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If you are a new trader you should not be trading futures and or forex really, instead you should be trading ETFs such as SPY, DIA, IWM and QQQ for example.
Can you help answer these questions from other members on NexusFi?
thats the advantage of the forex. One can start with very small money to see howit goes, to get a feeling, develop your strategies, indicators, whatever. More or less many marketmaker there but it should not for archieving big money just to get experience. Starting with futures or even stocks this is not possible. Don't come up with pennystocks.
I am going to answer you question with another question; Why do you believe that a new trader/newbie should trade high leverage markets such as futures on a small account and on small intraday time frame?
1 lot scale in (2 lot total) - Scale out.
Lock in profit first to lower you risk or eliminate most of it
when the trade starts going your way. Let the second
one ride to your target without worry if it comes back.
Practice that over and over and over again.
I totally agree. Definitely sim trade those markets. You'll see the most liquidity there. Also the strategy suggested is a pretty good one too, practice with your profit targets and stops you have in mind and make sure you stick to it. Don't you exit too early or too late, your emotion takes over, make sure to trust your stops and profit targets. Just don't get stuck in sim trading. I have a friend and that's all he does. I think sim trading becomes a waste of time after you have your strategy down and you know it. You eventually need to move to live trading.
Sim trade for two months the go live with M6E. $1.25 a tick, avg stop is 10 ticks. If you have a $2000 account and only willing to risk 2% per day, that allows you two trades in M6E. Also because of smaller tick it will require you to look for swings instead of scalps.
