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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

  #1 (permalink)
 budfox 
Toronto
 
Experience: Beginner
Platform: Sierra
Broker: MB
Trading: ES
Posts: 313 since Jun 2013

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.
  • Definitely be flat by 16h00 (Eastern)
  • Definitely 1 contract until I get half a clue





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

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  #3 (permalink)
 mongoose 
Chicago, IL
 
Experience: None
Platform: oil super computer
Trading: multiple
Posts: 272 since Jun 2011
Thanks Given: 817
Thanks Received: 433


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.

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  #4 (permalink)
 Jaguar52 
NY + NY/USA
 
Experience: Advanced
Platform: Ninja
Broker: Optimus Futures- Rithmic
Trading: CL, 6E
Posts: 236 since Nov 2009
Thanks Given: 11
Thanks Received: 1,270


budfox View Post
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.
  • 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.
  • Definitely be flat by 16h00 (Eastern)






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

... rock and roll man.

Visit my NexusFi Trade Journal Reply With Quote
  #5 (permalink)
 kevinkdog   is a Vendor
 
Posts: 3,647 since Jul 2012
Thanks Given: 1,890
Thanks Received: 7,338


budfox View Post
providing useful advice for someone trading index futures LIVE for the very first time


Good Luck!


1. Trade small. 1 contract max until you are consistently profitable.

2. Trade only when the chart says you have a confirmed and profitable edge.

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  #6 (permalink)
 
josh's Avatar
 josh 
Georgia, US
Legendary Market Wizard
 
Experience: None
Platform: SC
Broker: Denali+Rithmic
Trading: ES, NQ, YM
Posts: 6,216 since Jan 2011
Thanks Given: 6,752
Thanks Received: 18,136


budfox View Post
So what advice yall have?

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.

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  #7 (permalink)
 supermht 
Naperville IL
 
Experience: Intermediate
Platform: ninjatrader
Broker: NT broker
Trading: NQ ES 6E GC CL
Posts: 962 since Feb 2010
Thanks Given: 1,189
Thanks Received: 661

Ok, just one remind. Be careful of ironbeam, if you come to Chicago to visit its office, you will know

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  #8 (permalink)
 kiont 
Tokyo, Japan
 
Experience: Beginner
Platform: thinkorswim, NT
Trading: ES, Euro
Posts: 15 since Jun 2013
Thanks Given: 6
Thanks Received: 5

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.

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  #9 (permalink)
 
lrfsdad's Avatar
 lrfsdad 
milwaukee,wi, usa
 
Experience: Intermediate
Platform: Mobile TWS & mobile TOS. Dough.com
Broker: IB, TOS, FXCM
Trading: futures and options. looking into forex
Posts: 186 since Nov 2012
Thanks Given: 302
Thanks Received: 161

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.

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  #10 (permalink)
 
lifeguardsteve88's Avatar
 lifeguardsteve88 
Pompano Beach, Florida, USA
 
Experience: Beginner
Platform: S5 Trader, Ninja Trader
Broker: Stage5/ IQfeed
Trading: M6E, M6A, 6E, 6A, ES
Posts: 159 since Jun 2013
Thanks Given: 272
Thanks Received: 116



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.

I am sure it will be "Interesting". I've pulled up my seat and I'm ready for the show to begin.

Wishing you success budfox.

Cheers!

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Last Updated on June 7, 2014


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