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Trying to Learn Some Systems for Daytrading
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Trying to Learn Some Systems for Daytrading

  #1 (permalink)
Trading Apprentice
Shelton, Washington
 
Futures Experience: None
Platform: Yet to be determined.
Favorite Futures: Stock, methinks.
 
Posts: 21 since Oct 2014
Thanks: 0 given, 0 received

Trying to Learn Some Systems for Daytrading

To begin with, I hope I'm posting this in the right area. I'm new to trading, overall, and looking for Info about day trading, in general, and day trading systems, specifically. (My mindset, so you know, is more systemic, than discretionary.)

So, what books, what faqs, that sorta thing? I don't see a specific sub-forum for day trading, so I'd have placed this there, but since there wasn't one, I had to guess.

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  #2 (permalink)
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Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

 
  #3 (permalink)
Elite Member
Valdosta, GA. U.S.A
 
Futures Experience: Advanced
Platform: Sierra ,NT, TOS
Favorite Futures: 6E, 6J, CL, GC
 
Posts: 480 since Sep 2010
Thanks: 1,825 given, 466 received

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Noitartst View Post
To begin with, I hope I'm posting this in the right area. I'm new to trading, overall, and looking for Info about day trading, in general, and day trading systems, specifically. (My mindset, so you know, is more systemic, than discretionary.)

So, what books, what faqs, that sorta thing? I don't see a specific sub-forum for day trading, so I'd have placed this there, but since there wasn't one, I had to guess.

Futures Terminology information- Glossary of Futures Trading Terms

Futures Terminology information- Commodity Market Futures and Options Terms & Definitions / Trading Glossary

Futures Contract explained- What is a Futures Contract?

Futures Contract Specifications- Futures - Contract Specifications

Platform Choices, Brokerage..etc...- Online Futures & Commodity Trading, Discount Commodities Broker Rithmic Feed Broker

System Design.. @kevinkdog...may have info on this.

I think you need to read some of the information on these websites, so as you understand more about the Futures.
I am just trying to get you up to speed.
Try Opening a Demo Account , and we can start Designing your Trading System...and try it out Manually.
You will need to have a Plan to Trade by....Rules to Implement.
You did not say how much you already know , so i have to start where i did.


Last edited by sandptrader; October 28th, 2014 at 10:02 PM.
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  #4 (permalink)
Trading Apprentice
san antonio texas
 
Futures Experience: None
Platform: N/A
Favorite Futures: Pending
 
Posts: 2 since Oct 2014
Thanks: 0 given, 1 received

Hey Noitartst, what website will you use to start day trading? I have listed a couple:


Scottrade – Best Support and Service
TD Ameritrade – Best For Developing Traders
OptionsHouse – Best Discount Broker (also Best Options Broker)
E*Trade – Best Trader Resources

optionsxpress.com

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  #5 (permalink)
Trading Apprentice
Shelton, Washington
 
Futures Experience: None
Platform: Yet to be determined.
Favorite Futures: Stock, methinks.
 
Posts: 21 since Oct 2014
Thanks: 0 given, 0 received


sandptrader View Post
Futures Terminology information- Glossary of Futures Trading Terms

I think you need to read some of the information on these websites, so as you understand more about the Futures.
I am just trying to get you up to speed.
Try Opening a Demo Account , and we can start Designing your Trading System...and try it out Manually.
You will need to have a Plan to Trade by....Rules to Implement.
You did not say how much you already know , so i have to start where i did.

Okay, so futures can be day traded? Didn't know that. Don't have any problem with futures conceptually, but why, and and I say this without guile, are they day traded? Futures, I thought, was predicting whether the crop would be good, a warm or cold winter, that sorta thing.

Of that day trading is inherently non-conducive. Riding winning momentum, yes, but you can't engage seasonal trends in a seasonal day of trading. Call me green, but at least I know that.

As such, stock and day trading just go together better, don't they?

Also, the info you gave me seems related more to futures, than daytrading. No offense, but why is that?

Oh, and I notice you didn't give me a link to that demo account...I wish you had. I looked for it, yesterday, on the site. Hm...are those websites Monopoly is citing places to get a demo account? Okay.

Also, I don't see a single day trading area here, on the site. Another dumb inquiry, but why is that?

Okay...I called Scottrade, and they said they don't do demo accounts, but Investopedia does. Should I there, or someplace else? Also, what should I focus on, in daytrading? Futures, or stocks?

Hm...Investopedia's definition of day trading--is as follows:
When people use the term "day trading", they mean the act of buying and selling a stock within the same day.

Seems to pretty much rule out commodities contracts, yes?


Last edited by Noitartst; October 29th, 2014 at 05:48 PM.
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  #6 (permalink)
Trading Apprentice
Shelton, Washington
 
Futures Experience: None
Platform: Yet to be determined.
Favorite Futures: Stock, methinks.
 
Posts: 21 since Oct 2014
Thanks: 0 given, 0 received

Day Trading Futures

Hm...guess you can day trade futures after all.

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  #7 (permalink)
Elite Member
Valdosta, GA. U.S.A
 
Futures Experience: Advanced
Platform: Sierra ,NT, TOS
Favorite Futures: 6E, 6J, CL, GC
 
Posts: 480 since Sep 2010
Thanks: 1,825 given, 466 received

Day Trading Futures


Noitartst View Post
Okay, so futures can be day traded? Didn't know that. Don't have any problem with futures conceptually, but why, and and I say this without guile, are they day traded? Futures, I thought, was predicting whether the crop would be good, a warm or cold winter, that sorta thing.

Of that day trading is inherently non-conducive. Riding winning momentum, yes, but you can't engage seasonal trends in a seasonal day of trading. Call me green, but at least I know that.

As such, stock and day trading just go together better, don't they?

Also, the info you gave me seems related more to futures, than daytrading. No offense, but why is that?

Oh, and I notice you didn't give me a link to that demo account...I wish you had. I looked for it, yesterday, on the site. Hm...are those websites Monopoly is citing places to get a demo account? Okay.

Also, I don't see a single day trading area here, on the site. Another dumb inquiry, but why is that?

Okay...I called Scottrade, and they said they don't do demo accounts, but Investopedia does. Should I there, or someplace else? Also, what should I focus on, in daytrading? Futures, or stocks?

Hm...Investopedia's definition of day trading--is as follows:
When people use the term "day trading", they mean the act of buying and selling a stock within the same day.

Seems to pretty much rule out commodities contracts, yes?

Alright i start you out with Basic things you need to read and study, as Futures are Higher Risk.
You need to know what is Margin....you have to have a Margin Type Account to Trade Futures....Study about this.

You need to know what Months of a Futures Market to Trade, and for how long, as they do Expire, and you will then need to Trade the next Month out for that Futures Contract....Study about this.

If you want to Try Trading in the Futures Markets you Need to Learn more about them, and about the Risk involved.
You mention Day Trading Stocks...well i am going to show you a Chart of the ES...E-mini S&P Futures Contract.
This is an Index or a Group of Stocks and can be Traded.
I gave you a Link, and it was "Contract Specifications" which tells Information on Each Futures Market...Study this.
In the Chart i will Attach to this Post you will see 2 Trades.
Read the Notes i posted on the Chart, and how much money each Trade was worth.
The Chart is Actually a System...Compiled of Indicators, and Trend.
This Market is very Popular to Day Trade.
You could Start Trading with about $2000 in your Account, and Trade 1 ES Contract.
But you have a lot to learn before Trading Real money with Futures Contracts.
So if you are Interested...please Search and Learn the Risks, and all that is involved.
here is the Chart of the ES for today's Price Action.

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Trying to Learn Some Systems for Daytrading-es-12-14-6-betterrenko-10_30_2014.jpg  
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  #8 (permalink)
Trading Apprentice
Shelton, Washington
 
Futures Experience: None
Platform: Yet to be determined.
Favorite Futures: Stock, methinks.
 
Posts: 21 since Oct 2014
Thanks: 0 given, 0 received

Please forgive me, Sandptrader. I am on a steep learning curve, here. I will study your info, but I really do want to understand the reason futures are day traded. Are they the same as stocks?

Ug--I was going through your "Futures Contract Explained" and it's as clear as mud, whith my not having any real better understanding of what a contract is. Have you any analogy?


Last edited by Noitartst; November 1st, 2014 at 08:29 PM.
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  #9 (permalink)
Elite Member
Wiltshire, United Kingdom
 
Futures Experience: Beginner
Platform: daytradr
Broker/Data: Working on a TST combine
Favorite Futures: ES
 
matthew28's Avatar
 
Posts: 382 since Sep 2013
Thanks: 363 given, 444 received

Hi Noitartst,
I recommend the book 'Futures 101' by Richard Waldron as a basic primer for you on futures trading.
I am in no way an expert but, Futures are more heavily traded than stocks in dollar value per day, futures are heavily leveraged meaning that although a contract in the ES e-mini (the futures version of the S&P500 stock index), for instance is currently worth about $100,000 dollars, your broker who you trade through only requires you to have a small amount of margin in your account. Like only having to put down a small deposit to cover your potential losses.
With futures contracts you aren't actually buying or selling the product, just in effect a promise to buy or sell it back before a date in the future. With stocks you are actually buying the product so traditionally you needed the full value of what you wanted to buy or sell. I have never traded stocks though. I also believe some brokers allow a small amount of margin too now. So in essence with futures you need less money to trade big. A market like the ES is one of the most popular and heavily traded markets in the world so orders can in theory be entered and exited easily, and I believe in the US there is a tax advantage on your profits in trading futures over stocks. Anyway, as I said I am not an expert so somebody might correct the details of what I said but the gist is correct.
At a guess I would also say that the majority of people on this forum are interested in or are day traders which is probably why there isn't a specific section on it. One of the reasons people close there positions out each day is that futures brokers require a larger margin or 'deposit' if you hold trades through the close, or overnight.
Also don't get carried away with charts that show you buying the exact bottoms and selling the exact tops and making loads of money. With futures being heavily leveraged what usually happens is that people lose their money very quickly instead. The odds of success are heavily against you so don't be in any rush to open an account as you will just be throwing your money away. This forum is a good place to start though and the elite membership is well worth it for the extra video access and some of the discounts.
Once you have learnt a little more and have some idea of what it is all about, then open a demo futures account with a broker and sit and watch the markets for a while and come up with some trade ideas. Eventually depending on how much money you have and whether you want in the future to trade seriously, one option is to check out Topstep Trader who basically provide their money for people to trade so you don't have to risk your own. (Obviously you have to pass their tests first, one of which is called a 'combine'). I am currently going through the TST combine process myself now.
ps Two products that I think are good, but that also have good training videos on their websites/you tube pages are: Jigsaw Trading and Market Delta


Last edited by matthew28; November 2nd, 2014 at 01:54 PM.
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  #10 (permalink)
Trading Apprentice
Shelton, Washington
 
Futures Experience: None
Platform: Yet to be determined.
Favorite Futures: Stock, methinks.
 
Posts: 21 since Oct 2014
Thanks: 0 given, 0 received


Thank you; you helped me understand things a bit better.

Still, I'm struggling. I pored over forty-three pages of futures terminology, and yet I don't really understand a futures contract, or exactly how a speculator like me "regulates" the market--perhaps I need a visual representation. A contract in this case is a form of ownership for a delivery in a set of time, and I'm supposed to sell when I goes up in value, and to sell immediately when the price drops, ala money management.

Am I close?

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