So I am new to futures.io (formerly BMT) and semi new to trading. I have been trading in the forex market since november of 2010. I am not going to go into to many details because I plan to start a journal and grow with fellow members and the forum in general.
My questions are general and don't really have to do with my trading, but it has to do with my understanding of these forums.
basically I just want to know what certain things mean. I have read through the forums a bit and already realized that I dont know certain terms, and they are as follows:
So far just by browsing I have seen these terms (commonly under favorite instrument).. What do they mean?
If you hover your mouse over those (ES, CL, TF...) you'll see some quick definitions pop up as well.
ES = Emini S&P 500 Futures
CL = Crude Oil Futures
TF = Emini Russel 2000 Futures
GC = Gold Futures
SI = Silver Futures
6E = EUR/USD Currency Futures
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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I would also suggest going to the CME (and ICE) website to get more information regarding these instruments. You will be able to see complete contract specifications for every instrument they offer. Futures are a unique investment vehicle and have some very specific characteristics (that seem to be hit more often than you would like).
Hello my name is James and I am about as new as you can get to trading. A friend of mine spends his life in front of his computer.Thats how I got aquainted with futures. I downloaded Ninja Trader from Mirus just for yuks, figured I would play with it during the demo period. Funny thing was that when I was playing with indicators I noticed a pattern and started to play just that one pattern. I won at a really good rate. Now I am thinking I want to try for real. During my trial my Ninja Trader crashed all the time. Mirus was pretty good about trying to fix the freezing but didnt. Now my trial is over and I still don't know if NinjaTrader will work on my computer. Any suggestions.
First of all, please don't live trade until you really get a good understanding of trading (for you sake). You have landed at a fantastic site here and there is all you need to know. spend a lot of time surfing around and read as much as you can..including the psychology section. That being said you need to be specific in what problem your having with Ninja....what were you doing when it crashed, what kind of computer your using, etc...You could either post something here: NinjaTrader - Big Mike's Trading Forum or here: Tech Support - Big Mike's Trading Forum.
The following user says Thank You to kbit for this post:
Since you mentioned you are aquainted with the fx market I thought it would be good for you to know that these symbols , for futures contracts , represent some vastly larger tick values than fx lots . For example , 6E follows the EURUSD currency pair . If you trade forex you can adjust your lot size easily to the tenth of a lot but the futures contract cannot be adjusted this way , just a full contract . To give you an idea of how much your account can be affected , especially in the pre net profitable phase , 6E tick value = 12.5 EURUSD (10K) lots . Thats a lot of risk to begin with and the trader that goes from beginner to net profitable taking those risks are few and far between if any .
Its best to grasp that firmly cause you can wipe out a life savings pronto whereas trading forex you can learn the same hard lessons while only (potentially) wiping out your beer fund .