New to Futures, but Hitting the Wall | Psychology and Money Management


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Psychology and Money Management


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New to Futures, but Hitting the Wall

  #32 (permalink)

Plano Texas USA
 
Trading Experience: Beginner
Platform: TradeStation, TOS, Ninja
Broker/Data: Ninja Trade
Favorite Futures: ES, YM
 
Posts: 8 since May 2018
Thanks: 12 given, 5 received

Micro Mini if you want to trade live

After youíve traded SIM and youíve cleaned up your trade plan the best you can in SIM then look at trading a micro mini. In SIM you trade like you donít 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 itís 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!

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