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Account been approved! Going to have my first day of tradingthis week LA
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Account been approved! Going to have my first day of tradingthis week LA

  #11 (permalink)
User requested to be banned
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GaryD's Avatar
 
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1) ES is "back and fill". Watch the motion that it moves in and try to set you entry for the outside edge. But, at the same time, don't try to be first in overall direction.

2) See if your stop can hold all day.

3) 1 contract only until you double your account.

4) If you post "I blew up" later, I am getting out my stick.

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  #12 (permalink)
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NO.


mongoose View Post
Didn't you just make a thread like this not long ago? As far as advice it is all over this forum you just have to look for it.

I posted a thread asking whether a broker would allow me to open an account with 2000.

This thread is totally different....its about first-time trader , trading the ES (Index Fture) ....how should they trade the very first week......

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  #13 (permalink)
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GaryD View Post
1) ES is "back and fill". Watch the motion that it moves in and try to set you entry for the outside edge. But, at the same time, don't try to be first in overall direction.

What you mean by outside edge?


so if I think it will hit 1680.75.......I should set my order to 80.50 to make sure I get filled?


I think I will use only market orders>>> no limits.


Oh definitely no more than 1 contract....at least until I double my account (God Willing)

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  #14 (permalink)
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supermht View Post
Ok, just one remind. Be careful of ironbeam, if you come to Chicago to visit its office, you will know

Why?

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  #15 (permalink)
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kiont View Post
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.

Good luck to you.

No more than a 1 point stop (so I am risking $50)... and remember im only taking two trades a day. (for the first week)


IF you take a position, you have done your research and see evidence to go long (or short ) , you see price bouncing off a pivot...

or three legged kicker , so I will place the stop at the bottom of the green candle when price moves up .

and if I want to be really conservative..... I could place my stop right at the price that I bought it for (if I see lots of momentum moving price upwards).....that way if I get stopped out I wont even lose anything (just pay the commissoin)

then of course as prices moves towards my target, I could raise the stop up a bit...that way guaranteeing a profit.

thats the "plan"

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  #16 (permalink)
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lrfsdad View Post
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.

Any practical advice?

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  #17 (permalink)
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Quoting 
1. Decide now if you will add money if/when u get a margin call

You can easily check your margin call level by subtracting (# of contracts X intraday margin) then you'll see the unrealized loss needed before the margin call threshold. Of course if you keep your total risk to 10% or less governed by the stop loss you should never reach it unless one ignores the stop and averages down.

This is the famous FT71 intervention audio recording well recommended if you're starting out. It sounds like the guy may have averaged down to greater than 30 contracts where he seemed to have lost total of $130k in 3-6 months.
FuturesTrader71 | Trader Analysis 2011-09-01

( you can see the "monkey" reminder when Big Mike says TGIF on Fridays

The main thing is to "stay in the game" long enough to learn how to at least break even which is a whole phase by itself, then do well. Most have to struggle. There are a very few geniuses who get good in half a year, but what are the chances.

Suggestions:

Start with $5k account.
Trade in mini-futures like M6E or Forex at .01 or .02 lots, or small shares (200 or so) on the SPX.
If 40% drawdown (around -2k), then quit live trading for 3 months, research and regroup before coming back. & maybe
change broker.
Once 50% gain, then ok to add more to account. so at 7500, 10k, etc. One big lucky trade doesn't count.
If continuing profitably until $12k reached, then ok to trade 1 full futures contract instrument. At least $20k for 2 contracts. Some stick to $30 or $40k before going to 2.

Then after above it's like the steps to trading:
https://futures.io/traders-hideout/1454-38-steps-trading.html

Good luck.


Last edited by Cloudy; July 18th, 2013 at 02:59 AM.
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  #18 (permalink)
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budfox View Post
So what advice yall have?
BF

Maybe turn down the volume?

Travel Well
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  #19 (permalink)
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budfox View Post
I posted a thread asking whether a broker would allow me to open an account with 2000.

This thread is totally different....its about first-time trader , trading the ES (Index Fture) ....how should they trade the very first week......

you have been in sim for 5 weeks--i assume with profit---why should you change anything? only thing i would do is pay very close attention to your emotional state while trading real money--and whether that emotional state causes you to veer away from your trading plan.--

good luck

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  #20 (permalink)
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asiaexpat View Post
you have been in sim for 5 weeks--i assume with profit---why should you change anything? only thing i would do is pay very close attention to your emotional state while trading real money--and whether that emotional state causes you to veer away from your trading plan.--

good luck

Recently lost $500 on bad trade (stocks) .

I could go back in the market and it wouldnt affect me.

so long as I learnt why I lost it.

I'm mature I can handle my emotions like a real man.

Seeing some tiny profit on the sim.....made 150 yesterday and 23 the day before that.....

my strength is I know how to place stops and can cut my losses quick - I'm not one of those fools who sit there and watch his trade go the other way dreaming about it "turning around" .

LIke I said, I dont know much.....but I wont rest until I am successful at the ES. Even if that means reading/watching every article/video on technical analysis and reliable patterns.

So Asia, how long have you been trading the ES for?

Thanks for giving me practical advice.

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