New guy! Hello! - Beginners and Introductions | futures io social day trading
futures io futures trading


New guy! Hello!
Updated: Views / Replies:458 / 6
Created: by Sailboat Attachments:0

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
 
Thread Tools Search this Thread
 

New guy! Hello!

  #1 (permalink)
Trading Apprentice
New York, New York
 
Futures Experience: Beginner
Platform: TWS, TOS
Favorite Futures: ES, CL, NG, ZN
 
Posts: 4 since Aug 2016
Thanks: 6 given, 1 received

New guy! Hello!

Hello all,

Long time lurker here, first time poster. I'm interested in day trading/scalping the usual suspects (ES, CL, NG, ZN). I've been doing it for about two months so far with with varying success. It's funny, some days my TA works perfectly and other days I feel like the markets are completely random.


I originally started with Buffet-style investing (hard core due diligence on companies that might be a value; buy and hold forever). Then I discovered options, which I now really just trade around earnings or use LEAPS to leverage short term investments. Then my "play" account got flagged for pattern day trading due to a mistake I made on an options spread, and while that was getting sorted out, I got into futures! Now, I guess I do it all. Though it's hard with a full-time job.

I'm very impressed with how liquid most of those futures are, and how well they follow technical analysis--even the crazy ones like oil (basic stuff: trend/support/resistance lines, RSI to some extent). They're unlike stocks, which I have found to behave erratically.

Admittedly, I really like "investing", maybe more than "trading", because I find reading about companies and making financial models more intellectually stimulating. But trading futures is just so exciting. The leverage (i.e., efficiency of capital) is unbelievable.

I also realize I have a LOT to learn. For example, I have a hard time figuring when to enter and exit a position based on RSI (set to 6). A basic strategy is to buy when oversold and vice-versa. However, those indicators usually conflict with the trend. I have had some success scalping a retracement and the trend after a retracement, but every time I enter one of those positions, one of those two indicators is telling me not to do it.

Anyway, I look forward to doing more research here and engaging in meaningful conversation with a group of what seems to be highly intelligent and helpful traders. Thanks for having me!

Reply With Quote
 
  #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)
Market student
Tbilisi, Georgia
 
Futures Experience: Beginner
Platform: NT7, NT8, SB-Pro
Broker/Data: NinjaTrader Brokerage+CQG, TopStepTrader + Rithmic
Favorite Futures: ES, 6B, 6J, 6A, 6E, NQ
 
citikot's Avatar
 
Posts: 70 since Feb 2015
Thanks: 288 given, 88 received


Friend, forget about RSI and other indicators bullshit. Want to trade futures? Look straight forward to market/volume profile and orderflow trading (DOM or footprint). Start to learn from marketdelta websile (section Learn) and jigsawtrading (section Education). Then explore trading journals of guys here to understand how to apply all of it on practice, train couple of months and start normal futures trading

Good luck!

Reply With Quote
The following user says Thank You to citikot for this post:
 
  #4 (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


Sailboat View Post
I'm interested in day trading/scalping the usual suspects (ES, CL, NG, ZN). ..............
I also realize I have a LOT to learn. For example, I have a hard time figuring when to enter and exit a position based on RSI (set to 6). A basic strategy is to buy when oversold and vice-versa. However, those indicators usually conflict with the trend. I have had some success scalping a retracement and the trend after a retracement, but every time I enter one of those positions, one of those two indicators is telling me not to do it.

I tend to think the shorter your trading timeframe becomes the less important parameter based indicators become because they are lagging, eg: RSI, MACD, that sort of thing. Very useful for longerterm trading but I would say for short term day trading, especially scalping, you want to be looking at orderflow because it doesn't lag and you can keep your entries and exits very well defined, ie, you see something at a price level, say an iceberg after a small pullback, join it in the direction of the trend. Depending on whether you are trading a thick heavier volume, or thin lighter volume instrument, you probably don't want to see price go through that level and if it does then at that moment in time you are wrong about the direction so you get out. Using a lagging oscillator indicator your entries would probably be later, exits and losses larger because you would be waiting until price had moved against you far enough to turn the indicator; and potential profits smaller before price comes back on you.
You have already discovered 'analysis paralysis' where you have a selection of indicators and they never all say the same thing at once. Indicators are based on how price moves and volume traded. You are better off go direct to watching price and volume rather than a smoothed indicator. If you do use an indicator, say you only want to scalp in the direction of the longer term trend, say an RSI on a 5 or 10 minute chart or something, I would suggest you use just one such condition to avoid conflicting signals. Lastly some people say that you could just flick a coin and enter based on that if you exit properly, ie, exit for a small expense as soon as you can see you are wrong about the direction, or for a profit as soon as momentum stops taking the trade your way. I think the exits are more important than the entries. One needs to accept losses and not try to focus on building a system to eliminate losing trades.
Just my thoughts. Good luck.

Reply With Quote
The following 2 users say Thank You to matthew28 for this post:
 
  #5 (permalink)
Elite Member
Wartrace,TN usa
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: 6E
 
Posts: 72 since Nov 2013
Thanks: 45 given, 43 received

I agree for the most part with citikot and matthew28. It is very difficult to trade in the shorter time frame using "technical indicators".

The tools I find useful are volume profile, depth of market, the tape and a footprint chart. I also look at good old fashioned "price action" to support my trades.

Having said all of that you may find a few technical indicators helpful in keeping you OUT of bad trades. You may even find they can help you stay in good trades. I have been using the ADXVMA found here on futures.io; I may think the order flow looks good BUT if the ADXVMA is not in agreement I wait.

Another thing that I struggled with is being so focused on the shorter timeframe that I would overlook the general trend. I added another chart with 34EMA Wave and GRaB bars on a higher timeframe. It is useless for trade decisions (in my opinion) but it will keep you trading with the trend. It is also very helpful to determine if you are in the chop. I use a one minute chart for this.

Reply With Quote
The following 3 users say Thank You to Wartrace for this post:
 
  #6 (permalink)
Trading Apprentice
San Jose CA
 
Futures Experience: Beginner
Platform: NJ,TOS
Favorite Futures: Grains, Cotton
 
Posts: 1 since Aug 2016
Thanks: 1 given, 0 received

Newbie Introduction

Hi there, I'm completely new to trading and just finished some L Williams trading material. Excited to learn and realize the need for community. Really hoping to demystify the trading language which seems elusive. Thanks, Eddie M3

Reply With Quote
 
  #7 (permalink)
Trading Apprentice
New York, New York
 
Futures Experience: Beginner
Platform: TWS, TOS
Favorite Futures: ES, CL, NG, ZN
 
Posts: 4 since Aug 2016
Thanks: 6 given, 1 received

Thanks for all the candid replies!

I try to use real time indicators, but tend to fall back on the lagging ones. The order book, for example, I can never see a pattern form and play out because of all the hidden orders and manipulation by algos. They just look like numbers on a screen that change before I can make sense of them.

I suppose if I delve further into the literature mentioned in this thread, I will get better at analysis. Switching to paper trading, rolling my sleeves up, and diving into some research. I'll report back when I'm done.

Reply With Quote

Reply



futures io > > > > New guy! Hello!

Thread Tools Search this Thread
Search this Thread:

Advanced Search



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

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
I'm Edwin, IT guy edwinsoho Beginners and Introductions 4 March 7th, 2013 05:20 PM
New Guy Here lowroller Beginners and Introductions 2 October 6th, 2012 11:17 AM
New guy + questions choubix Beginners and Introductions 1 August 13th, 2012 09:45 AM
Guy Adami says... shodson Traders Hideout 2 March 4th, 2012 10:40 AM


All times are GMT -4. The time now is 03:06 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 2017-12-13 in 0.11 seconds with 19 queries on phoenix via your IP 54.163.209.109