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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)
Membership Temporarily Revoked
Toronto
 
Futures Experience: Beginner
Platform: Sierra
Broker/Data: MB
Favorite Futures: ES
 
Posts: 313 since Jun 2013
Thanks: 182 given, 58 received

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

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


Last edited by budfox; July 18th, 2013 at 02:13 AM.
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  #2 (permalink)
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  #3 (permalink)
Freemason
Chicago, IL
 
Futures Experience: None
Platform: oil super computer
Favorite Futures: multiple
 
Posts: 193 since Jun 2011
Thanks: 595 given, 192 received


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)
 Vendor: protradered.blogspot.com 
NY + NY/USA
 
Futures Experience: Advanced
Platform: Ninja
Broker/Data: Optimus Futures- Rithmic
Favorite Futures: CL, 6E
 
Posts: 236 since Nov 2009
Thanks: 11 given, 1,267 received


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.

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The following user says Thank You to Jaguar52 for this post:
 
  #5 (permalink)
Market Wizard
Cleveland Ohio/United States
 
Futures Experience: Advanced
Platform: Tradestation
Broker/Data: various
Favorite Futures: futures
 
Posts: 2,388 since Jul 2012
Thanks: 1,138 given, 4,387 received
Forum Reputation: Legendary


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.

If you have any questions please send me a Private Message or use the futures.io "Ask Me Anything" thread
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  #6 (permalink)
Elite Member
Georgia, US
 
Futures Experience: None
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josh's Avatar
 
Posts: 4,897 since Jan 2011
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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.


Last edited by josh; July 17th, 2013 at 11:53 PM.
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  #7 (permalink)
Elite Member
Naperville IL
 
Futures Experience: Intermediate
Platform: ninjatrader
Broker/Data: NT broker
Favorite Futures: NQ ES 6E GC CL
 
Posts: 954 since Feb 2010
Thanks: 1,184 given, 650 received

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)
Elite Member
Tokyo, Japan
 
Futures Experience: Beginner
Platform: thinkorswim, NT
Favorite Futures: ES, Euro
 
Posts: 15 since Jun 2013
Thanks: 6 given, 4 received

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)
Elite Member
milwaukee,wi, usa
 
Futures Experience: Intermediate
Platform: Mobile TWS & mobile TOS. Dough.com
Broker/Data: IB, TOS, FXCM
Favorite Futures: futures and options. looking into forex
 
lrfsdad's Avatar
 
Posts: 186 since Nov 2012
Thanks: 302 given, 160 received

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)
Elite Member
Pompano Beach, Florida, USA
 
Futures Experience: Beginner
Platform: S5 Trader, Ninja Trader
Broker/Data: Stage5/ IQfeed
Favorite Futures: M6E, M6A, 6E, 6A, ES
 
lifeguardsteve88's Avatar
 
Posts: 159 since Jun 2013
Thanks: 272 given, 115 received



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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