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What I wish I would have known when I got started.
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What I wish I would have known when I got started.

  #21 (permalink)
Trading Apprentice
Troy, Michigan, USA
 
Futures Experience: None
Platform: tradenet, meratrader
Favorite Futures: Crude CL, Currency
 
Posts: 7 since Jan 2016
Thanks: 11 given, 5 received

Excellent !

Posts like this one is exactly why i love sites like this one.
Even though i went through many useless (sorry..) posts and reviews, it was worth it to get to this one.
very helpful and nice of you to share so thanks !

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  #22 (permalink)
Keab
London UK
 
Futures Experience: Intermediate
Platform: TT/Invesotr Rt/DTN.IQ
Broker/Data: LCT/Iq Feed
Favorite Futures: Dax/Bund/Dow/US 10 yr futures
 
Posts: 266 since Jul 2013
Thanks: 40 given, 93 received


WISDOM View Post
I wonder how many people on this site that need to face the fact that they need to stop trading. My last trade was in January of this year. I was attempting to make a living in the futures market and nearly lost everything in the process. There was nothing wrong with my method. Nearly every mistake was a mental error--pure psychology. I traded a minimum of 5 contracts and as much as 40. I can't count the number of times I had to re-fund my account.

I do plan to return to trading one day. I still paper trade (very successfully), but now I am working full time to rebuild my savings. My top 7 learnings are:

1. Master support and resistance
2. Limit indicators to the bare minimum
3. Stay away from short time intervals and use the dominate one for the market your are trading
4. Control your emotions
5. Be very patient and let the market come to you
6. Maintain a detailed journal
7. Learn when to stop trading short term and permanently ( I should have stopped much sooner).

I firmly believe there are, relatively, a small group of traders that can make a good living trading interday futures. I was not one of them. Are you?

Great advice, especially the parts about support and resistance and waiting for the market to come to you. Too many people, including myself, have wasted years trying to find the elusive final high or low to get on board with a big win. The reality is, like you say, to master S and R, and when you do, you will be comfortable taking trades that come to you rather than chasing them. For too long I thought that if a trade was taken at the high or the low then they weren't worth having. I stand corrected. Good luck to you. I'm by no means the finished product and am working on the psychological aspects. Can highly recommend a book called The Trading Athlete.

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  #23 (permalink)
Elite Member
Western Slope+Colorado/USA
 
Futures Experience: None
Platform: ninja
Broker/Data: NinaTrader Brokerage, Interactive Brokers
Favorite Futures: Forex and CL
 
DropD's Avatar
 
Posts: 19 since Aug 2012
Thanks: 33 given, 21 received



WISDOM View Post
........... I still paper trade (very successfully).............

Isn't it amazing how we can make tons of money on SIM, and then suck when it's live? I'm a millionaire on SIM..............LOL

“Success is a journey, not a destination. The doing is often more important than the outcome.”
-Arthur Ashe
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  #24 (permalink)
Trading Apprentice
melbourne, australia
 
Futures Experience: Intermediate
Platform: cmc
Favorite Futures: indices
 
Posts: 24 since Mar 2016
Thanks: 2 given, 32 received

I am new to this site and it was interesting to read through your experience. I spent the better part of 8 years trying a new idea/indicator and realizing that it really did not really work. Leaving and doing something else only to be drawn back with a new idea/indicator. I lost count of the number of iterations I went through for that but at the end of it I was wiser (and financially poorer) for it. Being one not to give up on something I persisted and now live a comfortable life trading. There are many many ways to trade and it took me a while to find my way. I guess you know when you are there because you can see the trades forming. As someone referenced above wait for the trade to come to you. I would also add not to chase trades as well and if something does look wrong it probably is. Better to let a trade go than having to fight to get out of it.

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  #25 (permalink)
Elite Member
rutherford NJ
 
Futures Experience: Intermediate
Platform: Sierra Qtrader
Broker/Data: Amp and Optimus and CQG
Favorite Futures: Mainly NG Some GC, ZS,CL
 
Posts: 397 since May 2013
Thanks: 322 given, 148 received

I am also down this path of Indicators ruling my entry

@bbgg91 If I can ask what do u trade now and what method did u finally settle on?

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  #26 (permalink)
Trading Apprentice
melbourne, australia
 
Futures Experience: Intermediate
Platform: cmc
Favorite Futures: indices
 
Posts: 24 since Mar 2016
Thanks: 2 given, 32 received

jokertrader : I only trade indices primarily the aussie, dax and sometimes ftse. I trade via cfd's of these indices. For me I have removed every indicator except BB and use price movement in reference to them to find trades. If you watch markets long enough different price patterns repeat and you have to understand what you are trading. Some are barges but some are Ferraris and you have to adjust what you do accordingly. I do not place manual stops and use fixed size limits for exits. I will average down on loosing trades and have a system in place which takes care of that (many will disagree but works for me). I only trade during market hrs for each of the indices. Overnight gaps can kill you. I have made it as simple as possible. I found the more rules you have the more that can go wrong.

I will just reiterate... understand what you are trading and find a time interval that suites you.

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  #27 (permalink)
Elite Member
rutherford NJ
 
Futures Experience: Intermediate
Platform: Sierra Qtrader
Broker/Data: Amp and Optimus and CQG
Favorite Futures: Mainly NG Some GC, ZS,CL
 
Posts: 397 since May 2013
Thanks: 322 given, 148 received

thanks much can i ask you one more q

why CFDs vs futures?

I thought technical indicators are more accurate on futures.. but i can see u only use a BB
I thought larger spreads on CFDs and not as transparent

of course smaller in size

Yes noted your advice. i am trying to stick to only CL and 6A

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  #28 (permalink)
Trading Apprentice
melbourne, australia
 
Futures Experience: Intermediate
Platform: cmc
Favorite Futures: indices
 
Posts: 24 since Mar 2016
Thanks: 2 given, 32 received

CFD's offer a better use of capital. Margin requirements are so much smaller so I do not need a large trading account for the same return. Some people prefer to use futures which is ok also. CFD spreads are more or less the same as the futures contracts in market hrs. In regards to transparency, it is really not an issue for me as they have to track the underlying futures contract and 99.999% of the time they do.

It helps to understand the maths behind each indicator so it gives you a better understanding of what it is doing and why. Technical indicators are not more accurate on futures but relating what they are showing you to price action is critical.

Also I found that any system/rules you make should be time independent. That is what works on a 2min chart should also work on a 1 day chart. The only thing that will change is volatility.

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  #29 (permalink)
Elite Member
Texas, USA
 
Futures Experience: Intermediate
Platform: X_TRADER Pro, Custom
Broker/Data: NxCore
Favorite Futures: Futures, Spreads
 
Hulk's Avatar
 
Posts: 215 since May 2014
Thanks: 509 given, 472 received


DeadCatBounced View Post
Two and a half years ago I was completely new to trading. Through a family friend I became acquainted with the futures market. Seeing how much the markets move and the opportunity that it represented I felt that it would be worth a shot to try trading. I was single, graduated from college, no debt and some money saved up.

...

@DeadCatBounced, I applaud your decision . The first step to solving a problem is recognizing there is one and acting on it. You have done that. I am sure that when you come back, you will be equipped with a better approach towards trading the markets.

While much of what you said about wishing what you would have known when you started is true, I am sure you realize that this is a never ending cycle. If you had the money, you would have gotten married AND kept going at your quest to become a consistently profitable trader and 2 more years down the line, you would have added a few more things to your wishlist (and maybe removed a couple) and then a few more things a couple of more years later. And your greatest enemy will remain yourself because that is also a fight that is seemingly never ending. My point is that the learning and adapting, the struggle to better yourself never ends BUT at some point it becomes economically feasible. That is point you need to get to when you come back.

Good luck!

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  #30 (permalink)
Market Wizard
Boca Raton
 
Futures Experience: Advanced
Platform: Variety
Broker/Data: Optimus Futures, LLC
Favorite Futures: Futures
 
mattz's Avatar
 
Posts: 1,991 since Sep 2010
Thanks: 1,882 given, 2,674 received
Forum Reputation: Legendary



jokertrader View Post
why CFDs vs futures?

I thought technical indicators are more accurate on futures.. but i can see u only use a BB
I thought larger spreads on CFDs and not as transparent

of course smaller in size

Yes noted your advice. i am trying to stick to only CL and 6A

The effectiveness of any indicator, systems or analysis relies on the liquidity of the underlying asset.
Therefore no one can conclusively say that CFD are better, or futures are better for analysis.

Having said that, CFDs rely heavily on their liquidity Provider (LP) and as such could be priced and traded differently between LPs. CFDs are not contracts that are permissible to US retail traders.

Matt Z
Optimus Futures

There is a risk of loss in futures trading. Past performance is not indicative of future results.

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
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