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Trade a mkt that interests you and perhaps you can get some info on be aka gold or silver maybe you have a coin dealer in town etc. Or shiny metal may interest you more than say lumber or cooking oil.
It's very important that you dig in and love the Product.
Do you want to trade for ticks points etc. This mattrts too..
Picked Russell 2000 Futures going to commit to trading them and not jumping around. Thanks so much guys did a weekend of reflection and realized I am my biggest trading enemy.
I developed a price based algorithm by studying the ES chart. I made a really nice profit trading it for 6 months. I used the same algo for ES, NQ and YM for the next 3 months and gave back 75% of what I made. I soon started reading about of diversification. I expanded to trade 1 contact (the most liquid) in all 8 commodity sectors. Sometimes it's frustrating as the core contracts make money but the added on contracts lose .... but that is the nature of the beast, if your system is profitable in the long run diversification helps. I now trade 19 contracts spread over the 8 sectors, if they all do well I have a huge day- if they all do poorly I have a terrible day, if it's normal and usual price action (whatever that is) I have a good profitable day.
Track as many contracts (markets) and buy/sell signals as you can on a spreadsheet and see if you system has teeth ... good luck.
The Russel is a great mkt to trade for a few reasons which I will state but first understand that imo it is the red headed step child to the dow es and nq. Make sure you do not get too caught up in the idea that oh the major indexes are up the Russel should go up because that's the trap in with the Russel.
It will push farther than you ever imagined at times then upon exit reverse in your face so stay small and be quick to exit gains and losses if needed.
I like it because the tick value is so so small vs the es you can force limit fills easily.
It also typically has more volatility than the es but moves less so it is a little more forgiving.
Isn't ES pretty much the best ? It moooooves a lot ........... but I'm used to forex which is like a drunk turtle that has fallen over and is stuck in a hole .
This is my credo: Just ONE instrument
It is also recommended to know that the behavior of the instrument changes every weekday - Note That
and find out the patterns that repeat, repeat, repeat...
As others have said, pick just one instrument. However, you can trade more than one market. Example: day trade futures and trade long term options. This gives the satisfaction of trading more than one instrument and maintains the focus needed to succeed at both markets.
