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Newb Alert
Started: by forexthefuture Views / Replies:374 / 8
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Newb Alert

  #1 (permalink)
Trading Apprentice
Detroit, MI, USA
 
Futures Experience: None
Platform: TS
Favorite Futures: 6e
 
Posts: 2 since Nov 2016
Thanks: 0 given, 1 received

Newb Alert

Hello all,

I'm a Mac user ready to dive in to futures and forex. Looking to start with $500, minimum costs and proper charting. Looking to start with EUR/USD (open to suggestions, perhaps mini) and still unsure whether futures or spot would be best. I've opened a half dozen platform and brokerage accounts but haven't found the right mix yet. Everyone seems to mix and match platforms and brokers... still working on that one...

Strategy: hmm... "the charts tell all" I haven't figured out how to read them but I'm a fan of technical analysis. I'd like to set up rules based orders and keep an eye on the charts. Preferably ~3hours a day trading/charting in the mornings.

I'm a subscriber to realvisionTV for what that's worth... (big fan)

Excited to find this place and explore the expanse of resources.

Happy trading,

FXTF

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  #2 (permalink)
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  #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: 1,830 since Sep 2013
Thanks: 1,309 given, 2,753 received
Forum Reputation: Legendary


I would strongly advice to do papertrading for some time,
otherwise you may see evaporate you 500 in no time...

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  #4 (permalink)
Trading Apprentice
Detroit, MI, USA
 
Futures Experience: None
Platform: TS
Favorite Futures: 6e
 
Posts: 2 since Nov 2016
Thanks: 0 given, 1 received

Absolutely. Already have my paper FXCM fired up.

How long would you recommend using paper money until?

I've read 10x money, don't lose for 30 days, "until you're comfortable", etc..

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  #5 (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: 1,830 since Sep 2013
Thanks: 1,309 given, 2,753 received
Forum Reputation: Legendary

Futures Edge on FIO

What value do you place on the webinars on FIO?

 
Make a journal
If you can make consistent small profit, you're good

Keep in mind, when switching from paper to real
there is another aspect of psychology
you will discover how you handle real money...
when adrenaline is rushing in your vains or not

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  #6 (permalink)
Elite Member
San Antonio Texas
 
Futures Experience: Beginner
Platform: Ninjatrader Thinkorswim
Favorite Futures: ES, CL, GC, and ZS
 
Posts: 23 since Nov 2016
Thanks: 12 given, 9 received

My first reply.

This is my first reply but I thought I would offer up some of the knocks I have taken.

Paper trade till the cows come home. I had a problem were I would try an approach and I would change it midstream or worse if I started showing signs of success I would go Yolo and think I knew what I was doing. Create rules and do everything you can to stick to them. Paper trade them for a few weeks and record your results each day. I will share mine so others may help us both out.

The top of my laptop says "Trade like a business". Inside I have "Plan your trade" and "Trade your plan". I also use a scalping indicator that works well. So I have..

Hours of operation: 9-2 (CST)
Do not trade without a signal.
Make sure that signal makes sense and meets the trade requirements. (This indicator has a 20 ema that changes color with the trend)
Nothing bigger than a 1 lot.
ALWAYS USE A STOP.
Have an exit target. I have had the most success going just short of the first target I am given (which is based on the ATR). I think the thing that has helped me become less emotional is the FACT that there will ALWAYS be another trade. I stopped chasing trades. I either get in where my rules say I get in or after 3 bars I cancel the order. I was using a market profile going WAY to big trying to catch the edges of the market. Felt great when I was up huge, but it took me to confessional when I was wrong. Nothing wrong at all with that type of trade just know your size and have a stop. I belong to another group and one of their people says repeatedly "Good trader think about how much money they can make, great traders think about how much money they will lose if they are wrong."

Now these are just mine and when I can manage to stick to them they are working for me. If anyone sees a possible suggestion I am here to learn.

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  #7 (permalink)
Market Gizzard
san fransisco, CA/USA
 
Futures Experience: Beginner
Platform: SC
Broker/Data: Stage 5 Trading/Gain
Favorite Futures: CL, NQ
 
jackbravo's Avatar
 
Posts: 940 since Jun 2014
Thanks: 2,015 given, 1,426 received
Forum Reputation: Legendary

When you papertrade, set the account to what you're planning to start with , so in your case $500. Once you get to 25k, then think about starting live.

Alternatively,check out topsteptrader. Set your paper money account to the same combine parameters. Try to pass the combine on paper. If you do, then try to pass the funded account on paper, using those rules (more strict). If you do, try a live combine.

I estimate this process will save you 150K in "tuition" to learn about the markets

Sent using the futures.io mobile app

Be peerless
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  #8 (permalink)
Elite Member
Wiltshire, United Kingdom
 
Futures Experience: Beginner
Platform: NinjaTrader
Broker/Data: Working on a TST combine
Favorite Futures: 6E
 
matthew28's Avatar
 
Posts: 244 since Sep 2013
Thanks: 178 given, 281 received

Stay trading sim until you can increase your account by 50-fold, or 5,000%? I think that is unrealistic. You would get bored and frustrated trying to make all that profit, but only on sim.
I tend to subscribe more to this view John Grady, No BS Day Trading - The problems with SIM trading . Start live trading the smallest size possible relatively quickly. (I have tried trading small accounts underfunded. I am now looking at the TST Combine).
Unfortunately for @forexthefuture you have a tiny account. Futures aren't going to work for you, even minis. You are sensible to open a forex account especially as you say you are interested in trading the Euro. FXCM are good but so are Ooanda that allow you to trade for cents per pip. Remember that at the beginning it is about losing as little as possible, not making as much as you can as quickly as you can.


Last edited by matthew28; November 15th, 2016 at 05:29 AM.
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  #9 (permalink)
Membership Temporarily Revoked
Chicago, IL/USA
 
Futures Experience: Beginner
Platform: NT
Favorite Futures: ES
 
Posts: 12 since Nov 2016
Thanks: 0 given, 6 received

Defineatly paper trade first, but just remember nothing is the same as trading live

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