hello everyone just a newbie with a few questions :) - Beginners and Introductions | futures io social day trading
futures io futures trading


hello everyone just a newbie with a few questions :)
Updated: Views / Replies:2,189 / 25
Created: by ashfsderse Attachments:1

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 1  
 
Thread Tools Search this Thread
 

hello everyone just a newbie with a few questions :)

  #1 (permalink)
Elite Member
Duluth, georgia united states
 
Futures Experience: Beginner
Platform: NT7
Favorite Futures: emini ES
 
Posts: 70 since Apr 2016
Thanks: 10 given, 52 received

hello everyone just a newbie with a few questions :)

Hello everyone i'm currently futures trading on paper money, and studying for about 4-6 hours a day.
I'm very excited about getting into live trading, and am in the process of developing a plan. I originally thought about putting in about 5-6 thousand dollars into an account and attempt /es on live market, but couldn't get over the huge amount of leverage. i am prepared to lose all of the 5 to 6 thousand dollars, but the idea of a huge debt from noob mistakes turns me away. I've been coming out positive 200-300$ at the end of my days trading 1 contract at a time (i usually trade in the mornings 3-4 days a week for the past couple months) but read about how different paper trading is from live, and again do not want to risk losing everything.

I rethought my plan into using a different instrument with a less risk to continue learning as i save more money/make small wins with my "education." My problem is i do not really no what other instruments i should begin practicing and looking more into. Is there anyone out there with some suggestions.

i also practice/study while i'm at work. (i work at an internet cafe for a decent wage, and find myself in a empty room full of high powered gaming computers for 4-5 hours so day trading and still keeping my full time job is very much an options.)

other than that thanks for the read and im glad i found this forum.

Reply With Quote
The following user says Thank You to ashfsderse for this post:
 
  #2 (permalink)
Quick Summary
Quick Summary Post

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
Omer עומר / Israel י
 
Futures Experience: Master
Platform: NinjaTrader, Proprietary,
Broker/Data: Ninjabrokerage/IQfeed + Synthetic datafeed
Favorite Futures: 6A, 6B, 6C, 6E, 6J, 6S, ES, NQ, YM, AEX, CL, NG, ZB, ZN, ZC, ZS, GC
 
rleplae's Avatar
 
Posts: 2,474 since Sep 2013
Thanks: 1,696 given, 3,667 received
Forum Reputation: Legendary


If you trained yourself with ES on paper for a long period, then i would not immediately abandon and jump on another instrument, that will be a setback of several months. Try to manage your risk and progress with the ES. The instrument is liquid and if your technique/edge/plan is solid, there is plenty room to make money.

What does your typical stop look like ?

Good money management would be 2% per trade, that's something like 10 ticks.. on one contract ..

Reply With Quote
The following 2 users say Thank You to rleplae for this post:
 
  #4 (permalink)
Market Wizard
Switzerland
 
Futures Experience: Intermediate
Platform: Investor/RT
Broker/Data: IB / DTN
Favorite Futures: Futures
 
Posts: 4,128 since Feb 2012
Thanks: 3,780 given, 7,650 received
Forum Reputation: Legendary

Know Thy Market

As @rleplae said the concentration on one instrument only is the best.
That needs some time to "feel" the movements and eventually the extremes.

The instrument should be very liquid and best is to have the main trading time
when you can be regularly online.
Maybe follow the opposite instrument that works in the opposite direction of
the main one. Like Dax and EURUSD as example.

GFIs1

Reply With Quote
The following user says Thank You to GFIs1 for this post:
 
  #5 (permalink)
Elite Member
Duluth, georgia united states
 
Futures Experience: Beginner
Platform: NT7
Favorite Futures: emini ES
 
Posts: 70 since Apr 2016
Thanks: 10 given, 52 received

Hello thanks you for the replys!

I currently use macd, double bollingers and SMA on a daily chart and a 5day chart.

stop out at 3 ticks below entry (i like to enter at low swings below sma when the market is trending up) and try to close out 6 ticks above (unless i can see a break out coming on both the 1 day and 5 day chart or the bands are clearly expanding). i set my stop to avoid changing trend or a bearish break out i didn't see. my strategy seems super sloppy now that i read it haha. i apologize for my ignorance i am still learning and don't plan on trading live until i am confident with my practice. i've just read many stories of beginning traders getting massive amounts on debt trading on leverage and got spooked.

Reply With Quote
The following 2 users say Thank You to ashfsderse for this post:
 
  #6 (permalink)
Elite Member
Buenos Aires Argentina
 
Futures Experience: Advanced
Platform: NT, MT4, Sierra
Favorite Futures: S&P, Bonds, Crude, FX
 
Posts: 250 since Sep 2014
Thanks: 37 given, 239 received

I might suggest that the inputs you are using for your evaluation (MACD's, and SMA's) are lagging sufficiently that they won't give you the level of detail you need in order to precisely find a trade that will fit those risk parameters (3 stop, 6 take profit). It's like saying you're playing black jack, and a new card has already been dealt to you, but you can only bet on information that's been given to you 1 or 2 cards ago.

That type of system might work for say an hourly chart where your stops are say 25 ticks and targets are 50-100 ticks.

It might benefit you to look at a level 2 depth of market, the time and sales, and maybe foot print charts in order to get you the level of detail needed for your trades.

Finally, it seems like your getting yours setups from a trade book. I would highly caution against those systems. They might have worked at one time, but they don't work in the current modern markets.

Reply With Quote
The following user says Thank You to MacroNinja for this post:
 
  #7 (permalink)
Elite Member
San Diego, California
 
Futures Experience: Advanced
Platform: MultiCharts
Favorite Futures: ES, NQ
 
Posts: 26 since Mar 2016
Thanks: 0 given, 22 received

If you want to focus on ES with a small account, you should develop a trading plan that keeps you out frequently, a plan that gets you in on trend days like March 24, March 29, and April 1, but keeps you out on range days.

Reply With Quote
The following user says Thank You to chik for this post:
 
  #8 (permalink)
Elite Member
Duluth, georgia united states
 
Futures Experience: Beginner
Platform: NT7
Favorite Futures: emini ES
 
Posts: 70 since Apr 2016
Thanks: 10 given, 52 received

Thanks again for everyone giving me some direction.

Level 2 and timas and sales shall be my focus for today but sadly the dom, level 2, and times and sales on tos sim dont match. Im assuming it will after i fund my account though. So do you guys think i should just continue with my es practice even with a sub 10k account to start? With good risk management and just one contract at a time is it still possible i can fall into debt.

Reply With Quote
The following user says Thank You to ashfsderse for this post:
 
  #9 (permalink)
Elite Member
Buenos Aires Argentina
 
Futures Experience: Advanced
Platform: NT, MT4, Sierra
Favorite Futures: S&P, Bonds, Crude, FX
 
Posts: 250 since Sep 2014
Thanks: 37 given, 239 received

TD Ameritrade uses a heavily filtered feed, so you'll be missing data. I also don't think they offer foot print, but i could be wrong. Might want to hunt down a good credit rated broker that subsides free tick data. (Dont' take this as a knock against ThinkorSwim though, I still hold accounts with them, just not day trade accounts)

I highly, highly recommend trying to get to about $25k-$50k of capitalization before trying to trade futures contract. You really need to be able to trade 2-3 contracts. While you're trying to do that, you can have plenty of time practicing "reading the tape" so to say.

I would not "practice" with live money. Practice the mechanics of entry and risk management using paper money, and when you feel the risk management has become mechanical, and you feel can see where the market is going, then put some live money behind it. Take the $25k-$50k account and risk only 1% of it before you enforce your risk management mechanics that you can honed during practice.

Reply With Quote
The following user says Thank You to MacroNinja for this post:
 
  #10 (permalink)
Elite Member
San Diego, California
 
Futures Experience: Advanced
Platform: MultiCharts
Favorite Futures: ES, NQ
 
Posts: 26 since Mar 2016
Thanks: 0 given, 22 received


I don't know TOS' margin requirements or whether or not they automatically liquidate positions you can't afford to hold anymore, but I think what's more likely is that commissions and a string of papercut losers will keep you from having enough intraday margin to continue trading.

As MacroNinja points out, in all honesty, you're a bit undercapitalized.

Reply With Quote
The following user says Thank You to chik for this post:

Reply



futures io > > > > hello everyone just a newbie with a few questions :)

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Linda Bradford Raschke: Reading The Tape

Elite only

Adam Grimes: TBA

Elite only

NinjaTrader: TBA

January

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Very basic newbie questions nopeda Beginners and Introductions 11 April 6th, 2016 12:44 PM
Newbie Questions about AAPL Options newbielearning Options on Futures 7 January 26th, 2015 02:32 AM
newbie questions .. eagle75 Traders Hideout 2 May 21st, 2012 03:24 AM
Newbie Questions JTurner77 ThinkOrSwim 3 December 31st, 2011 11:46 PM
Forex newbie questions sam028 Traders Hideout 7 November 27th, 2009 05:12 PM


All times are GMT -4. The time now is 07:02 PM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-11 in 0.14 seconds with 20 queries on phoenix via your IP 54.92.194.75