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best instrument for new traders
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best instrument for new traders

  #21 (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

i still trade the es

Hi there,

I have been trading the ES for the past couple of months now, and I got to know it intimately.

No, I have not been "successful" trading ES, since I have blown my account a couple of times, I have gotten to know this beast pretty darn well.

Maybe i am being too stubborn, and should test out a different instrument, a member on this forum recommended QM.

I'd like to investigate and try QM out, but it does have slippage issues, or so I heard.

Perhaps I should backtest M6E (if I can trade it during Eastern time), and see if it would fit my trading strategy better.

Would I recommend ES to a beginner? Its not impossible to be successful on the ES contract as a beginner (depending on who this beginner is), but like most individuals have recommended> probably smaller, less riskier contracts are more suitable.

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  #22 (permalink)
Elite Member
Austin, TX
 
Futures Experience: Intermediate
Platform: F-16CM-50
Favorite Futures: JDAM
 
tturner86's Avatar
 
Posts: 5,784 since Sep 2013
Thanks: 9,849 given, 11,160 received
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budfox View Post
Hi there,

I have been trading the ES for the past couple of months now, and I got to know it intimately.

No, I have not been "successful" trading ES, since I have blown my account a couple of times, I have gotten to know this beast pretty darn well.

Maybe i am being too stubborn, and should test out a different instrument, a member on this forum recommended QM.

I'd like to investigate and try QM out, but it does have slippage issues, or so I heard.

Perhaps I should backtest M6E (if I can trade it during Eastern time), and see if it would fit my trading strategy better.

Would I recommend ES to a beginner? Its not impossible to be successful on the ES contract as a beginner (depending on who this beginner is), but like most individuals have recommended> probably smaller, less riskier contracts are more suitable.

I highly suggest the M6E. I trade the M6E while using the 6E as my chart that I am viewing. Because the 6E is more liquid it is easier to see the signals. Also trading the M6E will require you to swing for larger gains rather than scalp. (At $1.25/tick and $5 commission it takes atleast 5 ticks to B/E). This will require you to be discipline and look for the best setups.

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  #23 (permalink)
Elite Member
Austin, TX
 
Futures Experience: Intermediate
Platform: F-16CM-50
Favorite Futures: JDAM
 
tturner86's Avatar
 
Posts: 5,784 since Sep 2013
Thanks: 9,849 given, 11,160 received
Forum Reputation: Legendary



Captain Howdy View Post
Why not?

Because 1 ES contract is worth $80k+ that you are buying or selling on a $500 deposit. Leverage. It is the double edge sword that can make you rich or cut your head off.

I suggest trading something much smaller like Micro Curs (M6E, M6A), Spot FX.

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  #24 (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


tturner86 View Post
I highly suggest the M6E. I trade the M6E while using the 6E as my chart that I am viewing. Because the 6E is more liquid it is easier to see the signals. Also trading the M6E will require you to swing for larger gains rather than scalp. (At $1.25/tick and $5 commission it takes atleast 5 ticks to B/E). This will require you to be discipline and look for the best setups.

you're in texas, what time during the day do you trade the m6e?

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  #25 (permalink)
Elite Member
Austin, TX
 
Futures Experience: Intermediate
Platform: F-16CM-50
Favorite Futures: JDAM
 
tturner86's Avatar
 
Posts: 5,784 since Sep 2013
Thanks: 9,849 given, 11,160 received
Forum Reputation: Legendary


budfox View Post
you're in texas, what time during the day do you trade the m6e?

5:30 AM.

Europe opens @ 3 AM my time, so I have 2 1/2 hours of data when I come in. The latest I trade is 10:30 AM as that is when the Euro close. I also break between 8-9AM for the US open. I don't like holding M6E orders during that period.

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