predefine the risk for every trade
3) Know what's going on in the world and pay attention to important news (such as all that's going on tomorrow in the senate)
4) Enjoy the process regardless of outcome!
5) Use your money to learn as much as possible. You will lose it all without question, but it will be worth the monetary loss if you don't blow yourself up in a few trades, but rather stretch that money out so that you can learn a lot while losing.
What is a tight stop for you on the ES? Having tight stops is not necessarily a good thing, you'll be taken out by any small price change in the wrong direction, and your trades won't be able to develop.
Unless of course, that's been working for you on SIM and you plan on applying the same strategy.
1. Decide now if you will add money if/when u get a margin call
Also don't be afraid to hit the thanks button or join the forum as I'm aware of your other thread and you've gotten priceless advice from other members trying to save you $$$$
Regardless, good luck. Sometimes jumping in the fire is the best way to learn.